Who should apply for IT returns in 2010? | Checklist before submitting IT returns

July 12th, 2010| Uncategorized.

Who should apply for IT returns in 2010? | Checklist before submitting IT returns

The banks are asking to show the IT returns for three years before giving any loan. There had been many changes in the IT returns to make the people pay them. So anyone who is having more properties than the limit should pay the IT returns. If we neglect this return, we should face the problem in the future.

Who should apply?

The people and companies who are mentioned below should pay the returns according to the end of the financial year 2010. They should apply for the returns by July 31st.

  • The people whose income exceeds Rs.1, 60,000 per annum after the deductions as per the law should pay the returns.
  • The senior citizens who are 65 years old by march 31st, 2010 and the women should submit their returns if they have income up to Rs.2,40,000 and Rs.1,90,000 respectively.
  • If they are maintaining the business or company whose turnover is Rs.40, 00,000?
  • Trusts and societies who do not require the audits according to any law.
  • If the annual income crosses the maximum limit, then they should apply for the returns.

We should get the permanent account number if we are applying the returns for the first time. By any means we should submit the returns by the end of this month. If not there will be a fine up to Rs.5000.

  • By the end of this month if we won’t apply for the returns, then we need to pay 1% interest on the debts.
  • Those who are having loss in the business can’t adjust the money by showing the losses according to the government rules.
  • The people who should get the refunds also should apply by the end of this month.

So everyone should apply for the returns without thinking that the last date will be extended.

If there is profit:

We should show the returns for the profits which we get from the permanent properties like home, plots and shares, mutual funds etc. the profit which we get by selling the shares after a longtime is called the profit on principle. There won’t be any tax on the money gained from shares. The duration for the profits gained from the permanent properties is 3 years. If the shares are sold below one year duration, then the 15% tax should be paid.

Which incomes?

Gross total income is the income from the shares, salary, investments, house rent and other ways. We can get the reduction up to one lakh under the section 80C. the income is calculated as the difference between the income and life insurance policy, pension plans, house rent, house interest and the policies under section 80D which have the tax reductions. This amount is called the taxable income. We should pay the tax on this amount.

Changes can be done:

If we give the returns in time and forgot to claim some reductions, then we claim the refund by applying the changed returns. We can apply the revised returns in a year after completion of the assessment year. That means that the returns can be changed before March 31st, 2012 or before the completion of the assessment year.

Check list – Precautions:

  • If the income is from salary, then we should attach forum -16 and fill the details only which are mentioned in it. If there are two forums -16, then we should attach the both.
  • It is enough to attach the forum -16 when the proofs related to management are submitted while claiming the reductions. If we are claiming less than one lakh, then we should submit the remaining proofs other than the details given in the forum -16.
  • For other incomes, we should attach the tax paid proofs in some situations and claim.