Skip to main content

E-filing I-T returns

 

 

AS THE last date for filing income tax return for individuals, Hindu undivided families and other non-corporate assessees — July 31 — approaches, it is time to scurry around to arrange for the requisite documents and make several calls to their tax consultants.


   For the financial year 2009-10, individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties.


   You can complete the process either by seeking the assistance of a chartered accountant, through the I-T department's website

(www.incometaxindiaefiling.gov.in) or portals (like TaxSmile, TaxSpanner etc) that promise to simplify the e-filing process further. If you decide to opt for the I-T department's website, there are a few points — some dos and don'ts — that you need to bear in mind while filing your I-T returns. Here are some:


   1) At the outset, you need to make sure you choose the right form. Salaried individuals should opt for ITR-1 (form Saral-II) or ITR-II, as applicable.


   2) Once the return-filing process is completed, make sure you save a copy of the excel sheet as well as the XML file for your record. This can come in handy should there be a need to file a revised return.


   3) Self-filing of return is ideal when your income composition is simple. However, if it entails items like sale of property or change in employment, it is better to enlist the services of a tax professional.


   4) If you are eligible for a tax refund from the I-T department, ensure that you mention your bank account details correctly in order to facilitate hassle-free processing of your tax refund.


   5) If you are in the process of switching jobs and intend to close your current salary account, don't forget to enter the details of another personal savings bank account other than the salary account.


   6) Remember that merely filing your return online before July 31 does not result in culmination of the process, if you have not obtained a digital signature (DS). In the absence of DS, the procedure is not completely electronic. Once you have completed filing your return online, you need to send a copy of the completed, signed ITR-5 — an acknowledgementcum-verification form generated once you are through with filing your return — to the following address: Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore-560 100, Karnataka.


   7) Furthermore, you need to make sure that it is sent by ordinary post or Speed Post only, within 120 days from the date of furnishing your return online. If the same is furnished beyond this period, you will have to file your return again.


   8) Also, you are not required to submit any annexures, covering letters, pre-stamped envelopes or Form 16, along with ITR-5. This is applicable even to those who manually file their returns at the local tax offices. The income tax department's e-filing portal provides an exhaustive list of dos and don'ts pertaining to ITR-5. You would do well to go through the same, as the forms that do not conform to the specifications mentioned may get rejected or the acknowledgement may get delayed.


   9) If you do not get an e-mailed acknowledgement regarding the receipt of ITR-5 from the income tax department within reasonable time, you should send a copy of the acknowledgement form once again to the address mentioned above. This holds true for ITR-5s sent through Speed Post, too.

 

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now