Friends, The Income Tax Department allows to file your Income Tax
Returns even on or before 31st July, 2012 without any Interest or
Penalties. July 31, 2012 is not deadline to file Income Tax Return. But,
you can fill your income Tax till 31st March, 2013 with Interest or
other penalties called by Income Tax Department.
- CAN'T REVISE RETURNS: If you miss the deadline, you will not be able to revise your returns. But if you file your returns by this deadline and later realise that you need to revise your returns, you get time till two years from the end of financial year or assessment year, whichever is earlier.
- CAN'T CARRY FORWARD LOSSES: I-T rules permit you to carry forward losses to the next assessment year. But you can't do so if you miss the deadline.
- PAY INTEREST: If you had tax dues in the current assessment year and you failed to file your returns on time, you have to pay interest.
- IF YOU MISS MARCH 31,2012 DATE: You may have to pay a R5,000 penalty and the return can be filed by March 31, 2013.
Documents
should also be kept ready for income from house property (tenant’s
particulars, TDS, gross rent, taxes), income from other sources, capital
gains (details of shares sold, contract notes, movable / immovable
assets, costs, dates) and income from business or profession (such as
share of profit, financial statements, TDS etc.)
One also needs to collect all the documents relating to savings, investments and tax exemptions under section 80C, 80CCF, 80D, 80E, 80G etc. The payments actually made are deducted and not the payables. Details of tax payments made, besides TDS are also needed, if tax has been paid on self assessment or as advance tax.
Once all details are ready, returns can be filed. One only needs to do some home work before actual filing. It you are not able to file your return by July 31, don’t panic. You still have time upto 31 March 2013 to file return without any penalty, if no taxes are due.
How to Tax file Your Income Tax Return:
One also needs to collect all the documents relating to savings, investments and tax exemptions under section 80C, 80CCF, 80D, 80E, 80G etc. The payments actually made are deducted and not the payables. Details of tax payments made, besides TDS are also needed, if tax has been paid on self assessment or as advance tax.
Once all details are ready, returns can be filed. One only needs to do some home work before actual filing. It you are not able to file your return by July 31, don’t panic. You still have time upto 31 March 2013 to file return without any penalty, if no taxes are due.
How to Tax file Your Income Tax Return:
- Collect PAN Number
- Salary income – Form 16/ Form 16A
- Compile proof of other incomes
- Calculate gross total income
- Detail your eligible investments
- Keep TDS Certificates handy
- Pay taxes due if any, after TDS / advance tax
- File appropriate return form
If you want to file your Income Tax Return by SAHAJ (Click Here)
Download Forms (ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-7) Click Here
Do you know How to Submit your Income Tax (Click Here Now)
Download Forms (ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-7) Click Here
Do you know How to Submit your Income Tax (Click Here Now)
