Checklist for Filing Tax Returns
- 6 Comment
Introduction
In this article I will be writing about the some important points to consider while filing the tax returns. The last date for filing the Tax Returns is 31st July,2009. So, please don’t rush in the last minutes. This article will add few points while filing the income tax returns. If you have any doubts, please post it in the comments section. If you like the article subscribe it here.
Who has to file the returns?
- If your total income is more than Rs.150000, then you have to file the income tax returns. Even if you are not paying any tax.
- For women it is Rs.180000
- For senior citizen it is Rs.225000
- If the total income is below the mentioned limit, but any of your income had the TDS(Tax Deducted at Source), you have to file the tax returns.
Required Documents
While filing the tax returns, you need not submit any documents. But, keep all the required documents like investments and deductions if the IT officer want to verify your returns.
- PAN number has to be mentioned in the ITR
- Documents for investments under the sections 80C, 80D, 80DD .
- Form 16 a for the TDS certificate.
- If you are salaried person, submit the Form 16
- Home Loans and Interest payment documents
How to file Income Tax Returns?
You can file the income tax returns in offline and online. If you want to file it through offline, fill the ITR form and submit it to the nearest Income Tax office. Or you can get help from the Charted Accountant(CA) who will help you in filing the tax returns. You have to pay the certain fees to CA.
If you want to file it through online, the method is called as e-filing. Nowadays many people are started using this facility because it is very easy and you need not spend much time on going directly to the income tax office. for example you can use My IT Return website to file the income tax return. You will have to pay Rs.149 as the fees.
How to get Refund?
There may be chances that you have paid the excess tax. In that case Income Tax department will be interested in refunding the excess tax payment. For that you have to provide the correct Bank account details while submitting the tax returns. The refund normally happens within one year time.
Summary
In this article I have explained few important points for the tax filing. Hope this helped you. If you find any difficulties on filing the tax returns or have doubts, please post it in the comments section. I will answer all your questions.
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6 Comments on this post
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Dhananjay said:
I recd mail from incometaxindia, as i missed out to show TDS for 2007-08 & TAX Creadit ( Rs. 1000/-) is available.
Now,
can i deduct the same while showing SELF ASSESMENT TAX
Or
i have to claim refund by filing REVISED IT Return for 200708kindly guide me
July 25th, 2009 at 3:24 am -
Anita Rastogi said:
I would recommend using http://elagaan.com for preparing your tax return. They offer free tax preparation, so why pay for preparation to any other site?
July 29th, 2009 at 9:22 am -
Shantaram E G said:
Dear Sir,
You have mentioned that even if the income is in non-taxable limit too even then one has to file the return. But I was told by some sources that there is no need to file the same as the income tax office does not accept such returns. Pl clarify the confusion.December 9th, 2009 at 1:22 am -
rahul said:
santaram,
No need to file return if income is below taxable limit. It is a burden on IT dept to maintain ur file and keep in the store for years . It costs IT dept to keep the record and phsical file .December 9th, 2009 at 10:48 pm -
krishnas said:
Hi,
You can file the IT returns using the http://www.paisaa.in. They are offering the 20% discount for our readers. You can read more details here:
http://www.thinkplaninvest.com/2010/02/filing-income-tax-returns/Thanks,
KrishnaMarch 14th, 2010 at 5:04 am -
K karma said:
E-filing is going to be compulsory in near future. Paying some amount and getting away from the headache of manual filing is much better option. I recommend http://www.myitreturn.com as it has maximum number of users who files their returns through it in whole India.
June 1st, 2010 at 5:43 am
