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Saturday, July 7, 2012

Income Tax Returns for the F.Y 2011-12

Posted by HSSLiVE.IN at 10:01 PM
Update: The government extended the deadline for e-filing income tax returns to 31, August, 2012 from an earlier date of 31 July, 2012.

July 31st is the last date for filing your Income Tax Returns for the financial year 2011-12.This guide will help you understand if you need to file a return statement.
As per new notification Income tax return is not required to filed by Salaried employees if their total Income is less than 500000(Five Lakh) and they are satisfying few Conditions .Income Tax department has issued notification no 9/2012 in this regard .This exemption is available only to specific category of employees.
Following conditions are to be satisfied to claim exemption from return filing .

Who Can Claim Exemption

  • This exemption is available to Individual assesses only (He may be resident or not)
  • Exemption is available for Assessment year 2012-13
  • Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
  • Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- .Pension is also covered under salary head.
  • Individual must have reported his pan to his employer.
  • He has Earned salary only from one employer during the year.
  • He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
  • Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
  • No refund is Due to assesse .
  • Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.

Who Can Not Claim Exemption

  • If His Total taxable income after deduction u/s 80C to 80U is more than 5 (five) Lakh rupees.
  • If refund is due to Him .
  • If  his total income includes  any one of following Incomes
  • Income from House property Including minus Income from interest on House Loan.
  • Income from Business/profession
  • Income from capital gain
  • Income from Interest other than Interest from saving bank up to 10000.Suppose you have earned interest from FDR then you can not claim exemption from return filing.
  • Saving Bank interest is more than 10000 rupees.
  • Any other Income under "Income from other source"
  • If He has not offered his Saving Bank interest income to his employer for tax deduction.
  • If he has discharged His  tax liability through advance tax or self assessment challan.
  • If he has received salary from two employers during the year.
  • If  he has not submitted his PAN to his employer.
  • If Form 16 has not been issued to Him by His  employer.
  • If notice u/s 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income
  • If assessment year is other than 2012-13.

Income Tax Returns: Downloads

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sreekanth.t.v on July 15, 2012 at 7:43 PM said...

income 5 ലക്ഷത്തില്‍ കുറവാണ്.പക്ഷെ അവര്‍ക്ക് housing loan ഉണ്ട്.ഇവര്‍ return സമര്‍പ്പികണോ?

Tj | on July 15, 2012 at 9:43 PM said...

@Sreekanth Sir:ഹൌസിംഗ് ലോണ്‍ എടുത്തിട്ടുള്ളവര്‍ അതിലേയ്ക്കടച്ചിട്ടുള്ള പലിശ Income From House Property എന്ന ഹെഡില്‍ നഷ്ടമായിട്ടാണ് കാണിക്കേണ്ടത്. നഷ്ടമാണ് കാണിക്കുന്നതെങ്കില്‍ കൂടി മറ്റൊരു ഹെഡ് ഇതില്‍ ഉള്‍ക്കൊള്ളുന്നത് കൊണ്ട് ഇത്തരക്കാര്‍ റിട്ടേണ്‍ ഫയല്‍ ചെയ്യണം.

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