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Tuesday, 17-Jul-2012 06:05 Email | Share | | Bookmark
Applicable ITR Forms for Different Categories of Assessees

Again, it is that point in time of the year when all your income for the current financial year is in and you need to file your income tax returns and tax planning in this period also gains a imperative significance. The due date to file your return of income for FY 2011-12 is 31st July 2012.

For FY 2011-12, filing of tax returns is essential if your income exceeds the following basic exemption limit -

• Individuals have taxable income exceeding Rs.180000 per annum
• Women have taxable income exceeding Rs.190000 per annum
• Senior Citizens have taxable income exceeding Rs.250000 per annum
• Businesses are compulsorily required to file their tax returns.

Further, while filing ITR the most common mistake which an assessee commits is choosing the incorrect form for filing income tax return. Various Income Tax return forms are notified by the IT department for filing income tax return.

Selecting a correct form is very essential for proper filing of income tax return.

The IT Department has released seven kinds of forms ( ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S –Sugam, ITR 5, ITR 6 and ITR 7) for different categories of assesses.

ITR 1 (SAHAJ): This form can be used by Individuals who drive income from salary/pension or income from one house property (excluding where loss brought forward from previous year) or income from other sources (excluding winnings from lottery and income from horse races).

ITR 2: This form can be used by Individuals or a HUF whose total income comprises of incomes such as –
a. Income from Salary / Pension,
b. Income from House Property,
c. Income from Capital Gains,
d. Income from Other Sources,
e. Income from Winning of Lottery and
f. Income from Race Horses

Moreover, if the income of spouse, minor child, etc. is to be clubbed with the income of the assessee, then ITR 2 can be used if such income falls in any of the above categories.

ITR 3: Can be used by Individual/ HUF who is a partner in a firm and income is chargeable to income-tax under the head “Profits or Gains of Business or Profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, due to, or received by him from such firm.

ITR 4: This form is used by an Individual or HUF, carrying out a proprietary business or profession and who are not filing Return under Presumptive Taxation Scheme.

Moreover, every Partnership firms, Individuals & HUF having their tax audits compulsorily under section 44AB is required to file their ITR-4 electronically using digital signature.

ITR 4S (SUGAM): For presumptive Business Income an assessee needs to file his return using this Form.

ITR 5: For Partnership Firms and others not being an individual or a Hindu undivided family or a company or a person to which ITR – 7 applies and is applicable for all sources of Incomes.

ITR 6: This form is used by Companies other than companies claiming exemption under section 11.

ITR 7: This Form can be used by persons including companies who are required to furnish return under section 139(4A) or under section 139(4B) or under section 139(4C) or under section 139(4D) of Income Tax Act.

Thus, before filing the online tax returns it is obligatory in part of the assessee to prefer the accurate ITR Form based on their income. As the wrong assortment of the ITR Form may raise the probability of Rejection of the ITR by the department or delay in processing of ITR.

Join us in pursuit of simplifying individual taxation! We welcome you to Taxmantra.com for easy online tax return filing / income tax return filing!

This article has been taken from http://www.ideamarketers.com/?articleid=3403117&CFID=206436899&CFTOKEN=51270951


Thursday, 12-Jul-2012 08:59 Email | Share | | Bookmark
File Income Tax Return now to get processing faster

Month of July is the month to file Income Tax Return and every individuals must have received their Form 16 (Salary Certificate) and Form 16A (TDs certificates) of other Income. So, waiting for the last date to file Income tax return is not the smart way. File Income tax return earlier and get it processed faster.

We at Taxmantra.com always advise to file income tax return as early as possible to avoid incorrect filing of Income tax return instead of waiting for the due date to arrive. Here, we describe few key points relating to filing of Income Tax Return:

Legal Obligation to file Income tax return

Every individual whose taxable income during the year has exceeded the basic exemption limit is compulsorily required to file income tax return.

Collate the documents

Before filing Income Tax return, collate all income tax related documents like Form 16, Bank statements, Form 16A / TDS certificate; tax payment challan, Proof of Investments and Home Loan certificate.

Due date for filing Income Tax Return

Individuals who are not required to get their books of accounts audited - 31st July of the assessment year (Like for FY 2011-12 due date would be 31st July 2012).

Individuals who are required to get their books of accounts audited - 30th September of the assessment year (Like for FY 2011-12 due date would be 30th September 2012).

Consequences of Delay in Filing

Taxpayers filing income tax return after the due date should be aware of the consequences owing to delay in filing like interest u/s 234A is chargeable, business loss (Speculation or otherwise), capital loss (short term or long term) and loss due to owning and maintaining of race horses cannot be carry forwarded and even you discover any error on belated return filed, return cannot be revised.

Mode of Filing – Manual or Online

Income tax return can be filed online as well as manually. And in online mode, assesses have two option of filing, to file with digital signature or without digital signature.

Assessee should always prefer for online filing as it ensures faster processing of ITR and quick processing of refunds, if any.

Preserve Documents

Now the Income Tax Department does not accept any additional documents along with the return of income but, it doesn’t mean that no proofs are required for any investment and expenses as the Income Tax Officer may ask for the documents at the later stage to check the correctness of the claim made. Hence, it is always advised to preserve all the documents required to substantiate the online tax returns.

Join us in pursuit of simplifying individual taxation! We welcome you to Taxmantra.com for easy online tax return filing / income tax return filing!

This article has been taken from http://www.ideamarketers.com/?articleid=3393081&CFID=204484453&CFTOKEN=24023706


Tuesday, 26-Jun-2012 12:57 Email | Share | | Bookmark
Compulsory E-Filing Of Income Tax Return

Online filing of return is compulsorily required by certain assessees. Individuals & HUFs are required to file their returns online if the total income is above Rs. 10 lakhs. Earlier, the e-filing was optional till FY 2010-11 but from FY 2011-12 & onwards e-filing has been made compulsory if total income exceeds Rs. 10 lakhs. Government will not allow them an option to file their return offline any more but still while filing return through online they have an option of filing their return with or without digital signature. But there are some cases in which government along with online return filing has also mandated certain class of assessee to file online return only with the digital signature.

Compulsory E-filing with or without Digital signatures –

• An Individual or HUF whose total income in the previous year exceeds Rs. 10 lacs.
• An Individual or HUF being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be.

Compulsory E-filing only with Digital signatures –

• An Individual & HUF who are required to get their books of accounts audited u/s 44AB.
• A firm who is required to get their books of accounts audited u/s 44AB.
• A company who is required to file in Form ITR -6.

The most important significance of using digital signature while filing income tax return is such that you do not have to submit a physical copy of the return to Income Tax Department CPC, Post Bag No.1, Electronic City Office, Bangalore – 560100, Karnataka.

E-filing has lot of advantages in comparison to filing it manually. Thus one can opt for the same rather than opting for the filng income tax return manually. The advantages of e-filing are as follows -

• E-filing has made the entire process faster & accurate.
• It can be filed at anytime & anywhere.
• Privacy can be protected.
• Faster processing of Income Tax Return.
• Quick Refunds, if any.

So, e-filing has been made mandatory for Individuals & HUF, if his total income for Financial Year 2011-12 onwards exceeds Rs. 10 lakhs. This mandatory online filing of tax return will benefit Individuals in the entire manner as e-filing is shorter and accurate process.

Key Benefits after Filing Income Tax Return through Online To Online ITR Filers Are As Follows-

• Online ITR Filers can check their ITRV Receipt Status just by providing their PAN No.
• They can also check the Income Tax Return Processing Status.
• Refund Status can also be verify, if any
• Refund Failure Reason, if any
• Requesting for Re-issue of Refunds
• Requesting for Issuing or Re-Issuing of Intimation u/s 143
• Online Filing of Income Tax Return Rectification against Intimation u/s 143(1).

The sole object of Taxmantra.com is to make your life easy as our tax experts file your return of income. Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning. So online income tax filing with Taxmantra.com is obviously a better experience. Get in touch with us to file online tax returns today and stay hassle free.

Join us in pursuit of simplifying individual taxation! We welcome you to Taxmantra.com for easy online tax return filing / income tax return filing!

This article has been taken from http://www.ideamarketers.com/?articleid=3350126&CFID=196452855&CFTOKEN=43279973


Tuesday, 12-Jun-2012 07:28 Email | Share | | Bookmark
Tax Return Filing has Started for F.Y. 2011-12 – Where are you?

Filing of Income Tax Return can be done in 2 ways:-

i) Offline/Traditional paper filing: Traditional filing involves hiring a CA or a tax consultant to file tax returns, or personal submission of forms by visiting the nearest Income Tax Office (ITO).

ii) Online filing: Online Filing or E-filing was enabled by the Income Tax Department a couple of years back. It is an improved and hassle-free method of tax filing; here, filing is done through the Internet. Online Tax Returns can be done with or without a digital signature.

If you feel you are owed a refund, you are probably anxious to file your tax return. Filing tax return early has many advantages. As the due date for filing return is 31st July, but don't let the two-day reprieve lure you into complacency. Waiting until the last minute to file increases the chance you'll make an error on your return. And the sooner you file, the sooner you'll get your refund. By filing early, you avoid the possibility of a last minute headache from trying to rush through your tax return. One of the best ways to file early is e-filing.

The Benefits of Filing Income Tax Return Early-

Get Filing out of the way: Waiting until the last minute to file your tax return can be stressful, especially when gathering your records takes longer than expected. It’s important to take your time and not miss opportunities to deduct and save. Since, 'Better late than never' is the best policy when it comes to income tax payment.

Standard Income Proof: Income Tax Return is considered a customary income proof not only in India but also globally. If you are looking for higher education or employment abroad, it is the largely accepted income proof.

Speeds your loan application process: Apart from a good credit history (or past repayment track), the fact that you are filing your Income Tax Return regularly gives you speedier access to credit and at better terms -- although not necessarily a larger line of credit, but surely a better rate.

It also provides the impression to the financier that you are a law abiding citizen and will repay the loan within time.

Power of PAN: Permanent Account Number or PAN issued by the IT authority is not only a requirement for Income Tax Return Filing but is also now mandatory for all financial transactions -- from opening a bank account, or purchasing mutual funds to real estate for investment. So it makes sense to get yourself one even if you don't have much income to boast of.

Claim your tax refund faster: Return Filing is not always about paying tax. It can be used as a means to reduce your tax liability. Take for instance, salaried employees for whom TDS has been cut during the financial year can claim refund if the tax outgo has been more than the actual tax payable.

Every person with taxable income (over and above the tax exemption limit) should file an income return, even if her/his tax liabilities have been taken care of by the employer through tax deducted at source (TDS); persons whose salaries have been subjected to TDS are also required to file return because they may have earned from sources other than salary (house property income, capital gains, etc.).

Beneficial in case of carry Forward of losses: Not only for refund, you also need to file your income return early if you are claiming carry forward of loss (say, from long term capital asset or from any other source of income). In such cases, filing returns within the due date is a must.

Avoid willful tax evasion: In certain cases, you may even be liable for prosecution for intentional avoidance of tax payments. 'Better late than never' is the best policy when it comes to income tax payment.

To avail all the advantages of filing Income Tax Return early, Taxmantra.com has launched Income Tax Return module where details are to be filled by users, but Income Tax Return will be filed only after review by the Tax experts. Taxmantra.com has brought Income Tax Return filing and other services fully online. Filing the return with Taxmantra is so simple and easy that you can file your tax return any time anywhere by just few clicks of a mouse.

You just need to fill few details in our Online Income Tax Return module and submit OR you can directly mail your details at info@taxmantra.com. Once you try it out, there is no going back to the old ways!

• Form16/ Salary Certificate, if any;
• Details of other income, if any;
• Tax investment made, not incorporated in form 16;
• Details of housing loan (details of interest and principal paid on housing loan, address of the house property for which loan is taken), if any;
• Details of TDS deducted & TDS certificate, if any;
• Scanned copy of PAN Card OR ( Details mentioned on card , Full Name, Father's name and date of birth);
• Full address;
• Mobile Number; and
• Bank Account details (Account number, name of bank, and MICR code).

Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning. So online income tax filing with Taxmantra.com is obviously a better experience. Get in touch with us to file online tax returns today and stay hassle free.

Join us in pursuit of simplifying individual taxation! We welcome you to Taxmantra.com for easy online income tax return filing / online tax return filing!

This article has been taken from http://www.articlesbase.com/taxes-articles/tax-return-filing-has-started-for-fy-2011-12-where-are-you-5975181.html


Friday, 1-Jun-2012 13:54 Email | Share | | Bookmark
Online Income Tax Return Filing Is The Way To Do It – Complete H

Income tax department has enabled the online tax filing or online return filing or online income tax filing and has immensely helped in creating awareness about the importance of filing of return of income especially among the salaried class. Filing of return of income was an uphill task for salaried class as they had to take off from their respective work in order to visit their tax consultants and even had to stand in long queue for hours in order to file return of income. But the online tax filing system had made this task is easy and only a few clicks away and the same is secured and cheaper too.

At present there are few online websites offering online return filing service through automated software, wherein an individual can fill in their details in the prescribed online income tax filing form after registering on these sites to file their return of income. Even though these sites have become a platform where an individual can come and file return of income but still these online income tax filing sites have failed to take the place of age old tax consultants. This is primarily due to fact that these sites works on fully automated mode where human interaction is next to negligible. Online income tax filing does not necessarily means that everything is automated.

Further, if you are stuck while filing your form, there is lack of support or personalized care. So online income tax filing should not be a fully automated system without human interaction or without personal care to an individual tax filing requirement.

So, just to avoid those silly errors, taxmantra.com has launched Income Tax Return module where details are to be filled by users, but ITR will be filed only after review by the Tax experts. Taxmantra.com has brought ITR filing and other services fully online. Filing the return with Taxmantra.com is so simple and easy that you can file your tax return any time anywhere by just few clicks of a mouse.

You just need to fill few details in our online ITR module and submit OR you can directly mail your details at info@taxmantra.com. Once you try it out, there is no going back to the old ways!

• Form16/ Salary Certificate, if any;
• Details of other income, if any;
• Tax investment made, not incorporated in form 16;
• Details of housing loan (details of interest and principal paid on housing loan, address of the house property for which loan is taken), if any;
• Details of TDS deducted & TDS certificate, if any;
• Scanned copy of PAN Card OR (Details mentioned on card, Full Name,
• Father's name and date of birth);
• Full address;
• Mobile Number; and
• Bank Account details (Account number, name of bank, and MICR code).
• Few key features of our return filing service:
• 100% Error Free Tax Returns
• Personalized Care by CAs and Tax Experts
• Tax Return for All including Businesses, Salaried and NRI
• Super Easy-Only Few Details Required
• Hassle Free-No Self Punching of Data Required
• Most Reasonable-Starting at Rs.250 Only
• Authorized E-Returns Intermediary by Govt of India
• Full Support Via email, phone, and chat

The sole object of Taxmantra.com is to make your life easy as our tax experts file our return of income. Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning. So online income tax filing with Taxmantra.com is obviously a better experience. Get in touch with us to file online tax returns today and stay hassle free.

Join us in pursuit of simplifying individual taxation! We welcome you to www.Taxmantra.com for easy online income tax return filing / online tax return filing!

This article has been taken from http://www.ideamarketers.com/?articleid=3285825&CFID=184502854&CFTOKEN=27848296


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