How to do your taxes yourself

how to do your taxes yourself

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As your employer has deducted your tax at source from your salary, it's important for you to file your returns, the last date for which is usually July 30 for individuals. The returns can be filed either in the electronic or the physical form.

In February, the Central Board of Direct Taxes (CBDT) issued a notification easing tax-return norms.

An individual, whose total income for the relevant assessment year doesn't exceed R5 lakh and consists of only income chargeable to income tax under the head 'salaries' and 'income from other sources' by way of interest from a saving account in a bank not exceeding R10,000, will not have to file any income-tax returns from now.

The CBDT notification under a sub-section of Section 139 of the Income Tax Act, 1961, for the assessment year 2012-13, also clarifies certain conditions. For one, an individual has to report to his employer his permanent account number (PAN); he has to also report to his employer the

income mentioned on which the employer has to deduct tax. It also clarifies that the individual needs to have a certificate of tax deduction by way of Form 16 from his employer that mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the central government.

The prescribed due date for filing tax returns for individuals is July 31. In cases where the accounts of an individual are required to be audited, or a partner in a firm whose accounts are required to be audited, the due date is September 30.

For individuals, one has to file returns on the SAHAJ form. This applies to individuals having income from salary or pension or one house property (excluding loss brought forward from previous years) or other sources (except winnings from lottery or income from horse races). Where the income of a minor is to be included, this form can be used only if the income falls under the above categories.

Source: archive.indianexpress.com

Category: Taxes

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