Tag: income tax return

Form 10E: claim relief in tax for salary arrears u/s 89(1)

Form 10E submission is required to claim relief in tax for salary arrears under section 89(1) from financial year 2014-15. In this post, you can get insight about how to submit form 10E online. Form 10E submission and Relief under section 89(1): Before learning procedure to submit form 10E online, Lets understand concept of relief under section 89(1). What is relief under section 89 (1)? Tax is calculated on salary received during the year. Some times employee receives salary in advance or in arrears. When salary is received in arrears, tax rate is higher and you need to pay...

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7 Benefits of filling income tax return

Yesterday my client asked me the question about benefits of filling income tax return.He was arguing, ” I am salaried employee and his income is less than Rs. 5 lakhs and TDS is already deducted. So there is no need to file income tax return.”I have explained some points to him which I have presented in this article. I hope it will help you to understand income tax return filling benefits. 7 benefits of filling income tax return: Fast refund processing: TDS is one of the most important reason for filling of income tax return. My 60% clients are...

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Income tax slab for A.Y. 2013-14 and F.Y. 2012-13

Income tax slab for A.Y. 2013-14 and F.Y. 2012-13 for person other than senior citizen and super senior citizen: Income Income tax rate Up to Rs. 2,00,000 0 Income from Rs. 2,00,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 30,000 +20% Income exceeding Rs. 10,00,001 1,30,000 + 30%   Income tax slab  for senior citizen  for a.y. 2013-14 and financial year 2012-13 : (age 60 years or more during the previous year) Income Income tax rate Up to Rs. 2,50,000 0 Income from Rs. 2,50,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 25,000 +20% Income exceeding Rs. 10,00,001 1,25,000 + 30% Income tax rate for super senior citizen for a.y. 2013-14 and f.y. 2012-13: (aged 80 years or more During previous year): Income Income tax rate Income up  to Rs. 5,00,000 0% Income from Rs. 5,00,001 to Rs. 10,00,000 20% Income exceeding Rs. 10,00,001 1,00,000 + 30% Surcharge is NIL Education cess is 3% on above tax. You can get xml utility from income tax website. This slab is for non corporate assessee. Income tax slab for a.y. 2013-14 is helpful when the person gets notices or want to rectify his return or file revised or belated return. Last date of return filling revised or belated return  is...

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how to choose income tax return form

Income tax return filling is easy.But you should be careful in choosing return form or utility. That’s why I have written this post.   ITR 1 (SAHAJ) Income from salary/pension. or Income from one house property (excluding cases where loss is to be brought forward) or Other sources income excluding income from winning from horse races and lottery. For individual assessee.   Who can not use ITR 1? Person having income from more than one house property.or Income from capital gain. or Income from agriculture/ exempt income more than Rs. 5000 Income from speculative income.or Person claiming relief for foreign tax u/s 90,90A or 91.or Person having foreign asset or financial asset or signing authority outside India.   ITR 2 :   Income from salary/pension or Income from house property.or Income from capital gain or Income from other sources Person having clubbing income. Individual and HUF   Who can not use ITR 2? Person having business or profession income.   ITR 3: Individual /HUF being partner in firm and who do not have business as proprietor.   ITR 4: For individual or HUF assessee doing business or profession as proprietor.   ITR 4S (SUGAM): For Individual or HUF filling return under presumptive taxation u/s 44AD or 44AE or Income from salary/pension Income from house property (not brought forward loss) or Income from other sources (not having lottery income or...

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E filling of ITR income tax return in 7 steps

Last  date for filling income tax return  is 31st July. If you have not filled return, you may be searching for tax consultant for help. You don’t need to search now. Because here I will provide you detailed guidelines for filling ITR online. For choosing return utility, read my post which return is applicable to me?   Step 1: Download ITR  utility from Income Tax Site You may also Download ITR  utility from download section of tax masala. The utility can run on windows 7 or above and Java runtime environment version 7 update 13 or above should be installed.You can google and search Java for installation of java version. Also download file – How to use ITR utility?   Step 2: Unzip the file. Open ITR utility.Read instruction. Yes You have to. 😛 Now go to personal information and fill the details.   Step 3: Filling the right details in Utility. Personal details: Fill your personal information as per PAN CARD. For details of income tax ward circle, go to income Tax Website and click know my jurisdiction. You can get details by entering your pan number. Fill your address details. Enter your mobile number and email address. It is mandatory. Fill right data because all the communications will be sent on them. Fill your tax computation information.Don’t forget to fill TDS information, bank a/c number correctly. Your refund...

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