Features Of IT Return
- Any individual or group of Individuals or artificial bodies who or which have earned income during the previous years is required to pay income tax on it
- The IT Act recognises the earners of income under different categories
- Each category is called a status, which includes: Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of individuals (BOI), Firms and Companies, Local Authority
- When companies pay taxes under the Income tax Act it is called Corporate Tax
- No age is specified
- Income arising or accruing to minor is to be included in the total income of that parent whose total income (before such inclusion) is greater
- Income arising to the minor child as a result of some manual-work done by him or from such activity involving application of his skill, talent or specialised knowledge and experience is not to be included in the hands of the parents. For example, income of a child actor or singer derived from acting or singing is not covered by this clubbing provision
- Need a PAN (permanent account number) to file returns
- Need to have adequate income to file returns
- Condition of residency
- Hindu Undivided Families (HUF)
Income tax is an instrument used by the government to achieve its social and economic objectives. Simply put, tax is duty or tariff that income earning individuals pay to the Government in exchange of certain benefits such as law and order, healthcare, education and a lot more. With proper planning, your tax liability can be reduced and optimised effectively, leaving you with a greater share of your income in your hands than being paid out as tax. Income earned in the twelve months contained in the period from 1st April to 31st March (Financial Year) is taken into account when calculating income tax. Under the Income Tax Act this period is called the previous year.
When to pay Income tax
- An individual having salary income and no business income must file his return not later than 30th June of the assessment year.
- The due date of filing returns by an individual having business income and whose accounts are not required to be audited is 31st August.
- The return should be in the prescribed form.
- It is necessary to file a return to claim a refund of any excess tax paid.
- You need to attach documentary support for tax deducted at source, investments or payments made that allow you to claim deductions and tax rebates and employers certificate in Form 16A.
- The income tax year or assessment year is the year in which income of the previous year is to be assessed. The financial year following a previous year is called the assessment year in relation to that previous year. Thus the assessment year for the previous year 2009-10 is 2010-2011.
- An assessment, therefore, comprises of two stages Computation of total income, and Determination of the tax payable thereon.
- On completion of both these stages, an assessment is said to be made.
Where to pay Income Tax
- Through online deposit
- Through Nationalised banks
How to pay Income Tax
- Self filing
- Auditor or Chartered accountant or Tax Return Preparers
- Online filing
Transaction mode to pay tax
- Money Transfer
Considerations when filing returns
- Right tax computation
- Right details such as PAN, bank account number, address and name
- Payment by the due date Visit the Income Tax Dept / NSDL website. https://onlineservices.tin.nsdl. com/etaxnew/tdsnontds.jsp
- Click on the CHALLAN NO./ITNS 280
- On this page choose (0021)INCOME-TAX (OTHER THAN COMPANIES)
- Type your Permanent Account No (PAN)
- Choose Assessment Year: choose 2012 - 2013
- Fill up all other details requested
- For Type Of Payment choose (300)SELF ASSESSMENT TAX
- Choose your Bank Name where you have online banking, so that you can pay your taxes
- Click on Proceed, (located at the bottom of the web page)
- Once you have paid your taxes, Income tax department will issue you a receipt.
- Using this receipt please fill up our Advance Tax or Self Assessment Tax page you can continue filing returns through the online interface for preparing and processing your returns.
It is a private key which ensures the authenticity of an electronic document, which may be an e-mail or a spreadsheet. Digital signature is issued by the Ministry of Corporate Affairs.
So, if you have a digital signature, go to https://incometaxindiaefiling.gov.in/portal/ individual_huf.do. Choose the respective form, read the instructions mentioned in the excel file. Fill the sheets and save it on your computer.
To upload it, go to. https://incometaxindiaefiling.gov.in/portal/ uploadXML.do?assyr=2010. Create a user ID and follow the instructions that come on the screen.
If you do not hold a digital signature, do not worry. Its not mandatory that all tax filers possess a digital signature. In fact, for those who do not have one, the process is more or less the same as above, except that it would not be completely paper-free.Once you are done with uploading the excel file from the income tax departments site, you need to submit ITR-V (or income tax verification form).
This can be downloaded from
- ITR V acts like a proof of filing.
- Fill in the form and mail it in an envelope to Income Tax Department-CPC, Post Box No.1, Electronic City Post Office, Bangalore-560100, Karnataka within 30 days of e-filing.
- You can expect to receive an e-mail from the income tax department, acknowledging the receipt of ITR-V.
- This is the final acknowledgement and concludes the e-filing process.