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Income Tax return for Individuals/HUF FY 2010-11 AY 2011-12

Download All forms  | Download Return forms | Govt. Of India Income Tax site | Pay Taxes OnLine | Calculate Interest Payable U/S 234
E-File your Return

1. Who is required to file the return

You are required to file the Income tax Return

(i) If you are a man and not yet 65 Yrs as on 31/03/2011 and your total income (without taking in account deductions under ch VI-A) for F.Y. 2010-11 is more than 1,60,000.
Or
(ii) If you are a woman and not yet 65 Yrs as on 31/03/2011 and your total income (without taking in account deductions under ch VI-A) for F.Y. 2010-11 is more than 1,90,000.
Or
(iii) If you are a man or woman, 65 Yrs of age or more on 31/03/2011 and your total income (without taking in account deductions under ch VI-A)for F.Y. 2010-11 is more than 2,40,000.
Or
(iv) If you have income from salary( from one employer only) and interest only, also total taxable income is less than Rs. 5 Lacs and no carry over losses from the previous years, you need not file a return. It will suffice if you give the details of your total income to your employer who will deduct the tax accordingly.

2. Tax Rates for F.Y. 2010-11 A.Y.2011-12

Individual Male (Below the Age 65 Years)
Up to 1,60,000 NIL
From 1,60,001 to 5,00,000 10%
From 5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Individual Female (Below the Age of 65 Years)
Up to 1,90,000 NIL
From 1,90,001 to 5,00,000 10%
From 5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Senior Citizen (Above than 65 years of age)

Up to 2,40,000 NIL
2,40,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Education cess will be in addition to this = 3% of tax payable.
No surchrage.


3. Which ITR Form to fill

Q1. Do you have income from business/profession?
If yes
(i) If you are a proprietor of the business Form ITR-4 or ITR-4S
(ii) If you are a partner in business Form ITR-3
If No

Q2. Do you have Income from more than one house Property?
Or
Do you have income from Lottery or Race horses?
Or
Do you have income from Capital Gains which are not exempt from tax i.e. short-term capital gains or long-term capital gains from sale of house, plot etc.?
Or
Do you have agricultural income of more than Rs. 5000/- during the year?
Or
Do you have income from other person such as spouse or minor children which is to be clubbed with your income?
Or
Do you have any loss brought forward from previous years?

If answer to any of the items in Q2 is Yes, Then Fill up Form ITR-2

If answer to all items in Q2 is No then

Q3. Do you have income from salary/pension?
And/or
Do you have income from one house property only?
And/or
Do you have income from other sources such as interest?
And/or
Do you have income from capital gains which are nontaxable i.e. long-term capital gains from shares etc.?

If answer to any of the above is Yes, and answer to all items of Q2 is No, and your income is more than indicated in para1 above, then fill Form ITR-1 / SAHAJ.

4. Due date for filing Returns

For F.Y 2010-11 31/07/2011

5. Online IT Return submission:

E-File your Return

E-Filing Returns now made easy.

It involves three steps.

1. Down load the corresponding ITR 1 or ITR 2 from e-filing site (https://incometaxindiaefiling.gov.in/portal/index.jsp). You can even find out which of these is applicable in your case from the site itself. Fill in the data and generate an xml file and save it at your computer.

2. To register and log in to the e-filing site and upload the xml file which generates an IRV file that can also be saved at your computer.

3. To print the IRV file, sign it and post it to the IT deptt at Banaglore.

Detailed procedure is given below.

1. Go to https://incometaxindiaefiling.gov.in/portal/index.jsp

2. Go to Download ( In main menu) ->e-filing ->A.Y. 2011-12->individual,HUF.

3. Check for applicable ITR for you.

4. Download the applicable ITR and save in a folder. It is a Zip file. Extract it in the same folder.

5. Open the extracted file which is an excel file with worksheets and Go to Tools->Macro->Security->and Select medium or low.

6. Fill the relevant information in each work sheet, only green boxes to be filed, validate the sheet by clicking validate function, leave the boxes as it is where no data is to be entered, compute other figures automatically by pressing compute button.

7. Generate and xml file by clicking generatexml button. This is the file which has to be uploaded.

8. Go to e-filing site, Register yourself by creating login ID and password.

9. Login to your account.

10. Go to Submit Return (in main menu) ->Select Assessment Year A.Y. 2011-12.

11. Upload the xml file generated and saved earlier after selecting the relevant form that is ITR1 or ITR2.

12. It will generate acknowledgement receipt in ITR-V;

13. Please furnish the signed and verified Form ITR-V to the Income-tax Department by mailing it to Income Tax Department - CPC, Post Bag No - 1 , Electronic City Post Office, Bangalore - 560100, Karnataka, BY ORDINARY POST OR SPEEDPOST ONLY within a period of 120 days from the date of transmitting the data electronically;

14. The acknowledgement of the receipt of the ITR-V at Income Tax Department - CPC, Bangalore will be sent to you at your email address.

6.Income Tax Return forms:

Download Forms

7. Interest on delayed payments U/s 234A, 234B, 234C

Known your total tax payable without interest u/s 234A, 234B, 234C and tax paid /deducted at source by 15th Sep, 15 Dec, 15 March and 31st March you can now calculate interest if any payable u/s 234A, 234B, 234C for delayed payments etc..

Click to calculate interest

8. For any other information regarding Income Tax:

Pl visit the Govt Of India site below:

Income Tax Site Gov. Of India

9. Tax deduction at Source (TDS), Form 15G and 15H:

(i) Banks are supposed to deduct tax at source (TDS) if the total interest income in a year is more than Rs. 10000/-

(ii) Firms/Companies are supposed to deduct tax at source (TDS) if the total interest income in a year is more than Rs. 5000/-

(iii) You can receive some incomes as interest above without deduction of income tax at source if you are an individual and your total income in the previous year was not taxable and your total income for the current year is not likely to be taxable.

(iv) For that you have to give the declaration in Form 15H (if you are a senior citizen above 65 yrs of age) or 15G (if you are below 65 yrs of age) to the Bank or the firm/company paying interest.

(v) You have to give these declarations separately for each deposit.

(vi) If the interest income from a bank is less than Rs. 10000/- in a year, there is no need for giving these declarations to the bank, as no Tax is deductible at source in this case.

(vii) Similarly if the total interest from a firm/company is less than Rs.5000/- in a year, there is no need for giving any of these declarations to the company, as no tax is deductible at source in this case.

Note:

1.The new forms SAHAJ and SUGAM are in color. Its black and white copies can not be used. Exact copy of the format along with the color scheme is required to be used. Specifications has been laid down even for the type of paper to be used for printing these forms (white bond paper min 70Gms). It may be better to use the original form only instead a copy of it which finally may not be found acceptable or may be printed directly from the site.
2.Fill the form in capital letters.
3.Use blue or black ball point pen to fill in the forms.
4.Do not use any commas etc in between the numbers.
5.Enter the values in whole rupees only.
6.Write your pan number on all pages.
7.Do not attach any documents with the return except the supplementary sheets for TDSI, TDS2 and IT where ever required.
8.Fill in the information in the space provided for it only as the form is to be scanned by computer.


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Some Basic thoughts on Income Tax:

Please click the following link for basic thoughts on Income Tax rules:

Basic thoughts Income Tax