Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: TDS :: cpt :: list of goods taxed at 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd
Direct Tax »
 CBDT unveils norms for computing FMV of trust assets
 CBDT starts issuing second round of Certificates of Appreciation to tax payers
 Income Tax Department Launches SMS Alert Service on TDS Deductions
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers

Why wait for July-end deadline? File your I-T returns online now
June, 26th 2012

The deadline for tax filing is just a month away. And filing returns online seems to be the way to go this year for individuals who earn more than 10 lakh. Now these individuals don't have the option of filing tax returns offline through a tax consultant or chartered accountant anymore.

The Central Board of Direct Taxes (CBDT) has issued a notification in March making it mandatory for individuals with annual income of more than 10 lakh to file their returns online from the current financial year. The new notification is applicable to individuals and Hindu Undivided Family (HUF) taxpayers, too.

"It is now mandatory for individuals with total income above 10 lakh to file their personal tax returns online through the income tax website," says Vineet Agarwal, director, KPMG. "Further, resident individuals with assets abroad (including authority to sign a bank account held abroad) are compulsorily required to file their return electronically for AY 2012-13 and for subsequent assessment years as well," says Vaibhav Sankla, director-business development and tax training, H&R Block India.

Though many individuals may be a bit apprehensive about filing returns online because of security and connectivity issues, online tax filing could actually be a blessing. It means you have the option of filing the returns on any day and from any location.

Tax payers have an option to file their tax returns through, the tax portal run by the Income Tax Department. You don't have to pay anything to file returns through this site. There are also several private players who charge anywhere between 180 to 1,500 for filing returns online.

Document check

A basic document check before starting the filing process could be helpful. "For salaried individuals, Form 16 is a crucial document.

Secondly, if you have taken any housing loan, you should have the bank statement which mentions the exact amount of interest paid in a financial year," says Saakar S Yadav, managing director,, a tax portal. "If you are filing for HRA, you would need the rent receipts," he adds.

Self-employed individuals need a profit or loss statement in case they run a strategic business unit in which they remunerate themselves through a profit sharing model. "In case self-employed individuals follow a salary model in their own company, they require Form 16 A to file their returns online," says Saakar S Yadav.

Steps for e-filing

First, register your personal details to choose a login ID. At this stage the portal will take you to the next stage to complete the registration process.

Second, enter the income particulars in ITR software tool, which would generate the ITR form in electronic format (XML file). You have to upload the Form 16, enter other details on TDS, housing loan if any, particulars of tax investments, and so on.

Three, as you finish the process, a copy of your XML file will be sent to your email address. It will tell you if you are eligible for a tax refund or you are liable to pay taxes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions