Online filing of I-T returns quadruples


Jumps to 5.8 lakh in 2008-09 vis-à-vis 1.43 lakh a year ago
 
Author : Khyati Dharamsi/DNA


The online mode of filing tax returns seems to be gaining popularity with the aam admi.
According to the income tax department data, online filing of returns by salaried employees and interest or pension earners has jumped four times to 5.8 lakh returns in 2008-09 vis-à-vis 1.43 lakh a year ago.
The aggregate online filing by individuals and corporates surged more than two times during 2008-09 to 48.3 lakh against 21.92 lakh returns filed in 2007-08.
It should be noted here that the lower increase in the aggregate figures is because government had already made it mandatory for several groups of earners, such as listed companies and businesses, to file returns online.
About 9% of the returns were filed on the last three days of the financial year 2008-09 — between March 29 and March 31, 2009 — with 343 returns being filed per minute.
One can distinguish the profile of the person filing the income tax return by looking at which of the eight available forms was been submitted.
Form income tax return (ITR) 1 is meant for the salaried class, or people earning an interest on investment or receiving a pension. However, if one had to declare earnings or losses from other investments such as those from stock markets or property sales, then he would have to fill form ITR 2, 3 or 4. Form ITR 3 and 4 are for people who run a business in partnership, while those having a proprietary business would have to fill form ITR 4. Form numbers ITR 5, 6 and 8 are meant for companies, trusts or bodies for e-filing returns, including losses or incomes from businesses and fringe benefit tax on perks given to employees. 
The highest number of returns were filed by residents of Maharashtra (8.25 lakh returns), Gujarat (5.08 lakh returns) and Delhi (4.09 lakh returns), respectively.
During the year, people filed returns online not only for the prevailing assessment year, but also for the previous assessment year of 2007-08.
I-T rules say if a person misses out on the deadline of filing tax returns, he can furnish the same within two years of earning the income. So people with an income in the financial year 2007-08 and submitting returns late in 2008-09, are permitted to file returns anytime before March 31, 2010.
However, there is a fine applicable on those filing returns for assessment year 2008-09 after March 31, 2009. An assessment year is the year in which one files returns for his income in the previous year. So, income in the 2008-09 will be assessed in the assessment year 2009-10.



 
Published in Taxpayers
Source : under license from 3Dsyndication,
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