Indian Stock Market News and Views.

How to file your Taxes

| Filed under News and Views

taxes 240x300 How to file your Taxes
We are often battling with the income tax forms and we often take special care in making things accurate, still one error can cause you loss of money and can question your hardwork that you have spend working out for them. With the changes that comes to the form one thing is pretty sure that the columns are only increasing yearly. Some of them needs to be changed over time and its a happy note to write that there are changes with your income tax norms too.

Since July 31 is the last date of salaried individuals to file the returns and if you are not in a position to file your return due to the case that you are out of your town then you can make your way out by registering yourself with their Websites and you would be able to download your ITR form fill it and upload it back. You can use your digital signature, and a print out of the acknowledgment which you would be able to attain after the successful completion of the form submitted. In situations were a digital signature is not used he would be required to follow up with the electronic transmission of the data by submitting the form ITR-V. The form has to be submitted to the Centralized Processing Centre (CPC) of the IT department Bangalore in a time frame of 30 days after the completion of the formalities that are carried online. The earlier time frame was 15 days. Once they have received the CPC would send you with the e-mail conformation acknowledging the receipt of the form to the e-mail that you have entered in the form. If you did not get the email then your returns would be considered invalid.

Still not changed with the latest trends do not worry there are also some tips that you should keep in mind while submitting it on paper. It is a mandatory step now that if you are making a claim of your refund or not via cheque or through the electronic clearing scheme, you should give details such as your bank account number, your PAN number, the type of account that you possess , the MICR (Magnetic Ink Character Recognition) code. Most of the people find it difficult in finding your MICR number, it can be located at your cheque leaf or you can ask the bank where your account is. Make sure that you file the MICR number correctly and re-check it after you have quoted.

An individual can get to know the designation of the AO after logging in to the income tax Websites and checking it under the ‘My Jurisdiction’. Make sure that you have made correct claims with your discloser and also make your claims under the deductions according to the Section 80C,80D,80E and 80GG of the income tax act. And do not forget to quote your PAN correctly many of the issues that happens with are by quoting the incorrect PAN numbers, it will lead you to more problems like penalty. Make sure that you quote it correctly in the challan that you fill.

Since the financial year 2006-07 there has been change with the tax deduction, and there is no need of submitting all the certificates or other documents while you file your returns instead you need to include all the details in the return form. But its suggested best that you keep all the certificates at your safe custody for producing at a later date if asked by the department. From 2009 April From 16/16A have been modified for the inclusion of a Unique Transaction Number(UTN). The system is not fully operational, This additional number needs to be filled in for individuals to claim credit for the taxes deducted and deposited by employer/tax deductor.

An Individual can correct his return any time within one year from the end of the relevant assessment year or before the assessment is made. After you have made your return make sure that the officer returns you with the stamped acknowledgment where the date and serial number are legible.