Saturday, May 25, 2013

ARE YOU READY? It’s time to file your income tax returns (ITR). What you need is a good checklist. Here is one

Dating advice: charm thetaxman

ZoomBookmarkARE YOU READY? It’s time to file your income tax returns (ITR). What you need is a good checklist. Here is one
HT walks you through the maze make it easier for you
FILE PHOTOPeople queue up to file their tax returns. With e-filing expanding, the crowd is set to shrink.
DATES TO REMEMBER Individual Income Tax
July 31, 2013: Due date for filing return of income for the financial year 2012-13
March 31, 2014: Last date for filing the ITR for 2012-13 (assessment year 2013-14), with a penalty of R5,000
INCOME FROM SALARY
If you have no income apart from your salary, you need these:
Form 16: This is a financial statement from your employer(s) that lists details of your income and taxes paid on it during the year.
Form 12 BA: This is given to employees whose salary packages include holiday and credit card expenses.
Pension certificate: If you receive pension, you need to keep the pension certificate issued by your bank.
HOUSE PROPERTY
Home loan certificate: If you have a home loan, your bank gives you a statement and certificate with details of principal and interest rate payments. Keep this handy along with receipts of taxes paid on the property.
Rental income: If you have rented out your property, keep a statement of rental income ready.
OTHER INCOME
Form 16A: If you earn additional income, say interest on bank deposits, or fees from professional services rendered, Form 16A details such income, other than your salary, on which tax has been deducted at source (TDS). Don't forget to collect TDS statements from all organisations from which you would have such TDS income.
DEDUCTIBLE INSTRUMENTS
In your ITR form, you will need to give details of deductions you have claimed by investing in various tax savings instruments such as life insurance premiums, PPF, NSCs, health insurance etc. claimed under various sections of the IT Act such as 80C, 80CCC, 80CCD, 80D, 80G and 80E.
NUMBERS THAT YOU NEED
Permanent Account Number: Your identity at the tax department
Bank account number: Give this only if you are expecting a refund
MICR code: The 9-digit number at the bottom of cheque leaves, next to the cheque number, enables the IT department to credit any tax refund directly to your bank account.
CAPITAL GAINS
You will need to give details in the ITR form of capital gains made from investments in assets.
FORMS
ITR 1 (SAHAJ) to 4S (SUGAM): Individual/ Hindu undivided Family assessees.
ITR 5: Partnership firms, association of persons and body of individuals ITR 6: Companies ITR 7: Trusts, political parties etc.
HOW TO E-FILE
Option 1: Fill Return Offline and Upload XML 1.Download the applicable ITR from 2. Fill it online 3.Generate an XML format file and save it on desktop 4. Register on e-filing website using your PAN 5.Log in to the portal 6. Go to section called "E-file Income Tax Return" and Upload your duly filled return form
Option 2: Prepare and submit your ITR online 1. Register on e-filing website using your PAN 2. Log in to portal 3. Go to “E-file Income Tax Return.” 4. Prepare return and submit online
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