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It’s March now and it’s time for you to file your income tax returns. I am sure most of us are scared of income tax filing. There are mazes of forms you could get lost in. But the truth is that it is not as difficult as it seems out to be. There are now much better means to file your Indian income tax returns that have simplified the process of filing tax.
Here in this article I mean to provide few tips on how you can go ahead and file the Income tax returns.
Income Tax Rates for Year 2008-09
For Males
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 1,50,000/-
Nil
Rs. 1,50,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000
20%
Above Rs. 5,00,000/-
30%
For Females
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 1,80,000/-
Nil
Rs. 1,80,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000/-
20%
Above Rs. 5,00,000/-
30%
For Senior Citizen
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 2,25,000/-
Nil
Rs. 2,25,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000
20%
Above Rs. 5,00,000/-
30%
1. Download Forms:
Visit income tax India website and download the relevant income tax return form. For an individual it could be ,
ITR:
This form is applicable to you in case you have income that includes salary, pension, family pension and income out of interest.
ITR 2:
In case you have no income any business or profession then this form goes for you.
ITR 3:
This form applies to you in case you are just a partner in partnership firm and don’t have any other occupation.
ITR 4:
If you have an income from self-owned business then this is the form you need to download.
2. Fill the form:
Here you can approach a chartered account to fill the forms for you. But the truth is the form is so easy to fill that you can go ahead and do it yourself. Just take some time to read through the forms and everything will fall into place.
3. File the return:
You can file the forms electronically too, in case you are not comfortable doing it on paper. Just go visit the Income tax website and locate the tab for eServices and follow the simple instructions.
You can do it the usual way by handing over the ITR form accompanied by an acknowledgement at any of the post offices mentioned on the website.
Remember, according to the new rules you are advised not to attach any documents along with the ITR (Income Tax Return) form. Nevertheless, you need have few documents ready in case the income tax officer requests them for verification.
They are:
Form 16:
Your employer provides this form that shows how much your taxable income and how much tax as been deducted from your salary.
Form 16A:
You need to take these forms from the people who deducted taxes before making payment to you. An example is, banks paying you the fixed deposit interests after deducting the tax. It could also be the people to who paid you back the money you lent with interest.
Bank Statement:
Keep the bank statements ready for the accounts that you operated during the year.
Property Details:
Details of property owned during the year or purchased during the year. Have even the details of rent received or given. Receipts of municipal taxes paid.
Proofs:
Proofs for deductions and exemptions claimed by you. Also the proof of advance taxes paid.
The last date for any year is March 31 to July 31. Every month after March 31 attracts penalty at a rate of 1%. So pay you tax promptly!
Here in this article I mean to provide few tips on how you can go ahead and file the Income tax returns.
Income Tax Rates for Year 2008-09
For Males
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 1,50,000/-
Nil
Rs. 1,50,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000
20%
Above Rs. 5,00,000/-
30%
For Females
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 1,80,000/-
Nil
Rs. 1,80,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000/-
20%
Above Rs. 5,00,000/-
30%
For Senior Citizen
Taxable Annual Income Slab (In Rs.)
Tax Rate (In %)
Upto Rs. 2,25,000/-
Nil
Rs. 2,25,001/- to Rs. 3,00,000/-
10%
Rs. 3,00,001/- to Rs. 5,00,000
20%
Above Rs. 5,00,000/-
30%
1. Download Forms:
Visit income tax India website and download the relevant income tax return form. For an individual it could be ,
ITR:
This form is applicable to you in case you have income that includes salary, pension, family pension and income out of interest.
ITR 2:
In case you have no income any business or profession then this form goes for you.
ITR 3:
This form applies to you in case you are just a partner in partnership firm and don’t have any other occupation.
ITR 4:
If you have an income from self-owned business then this is the form you need to download.
2. Fill the form:
Here you can approach a chartered account to fill the forms for you. But the truth is the form is so easy to fill that you can go ahead and do it yourself. Just take some time to read through the forms and everything will fall into place.
3. File the return:
You can file the forms electronically too, in case you are not comfortable doing it on paper. Just go visit the Income tax website and locate the tab for eServices and follow the simple instructions.
You can do it the usual way by handing over the ITR form accompanied by an acknowledgement at any of the post offices mentioned on the website.
Remember, according to the new rules you are advised not to attach any documents along with the ITR (Income Tax Return) form. Nevertheless, you need have few documents ready in case the income tax officer requests them for verification.
They are:
Form 16:
Your employer provides this form that shows how much your taxable income and how much tax as been deducted from your salary.
Form 16A:
You need to take these forms from the people who deducted taxes before making payment to you. An example is, banks paying you the fixed deposit interests after deducting the tax. It could also be the people to who paid you back the money you lent with interest.
Bank Statement:
Keep the bank statements ready for the accounts that you operated during the year.
Property Details:
Details of property owned during the year or purchased during the year. Have even the details of rent received or given. Receipts of municipal taxes paid.
Proofs:
Proofs for deductions and exemptions claimed by you. Also the proof of advance taxes paid.
The last date for any year is March 31 to July 31. Every month after March 31 attracts penalty at a rate of 1%. So pay you tax promptly!
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