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Income Tax Efiling for Salaried Persons

The time to prepare and file Income Tax Return has arrived for salaried individuals across the country. In this article we cover some of the basics of Income Tax Return Efiling for salaried persons based on the rules applicable for Financial Year 2013-15 and Assessment Year 2014-15.

Who has to file Income Tax Return?

Section 139(1) requires every person whose total income during the previous year, exceeds the maximum amount which is not chargeable to income tax to file a tax return. During the current assessment year, any person earning over Rs.2,00,000/- is required to file their income tax return. The threshold limit of exemption from personal income tax in the case of all assesses is Rs. 2,00,000. The threshold limit for a resident woman assessee is also Rs. 200,000, while for a resident senior citizen over 60 years is Rs.2,50,000 and for senior citizen over 80 years is Rs.500,000.

However, if an individual whose total income for the relevant assessment year does not exceed Rs.5 lakhs and consists of only income from salaries and interest from a savings account in a bank (not exceeding Rs.10,000), then he/she will not be required to file an income tax return, subject to the following conditions:

  1. The individual has reported to his employer his Permanent Account Number (PAN Number);
  2. The individual has reported to his employer, the incomes from interest earned from a savings bank account and the employer has deducted the tax on it;
  3. The individual has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
  4. The individual has discharged his total tax liability for the assessment year through tax deductions at source and its deposited by the employer to the Central Government;
  5. The individual has no claim of refund of taxes due to him for the income of the assessment year;
  6. The individual has received salary from only one employer for the assessment year.

When is the last date for filing Income Tax return?

The due date for filing of return for salaried persons is 31st of July, 2014 for the assessment year 2014-15. If an individual has not submitted his/her return of income on/before the due date, he/she can still file a belated/late return. Belated/late return can be filed at any time before the expiry of one year from the end of the relevant assessment year. Income tax return can also be file late, when a notice is issued by the Assessing Officer, within the time allowed in the notice.

Can I revise a return that was already filed?

If an individual discovers any omission or any wrong statement in the return filed, he/she may furnish a revised return. Revised return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Also, it is possible to revise a revised return if the individual discovers any omission or any wrong statement, provided it is revised within the same prescribed time.

How do I file my return?

The IT Return can be furnished to the income tax department in four ways. The return can be a)filed in a paper form, b) electronically filed with a digital signature, c) electronically filed and then duly signed Form ITR-V must be submitted and d) furnished in a bar-coded paper format. If a persons total income in the current assessment year or the total income in the pervious assessment year exceeds Rs. 5 lakhs. Then he/she can only e-file the return with digital signature or e-file the return and send a duly signed Form ITR-V.

Is non-resident status relevant for levy of income tax?

In case of resident individuals, their global income is taxable in India. Individual who stay in India for 182 days or more in a year, is treated as resident in that year regardless of his citizenship. In the case of non-residents, income tax is not levied unless their salary accrue in India and/or received in India. If the salary accrues abroad, by the terms of employment, then the individual would be a non-resident and the salary accrued outside of India would not be taxable.


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