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Thursday 9 January 2014

How much is your Tax Liability?

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Know much is your tax liability

 

It is an easy and simple process to file your returns. Make sure you have the necessary documents to file your returns

 

Documents needed


* You need to attach documentary support for tax deducted at source, investments or payments made that allow you to claim deductions and tax rebates and employer's certificate in Form 16A.
* The income tax year or assessment year is the year in which income of the previous year is to be assessed. The financial year following a previous year is called the assessment year in relation to that previous year. Thus the assessment year for the previous year 2009-10 is 2010-2011.
* An assessment, therefore, comprises of two stages Computation of total income, and Determination of the tax payable thereon.
* On completion of both these stages, an assessment is said to be made.

How much tax you need to pay?

Where to pay Income Tax
* Through online deposit
* Through Nationalised banks

How to pay Income Tax
* Self filing
* Auditor or Chartered accountant or Tax Return Preparers
* Online filing

Transaction mode to pay tax
* Cash
* Cheque
* Money Transfer

Considerations when filing returns
* Right tax computation
* Right details such as PAN, bank account number, address and name
* Payment by the due date Visit the Income Tax Dept / NSDL website.

https://onlineservices.tin.nsdl. com/etaxnew/tdsnontds.jsp
* Click on the "CHALLAN NO./ITNS 280
* On this page choose (0021)INCOME-TAX (OTHER THAN COMPANIES)
* Type your Permanent Account No (PAN)
* Choose Assessment Year: choose 2012 - 2013
* Fill up all other details requested

For Type Of Payment choose (300)SELF ASSESSMENT TAX
Choose your Bank Name where you have online banking, so that you can pay your taxes Click on Proceed, (located at the bottom of the web page)

Once you have paid your taxes, Income tax department will issue you a receipt.

Using this receipt please fill up our Advance Tax or Self Assessment Tax page you can continue filing returns through the online interface for preparing and processing your returns.

Digital signature
It is a private key which ensures the authenticity of an electronic document, which may be an e-mail or a spreadsheet. Digital signature is issued by the Ministry of Corporate Affairs. So, if you have a digital signature, go to https://incometaxindiaefiling.gov.in/portal/ individual_huf.do. Choose the respective form, read the instructions mentioned in the excel file. Fill the sheets and save it on your computer. To upload it, go to https://incometaxindiaefiling.gov.in/portal/ uploadXML.do?assyr=2010. Create a user ID and follow the instructions that come on the screen.

If you don't hold a digital signature, don't worry. It's not mandatory that all tax filers possess a digital signature. In fact, for those who don't have one, the process is more or less the same as above, except that it would not be completely paper-free. Once you are done with uploading the excel file from the income tax department's site, you need to submit ITR-V (or income tax verification form). This can be downloaded fromhttp://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/ay2008-09/FormITR-V.pdf).
* ITR V acts like a proof of filing.
* Fill in the form and mail it in an envelope to "Income Tax Department-CPC, Post Box No.1, Electronic City Post Office, Bangalore-560100, Karnataka" within 30 days of e-filing.
* You can expect to receive an e-mail from the income tax department, acknowledging the receipt of ITR-V.
* This is the final acknowledgement and concludes the e-filing process.

 

For further information on the topic you can CONTACT Prajna Capital on 94 8300 8300 by leaving a missed call.

 
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