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Vashi2Panvel.Com: Navi Mumbai: July 25: As 31st July draws closer, every salaried employee is busy filing the returns. The income tax returns have to be filed before 31st July, which has been declared as the last date by the income tax department. The business class has to file the returns before 31st October. This is that time of the year when people feel ‘I wish I was a pauper’. Here, V2P brings to you some answers to the frequent doubts which people come up with, regarding the filing up of their returns:

How do I file my IT returns?

For salaried employees:

1. The salaried class has to refer and fill up “Form 16”, which is mostly provided to them by their employee.

2. The Saral form or Form 2D has to be attached with this Form 16. This has to be provided with full bank details of the person. MICR code (this is a unique number of one’s bank account which is present in the cheque book beside the cheque number) has to be provided most importantly. This is important because any refunds from the IT department have to come in this bank account.

3. This filled up form has to be submitted to the salary circle of your city. The branch office of the Income Tax department in Vashi is in 3rd & 4th Floor of Vashi station.

For Business class:

1. The last date of filing the returns for the business class is 31st October

2. The Business class, have to carry the copy of their previous year’s filed returns.
They have to file the return with Form 16A and Saral or Form 2D.

3. The business class has to pay their returns according to the profit made by the company.

4. The income limit for the business and professional class is as follows:

Business Class: 40 lacs
Professional class: 10 lacs

5. Those who have an income below above-mentioned amount have to file their returns by 31st October, as they do not have to be audited.

6. The people who have income above this amount have to file the returns before 31st November. These people have to get their incomes, expenditures and eligible investments audited to determine the tax structure.

·Eligible Investments:

LIC’s, PPF, Tuition fee of the children, House loan repayments, any donations, Medical insurance premium. (The deductions can be made from the income for an investment up to 1 lack.)

The chartered accountants request people to carry appropriate documents and do not wait till the last moment to start up the work.

For those salaried employees, who fail to file returns before 31st July:

1. The person has to pay the penalty and interest to the tax department under section 234.
2. The penalty is Rs.5000 and the interest is based on the tax evaluation of the concerned person.
3. The interest for default in furnishing return of income on time is 1% per month of the tax liable

Some considerations:

1. The PAN number has to be filled correctly otherwise the IT department issues penalty of Rs.10, 000.
2. The documents have to be signed properly.
3. The required documents in relation to the tax deduction has to be attached if it is outside the clause of the
Form 16.

The concerned citizen has to do their duties to make the government do the needful for the country. So, pay your taxes right.

Smriti Mishra (With inputs from Sujata Mandake, Chartered Accountant)