It is ITR Filling Time for F.Y. 2009-10, A.Y. 2010-11 ! Know What to do !!
What is Income Tax Return)
Every Person who is having Taxable Income has to file ITR Form with Income Tax after completion of Financial Year on 31st March, In this form he has to declare his income and taxes paid if any. It is Called Income Tax Return. These days we are Filing ITR for Financial Year 2009-10, means for Financial year 2009-10 we have to file return in 2010-11. for this time 2009-10 will be called Previous Year and 2010-11 will be our Assessment Year.
Who is Liable to File ITR
- Any person whose Yearly "Income" is Taxable
(Please note "Income" Means Income before Deduction u/s 80c)
- For Men : Yearly Income above Rs. 1,60,000/- has to file ITR
- For Women : Yearly Income above Rs. 1,90,000/- has to file ITR
- For Senior Citizen: Yearly Income above Rs. 2,40,000/- has to file ITR
- Any person whose Yearly Income is below the above said limit, need not to file any ITR
- Any person whose TDS has been deducted, they should file their ITR so that they can claim refund etc.
- If any person has PAN No. allotted but his Yearly Income is below the above said limit are also free from Filing ITR
Having PAN is Great Relief
because :
- For filing ITR every person must have the PAN No.
- If your Yearly Income is Taxable than PAN is Must, if you don't provide the PAN No. to your employer they can deduct TDS @ 20% + from your payments
- If your Income is not Taxable, Than PAN is not required. but in many financial transactions and Insurance matters etc you need to provide PAN No. so it is better to have a PAN No.
- There is no penalty if you are not having PAN and your Income is below Taxable Limit
But Penalty can be forced if your income is above the taxable limit and you say that you could not file your ITR due to not having PAN No. they can say that you are not disclosing your Income so you should be penalized.
Penalty
- People whose TDS has been deducted by their employer and they don't have any tax liability, they are free to file there ITR on or before 31st March 2011
- These people if not file their ITR upto 31st March 2011 they can be penalize upto Rs. 5000/-
- Those who has still to pay some Tax, and not file their return upto 31st July 2010, has to pay Interest. if they also fail to file the ITR upto 31st March 2011, they have to pay Interest and Rs. 5000/- penalty.
(Important Dates)
Salaried Person : 31st July 2010
People who are liable to Audit their Income : 30th September 2010.
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