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Income Tax Return Filing For Salaried Persons

2017-08-10 11:44:57 | Legal Services
This article focuses on the Income tax return filing for salaried persons across the country. Some of the basics of Income tax e-filing will be discussed based on the rules applicable for Financial Year 2013-15 and Assessment Year 2014-15.
Who has to file Income Tax Return?
According to Section 139(1), every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax has to file a tax return. During the current assessment year, any person earning exceeds Rs.2, 00,000/- is required to file ITR online.
Threshold limit of exemption from Income tax
If the person income does not cross the threshold limit set by the central Govt. the person is exempted from paying the Income tax or income tax return filing. Below is the table of the different category of people enjoying different threshold limit of exemption from Income tax.
Category of people=All Assesses; Threshold limit=2, 00, 000
Category of people=Resident Women; Threshold limit=2, 00, 000
Category of people=Resident Senior Citizen over 60 years; Threshold limit=2, 50,000
Category of people=Resident Senior Citizen over 80 years; Threshold limit=5,00,000
However, if an individual total income for the relevant assessment year does not exceed Rs.5 lakhs and consists of income from only salaries and interest from a savings account (not exceeding Rs.10,000), then he/she too will be exempted to file an income tax return, subject to the following conditions:
1. The individual has reported to his employer his Permanent Account Number (PAN Number).
2. The individual has reported to his employer all the incomes from interest earned from a savings bank account and the necessary tax deduction is done from it.
3. The employer has received the Form 16 from employer stating the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government.
4. The individual has executed tax deductions at source (TDS) and the same deposited by an employer to the central govt. thus discharging his total tax liability for the assessment year.
5. The individual has no claim of refund of taxes due to him for the income of the assessment year.
6. The individual has received the salary from only one employer for the assessment year.
Last date for Income Tax return filing
A. The due date for filing ITR online is 31st of July 2014 for all salaried people for the assessment year 2014-15.
B. If a person is not able to file a return on/before a due date, then he may still file a return as the belated/late return.
C. The belated/late return shall be filed at any time but before the expiry of one year from the end of the relevant assessment year.
D. Income tax return can also be file late, when a notice is issued by the Assessing Officer, within the time allowed in the notice.
File a Revise Return
A. If in case, a wrong statement or information is filed, the individual always has the option of filing the revised return.
B. Revised return must be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
C. Also, the individual can even revise an already revised return if he discovers any mistakes, omission or wrong statement, provided it is revised within the same prescribed time.
Income Tax return filing
There are four ways to furnish the IT Return to the income tax department. It can be filed in following forms:
A. Paper form,
B. Electronically filed with a digital signature,
C. Electronically filed and then duly signed Form ITR-V must be submitted and
D. Furnished in a bar-coded paper format.
For individuals whose total income exceeds Rs. 5, 00, 000 /- in the previous assessment year, then he /she can have only two modes to file a return i.e. digital signature or e-file the return and send a duly signed Form ITR-V.
Income Tax and Non-Residential Citizen
A. Any individual, irrespective of citizenship stays in India for 182 days or more in a year, is treated as resident in that year and their income is taxable in India.
B. In the case of non-residents, income tax is not levied unless their salary accrues in India and/or received in India.
C. If by the terms of employment, salary accrues abroad, then the individual would be a non-resident and the salary accrued outside of India would not be taxable.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.

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