Tuesday, August 21, 2012

Income Tax Return :- 12 Important Points for filing Income Tax Return

1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exempt limit, even if Taxpayer has no tax due.

2) As per Income Tax Act, for AY12-13, the maximum exemption limits are:
• Rs. 1.80 lacs for Men below the age of 60,
• Rs. 1.90 lacs for Women, below the age of 60,
• Rs. 2.50 lacs for Senior Citizens, whose age is between 60 years to 80 years,
• Rs. 5.00 lacs for Super Senior Citizens, of the age of 80 years or more,

3) e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

4) Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.

5) Now ITR e-Filing with Digital Signature is mandatory for Individual, HUF and Firms also to whom Audit provision u/s 44AB is applicable.

6) For the Assessment 2012-13, it is mandatory to file your Income Tax Return if Taxpayer has any foreign assets Even though taxpayer may not have any taxable Income.

7) The processing of e-filed Income Tax return is faster, and taxpayers get their refunds, if due, quickly.

8) Do not forget to send you Income Tax Verification form (ITR-V) to Income Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru, 560010 by post, if you have filed your Income Tax return electronically.

9) Filing of ITR-V is necessary for e-Return filed without Digital Signature.

10) Please visit ITR-V Receipt status on https://incometaxindiaefiling.gov.in to check receipt status for your ITR-V at CPC. If not received at CPC, then login to e-filing website, go to My Account - My Returns and download ITR-V, Print it, Sign it and Post it to CPC, Bengaluru by Post.

11) The due date for submission of ITR-V is 120 days from the date of upload of e-return. Otherwise, e-return uploaded will not be treated as return filed.

12) EXEMPTION
A salaried employee is not required to file Income Tax Return for A.Y. 2012-13 provided all the following conditions are met:-
• He has earned only Salary and Income from Saving Bank Account and the annual interest earned from SB A/c is less than Rs. 10,000/-.
• His Total Income does not exceed Rs. 5 lacs (Total Income means Gross Total Income less Deductions under Chapter VIA).
• He has reported his PAN and interest on Saving Bank Account to his employer.
• He has received Form-16 from his employer and his TDS has been deposited with Central Govt.
• He has received salary only form One Employer and has No Refund claim
• He has not received any notice from Income Tax Department for filing of Income Tax Returns.

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