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.

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

5 Steps to Get Income Tax Refund Faster

Every person wants to get their refund faster, to get refund faster you need to follow these steps.

1. Do tax Planning as early as possible.
2. Assess your tax liability before the end of the financial year. So you can plan your investment accordingly. (Calculate Income Tax)
3. Declare your investment to your employer so that they can deduct the correct amount of tax on your salary.
4. Mention Bank MICR code and Bank account number correctly.
5. Check articles how to get income tax refund.

As per new system of TDS and TCS (The process is easy for Income tax Department) but difficult for assessee. But refund arrives soon to the assessee. UTN (Unique Transaction Number) is the main key to accesse income tax refund easily by income tax department.

How to Get Income Tax Refund?

What is a Tax refund?

1. When the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual.
2. For salaried individuals, it is possible that that the company deducted excess tax because you did not declare any of your investments to the company. In such a case, a tax refund may be helpful.

How do I get the tax refund?

1. Check your Income Tax Return, if it will show tax Refund (if any).
2. If yes then you don't need to apply for it.
3. The income tax department will send it you by post to the address which you have mention on Income Tax Return.
4. Tax refund can also be debited directly to your bank account which needs to be mentioned on the tax return. (It is mandatory to mention Bank Account No., MICR Code of Bank,) otherwise you will not get your refund.

In a situation where you think that you forgot (to mention bank account no., MICR code of bank) or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted.

When can I claim for a tax refund?

Tax refund needs to be claimed with one year of the last day of assessment year.

What to do if I do not receive the tax refund?
If you do not receive your tax refund within a reasonable time (may vary from case to case) which normally is within a maximum of one year from the date of filing the tax return,

1. Check your Income Tax Refund Online.
2. You can either visit the tax department's office for the follow up of the refund.
3. You can write a letter (along with the copy of acknowledgement of the tax return) to the concerned Income Tax Assessing Officer.
4. If it is still having problem you may write a letter to the jurisdictional Chief Commissioner of the Income Tax with a copy to the Grievance Cell and the concerned Income Tax Officer. This letter may be accompanied by the copies of previous letter/s written to the Income Tax Assessing Officer and a copy of the tax return filed.