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What Does Income Tax Mean for FAFSA, what is meant by income tax return.#What #is

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What Does Income Tax Mean for FAFSA?

In each of sections concerning the student s and the parents financial information, the FAFSA asks you to report your and/or your parents total income tax liability for the most recent tax year. On the Federal Form 1040 you can find your total federal income tax, which is what you need to report on the FAFSA to answer the income tax question. If you haven t completed your federal return as of the date you re filing the FAFSA, you can use an estimated figure by looking at your return for the most recent tax year you have on record. Doing so, however, may only be accurate if your income has not changed.

Determining which line of Form 1040 lists your total income tax for the FAFSA may be confusing because of the wording both on the FAFSA and the federal return. The last line of the Other Taxes section of the Federal 1040 is usually labeled total tax, making you think this is the number to report. But this is incorrect. Instead, you report the figure listed on the last line of the Taxes and Credits section of the federal return.

In the income section, the FAFSA asks you to report your adjusted gross income (AGI). This means you should report the exact amount from the adjusted gross income line (typically line 37) of your Federal return. If you re estimating your AGI, this includes all taxable income like wages, salaries and tips, self-employment earnings and interest income, with allowances for certain adjustments and deductions. The FAFSA also asks about income earned from work, which is different from your AGI. For this question, you can refer to your pay stubs or W-2 to determine your total raw pay. If you re married, you need to report your and your spouse s income from work on separate lines.

In some cases, questions of dependency may be obvious, but in others less so. For example, if you live at home and are financially dependent on your parents, you report their financial information on the FAFSA. Exactly whose income tax details to reveal may be ambiguous in some situations. For example, your parents may be divorced or separated. In this situation, you report income tax details of the parent with whom you lived with more for the past 12 months. If you didn t live with either parent more, you report the details of the parent who claims you as a dependent on his or her income tax return.

When filling out the financial information section, you may get confused and accidentally report the wrong information. Common errors include reporting your AGI or amount of taxable income for the question about tax liability. Reporting the federal tax withholding listed on your W-2 is another common error when answering the income tax question. Making one of these common errors may trigger an automatic rejection of your FAFSA, which means you must submit corrections to the FAFSA.


EVC) INSTEAD OF ITR-V Income tax Return E-Filing – do not need to send the

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(EVC) INSTEAD OF ITR-V Income tax Return E-Filing do not need to send the ITR-V by Post

Government is trying hard to go green but the necessity of sending signed ITR-V form to Bangalore was becoming an obstacle to make e-filing process completely paperless. Digital Signature has already been mandated for the companies to file and verify their returns but individuals were given an option to sign the physical copy of ITR-V and send it to CPC, Bangalore.

Government has come out with the Electronic Verification Code for verifying the income tax return to get rid of this last piece of paper and make the e-filing process completely paperless. Now, you just have to put an EVC after filing your return and you are done with e-filing, no need to send signed ITR-V to CPC, Bangalore within 120 days’ time frame.

What is Electronic Verification Code (EVC)?

Electronic Verification Code (EVC) is a 10 digits alpha numeric code to verify your income tax return and can be generated via various methods. Let’s see the features and usage of Electronic Verification code to e-verify your income tax return.

  • EVC is a 10 digit alpha numeric code which would verify the identity of the person filing the income tax return.
  • The EVC could be used to verify ITR 1 (Sahaj) / ITR 2 / ITR 2A / ITR 3 / ITR 4 /ITR 4S (Sugam).
  • EVC would be unique and can be used only with the PAN of the person furnishing the income tax return. This means one EVC for one PAN.
  • One EVC can be used to validate only one ITR whether it is original or revised return.
  • The EVC remains valid for 72 hours but can be generated various times through various modes.
  • In case the tax returns are already filed or uploaded, the verification needs to be done within 120 days of filing of return.

How to Generate Electronic Verification Code (EVC)?

CBDT has notified four methods to generate Electronic Verification Code (EVC). Before proceeding to generate EVC please ensure that the mobile number and email address registered with the CBDT is accessible by you.

1. Generate EVC through e-filing website

I consider this as the simplest method because you just need to click few buttons and you will get EVC on your mobile and registered email.

But this method is only available if your salary income is up to Rs.5 lacs and you are not claiming any tax refunds.

  • Simply login to your account with PAN number as user id and your password.
  • Click on the e-file tab and select Generate EVC as shown in the image below:
  • You would then receive EVC on your registered mobile number as well on your registered email address.Put the code in the box on the screen and the process of e-filing gets completed.

    2. Generate EVC through Linking Aadhaar Card with PAN

    Before generating EVC through Aadhaar Card, make sure that your mobile number should be registered with your aadhaar. (I faced this problem generating EVC).

    How to link your aadhaar with PAN?

    After login, you would see “Profile Settings” Tab besides downloads. Click on it and a drop-down menu would appear, select Link Aadhaar with PAN.

    Fill in the required details and click on Link Now to complete the process.

    Next Step would be to generate EVC and for that you have to select “I would like to generate Aadhaar OTP to e-Verify my return” at the time of e-verifying your tax return.

    3. Generate EVC through Bank ATM (Automatic Teller Machine)

    For this option you have to use the ATM card of the bank which is registered with the IT department. You can generate EVC by selecting “generate EVC for ITR filing” appears on the ATM Screen. The EVC would be sent to your registered mobile number with Bank.

    4. Generate EVC through Net Banking Facility

    Generating EVC using Net Banking requires you to route your process of e-filing through the bank which is registered with IT Department. You would have to login into your net banking account and seek the redirection to income tax e-filing website where you can generate EVC. The EVC would be sent to your registered mobile number with Bank.

    This option requires a valid PAN to be linked with your Bank account as per KYC norms and ITR should be for same PAN number.

    How to use Electronic Verification Code (EVC) to verify Income Tax Return?

    Electronic Verification Code (EVC) for e-verification process of Income Tax Return can be used while:

    1. Uploading of Return using Net Banking
    2. Uploading of Return without using Net Banking
    3. For already Uploaded Return

    1. In case you are Uploading Tax Return without using Net Banking than as soon as you are finished with uploading of return, a screen having following options would popup:

    • Option-1 – “I already have an EVC and I would like to Submit EVC”
    • Option-2 – “I do not have an EVC and I would like to generate an EVC”
    • Option-3 – “I would like to generate Aadhaar OTP to e-Verify my return”
    • Option-4 – “I would like to e-Verify later! I would like to send ITR-V”

    You can use any one of the above options (1 to 3) to e-verify your Income Tax Return and download the Acknowledgement (No Further action required).

    Option 1 requires you to put the EVC you have already generated and then download the Acknowledgement (No Further action required).

    Option 2 requires you to generate EVC either through AMT or E-filing website.

    Option 3 would use generating EVC through Aadhaar Card (As described above).

    Option 4 would means you don’t want to use the new method of EVC and would like to go with the old method of ITR-V signing and sending it to CPC Bangalore.

    2. In case you have routed to e-filing website through net banking account then after you finish uploading tax return three options would be shown on your screen:

    • Option-1 – “I would like to e-Verify my return now”
    • Option-2 – “I would like to generate Aadhaar OTP to e-Verify my return”
    • Option-3 – “I would like to e-Verify later! I would like to send ITR-V”

    You can use any one of the above options (1 and 2) to e-verify your Income Tax Return and download the Acknowledgement (No Further action required).

    Option 1 would simply need you to confirm the verification of ITR by clicking on “Continue” button. Download the Acknowledgement (No further action is required).

    Option 2 remains same as in above case and ECV would be sent to your registered mobile number.

    Option 3 would be old method of ITR-V signing.

    3. Verification of Already Uploaded Returns requires you to verify them within 120 days of submission or uploading by following below mentioned steps:


Six reasons why you must file income tax returns and declare interest income, what is

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Six reasons why you must file income tax returns and declare interest income

Tax consultant Mahesh Padmanabhan throws light on six reasons why you must file your tax returns and then lists out the virtues of why you must not hide interest income earned while filing tax returns.

When it comes to filing of income tax return, the most common views that we encounter as tax experts are thus:

  • My employer has deducted tax at source on the salary income received by me hence I don’t need to file my income tax returns!
  • Government has stated that individuals who earn below Rs 5 lakh income need not file income tax returns!
  • I work hard hardly find time. When spending time with family is rare, why waste time on filing income tax returns.
  • The deadline for filing tax returns is far away, why bother now!
  • I have anyway missed the deadline for filing tax returns (July 31), so now it does not matter whether I file the returns or not!

Mahesh Padmanabhan is principal advisor — direct taxes group RelaxWithTax Consultants Pvt Ltd ( www.relaxwithtax.com ), a Mumbai-based personal taxation and finance solutions provider.

Six reasons why you must file income tax returns and declare interest income

T hough these are the very popular views people have, the truth is much different. Technically any person* who has total income in excess of the threshold exemption limit is mandatorily required to file her/his income tax return.

Here are six reasons why you must file your income tax returns

1. Early bird gets the best

In case you are of the opinion that the last date for filing, that is, July 31 is a far call now and you could afford to rest, beware. It’s always best to finish of this chore at the earliest so that you do not get into the crosshairs of the last minute rush filers and make a mess of the tax return.

Begin your preparations and execute your return filing process as soon as possible.

2. A stitch in time saves nine

Even if you have missed the July 31 deadline, you can go ahead file your tax return immediately without any further delay. Penal interest is applicable for delayed filing, ONLY IF you have any pending tax liability.

Suppose your entire tax liability has been paid up before March 31, 2011 then there is no penal interest liability for you to take care of at the time of filing your returns.

In case there is any pending tax liability as on March 31, 2011 then the penal interest increases with each month of delay in filing your tax returns.

Six reasons why you must file income tax returns and declare interest income

3. Fail to file and pay the price

I n case you fail to file your tax returns at least before March 31, 2012, you may be liable to pay a penalty of Rs 5,000.

Also, tax returns are subject to time barring provisions, that is, currently you cannot file tax returns for any years preceding financial year 2009-10.

Hence it becomes pertinent you start filing tax returns immediately.

4. Create history, file tax returns

When you file your tax returns every year, you manage to create your financial record with the tax department.

This financial / tax history is positively viewed and favourably used by most agencies with whom you may need to interact, such as when you avail any kind of loan (home, personal, vehicle loan, etc), when you apply for VISA etc.

Six reasons why you must file income tax returns and declare interest income

5. Proof of (financial) life

Income tax return is essential for making any investment and goes to prove that you have a valid source of income to make such investment.

6. New rule, added confusion

The tax department has notified that individuals with salary income below Rs 5 lakh are not required to file their tax return subject to certain conditions* being met. Though this move would benefit the new entrants to employment, for others this rule is nothing but increased confusion in deciding whether to file tax return or not.

*Conditions for exemption from filing tax return under Rs 5 lakh rule

1. Single employer income

2. Savings account interest up to Rs 10,000

3. PAN should be correctly declared to the employer

4. Employer should have deducted tax on both salary savings account interest

Accordingly, an individual who has income from multiple employers OR FD / term deposit interest OR house, wherein she/he is claiming interest deduction would need to file her/his tax return.

Considering the above pointers, filing your tax return seems to be a GOOD IDEA rather than saying, filing tax returns? NO IDEA.

Six reasons why you must file income tax returns and declare interest income

Why you must declare interest income while filing income tax returns

I t’s that time of the year when you have started preparing for the biggest event of the year. The event that brings painful memories of all the taxes that were taken away from you in the form of TDS (tax deducted at source) from your salary and other income such as interest from bank etc.

Most of us assume that our pain ends with the TDS. However, that is just the beginning of a journey that would culminate only with the filing of our income tax return, wherein we complete two tasks

  • Declare all income earned during the previous year
  • Pay up the entire tax liability

Six reasons why you must file income tax returns and declare interest income

D eclaring the entire earned during the previous year means that you are informing the income tax department (ITD) of the actual amount earned under various heads such as salary, interest, house rent, capital gain / loss etc.

Paying the entire tax liability means that you pay your total tax dues in any of the following ways namely, TDS, advance tax or self-assessment tax.

General presumption is that, if TDS has been recovered, then there is no further tax liability that needs to be paid to the ITD. However, this is only partly true, let’s take an example to understand this.

In the table here, we have examined two situations, wherein Mr X Y have the same salary income except that Mr Y additionally has interest income of Rs 27,000.

Here, though the bank has recovered TDS on the interest, Mr Y has to pay balance tax of Rs 2,862. The reason for this is that the bank has recovered tax @ 10 per cent of the interest amount but as Mr Y also has salary income, he is in the higher tax slab, that is, of 20 per cent hence there is a gap in tax paid by him.

Having understood this, it is pertinent for you to comprehend the effect of not declaring such interest income to the tax authorities.

The Income Tax Officer (ITO) has the power to re-assess / reopen cases where she/he believes that income has escaped assessment. Such power is vested with the ITO up to 7 years from the end of the financial year subject to certain income criteria.

What this means: To you, this means that even if you have not included certain income in a particular year, the ITO could possibly re-open your case get you to pay the tax on the same in any future years.

Six reasons why you must file income tax returns and declare interest income

2. Penal interest

I n case the tax has been short paid, you may be liable to pay penal interest on two counts. First, on account of default in payment of taxes (section 234B) and secondly on account of deferment in payment of taxes (section 234C).

What this means: To you, this would mean large outflow of money over and above the tax required to be paid as the interest on pending tax dues is charged at 1 per cent per month.

The ITO is empowered to levy a penalty on you, if any concealment of income case is proved against you.

What this means: To you, this would mean a very large outflow, which could be up to 3 times the tax that was evaded by such concealment of income.

Considering the above points, it is better safe than worry accordingly not only file your income tax returns but also declare interest income and relax.

What is meant by income tax return


DYK: Who should file income tax returns, what is meant by income tax return.#What #is

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DYK: Who should file income tax returns

What is meant by income tax return

Latest News

By now almost every salaried individual must have got their Form 16 to file their income-tax returns (ITR), latest by 31 July. Those who have received a Form 16 for the first time may have some questions. Should I file my ITR even if I don t have to get any refund? Should I file one even if I don t fall under the income level where it is compulsory to do so? Maybe, you are even wondering why you should file an ITR at all? Well, here are answers to some of these questions.

First, let us understand what filing ITR means. When you file your tax return, it is proof that you have an income for which you have paid tax. According to the Income Tax Act, 1961, you have to file ITR every year. Filing it provides legality to what you are earning. Not filing it means that you as a person have not disclosed your income. The ITR gives a standard proof of income to a person and helps to establish a record with the tax department.

Also, if you have paid tax more than what was required, you will have to file the return to get a refund for the excess amount paid.

Who should file ITR?

Any individual who has a taxable income should file a tax return. Currently, if you are below the age of 60 and have an income up to Rs. 2 lakh, you are exempt from tax. Any income above Rs. 2 lakh is taxable. And you have to file the return irrespective of whether you have paid your tax or not. So, if you were under the impression that since your employer has deducted the required taxes and deposited with the central government on your behalf, it is not necessary for you to file any return, then you are wrong.

Why is it important to file ITR?

Your tax obligation basically has two components payment and quantification. Here s what they mean. Payment of taxes is the first part. Your company may have deducted tax at source from your salary and paid it to the I-T Department on your behalf. The second part is quantification, which happens when you file your ITR. Through this, your actual tax liabilities after the required adjustments of deductions and the taxes paid get quantified.

When you don t file your ITR, you carry the risk of not only paying a penalty but also an interest on it. If you accrue losses, you cannot carry it forward to set off against your income in the next year if you don t file the ITR for the relevant previous year.

Otherwise also, a copy of the ITR can help in the role of proof of income if you are taking a loan. In the same role, it can be used while applying for a visa. Filling the form also helps you consolidate all your incomes and the taxes paid. Say, you worked in two companies in one year, and have two Form 16. In the ITR, you can consolidate the incomes from both the companies, and the taxes deducted.


EVC) INSTEAD OF ITR-V Income tax Return E-Filing – do not need to send the

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(EVC) INSTEAD OF ITR-V Income tax Return E-Filing do not need to send the ITR-V by Post

Government is trying hard to go green but the necessity of sending signed ITR-V form to Bangalore was becoming an obstacle to make e-filing process completely paperless. Digital Signature has already been mandated for the companies to file and verify their returns but individuals were given an option to sign the physical copy of ITR-V and send it to CPC, Bangalore.

Government has come out with the Electronic Verification Code for verifying the income tax return to get rid of this last piece of paper and make the e-filing process completely paperless. Now, you just have to put an EVC after filing your return and you are done with e-filing, no need to send signed ITR-V to CPC, Bangalore within 120 days’ time frame.

What is Electronic Verification Code (EVC)?

Electronic Verification Code (EVC) is a 10 digits alpha numeric code to verify your income tax return and can be generated via various methods. Let’s see the features and usage of Electronic Verification code to e-verify your income tax return.

  • EVC is a 10 digit alpha numeric code which would verify the identity of the person filing the income tax return.
  • The EVC could be used to verify ITR 1 (Sahaj) / ITR 2 / ITR 2A / ITR 3 / ITR 4 /ITR 4S (Sugam).
  • EVC would be unique and can be used only with the PAN of the person furnishing the income tax return. This means one EVC for one PAN.
  • One EVC can be used to validate only one ITR whether it is original or revised return.
  • The EVC remains valid for 72 hours but can be generated various times through various modes.
  • In case the tax returns are already filed or uploaded, the verification needs to be done within 120 days of filing of return.

How to Generate Electronic Verification Code (EVC)?

CBDT has notified four methods to generate Electronic Verification Code (EVC). Before proceeding to generate EVC please ensure that the mobile number and email address registered with the CBDT is accessible by you.

1. Generate EVC through e-filing website

I consider this as the simplest method because you just need to click few buttons and you will get EVC on your mobile and registered email.

But this method is only available if your salary income is up to Rs.5 lacs and you are not claiming any tax refunds.

  • Simply login to your account with PAN number as user id and your password.
  • Click on the e-file tab and select Generate EVC as shown in the image below:
  • You would then receive EVC on your registered mobile number as well on your registered email address.Put the code in the box on the screen and the process of e-filing gets completed.

    2. Generate EVC through Linking Aadhaar Card with PAN

    Before generating EVC through Aadhaar Card, make sure that your mobile number should be registered with your aadhaar. (I faced this problem generating EVC).

    How to link your aadhaar with PAN?

    After login, you would see “Profile Settings” Tab besides downloads. Click on it and a drop-down menu would appear, select Link Aadhaar with PAN.

    Fill in the required details and click on Link Now to complete the process.

    Next Step would be to generate EVC and for that you have to select “I would like to generate Aadhaar OTP to e-Verify my return” at the time of e-verifying your tax return.

    3. Generate EVC through Bank ATM (Automatic Teller Machine)

    For this option you have to use the ATM card of the bank which is registered with the IT department. You can generate EVC by selecting “generate EVC for ITR filing” appears on the ATM Screen. The EVC would be sent to your registered mobile number with Bank.

    4. Generate EVC through Net Banking Facility

    Generating EVC using Net Banking requires you to route your process of e-filing through the bank which is registered with IT Department. You would have to login into your net banking account and seek the redirection to income tax e-filing website where you can generate EVC. The EVC would be sent to your registered mobile number with Bank.

    This option requires a valid PAN to be linked with your Bank account as per KYC norms and ITR should be for same PAN number.

    How to use Electronic Verification Code (EVC) to verify Income Tax Return?

    Electronic Verification Code (EVC) for e-verification process of Income Tax Return can be used while:

    1. Uploading of Return using Net Banking
    2. Uploading of Return without using Net Banking
    3. For already Uploaded Return

    1. In case you are Uploading Tax Return without using Net Banking than as soon as you are finished with uploading of return, a screen having following options would popup:

    • Option-1 – “I already have an EVC and I would like to Submit EVC”
    • Option-2 – “I do not have an EVC and I would like to generate an EVC”
    • Option-3 – “I would like to generate Aadhaar OTP to e-Verify my return”
    • Option-4 – “I would like to e-Verify later! I would like to send ITR-V”

    You can use any one of the above options (1 to 3) to e-verify your Income Tax Return and download the Acknowledgement (No Further action required).

    Option 1 requires you to put the EVC you have already generated and then download the Acknowledgement (No Further action required).

    Option 2 requires you to generate EVC either through AMT or E-filing website.

    Option 3 would use generating EVC through Aadhaar Card (As described above).

    Option 4 would means you don’t want to use the new method of EVC and would like to go with the old method of ITR-V signing and sending it to CPC Bangalore.

    2. In case you have routed to e-filing website through net banking account then after you finish uploading tax return three options would be shown on your screen:

    • Option-1 – “I would like to e-Verify my return now”
    • Option-2 – “I would like to generate Aadhaar OTP to e-Verify my return”
    • Option-3 – “I would like to e-Verify later! I would like to send ITR-V”

    You can use any one of the above options (1 and 2) to e-verify your Income Tax Return and download the Acknowledgement (No Further action required).

    Option 1 would simply need you to confirm the verification of ITR by clicking on “Continue” button. Download the Acknowledgement (No further action is required).

    Option 2 remains same as in above case and ECV would be sent to your registered mobile number.

    Option 3 would be old method of ITR-V signing.

    3. Verification of Already Uploaded Returns requires you to verify them within 120 days of submission or uploading by following below mentioned steps:


What is meant by an Income Tax return? #extra #income #online, Income, what is meant

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Income

What is meant by an Income Tax return? #extra #income #online

#what is meant by income tax return

Who has to file Income Tax Return?

According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file Income tax return.

Threshold limit of exemption from Income tax

If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or file income tax return. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.

Category of people=All Assesses; Threshold limit=2, 00, 000

Category of people=Resident Women; Threshold limit=2, 00, 000

Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000

Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000

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

1. The individual has reported to his employer his PAN

2. The individual has reported to his employer all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.

3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.

4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.

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 the salary from only one employer for the assessment year.

Last date for filing Income Tax return

A. The due date for filing of return is 31st of July 2014 for all salaried people for the assessment year 2014-15.

B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.

C. Belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.

D. Income tax return can also be file late, when a notice is issued by the Assessing Officer. within the time allowed in the notice.

File a Revise Return

A. If, in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.

B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.

File Income Tax Return

There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:

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.

For individuals whose total income exceeds Rs. 5, oo, ooo /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.

We are Trusted Tax Partner authorized for Income Tax efiling as Income Tax Return preparer and efiling e-return intermediary in India. You can file your returns by just Uploading Form-16 and tax will be efile with 100% Accuracy within 24 hours.

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What is meant by income tax declaration, income tax returns and tax filing (Indian law)?

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Income

What is meant by income tax declaration, income tax returns and tax filing (Indian law)?

#what is meant by income tax return

This article focuses on filing the return for Income tax for salaried persons across the country. Some of the basics of Income tax E-Filing will be discussed based on the rules applicable for Financial Year 2013-15 and Assessment Year 2014-15.

Who has to file Income Tax Return?

According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file Income tax return.

Threshold limit of exemption from Income tax

If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or file income tax return. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.

Category of people=All Assesses; Threshold limit=2, 00, 000

Category of people=Resident Women; Threshold limit=2, 00, 000

Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000

Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000

However, if an individual total income for the relevant assessment year does not exceed Rs.5 lakhs and consists of income from only salaries and interest from a savings account (not exceeding Rs.10,000), then he/she too will be exempted 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 all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.

3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.

4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.

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 the salary from only one employer for the assessment year.

Last date for filing Income Tax return

A. The due date for filing of return is 31st of July 2014 for all salaried people for the assessment year 2014-15.

B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.

C. Belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.

D. Income tax return can also be file late, when a notice is issued by the Assessing Officer. within the time allowed in the notice.

File a Revise Return

A. If, in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.

B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.

File Income Tax Return

There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:

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.

For individuals whose total income exceeds Rs. 5, oo, ooo /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.

Income Tax and Non-Residential Citizen

A. Any individual, irrespective of citizenship stays in India for 182 days or more in a year, is treated as resident in that year and their income is taxable in India.

B. In the case of non-residents, income tax is not levied unless their salary accrues in India and/or received in India.

C. If, by the terms of employment, salary accrues abroad, then the individual would be a non-resident and the salary accrued outside of India would not be taxable.

We are Trusted Tax Partner authorized for Income Tax efiling as Income Tax Return preparer and efiling e-return intermediary in India. You can file your returns by just Uploading Form-16 and tax will be efile with 100% Accuracy within 24 hours.

We can handle Salaried Income, house property income, Bank Interest income, capital gains, Professional and business income.

Get assured Maximum Tax Refund, guaranteed with our Tax Assisted plan. To know more visit us Assisted Filing

3k Views View Upvotes Not for Reproduction

Employers ask employees to give Income Tax Declaration This mean employee is required to submit proofs of investment he had made like PPF, Insurance, Rent receipts etc.

With help of this declaration and proofs employer calculates total tax liability and Deduct TDS on total income/ salary of employee.

Income Tax Declaration is generally taken in month of Dec-Jan-Feb.

After Year end ( ie march), every employee is required to file income tax return. Due date for filing return is 31st july every year.

Income Tax Return is statement of income and tax paid there on. Income tax return is filed and submitted to income tax department.

Hope this clarifies your doubt.

2.5k Views View Upvotes Not for Reproduction

What is meant by income tax return

Shivam Rathi. Internet Enthusiast, Financial Helper, Learner, Desi and Loving it


What is meant by income tax declaration, income tax returns and tax filing (Indian law)?

by ,

#what is meant by income tax return

#

This article focuses on filing the return for Income tax for salaried persons across the country. Some of the basics of Income tax E-Filing will be discussed based on the rules applicable for Financial Year 2013-15 and Assessment Year 2014-15.

Who has to file Income Tax Return?

According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file Income tax return.

Threshold limit of exemption from Income tax

If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or file income tax return. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.
Category of people=All Assesses; Threshold limit=2, 00, 000
Category of people=Resident Women; Threshold limit=2, 00, 000
Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000
Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000
However, if an individual total income for the relevant assessment year does not exceed Rs.5 lakhs and consists of income from only salaries and interest from a savings account (not exceeding Rs.10,000), then he/she too will be exempted 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 all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.
3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.
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 the salary from only one employer for the assessment year.

Last date for filing Income Tax return

A. The due date for filing of return is 31st of July 2014 for all salaried people for the assessment year 2014-15.
B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.
C. Belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.
D. Income tax return can also be file late, when a notice is issued by the Assessing Officer. within the time allowed in the notice.

File a Revise Return

A. If, in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.
B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.

File Income Tax Return

There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:
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.
For individuals whose total income exceeds Rs. 5, oo, ooo /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.

Income Tax and Non-Residential Citizen

A. Any individual, irrespective of citizenship stays in India for 182 days or more in a year, is treated as resident in that year and their income is taxable in India.
B. In the case of non-residents, income tax is not levied unless their salary accrues in India and/or received in India.
C. If, by the terms of employment, salary accrues abroad, then the individual would be a non-resident and the salary accrued outside of India would not be taxable.

We are Trusted Tax Partner authorized for Income Tax efiling as Income Tax Return preparer and efiling e-return intermediary in India. You can file your returns by just Uploading Form-16 and tax will be efile with 100% Accuracy within 24 hours.

We can handle Salaried Income, house property income, Bank Interest income, capital gains, Professional and business income.

Get assured Maximum Tax Refund, guaranteed with our Tax Assisted plan. To know more visit us Assisted Filing

3k Views View Upvotes Not for Reproduction

Employers ask employees to give Income Tax Declaration This mean employee is required to submit proofs of investment he had made like PPF, Insurance, Rent receipts etc.

With help of this declaration and proofs employer calculates total tax liability and Deduct TDS on total income/ salary of employee.

Income Tax Declaration is generally taken in month of Dec-Jan-Feb.

After Year end ( ie march), every employee is required to file income tax return. Due date for filing return is 31st july every year.

Income Tax Return is statement of income and tax paid there on. Income tax return is filed and submitted to income tax department.

Hope this clarifies your doubt.

2.5k Views View Upvotes Not for Reproduction

Shivam Rathi. Internet Enthusiast, Financial Helper, Learner, Desi and Loving it

All of them practically mean the same thing. Income Tax return filing is the process where you declare your income to the department and make the self assessment of your taxes. In case of any tax liabilities, you have to pay them first and provide the details of tax payments while filing the Income Tax Return. For different types of assessees incomes, there are different ITR forms in which you have to disclose your incomes. If you want to understand the tax slabs and the different ITR forms please visit this site http://www.quicko.com. they have all the information and can even help you file your IT returns quickly.

2k Views View Upvotes Not for Reproduction


What is meant by income tax declaration, income tax returns and tax filing (Indian law)?

by ,

#what is meant by income tax return

#

This article focuses on filing the return for Income tax for salaried persons across the country. Some of the basics of Income tax E-Filing will be discussed based on the rules applicable for Financial Year 2013-15 and Assessment Year 2014-15.

Who has to file Income Tax Return?

According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file Income tax return.

Threshold limit of exemption from Income tax

If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or file income tax return. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.
Category of people=All Assesses; Threshold limit=2, 00, 000
Category of people=Resident Women; Threshold limit=2, 00, 000
Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000
Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000
However, if an individual total income for the relevant assessment year does not exceed Rs.5 lakhs and consists of income from only salaries and interest from a savings account (not exceeding Rs.10,000), then he/she too will be exempted 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 all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.
3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.
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 the salary from only one employer for the assessment year.

Last date for filing Income Tax return

A. The due date for filing of return is 31st of July 2014 for all salaried people for the assessment year 2014-15.
B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.
C. Belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.
D. Income tax return can also be file late, when a notice is issued by the Assessing Officer. within the time allowed in the notice.

File a Revise Return

A. If, in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.
B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.

File Income Tax Return

There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:
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.
For individuals whose total income exceeds Rs. 5, oo, ooo /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.

Income Tax and Non-Residential Citizen

A. Any individual, irrespective of citizenship stays in India for 182 days or more in a year, is treated as resident in that year and their income is taxable in India.
B. In the case of non-residents, income tax is not levied unless their salary accrues in India and/or received in India.
C. If, by the terms of employment, salary accrues abroad, then the individual would be a non-resident and the salary accrued outside of India would not be taxable.

We are Trusted Tax Partner authorized for Income Tax efiling as Income Tax Return preparer and efiling e-return intermediary in India. You can file your returns by just Uploading Form-16 and tax will be efile with 100% Accuracy within 24 hours.

We can handle Salaried Income, house property income, Bank Interest income, capital gains, Professional and business income.

Get assured Maximum Tax Refund, guaranteed with our Tax Assisted plan. To know more visit us Assisted Filing

3k Views View Upvotes Not for Reproduction

Employers ask employees to give Income Tax Declaration This mean employee is required to submit proofs of investment he had made like PPF, Insurance, Rent receipts etc.

With help of this declaration and proofs employer calculates total tax liability and Deduct TDS on total income/ salary of employee.

Income Tax Declaration is generally taken in month of Dec-Jan-Feb.

After Year end ( ie march), every employee is required to file income tax return. Due date for filing return is 31st july every year.

Income Tax Return is statement of income and tax paid there on. Income tax return is filed and submitted to income tax department.

Hope this clarifies your doubt.

2.5k Views View Upvotes Not for Reproduction

Shivam Rathi. Internet Enthusiast, Financial Helper, Learner, Desi and Loving it

All of them practically mean the same thing. Income Tax return filing is the process where you declare your income to the department and make the self assessment of your taxes. In case of any tax liabilities, you have to pay them first and provide the details of tax payments while filing the Income Tax Return. For different types of assessees incomes, there are different ITR forms in which you have to disclose your incomes. If you want to understand the tax slabs and the different ITR forms please visit this site http://www.quicko.com. they have all the information and can even help you file your IT returns quickly.

2k Views View Upvotes Not for Reproduction


What is meant by an Income Tax return? #itax #e #filing #login

by ,

#what is meant by income tax return

#

Who has to file Income Tax Return?

According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file Income tax return.

Threshold limit of exemption from Income tax

If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or file income tax return. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.

Category of people=All Assesses; Threshold limit=2, 00, 000
Category of people=Resident Women; Threshold limit=2, 00, 000
Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000
Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000

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

1. The individual has reported to his employer his PAN
2. The individual has reported to his employer all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.
3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.
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 the salary from only one employer for the assessment year.

Last date for filing Income Tax return

A. The due date for filing of return is 31st of July 2014 for all salaried people for the assessment year 2014-15.
B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.
C. Belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.
D. Income tax return can also be file late, when a notice is issued by the Assessing Officer. within the time allowed in the notice.

File a Revise Return

A. If, in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.
B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.

File Income Tax Return

There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:
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.

For individuals whose total income exceeds Rs. 5, oo, ooo /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.

We are Trusted Tax Partner authorized for Income Tax efiling as Income Tax Return preparer and efiling e-return intermediary in India. You can file your returns by just Uploading Form-16 and tax will be efile with 100% Accuracy within 24 hours.

We can handle Salaried Income, house property income, Bank Interest income, capital gains, Professional and business income.

Get assured Maximum Tax Refund, guaranteed with our Tax Assisted plan. To know more visit us Assisted Filing

760 Views Not for Reproduction