Due date of Filing Income Tax Returns
Key points :
- Due date for salaried individuals to file it returns is 31st July 2008 . The income tax department may any time extend the due date for filing by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
- Even if the person can not file return of income by due date, he can still file return up to 31st March of the next financial year. In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2008, and could not file return by the due date, then he can file the return up to 31st March 2009.
- All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.
- Interest at the rate of 1% per month is charged on the amount of tax due from the due date of filing return.
- If you file your return after assessment year, then penalty of Rs. 5,000 can be imposed.
How to e-file income tax return (ITR)?
Key points:
- E-filing is essentially, another mode of filing your IT returns , in addition to the popular mode of printing and submitting your return at the income tax counters. It is a 2 step process:
- Prepare your returns using tax preparation software:
1. Enter your income tax data, such as, PAN, income, deductions, and TDS.
2. Review your data for completeness and accuracy; generate your electronic return in XML format.
3. Upload your XML format return on income tax department website. Upon successful uploading, it will generate an acknowledgment form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the income tax counter.
4. If you do not wish to e-file, then you can print your ITR1 or ITR2 and deposit it at the nearest income tax office or counter.
- Return filing statistics indicate that more than 33% of the returns are filed in the last two weeks of the return filing date. And, a very large number of returns are filed on the last date of filing returns. You can avoid the queues at income tax counters by filing your returns well before the due date.
Last Date for Filing IT Returns : 31st July 2008
Faqs on IT Returns
Q 1) What would happen if an employee has not received Form 16 from his previous employer?
ANS Within 30 days of the deadline of tax filing i.e. July 31st, the Employers should hand over Form 16. You can write a registered letter to the employer, if you feel that the employer may not issue the form 16 on time, and send a copy of this to the assessing officer.
The employer can be penalized for not issuing the form 16 on time. If no tax was deducted at source, you can ask the employer to give you a salary certificate on his letter stating the salary certificate on his letter head stating the
Salary during the financial year and this certificate can be used for filing the returns.
Q 2) If an employee was in two jobs during the financial year?
ANS The sum of incomes from both your employers would be considered. For calculating your tax. Ideally, both employers should give you the Form 16 for the salary earned during the relevant period. If you cannot get a form 16 from your previous employer try to get at least a salary certificate from him. Submit This estimate and a declaration in form 12B and then incorporate this with your present form 16.
Q 3) If one misses the deadline of July 31st?
ANS No interest or penalty will be levied if you file your return before March 31st 2009, if any balance taxes has to be paid.
However “ladies and gentlemen” there is a penalty of Rs 5000/- if you fail to file by
The due date. A penalty of 1 percent per month will be charged as interest on the tax dues in case there are arrears.
Q 4) If an employee during the financial year takes a job in another City and the IT return was filed in another city, where will he be Filing it now?
ANS He can file it either in the city he is residing in at present or in the city where the office is located. If he moves in to a new city he will be required to file the return in the new city. Also a letter about the change of address should be written to his current assessing officer and also send a copy to the assessing officer in the old city.
Do write to the IT department to get your address changed in its PAN records. Enclosing a copy of your previous years return while filing your Return in the new city will help. It would serve as a ready reference for your current assessing officer.
Q 5) Do I have to file return if TDS is NIL on my income?
ANS If your taxable income was below the exempted limit you may skip your return. But, if your gross total income exceeds the basic exemption limit, then you have to file a tax return even if no tax was deducted at source.
Income Tax E-filing Steps using http://www.incometaxindiaefiling.gov.in
1. Visit http://www.incometaxindiaefiling.gov.in
2. Register with your User name as your PAN No.
3. Visit https://incometaxindiaefiling.gov.in/portal/downloads.do to download Income Tax Return Forms applicable to you.
4. Fill the Form
5. Generate bar code and XML and save it in your system.
6. Visit https://incometaxindiaefiling.gov.in/portal/login.do to Login again.
7. Click on Submit Return and Upload the XML File.
You have submitted the Returns after the above steps successfully.
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Its very useful information, when we no about tax filings
I was in two jobs during the financial year.I have recieved form 16 from both employer but it is without deduction for VI-A like(House rent,LIC).that is increasing my tax return amount.
Now how can i show my deduction for 1 lakh Rs.
I was in two jobs during the financial year.
I have recieved form 16 from both employer but it is without deduction for VI-A like( House rent and policies)
Now for both company there is no tax,Because for each its less than 1.5 lakh.
But for the full financial year it aprox 3 lakh.Now how can i put deduction for VI-A.As it is not in my form 16 for both employer.
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