Skip to main content

How to File your Tax Returns?

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 

 

Tax- filing rules have changed and the due date is fast approaching. Here's a last- minute guide to filing returns Use The Appropriate ' FORM'

 

The time to file your tax returns is just around the corner. By July 31, 2013, all individuals have to file tax returns for FY 2012- 13. But unlike the last time, The Central Board of Direct Taxes (CBDT) has made some changes to the income threshold above which individuals have to file tax returns.

In financial year 2010- 11 and 2011- 12, a notification was issued by the CBDT, said that an individual with income up to ₹ 5 lakh did not have to file tax returns, subject to certain conditions. The CBDT has not issued any such notification in FY 2012- 13 and has clarified that returns have to be filed. Hence, for FY 2012- 13 individuals earning more than the basic exemption limit (₹ 2.5 lakh for senior citizens and ₹ 2 lakh for other tax payers) and up to ₹ 5 lakh have to file returns. They can file it in hard copy or electronically.

Individuals earning above ₹ 5 lakh are required to file returns electronically.

Last year this limit was ₹ 10 lakh.

Other changes and the implications

From financial year 2012- 13, the IFSC code has to be mentioned and bank account details have to be given in all returns. This will expedite the refund processing mechanism and ensure speedy receipt of refunds If you have exempt income like dividend, agricultural income, etc, above ₹ 5,000, you have to file ITR 2. This will help better monitoring of the tax office and obtaining more details from individuals with exempt income of ₹ 5,000.

Disclosure of assets

From financial year 2012- 13, it is mandatory to disclose personal assets and liabilities for partners and businessmen under Schedule " AL" where income exceeds ₹ 25 lakh. This may require reporting of personal assets such as property, deposits, jewellery, motor vehicles etc. You will also have to use appropriate forms to file your tax returns based on the type of income you have received during the financial year. ( See box.)

Implications for not filing within the due date

If you are unable to file the returns on time, you can file a late return within a year from the end of the assessment year, provided an assessment year has not yet begun.

However, it's important to note that if return is not filed within the due date, it cannot be revised. Moreover, there will also be interest implication of 1 per cent of the tax due under Section 234A and you will not be able to carry forward losses from business and profession or capital gains. Tax payers with income up to ₹ 5 Lakh have to file tax returns, and tax payers with income exceeding ₹ 5 Lakh should file electronically. Keeping in view the government's inclination towards technology, the filing of returns is becomes speedy and hassle- free exercise for the ordinary man or woman.

Steps for e- filing:

1.       [1]Create your e- filing account on the Income Tax website https:// incometaxindiaefiling. gov. i nand register yourself.

2.       [1]Download the Form 26AS. Form 26AS is a consolidated tax statement which summarises the amount paid against each PAN number.

3.       [1]Download the income tax return form from the website.

4.       [1]Fill the details in the tax form which will include your name, PAN, complete address, date of birth, email ID, mobile number, etc. Also fill the details of income earned and tax deducted / paid.

5.       [1]Validate the details by clicking on the ' validate' button provided on all sheets.

6.       [1]Calculate your tax liability and if any tax is payable, deposit the tax and update the form.

7.       [1]Generate the XML file by clicking on ' Generate XML'.

8.       [1]Submit the income tax return by uploading your return. ITR V will be generated.

9.       [1]Sign the ITR V in blue ink and send it to the Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru by ordinary post or speed post within 120 days.

[1]Check your emails for an acknowledgment of the receipt. You will also receive an SMS on your mobile number acknowledging the receipt.

Tax return form Sources of income

ITR 1 ( SAHAJ) Individuals having salary / pension income; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses).

Any individual who doesn't satisfy the above conditions mentioned for filing ITR 1 or having exempt income above ₹ 5,000.

ITR 2 Individuals and HUF having capitals gains, income from two or more house properties, other sources or having brought forward losses.

Individuals and HUF not having income from business or profession.

ITR 3 Individuals and HUFs who are partner in partnership firms but do not carry any proprietary business or profession ITR 4 Individuals and HUFs carrying on a proprietary business or profession ITR 4S ( SUGAM) Individuals and HUFs having presumptive business income.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

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

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

Kisan Vikas Patra - KVP

  Kisan Vikas Patra (KVP) First launched in 1988, the Kisan Vikas Patra (KVP) is one of the premier and popular saving scheme offering from the Indian Postal Department. This product has had a very chequered history- initially successful, deemed a product that could be misused and thus terminated in 2011, followed by a triumphant return to prominence and popular consumption in 2014. The salient features of KVP are as follows- The grand USP- Money invested by the applicant doubles in 100 months (8 years, 4 months). KVPs are available in the following denominations- Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. The minimum purchase value for the KVP is Rs.1000. There is no maximum limit. KVPs are available at all departmental post offices across India. These certificates can be prematurely encashed after 2 ½ years from the point of issue. KVPs can be transferred from one individual to another and from one post office to another. ----------------------------------------------------- Inve...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
Read more
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