THINGS TO REMEMBER WHILE FILING TAX RETURNS

Now only few days are left for filing income tax return for financial year 2011-12. But you should remember few points while filing tax return. Here those points are discussed :

1. CHECK FORM 26AS: You should check your taxes paid on Income Tax website through form 26AS. This form contains details of income paid to you and taxes paid by you through TDS.

2. SELECT RIGHT FORM: This year government has amended and notified new forms. You should carefully select the form by analyzing your situation.
ITR 1(SAHAJ): Salaries, House Property (Where individual does not own more than one house property), Other Sources (Except winnings from lottery or income from race horses)

ITR 2: Other than income from business and profession

ITR 3: Being partners in firms and not carrying out business or profession as a proprietorship concern.

ITR 4: Proprietary Business or profession

ITR 4S (SUGAM): Business and profession and opted for being taxed under presumptive basis of taxation under sections 44AD and 44AE.

3. E FILING MANDATORY: Any individual and HUF taxpayers having total income exceeding 10 Lakh, must file returns electronically. It is mandatory in these cases. Online filing is also mandatory where the individual/HUF has foreign assets to report.

4. OTHER CHANGES: Unique TDS certificate number and financial year in which TDS is deducted have been included in schedule TDS 2. Filing status option has been included to indicate whether the return is original or revised etc. Familiarization with such changes would help tax payers to keep details ready while e-filing.
Complete and accurate details in the forms results in quick processing of returns and no follow up questions from the authorities. This also helps in quick settlement of refunds.

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