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

Franklin India High Growth Companies Fund

Franklin India High Growth Companies Fund Online One of the key developments that the Street is keenly waiting for is a cut in interest rates by Reserve Bank of India . With demand rising gradually, a rate cut is expected to boost earnings growth for companies. In such a situation, schemes which invest in high growth companies are best suited, especially when seen from a long-term perspective. One such scheme is Franklin India High Growth Companies Fund. Fund managers Anand Radhakrishnan, Roshi Jain and Srikesh Nair strictly follow valuation parameters when it comes to choosing stocks.Valuation parameters, such as enterprise value, price-to-earnings growth ratio, forward price-to-sales ratio and discounted earnings per share, play a critical role in selecting companies for investments. Taking into account these parameters, the fund managers invest in companies which are poised for high growth in their respective sectors. This approach has been in favour of the scheme and it has perform...
Read more

Atal Pension Yojana contribution Tax Benefit for spouse

Contributions to Atal Pension Yojana (APY) are eligible for the same tax benefits as the NPS. This means that the contributions can be claimed under Section 80CCD (1B). The current limit for Section 80CCD (1B) is   Rs   50,000, over and above the   Rs   1.5 lakh limit under Section 80C. Section 80 CCD (1) is a different one, meant to cover employers' contribution towards NPS . You cannot get tax benefit by investing in the name of your spouse under Section 80 CCD . ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in India for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Religare Tax Plan 4. DSP BlackRock Tax Saver Fund 5. Franklin India TaxShield 6. ICICI Prudential Long Term Equity Fund 7. IDFC Tax Advantage (ELSS) Fund 8. Birla Sun Life Tax Relief 96 9. ...
Read more

Avoid NFOs

  Don't get taken in by the flurry of new fund offers. You will be better off sticking to the tried and tested schemes.   For the past one year, to cash in on the bull run in equities, mutual fund houses have gone on a new fund offer (NFO) overdrive. But experts are unanimous in their advice: avoid NFOs . While past performance is not an indicator of how a fund will fare in the future, it does tell the investor how skilful the fund manager is. This crucial information is missing in an NFO. Not only is there no track record to judge an NFO by, many NFOs are similar to funds that already exist. If the new fund is similar to existing funds, you are better off investing in the latter. Around 67% of the new launches in 2014 were closed-end products. Investing in the NFO of a closed-end fund is doubly risky. In case the fund's performance is lacklustre, a closed-end fund does not allow you to exit. Even though closed-end funds are listed on the stock...
Read more

Mutual Fund Exit Load Changes

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 Mutual Fund Exit Load Changes AMCs don't communicate about any change in exit load directly with investors, but do update on their website   The exit load applicable to your investments is the load which existed at the time when you invested in the particular fund. Any subsequent changes in the exit load will not be applicable to your investments.   However, Asset Management Companies ( AMCs ) periodically publish addendums in the newspapers, which state any change in exit loads of specific schemes managed by them. Such changes are also posted on their websites. However, a direct communication to an investor is not made, considering the costs involved in doing so. In their own interests, investors should not only track the performance of the funds they i...
Read more

Debt Mutual Fund Dividends are Taxable

DDT is deducted when a non-equity fund declares dividends. Equity and balanced fund dividends are tax-free The AMC is correct to deduct the dividend distribution tax (DDT) as it is mandated by tax laws. DDT in mutual funds is deducted every time a non-equity fund declares dividends. Equity fund and balanced fund dividends are tax-free . It is possible that you have invested in a non-equity fund for the first time or have received the dividend under a non-equity fund for the first time. That is why this is the first occasion when you have come across DDT.   The rate at which non-equity schemes deduct DDT has also gone up after the July 2014 budget. This is due to a change in calculation methodology. Earlier, if the fund has to declare a dividend of R 100, it used to make a provision for R 128.3, paying R 28.3 to the taxman and distributing the balance to the investor. This allowed the investor to bear less tax since the effective tax rate was 22.07 per ce...
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