INCOME TAX RETURN

1. What is the Last Date for filing an Income Tax Return?

The last date to file your Income Tax Return is 31st July. For financial year ended on 31st March, 2013, the last date of filing return is 31st July, 2013.

2. Is it mandatory for me to file an Income Tax Return if I have a PAN?

No. You need to file an Income Tax Return if your total taxable income exceeds the basic exemption limit before taking into account deductions.

For the financial year 2012-2013, the basic exemption limit is Rs.2,00,000. For women, the limit is Rs.2,00,000, while for Senior Citizens it is Rs.2,50,000.
You do not need to file an income tax return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.

3. What are the consequences if I do not pay income-tax?
In case, you fail to pay due amount of income tax , you will be charged interest @ 1% per month from 1st April following the financial year, until you pay your tax.

5. What happens if a return is filed late?

If you miss the deadline, you can file a belated tax return by 31 March. But, if there is balance tax payable, you will have to pay interest on the balance at the rate of 1 per cent per month. This can go up to 2 per cent if you have not paid the required advance tax. If you are entitled to a refund, you don’t have to pay any interest if you file late.

5. What is the penalty for delaying or not filing a tax return??

• A penalty of Rs 5,000 will be levied if the return is not filed by 31 March. But, if there is a reasonable cause for delay, the penalty may be waived.
• You can also be imprisoned for three months to three years, besides being fine.

So, it pays to start preparing tax returns early.

6. What documents are needed to correctly assesses and file your income tax return?
While no documents (see Checklist for filing tax return) need to be attached when filing an income-tax return, you need to do all the supporting paperwork and retain the records as you will have to produce them if your case comes up for scrutiny.

- Permanent Account Number (PAN),

- Salaried employees need Form 16

- Form No. 16A, which is also a TDS certificate issued for tax deduction on income from sources other than salary, from all those who have deducted tax at source, such as banks where you have term deposits.

- Details of all bank accounts operated during the year with details of deposits, withdrawals and interest earned.

- Property owners need to retain municipal tax receipts, rent details, and other such papers. If you have bought a house on loan, get a certificate of interest and principal paid.

- Bills, documents and contract notes for assets sold during the year are needed as are the corresponding purchase papers

- Details of tax payments made during the year are needed only if you have made or self assessed advance tax payments.


refrence -incometaxreturnindia.com