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Who should file income tax return

Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax.

The amount of gross total income not chargeable to income tax is:
a) Women (below the age of 65 years): Rs. 1,45,000
b) Any other individual (below the age of 65 years): Rs. 1,10,000
c) Any individual (65 years of age or above): Rs. 1,95,000

For e.g., a non-senior male having annual income above Rs. 1.1 lakh should file return, even if he can claim the entire Rs. 1.1 lakh in deductions.

Any person to be considered 65 years of age or above should have achieved 65 years of age on or before 31st March, 2008.




Due date of filing income tax return

* Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a seperate notification.
* The income tax department may any time extend the due date for filing Return of Income by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
* Even if the person can not file return of income by due date, he can still file return upto 31st March of the next financial year . In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2008, and could not file return by the due date, then he can file the return upto 31st March 2008.
* All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.

3. Forms to be used for filing return

* The forms Saral, Naya Saral, 2D, 2E are now outdated and can not be used to file returns.
* Salaried employees should use either ITR1 or ITR2 to file returns.
* Form ITR1 is applicable for individuals having Income from Salary, Pension, and/or interest.
* Form ITR2 is applicable for all other individuals not having income form business and profession. I.e., if you have income/loss from house property, capital gains and/or other sources, you should use ITR2.
* The new ITR forms are annexure-less, i.e., you do not need to attach any documentary proof such as Form 16, investment proof, etc.

4. How to file income tax return (E-filing)

* E-filing is essentially another mode of filing your income tax return, in addition to the popular mode of printing and submitting your return at the income tax counters. It is a two step process:
a. Prepare your return using tax preparation software: Enter your income tax data, such as, PAN, income, deductions, and TDS. Review your data for completeness and accuracy; and, generate your electronic return in XML format.
b. Upload your XML format return on income tax department website. Upon successful uploading, it will generate an acknowledgement form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the income tax counter.
* If you do not wish to e-file, then you can print your ITR1 or ITR2 and deposit it at the nearest income tax office or counter.
* Return filing statistics indicate that more than 33% of the returns are filed in the last two weeks of the return filing date. And, a very large number of returns are filed on the last date of filing returns. You can avoid the queues at income tax counters by filing your returns well before the due date.


5. Obtain your Form 16 early

* Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of the salary income of the employee and the TDS deducted from the employee's income.
* Form 16 is all you need to file ITR if you have reported all your income to your employer.
* It is your right to obtain F16 from the employer within 15 days time after the end of the financial year.
* Obtain your Form 16 early, so that you can file your return early. The earlier you file, the faster you will get refund.
* Your chance of scrutiny reduces by filing early.
* Ensure that you have F16s from all the employers that you have worked for during the year.







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