The time to file your income tax returns is here. Every individual whose total income before allowing deductions under Chapter VI-A of the Income Tax Act exceeds the limit is required to furnish his returns of income.
The limit in case of individuals below the age of 65 years (other than women) is Rs 1,60,000. In case of women below the age of 65 years, the limit is Rs 1,90,000. In case of individuals who are of the age of 65 years or more at any time during the financial year 2010-11, the limit is Rs 2,40,000.
You need to file the returns on the correct form, as is applicable. The forms have been revised this year, so you need to ensure you use the current year's forms only. Or else the returns will not be accepted by the Income Tax Department.
ITR I
In lieu of the earlier Saral form, this time, the Sahaj form has been introduced. ITR I (Sahaj) is the form to be used by most individual tax payers. This is just a two-page form. This is meant for the individuals who have income from salary, property (not brought-forward loss from the previous years), and other sources (except income from winnings).
This returns form is not for an individual whose total income for the assessment year 2011-12 includes income from more than one property, income through capital gains which are not exempted from tax, income from agriculture in excess of Rs 5000, or income from business or profession.
No documents (including TDS certificates ) should be attached to this returns form.
For most individuals, ITR I will be applicable. The form has four parts. Part A is general information. Part B is for gross total income. Part C is for deductions and total taxable income. Part D is for the tax computation.
ITR II
This form is for individuals and Hindu Undivided Families (HUFs) without any income from business or profession. This form is for individuals and HUFs with income from salary, house property, capital gains, and other sources.
ITR III
This form is for individuals and HUFs who are partners in firms and not carrying out a business or profession under any proprietorship.
ITR IV or Sugam
This form is for small businessmen and commission agents. This is for individuals and HUFs with income from a proprietary business or profession.
Bank account number
While filling in the form, you should mention your bank account number to enable the Income Tax Department to make a refund in a stipulated period of time if applicable. Not mentioning the bank account number will result in a delay in refund.
Filing returns
The returns can be filed with the Income Tax Department in any of these ways:
In paper form
Electronically with a digital signature
Transmit the returns electronically
and then submit the verification of
the returns on ITR V
Bar-coded returns form
Where the returns is transmitted electronically, you should printout two copies of Form ITR V. One copy, duly signed, has to be sent by ordinary post to Post Box No 1, Electronics City Office, Bangalore 560 100. The other copy should be retained by you for your records. Only one copy of the returns form is required to be filed.
In case the returns is furnished in paper form, electronically with a digital signature, or in a bar-coded format, you should fill up the required information in the verification. Strike out whatever is not applicable. You need to ensure the verification has been signed before furnishing the returns.
