Wednesday, July 29, 2009

10 must-do things while filing your income tax return

1) With the due date of July 31 fast approaching, it is that time of the year again when the nation’s tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.

However, despite all the precautions taken by you, rush-hour filing may mean that you could inadvertently miss out on certain details and disclosures, and therefore be on the bad books of the taxman. If not that, you might just forget to make the most of the tax breaks available to you, thus paying more tax in the process and claiming no or less return. Here are 10 important things to do before filing your I-T return:

2) Five top security tips when filing taxes online this season:

It's that time of the year again when you need to file your end of year income tax return, but is the plethora of paperwork bogging you down? The Indian government has just made things easier by launching the facility of filing your income tax returns online.

The advantages of filing your income tax returns online are plentiful. For instance, you can file your returns anytime, anywhere, away from the prying eyes of others and within the confines of your own home.

However, you do need to ensure you protect your personal information online. It is no coincidence that identity theft rate related to tax return filing rises in keeping with the increasing popularity of online tax filing.

With thousands of Indian taxpayers heading online to file their returns in time for the Tax Day deadline, VeriSign, Inc., the trusted provider of Internet infrastructure services for the networked world, is offering five easy-to-follow tips for Indian tax payers to protect themselves.

3) All you wanted to know about filing tax returns

With just three days left to file tax returns, many
are spending sleepless nights trying to figure their way through financial jargon and endlesspaperwork. DNA gives you a low down on all that you need to know to successfully get through the ordeal:

4) File your tax returns in 3 easy steps:

From a legal standpoint, you are obligated to file a return of income, if your taxable income during the year (2008-09) has exceeded the exemption limit of Rs 1.5 L. (Rs 1.8 L in case of women and Rs 2.25 L in case of senior citizens).

Where do you start?

5) Why you should e-file

So, when we took an office poll, we expected some people to have filed their taxes online. But no hands went up!

The successful tax filing portals can claim high volumes largely due to corporate tie-ups and not because individuals sign up with them. Clearly, even among the aware who have access to the Net, the online route is not preferred. Why?

6) Remember, incomes that are not taxed

You must be busy these days in filing your annual income tax returns. In case, you have already filed it, you must be feeling very relaxed. Anyway, it is important for you to understand that although the tax man has been vested with the task of collecting taxes on the incomes of the citizens, he has deemed certain kinds of incomes as "not included in total income"

Thus if any earning that you receive which falls under these incomes you don''t have to treat it as income or pay tax on it! Let's take a look at the different incomes that are not incomes.

7) Can't file returns by July 31? Don't worry

The last date to file your income is just three days away - July 31 - and you are anxious because you are not in a position to file your returns by then. Relax, there is no need to be unduly worried.

8) Want to save more tax? Here's help!

Union Finance Minister Pranab Mukherjee [ Images ] marginally raised the Income Tax exemption limit, abolished Fringe Benefit Tax and Commodity Transaction Tax and announced some schemes to benefit the aam aadmi.

What exactly does the Budget hold for the common man? Will you benefit from the Budget proposals? Or do you really don't care? How does it affect you?

What are the best investment oportunities open to you? How best can you save taxes?

In an hour-long chat on Thursday, direct tax expert Vikas Gandhi offered some valuable tips. Here is the transcript

9) Tax Return Filing Tips for NRIs

Taking up a job abroad or settling overseas may not absolve an individual from filing an income-tax return in India.

Filing of a tax return in India depends on the taxability of income earned by the individual.

This in turn depends on his/her residential status as per domestic tax laws.

This article provides guidance to Non Resident Indians (NRI) for filing income-tax return in India.

10) Tips on Filing and Saving Income Tax in India for NRIs.!

Yes filing tax returns on Indian taxes have always been confusing, but thanks to the new changes and tax rules that Indian income tax department has brought. They have brought some new tax exemptions for NRIs, some great tax rates on India’s service tax, wealth tax, property tax, gift tax, income tax, capital gains tax, dividend taxes, India taxation on investments, real estate sale taxes, thus making the tax calculation easy for income tax return filing.

Although NRIs are living abroad and away from India, most of them still pay taxes in India. We have put together so tips for you to use on filing Income Tax in India.

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1 comment:

  1. Great and valuable tips related to the tax, offered by tax expert Vikash Gandhi. Thanks for sharing....

    ReplyDelete