Changes for new assessment year to filing IT return

Changes you must keep in mind while filing IT return

The government bring several changes for filing income tax returns to ensure increased compliance, disclosure and transparency.As everybody know July 31 is the deadline for submitting income tax returns, IANS analyse the key changes and provide assistance to make your filing easier. For the assessment year 2014-2015 or financial year 2013-2014 the tax rates and tax slabs remain the same as they were in the previous year. For resident individual a refund of Rs. 2,000 is offered if his/her total income is upto Rs.500,000 after the standard deductions. The refund offered under section 87A.

The income tax department added a new column for this surcharge, In the assessment year 2014-2015 a surcharge of 10 percent on the income above Rs.1 crore will imposed.

If you have any bank account then you have to give the account details for to getr refunds. For the new assessment year the payment of refunds only through electronic clearance service (ECS) instead of cheques. This is a major change for the coming financial year. The non-residents and foreign taxpayers need to update only their e-mail address.
For the assessment year 2013-2014 it has become mandatory for all those people whose taxable income exceed Rs.5 lakh to file the returns electronically.

Filing the return online can be done by two ways, either you can file your return online by using the income tax department website incometaxindiaefiling.gov.in or through the government authorised e-return intermediary. The first way that is through the department’s website is cost free but e.return intermediaries charge a fee of around Rs. 250 to Rs. 1,500, depends on the kind of service.

The co-founder and chief executive officer of TaxSpanner.com said that the IT department has decided to limit the number of returns which can be e-filed using a single email id at four, to providing more transparent service.
From this year the income tax return can also be filed using Java in addition to the Excel software.According to the information available in the Permanent Account
Number (PAN) database and Form 26AS the Java software allows pre-filing of data into the ITR forms. The e-filing website allows to fill in the ITR forms by free download of Java and Excel utilities.


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