Income Tax Return
Traditionally, Income Tax payers file their returns through consultants, given the technicalities and hassles associated with the process. But, over the past few years, online income tax return filing has become popular, as it makes the process simple. Both offline and e-filing have their own advantages and disadvantages. ET looks at how each works and what suits you the best.
If you are an NRI and are looking at the best way to file your tax returns, here is a quick guide. We also help you understand if you need to file a return in the first place. One in every six tax payers is now checking online if the tax deducted by their employers every month has reached Finance Minister's coffers or not. In cases of e-filing, the refund is received within two to seven months. For offline returns, it often takes anywhere between one and two years. In case you are claiming a refund, then give the correct bank account number and make sure the MICR code is mentioned correctly. Everything related to the returns processing and tax refund, including a banking service and a postal service, is being brought under a single roof to increase the efficiency of the whole system. Form 16 has details of the tax deducted and the branch of the bank where it is deposited into the central government account. You are liable to pay a heavy penalty and interest if you omit any income. Here are some you need to consider. If you are e-filing your tax returns, here are the errors you should avoid while sending the ITR V. Printing the ITR V form correctly is critical. Opting for the online route to file your income tax returns is cheap, convenient and as easy as learning the alphabet Here's a look at the forms that individual taxpayers have to use to file their returns. Keep in mind that these forms have to be downloaded. The exemption to file return for income up to Rs 5 lakh looks good on paper, but nobody will be able to fulfil the conditions, Travelling, indisposed? Here are few tips for you to file your income tax return when faced with unusual circumstances. If you are among the 30 million Indians who are set to file their tax returns, find out how to do so in the simplest and most cost-effective manner. Many assume that the filing of tax returns is a harrowing experience. There are some myths associated with these filings. Those individuals having income from sources other than salary or having refund claims will not be covered under the scheme. |
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