FILE YOUR INCOME TAX TODAY

FILE YOUR INCOME TAX RETURNS TODAY : FILE YOUR INCOME TAX RETURNS TODAY BY HGKRISHNA hgkrishna25@gmail.com

CHECK LIST FOR FILING RETURNS : CHECK LIST FOR FILING RETURNS IF YOU ARE A TAX PAYER CELEBRATE THIS ANNUAL RITUAL WITHOUT FAIL LAST DATE FOR FILING RETURNS31st JULY 2010, EXCEPT FOR ACCOUNTS WHICH REQUIRE AUDIT FOR THEM IT IS 30TH SEPTEMBER 2010 CHOOSE THE CORRECT RETURN FOR YOU RETURNS DO NOT HAVE ANY ANNEXURES REGISTER WITH www.incometaxindiafiling.gov.in YOU CAN E-file YOUR TAX RETURN

TYPES OF INCOME TAX RETURNS : TYPES OF INCOME TAX RETURNS ITR1: (Saral2)FOR SALARIED AND INDIVIDUALS ITR2: FOR INDIVIDUALS AND HUF WITH NO BUSINESS/PROFESSIONAL INCOME ITR3: FOR PARTNERS WITH NO OTHER BUSINESS INCOME ITR4: BUSINESS OR PROFESSION ITR5:FIRMS, ASSOCIATION OF PERSONS, BOIs ITR6: COMPANIES ITR7: FOR PERSONS AND COMPANIES UNDER SEC 139(4) ITR8:RETURN FOR FRINGE BENEFITS ITRV:ONLINE RETURNS WITHOUT DIGITAL SIGNATURE

PLEASE REMEMBER : PLEASE REMEMBER YOU CAN FILE REVISED RETURN OFFERING ADDITIONAL INCOME NO REVISED RETURN FOR ENHANCED REFUND CLAIM A NON-CLAIM CAN BE SET RIGHT ONLY BY FILING REVISED RETURN LATER A WRONG CLAIM MAY END UP IN PENALTY HIGH VALUE TRANSACTIONS ARE WITH IT DEPT WITH AIR(ANNUAL INFORMATION REPORT) FROM VARIOUS AGENCIES

ADVANTAGES OF FILING RETURN : ADVANTAGES OF FILING RETURN FILING OF RETURN BEFORE DUE DATE ENTITLES THE TAX PAYER TO FILE A REVISED RETURN IN THE EVENT OF ANY OMISSION NOTICED LATER A RETURN FILED BEYOND THE DUE DATE IS NOT ELIGIBLE FOR FILING REVISED RETURN FILING BEFORE DUE DATE ENTITLES A TAXPAYER TO CARRY FORWARD HIS LOSSES AND CAN BE SET OFF AGAIST SUBSEQUENT YEAR INCOME OF BUSINESS UNDERTAKINGS IN FREE TRADE ZONE AND 100% EOUs ARE DEEMED TO HAVE FILED THE RETURN BEFORE THE DUE DATE

YOU SHOULD KNOW : YOU SHOULD KNOW FILING RETURN BEFORE DUE DATE DOES NOT ATTRACT INTEREST UNDER SECTION 234A OF IT ACT, EVEN IF THERE IS UPWARD REVISION OF INCOME ON ASSESSMENT SUBSEQUENTLY EVERY ASSESSEE IS REQUIRED TO OBTAIN 10 ALPHA NUMERIC PERMANENT ACCOUNT NUMBER(PAN) QUOTE THE SAME IN YOUR RETURN AND FUTURE CORRESPONDENCE PAN IS ESSENTIAL FOR PROCESSING THE RETURN OF INCOME AND FOR GIVING CREDIT TO TAXES PAID. FAILURE TO QUOTE PAN ATTRACTS A PENALTY OF Rs.10000

DO YOU KNOW : DO YOU KNOW THE ADVANCE TAX PAID BY THE ASSESSEE ON HIS CURRENT INCOME ON OR BEFORE THE 15TH SEPTEMBER IS LESS THAN 30% OF TAX DUE ON THE RETURNED INCOME OR THE AMOUNT OF SUCH ADVANCE TAX PAID ON OR BEFORE THE 15TH DAY OF DECEMBER IS LESS THAN 60% OF THE TAX DUE ON THE RETURNED INCOME, SIMPLE INTEREST AT 1% PE MONTH FOR A PERIOD OF THREE MONTHS ON THE AMOUNT OF SHORT FALL FROM 30% OR 60% AS THE CASE MAY BE THE ADVANCE TAX PAID BY THE ASSESSEE ON HIS CURRENT INCOME OR OR BEFORE THE 15TH MARCH IS LESS THAN THE TAX DUE ON THE RETURNED INCOME, SIMPLE INTEREST AT 1% PERM MONTH ON THE AMOUNT OF SHORT FALL.

FOR YOUR INFORMATION : FOR YOUR INFORMATION FRINGE BENEFIT TAX IS NOT CHARGEBLE TO TAX IN THE HANDS OF EMPLOYER FROM THIS YEAR PENALTY OF RS. 5000 FOR NON FILING RETURN CONSULTANTS(CONTRACT EMPLOYEES) TO USE ITR4, AS EMPLOYERS DEDUCT ONLY 10% AND YOU MAY REQUIRE TO PAY ADDITIONAL TAX BEFORE 31ST JULY. EPAYMENT BY BANKS, GIVE CHALLAN DETAILS

PONDER OVER : PONDER OVER VOLUNTARY RETIREMENT BENEFITS EXEMPT UPTO RS.5LAKHS. TRANSPORT ALLOWANCE UPTO RS. 9600PA DOES NOT ATTRACT TAX MEDICAL REIUMBURSEMENT UPTO RS.15000 OR ACTUALS WHICHEVER IS LESS IS EXEMPT PROFESSION TAX LEVIED BY STATE GOVT IS EXEMPT 30% OF NET ANNUAL VALUE OF LET OUT PROPERTIES AND TAXES PAID BY OWNER ARE DEDUCTABLE FROM ANNUAL VALUE OF PROPERTY INTEREST ON HOUSING LOAN UPTO RS.150000/(SELF OCCUPIED PROPERTY) AND UPTO RS. 30000 PA IS ALLOWED FOR REPAIRS , RENEWAL AND RECONSTRUCTION OF PEROPERTY FOR LET OUT PROPERTY, ACTUAL INTEREST PAID/PAYABLE IS ALLOWED AS DEDUCTION

DO NOT WORRY : DO NOT WORRY IF YOU DO NOT FILE RETURN BEFORE 31ST JULY, IF YOU ARE A SALARIED PERSON WITHOUT ANY ADDITIONAL TAX LIABILITY OR REFUND YOU CAN FILE YOUR RETURN BEFORE END OF THE CURRENT FINANCIAL YEAR OR NEXT YEAR i.e., BEFORE END OF SECOND FINANCIAL YEAR IF YOU CANNOT FILL THE FORM BUT TAKE THE FORM 16 ISSUED BY YOUR EMPLOYER AND ALL THE DETAILS ARE AVALIABLE WHICH YOU CAN WRITE, PROVIDED YOU ARE AN EMPLOYEE.

IT RATES FOR FYR 2009-10 : IT RATES FOR FYR 2009-10 INCOME TAX FOR FINANCIAL YEAR 2009-10 IT RATES FOR ASSESSMENT YEAR 2010-11 Taxable income Senior Citizens (>65yRS) Women Others Upto 160000 NIL NIL NIL 160001 to 300000 10% exceeding 240000 10%exceeding 190000 10%exceding 160000 300001 to 500000 Rs6000+20% Rs11000+20% Rs 14000+20% exceeding Rs 3 lakhs exceeding 3lakhs exceeding Rs 3lakhs 500001 and above Rs46000+30% Rs. 51000+30% Rs 54000+30% excceeding Rs 5lakhs exceeding 5lakhs exceeding Rs. 5lakhs Note:Education cess3% on IT payable

YOUR LAST CHANCE : YOUR LAST CHANCE TO FILE YOUR IT RETURN FOR FYR2009-10 TO CLAIM SEC89 RELIEF BY EMPLOYEES WHO HAVE DRAWN PCA ARREARS IN THIS FINANCIAL YEAR FOR ANY ASSISTANCE PLEASE CONTACT Contact by email to Soujanya97enteprises @gmail.com for any type of assistance.