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How to File your Tax Returns?

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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

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

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