Here are answers to a few frequently asked questions,
to help you while you file your Income Tax returns.
1.
What is a return of income?
It is a prescribed form through which the particulars of the income earned by a person in a financial year and taxes paid on such income is communicated to the Income Tax department, after the end of the Financial Year. to know more about the form - http://incometaxindia.gov.in/download_all.asp
It is a prescribed form through which the particulars of the income earned by a person in a financial year and taxes paid on such income is communicated to the Income Tax department, after the end of the Financial Year. to know more about the form - http://incometaxindia.gov.in/download_all.asp
2.
Who is required to file the Tax return?
Tax
filing in India is compulsory for those who earn a salary in India and his/her
income, before allowing for any deduction under Chapter VIA (EPF, insurance,
NSC, etc.), is more than the exemption limit of Rs 2,00,000. Please note that,
unlike last year, there is no exemption from filing returns if your
income is less than Rs. 5,00,000 and the conditions are met.
3.
From where can I get a return form?
The
form can be downloaded from the site: https://incometaxindiaefiling.gov.in/index.html. If you are taking
the help of a service
provider, they will determine the return based on your income.
4.
Which Tax Return Forms are applicable to me?
You
have to choose your forms based on the assessee type and the income/losses
earned.
Form
|
Applicable
to
|
ITR
1
|
Individuals
with salary/pension/income from one house property (excluding brought forward
loss) and income from other sources
|
ITR
2
|
Individuals
who do not have income from a business or
profession
|
ITR
3
|
Individuals
who are partners in firms and are not carrying out a business or profession
under any proprietorship
|
ITR 4
|
Individuals having income from a
proprietory business or
profession
|
ITR
V
|
Verification
form for ITR forms transmitted electronically without digital signature.
|
5.
What is the due date for Filing Income Tax Returns for FY
2012-13?
The
due date to file the tax return is July 31, 2013.
6. What
are the benefits of filing my return of income?
Filing returns is your duty. Your IT returns validate your credit worthiness before financial institutions and make it possible for you to access financial benefits such as bank credits.
Filing returns is your duty. Your IT returns validate your credit worthiness before financial institutions and make it possible for you to access financial benefits such as bank credits.
7.
Is it mandatory to file returns and what are the consequences of failing
to do so?
Filing
returns is mandatory. You are liable to pay interest on the amount due. A
penalty may also be levied in some cases
