Prajna Capital - An Investment Guide

IT returns e-filing is now easy. Login to https://incometaxindiaefiling.gov.in/portal/index.jsp to file your returns. e-Filing Process – At a glance Select appropriate type of Return Form Download Return Preparation Software for selected Return Form. Fill your return offline and generate a XML file. Register and create a user id/password Login and click on relevant form on left panel and select "Submit Return" Browse to select XML file and click on "Upload" button On successful upload acknowledgment details would be displayed. Click on "Print" to generate printout of acknowledgment/ITR-V Form. In case the return is digitally signed, on generation of "Acknowledgment" the Return Filing process gets completed. You may take a printout of the Acknowledgment for your record. In case the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowle...

Have you filed your income tax return in India before July 31? If anyone has earned an income of over Rs.100,000 in the last Indian financial year, he/she must file his tax return and pay whatever tax due at a uniform rate of 20 percent. Indian income tax regulations have many special provisions for NRIs. If NRIs have to file their returns, they would be well advised to engage the services of a qualified accountant who knows the complex laws and regulations. NRIs can also authorise the accountant to file his return on his behalf to make life simple. It is worth paying the professional fees as the accountants know the procedures and can also claim tax refund on his behalf, if needed, and deal with any tax matters that arise. The accountant can also appeal against any ruling by income tax department, if required. In addition to an accountant, NRIs can appoint an 'agent' to deal with these matters. The persons who qualify as an 'agent' is listed in the income tax rules. ...

The procedure and some deductions available while arriving at taxable income The time to file income tax returns is coming nearer. July 31 is the last date to file IT returns for individuals. The return has to be filed for the previous year - 1.4.2007 to 31.3.2008. So the transactions should have taken place during that period only. Any subsequent transactions will be taken into account during the next year - 2008-09. It is time to compute your taxes and pay off any outstanding dues. This can be done before the date of filing of the returns. It is of utmost importance that one uses the correct form, as is applicable to him. In a radical change from the past, no document (including TDS certificate) should be attached to this form. Officials receiving the returns have been instructed to detach all documents enclosed with this form and return them to the assessee. The forms can be submitted to the Income Tax Department through any of these methods: • By furnishing the returns in a pape...