Skip to main content

File Income Tax Returns in time

 

IT IS again that time of the year when individuals need to file their tax returns. Fortunately, the tax authorities have simplified the tax return process over the past few years, especially by eliminating the filing requirement of annexures along with the return, facilitating online filing and introducing simplified forms for salaried taxpayers. Therefore, all one now need is some proper planning before preparing and filing the tax returns.

Requirement for filing the tax return: An individual, whose total income before allowing certain specified deductions under the Income-tax Act, 1961 (the Act), exceeds the maximum amount, which is not chargeable to income tax, is required to file the tax return on or before the due date in the prescribed form. Different dates have been specified under the act in order to file a tax re turn for different sets of taxpayers. In the case of salaried individuals, the tax return is to be filed by July 31 following the end of the relevant financial year. Therefore, for salaried individuals whose taxable in come exceeds Rs 1.6 lakh for men, Rs 1.9 lakh for women and Rs 2.4 lakh for senior citizens (more than 65 years) for the FY11, the due date of filing the tax re turn is July 31.

Filing of the tax return in a timely manner is also important to claim any re fund of tax due from the tax authorities and to carry forward any loss that the individual wants to set off against his future income.

Compiling various documents: To determine the taxable income and calculate the tax payable there on, one should start com piling the relevant documents, such as: Form 16: Certificate is sued by the employer to an employee detailing the taxable salary and tax deducted thereon.

Form16A: Certificate issued by banks, other deductors providing a summary of interest, rent, commission and professional fees paid and the tax deducted on such payments.

Bank statements: To calculate the interest that has been paid by the bank on the savings bank account and fixed deposits which is chargeable to tax.

Other income details: Documents in relation to income under any other head such as income from house property, short-term or long-term capital gain and income from other sources. The details of dividend income, which are tax exempt in the hands of the individual, are also required to be disclosed in the tax return.

Advance tax paid: Acknowledgement of advance tax paid during the year for computing the balance tax liability.

Proof of investment in specified saving schemes/ expenses: Copies of proof of investment in PPF , NSC, payment of life insurance premium and medical premium, details of expenses like payment of tuition fee for children to school are required for computing the deduction, in case not already submitted to the employer.

Copies of donation receipts: Copies of donation receipts would be required to compute the deduction in case of donations made to specify charitable and other institutions.

It is pertinent to note that once you compute your taxable income and the tax, thereon, you need to discharge the balance tax liability that has not been paid during the financial year, along with applicable interest before finally filing your tax return.

In order to avoid the last minute rush, it is prudent that taxpayers make a list of `to dos' required to be completed and obtain the relevant documents before actually commencing the return filing process.  

-----------------------------------------------------------------

 

Also, know how to buy mutual funds online:

 

1) DSP BlackRock Mutual Funds:

http://prajnacapital.blogspot.com/2011/05/buying-dsp-blackrock-mutual-funds.html

 

2) Reliance Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-reliance-mutual-funds-online.html

 

3) Reliance Mutual Funds:

http://prajnacapital.blogspot.com/2011/07/buying-hdfc-mutual-funds-online.html

 

4) Sundaram Mutual Funds:

http://prajnacapital.blogspot.com/2011/07/buying-sundaram-mutual-funds-online.html

 

5) Birla Sunlife Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-birla-sunlife-mutual-funds.html

 

6) UTI Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-uti-mutual-funds-online.html

  

7) SBI Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-sbi-mutual-funds-online.html

 

8) Edelweiss Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-edelweiss-mutual-funds-online.html

 

9) IDFC Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-idfc-mutual-funds-online.html

 

 

Popular posts from this blog

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...

JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund

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 JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund    The new fund offer opens for subscription on 16 th June and closes on 30 th June. JP Morgan Mutual Fund today announced the launch of its open end fund of fund called Emerging Markets Opportunities Equity Offshore Fund. The fund will invest in an aggressively managed portfolio of emerging market companies in the underlying fund - JPMorgan Funds - Emerging Markets Opportunities Fund, says a JP Morgan press release. Noriko Kuroki, Client Portfolio Manager, Global Emerging Markets Team (Singapore), JPMAM said, "Emerging markets have been out of favour for several years, as growth decelerated and earnings struggled. However, in a world of globalisation, we believe that EM will eventually re-couple with DM, leading to the long-aw...

Nifty F&O

  1. What is a straddle? A strategy using Nifty options usually before a major event or when one is uncertain of market direction. Comprises purchase of a Nifty call and put option of the same strike price. Usually strikes are purchased closer to the level of the underlying index. 2. What is better ­ buying or selling a straddle? It depends.Implied volatili ty of options, or near-term expectations of price swings in an un derlier like Nifty , usually peaks before an event and falls when the outcome plays out ­ like Infy re sults in past years. However, once the event plays out, a sharp rise or fall in Nifty could result in price of the straddle rising ­ benefiting buy ers. But, normally , those who sell or write options charge hefty premiums from buyers in the hope that fall in volatility would ensure the options end out-of-the-money, hurting buyers. 3. So, do straddle sellers end up winning most of the time? Yes. That's invariably the case when market volatility is trending on the...

UTI Equity Fund Invest Online

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   UTI Equity Fund   Invest Online UTI Equity is a large cap-oriented fund with assets under management worth Rs. 2,269 crore (as on June 30, 2013). The fund was originally launched in May 1992 as UTI Mastergain and is benchmarked against S&P BSE 100. A couple of years back the name of the fund was changed to UTI Equity Fund and many of the smaller funds of UTI were merged into this fund. Performance The fund has outperformed its benchmark as well as the equity diversified category average in the last one-, three- and five-year periods. It has repeated the same in 2013 (as on May 31). Since its inception the fund has delivered an impressive 26 per cent compounded annual growth rate which is superior to its benchmark performance in the same period. Y...

Good time to invest in Infrastructure Funds

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   Good time to invest in infrastructure The Sensex has gained almost 10 per cent from May 15 till date, while the CNX Infrastructure Index has gained almost 17 per cent in the period. The price to earnings ( P/ E) ratio of the BSE Sensex is 18.96; for the CNX Infrastructure Index, it is 24.57. The estimated P/ E for next year is 14.04 for the Sensex. Of the 24 companies that make up the CNX Infrastructure Index, six have a P/ E higher than 20. Does this mean infrastructure is fairly valued? Or, has it run up quite a bit? According to experts, barring stray companies, the infra sector is fairly valued and it is a good time to invest. Even if some companies are facing debt restructuring problems, once interest rates come down and regulatory norms become flexible, they will start giving good re...
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