Some Importance Things You Should Have Knowledge Before Filing Income Tax Returns This Year.

Some Importance Things You Should Have Knowledge Before Filing Income Tax Returns This Year.

Now there are lot of changes made by government in the process of filing income tax returns to ensure increased compliance, disclosure and transparency. The IANS  analyses the key changes and provides a detailed guide to make your filing easier.

The tax rates and slabs for the assessment year 2014-15 or financial year 2013-14 will be the same as of previous year. Under section 87A For a resident individual  whose total income is up to Rs 5,00,000 after the standard deductions get an offer of Rs. 2,000.

The income tax department has added a new column for surcharge which is applicable for the assessment year 2014-15, i.e. whose income is above Rs 1 crore they have to  pay a surcharge of 10 per cent on the income.

The another noticeable change is the discontinuation of refunds through cheques. It means the IT department has decided to discontinue payment of refunds through  cheques and it will done only through electronic clearance service (ECS).

Mr Surendra Pareek said that the taxpayers should carefully mention your bank account details, like blanks, all zeros, special characters, etc are not allowed. He also  said prior to logging in to the e-filing website, contact details like mobile number and email address need to be updated for all taxpayers filing returns electronically. For nonresidents and foreigners only have to updates their e-mail addresses. From the assessment year 2013-14 it has become mandatory for all those people whose taxable income exceed Rs 5 lakh to file the returns electronically.

There are two ways for filing the return online, either you can file by visiting the income tax department website www.incometaxindiafiling.gov.in or with the government authorized e-return intermediary. If we file through income tax departments website, it’s free of cost. Other wise the second option that is the intermediates charges a fee of around Rs 250 to Rs 1,500 (depending on the kind of services).

Ankur Sharma, co founder and chief executive officer of taxSpanner.com, a leading e-return intermediary says, the IT department has decided to limit the number of returns which can be e-filed using a single email id at four, with a view of providing more transparent services.

The utilities for free downloading java and excel utilities is available at the income tax department website to fill in the ITR forms. Some private payers also offer this software. Mr Pareek said taxpayers should be careful in  selecting the software and should avoid unauthorized Mobile apps which are available for preparation and filing of the ITRs.

The financial year 2013-14 , a total 29,681,174 returns were filed online. According to the data available with the income tax department, 2,799,055 income tax were filed electronically in the first three months of the current fiscal.


Enter your email address:

Comments