File your tax return carefully

Each individual taxable income must submit the tax return. If your income is more than Rs. 160000 (for men), a. 190000 (for ladies) and r. 265000 (for Senior citizen - those who have completed at 65) financial year 2010-2011 (assessment year 2011-2012) is responsible for submitting the tax return, even if your employer will deduct tax or not.  You can submit form ITR-1, if your source of income is only from salary or pension and interest. But if you have source of income as capital gain or rental income, you must choose the ITR-2 form.

You can file your income tax manually or through electronic filing. The last date to submit your tax return is July 31. If you submit through electronic filing without a digital signature, you must submit form ITR - V (which can download after downloading electronic return) for the officials concerned within 30 days. Otherwise, it will be considered as you have not submitted income tax.

In accordance with the current income tax rules the dividend income from mutual funds, capital gain long-term securities, etc. are exempt from income tax, but you are likely to report revenues from your tax return, even if you are not required to pay tax on income for the same.

You are also required to disclose your financial transactions more than a certain limit, such as your credit card transactions more than or equals Rs. 2 lakh for the year, the purchase of shares of a company more than Rs. 1 lakh, purchase of mutual funds more than Rs. 2 lakh etc.;

Income received by a minor shall be considered the higher income parent's income and should be included in your income as income tax and taxes payable as a result.

Don't forget to include your income from interest, even if it is a small amount or not. All interest earnings are taxable without any exemption and can easily be traced by the ITO. If you are an employee, disclose all your income interest and employer in time allowed to deduct tax accordingly. Then you can avoid the last payment of the additional tax minute.

You will need to submit the correct details of your account banking, MICR code number etc. appropriate reimbursement and timely your excess tax where applicable.

If you are doubtful for tax rules and the Declaration of deposit, get assistance of experts from all taxes or online tax assistance. The authority of the income tax is also ready to help you for your tax return filing correctly. Feel free to ask for help. It is preferable to submit the correct return filing a wrong return. If your tax return for the file correctly and quickly and be a citizen proud of our nation.

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