The government has extended the last date for e-filing of income tax returns till August 31. Salaried employees whose total income does not exceed five lakh rupees and consists of only income chargeable under the following heads are exempted from furnishing return:
(B) “Income from other sources”, by way of interest from a saving account in a bank, not
exceeding ten thousand rupees.
But salaried employees have to file the return if any of the following is true:
- Your total income exceeds Five Lakh Rupees
- Your income by way of interest from a saving account in a bank exceeds ten thousand rupees.
- You have income other than salary and interest from a saving account in a bank.
- You have received salary from more than one employer.
- You claim a refund of taxes.
- You receive income from business /profession.
- You receive income from capital gains.
- You receive income from house property.
- You claim a deduction for interest paid on Housing Loan (It is considered as minus income from house property)
- You have not reported to your employer your Permanent Account Number (PAN).
- You have not reported to your employer your income by way of interest from a saving account in a bank and the employer has not deducted the tax thereon.
- You have not received a certificate of tax deduction in Form 16 from your employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
- A notice under section 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.
- You have not discharged your total tax liability.
- You have discharged your tax liability through advance tax or self assessment challan.
- You are not an Individual Assessee.
How to File the Return
Salaried Employees have to file returns to the Income Tax Department on ITR-1 (SAHAJ). Those who want to claim deductions for interest paid on Housing Loans (ie. minus income from house property) taken for construction/acquiring of one house property can also use this form. The easiest way is to e-file returns online.
- SAHAJ and SUGAM forms are colored forms with standard features like registration marks, barcode etc. Taxpayers are advised to collect the forms from Income Tax offices, Tax-melas, TRP’s and submit the same to the income tax department.
- Taxpayers can also download the forms from the website and print using a color printer on an A4 size white paper. It is advisable for taxpayer to set the properties in printing options to “fit to page” and print the forms on a good quality white paper.
- Taxpayers may also use the Fillable forms, being made available by the department shortly.
- The Acknowledgement copy [ITR-V Acknowledgement] to be retained by taxpayer may be printed in black & white.
[jbutton color=”green” icon=”pdf” link=”https://ditto.tempurl.host/wp-content/uploads/2012/07/taxmann-2012-13.pdf” newpage=”yes”]Read Notification[/jbutton] [jbutton color=”green” link=”https://incometaxindiaefiling.gov.in/portal/uploadXML.do?assyr=2012″ newpage=”yes”]e-file Returns Online[/jbutton] [jbutton color=”green” icon=”pdf” link=”http://www.incometaxindia.gov.in/Archive/TaxPamphlets_E-filingEnglish_25062012.jpg” newpage=”yes”]e-filing Guide[/jbutton] [jbutton color=”green” icon=”pdf” link=”http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay-2012-2013/sahajinstructions2012_v21.pdf” newpage=”yes”]ITR-1 (SAHAJ) Instructions[/jbutton] [jbutton color=”green” link=”http://www.incometaxindia.gov.in/download_all.asp” newpage=”yes”]ITR Forms[/jbutton]