July 31 - Last date for filing your Income Tax returns

For the financial year 2006-07 (AY 2007-08), all non-corporate taxpayers, salaried persons, pensioners, professionals/self employed taxpayers with turnover below the tax audit limits have to file returns by July 31.

Download forms at http://www.incometaxindia.gov.in/download_all.asp

For those having difficulty in filling up the new ITR forms, the Government has adviced to take asistance of Tax return preparors, the details of the which can be obtained.

The Finance Ministry rejected media reports saying that TRPs are awaiting further permission from the Government to start their work. As soon as a certified TRP receives a unique identity card from NIIT (training partner), he/she is entitled to file income tax returns on behalf of taxpayers.

The new tax return forms already contain provision seeking information about the TRP filing that return.

New Procedure of Submission of ITR V and Issues related

When Return is electronically furnished under a digital signature

• The tax-payer is not required to furnish the Form ITR-V with the Income-tax Department.

• Any return which is digitally signed by the assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted.

• In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.

When Return is electronically furnished without a digital signature

• The assessee shall furnish the Form ITR-V to the Income-tax Department by mailing it to “Income Tax Department – CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka”.

• In such a case, the date of transmitting the data electronically will be the date of furnishing the return if the Form ITR-V is furnished within thirty days after the date of transmitting the data electronically. otherwise it shall be re-transmit the data and follow it up by submitting the new form ITR-V within thirty days.

• The Circular also states that since the Form ITR-V is bar-coded, assessee is advised not to fold the same and post it in A4 size envelope.

• Upon receipt of the Form ITR-V, the CPC shall send an e-mail acknowledging the receipt of Form ITR-V. The e-mail shall be sent in due course to the e-mail address furnished by the tax-payers in his return. No Form ITR-V shall be received in any other office of the

• Income-tax Department or in any other manner.

Changes in the Procedure of ITR-V and issue related thereto

• Earlier, Form ITR-V was required to be filed by an assessee with the office of his Assessing Officer, which was duly acknowledged by affixing the Department’s stamp and seal on the same. Under the proposed new guidelines, since ITR-V is to be sent by mail to Bangalore Electronic City Post Office, the concerned assessee would not receive any official acknowledgment for the acceptance of the same, except the e-mail communication as indicated to be sent in due course. It, therefore, needs to be provided that the ITR-V accompanied by the E-mail acceptance shall be treated as an authentic acknowledgement of the I.T. Return by all concerned agencies.

• If someone is fail to submit return with-in 30days, when the date is ofefiling return is 31st july then it has to be resubmit the return which result in grave adverse consequences such as levy of penal interest under Sections 234A and 234B, deprivation of the claim for carry forward of losses and deductions under Chapter VIA, etc

E-filing of Income Tax Return has Enabled for A.y. 2009-10

Income Tax Department website has enabled efiling of Income Tax return for the A.Y. 2009-10 today (02-06-2009) after a long time.

Now you can file income tax return online for the A.Y. 2009-10. But there is major change regarding ITR-V. (How to file income tax return online)

• Now you have to send ITR-V to the address below
• Income Tax Department , CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka
• within thirty days after the date of transmitting the data electronically.
• No form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. 
• Upon receipt of the Form ITR-V, the CPC shall send an e-mail acknowledging the receipt of Form ITR-V. The e-mail shall be sent in due course to the e-mail address furnished by the tax-payers in his return. No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner.

Go to Official website of Income Tax Deparment for e-filing of income tax return for the A.Y. 2009-10

Download Software to prepare income Tax Return online provided by income tax department

How To file Income Tax Return Online ?

E-filing of income tax return very easy nowadays. No need to stand in long queues at the income tax office. You can file with the help of income tax return preparation software provided itself by income tax department. No fear of lost any document, one can print and download whenever he wants after log-in his account.

1. Select appropriate type of Return Form
2. Download Return Preparation Software for selected Return Form.
3. Fill your return offline and generate a XML file.
4. Go to Income Tax Department website.
   
5. Register and create a user id/password
6. Login and click on relevant form on left panel and select "Submit Return"
7. Browse to select XML file and click on "Upload" button
8. On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
9. ncase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.
10. Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office withing 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.
11. For any assistance in filing the paper copy of the return please contact by comment form given below.

If you still having problem in filing income tax return online then contact at ask@incometaxindia.gov.in.

Contact Information

Office of the Director General of Income Tax (Systems) E-2 ARA Center, Ground Floor, Jhandewalan Extn New Delhi 110055 Call or email our call center     Aayakar Sampark Kendra (ASK)     124-2438000     ask@incometaxindia.gov.in

Documents Kept in Record in Support of the Income Tax Return

Document to be prepared/obtained by the assesse in support of the return

New return forms have dispensed with the requirement of enclosing any documents in support of the return. However, in the opinion of Board of Editors, even though not required to be submitted along with the return, it is advisable that the documents be prepared /obtained beforehand, since the Assessing Officer may as per section 139C require an assesses to furnish these documents at any time after the filing of return.

The following documents are very useful as a proof in support of your income or expenditures whenever demanded by A.O.

1.   Statement of computation of Income and Tax.

2.   TDS certificates in form 16 or 16A as applicable.

3.   Certificates/Receipts of payment of insurance premium, Provident fund, Purchase of NSCs, New equity shares, Mutual funds, NSS, Medical Insurance, Donation, etc. in support of deduction claimed.

4.  Audit Report, Balance Sheet, Trading, Profit and Loss Account, Personal Account of prop. or partners.

5.  Statement of Receipts and payment where no regular of books of accounts are maintained.

6.  Tax audit report u/s 44AB wherever required.

7.  Certificate of interest on housing loan from the lender, in support of deduction from house property income.

8.  Other documents/Statements in support of income and expenditure.

 

Review of Online Filing of Income Tax Return Portals

There are several portals now a days, which let you file your tax returns,online. Some offer professional advice, too.

Reviewed three of the most popular ones.

Drawback: No online chat support

1) www..taxsmile.com

Packages: Taxsmile offers three packages based on whether you require professional expert help and support, to guide you through the online filling process.

Service Price (in Rs)

Online only Rs. 289

Online expert support and review Rs.449

Off-line expert support and review Rs. 750

Digital signature Rs. 562

Online PAN card Rs.149

Drawback: Online chat speed is slow. It took half an hour for our query to be answered. There's also no option to file returns without a digital signature.

2) www.myITreturn.com

Packages: There is a single package of Rs 199 for all kinds of individual returns.

Drawback: Only individual returns can be filed. Another shortcoming is its payment options. It currently allows payment only through debit and credit card. The management plans to offer other payment options like cheque, demand draft and Internet banking, soon.

3) www.taxshax.com

Packages: Taxshax offers various packages based on sources of income.

Income source Price (in Rs)

Salary, agricultural income, dividend and interest For Rs. 181

Capital gains on sale of shares For Rs.324

Salary, agricultural income, dividend and interest For Rs. 524

We will also updates review of other portal soon.

Income Tax Return ITRs Preparation Software A.Y. 2009-10 by Income Tax Department

ncome Tax Department has launched its new ITR Preparation Software for A.Y. 2009-10. Every new user has to register at this website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Which ITR form is applicable for my Income?

Click here to get Income Tax Return Software

Download PDF Format of all ITRs (Income Tax Return Forms)

Which ITR is applicable for my Income?

The most of the confusion about income tax forms after Saral (Old Form) is choosing income tax form / ITR for one's income. For example Suppose one has income from salary and interest income from banks. The form ITR1 will be used, but if having income from capital gain along with salary income then ITR2 will be used. So it is very important to learn how to choose appropriate ITRs / Income Tax Forms to file Income Tax Return. I have given instruction "which ITR form to use" one by one form starting from ITR1. 

Form ITR1

ITR 1 is the basically for those

Persons

Individuals

Income

1.  Income From Salary / Pension

2.  Income From Other Sources: Interest / Family Pension

So, ITR 1 is not for one who has 

1.  Having Income from Capital Gain.

2.  Having Income From House Property (e.g. Rented out the Property)

3.  Having Income From Business & Profession.

Form ITR2

   -  ITR-2 is for those

Persons:

1.  Individuals

2.  HUF (Hindu Undivided Family)

Having Income From

1.  Salary / Pension / Family Pension

2.  Interest

3.  House Property

4.  Capital Gains

So ITR-2 is for those who has salary income with Capital Gain or house Property Income or if only capital gain or house property income.

ITR2 is not for those if having income from 

1.  Business & Profession.

2.  if only salary/ Pension / Family income

Form ITR-3

   -  ITR3 is for those

Persons

1.  partner in a firm

2.  behalf of an HUF that is a partner in a firm

Form ITR-4

Form ITR-4 is for those

Persons:

1.  Individuals

2.  HUFs (Hindu Undivided Family)

Income: 

-  Income from proprietary business or profession.

The Below table is provided by income tax department for "which Form is applicable for one's income?"

Which Form is Applicable

S.No For Þ Individual Individual, HUF Source of Income ß ITR-1 ITR-2 ITR-3 ITR-4 1 Income from Salary/Pension • • • • 2 Income from Other Sources (only Interest Income or Family Pension) • • • • 3 Income/Loss from Other Sources • • • 4 Income/Loss from House Property • • • 5 Capital Gains/Loss on sale of investments/property • • • 6 Partner in a Partnership Firm • • 7 Income from Proprietary Business/Profession •

 

Download ITR1 ITR2 ITR3 ITR4 ITR5 ITR6 ITR7 ITR8 | New Income Tax Forms A.Y. 2009-10

Download All Income Tax form | ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, ITR7, ITR8, ITRV for A.Y. 2009-10. These forms has already notified by CBDT via vide notification No.32/2009 dt.27th March, 2009.

These form are not available yet on official website of Income Tax Deparment http://www.incometaxindia.gov.in