Filing of income tax returns is a civil responsibility of all eligible citizens of the country. However the procedures involved bog down even the best of professionals.
We at ETIG make an effort to ease the task of filing return of income (ROI) for our readers. Some of the basic queries and rules that individuals must bear in mind while filing their tax returns are highlighted below.
LAST DATE FOR FILING ROI
For all other assessees who have to get their books of account audited under Income Tax law the last date of filing return of income is Sept 30, 2009, else July 31, 2009.
If individuals file their returns after the last date mentioned above, they will be charged a penal interest at the rate of 1% per month of delay. However, if such a return is filed after March 31, 2010, apart from the penal interest, they will also be liable for a penalty of Rs 5,000
PHYSICAL FILING OF ROI
The return should be filed with the Assessing Officer (AO) who assessed taxpayer in the preceding assessment year or to whom the records have since been transferred. The new assessee should file return to the AO, who has territorial jurisdiction over the residence or the principal place of business of the assessee
FILING OF E-RETURN
An individual having PAN and who has income from salaries but does not have income from 'profit and gains of business or profession' and who is assessed in any of the specified city may, at his option, may furnish his income tax return on internet. However it is compulsory for companies to file electronic returns
ROI OF MINOR CHILD
A minor child is not required to file a separate return of income. However, this income has to be included in the hands of either of the parents, although it might be a small amount of bank interest