India tax filing last date (August 31 for AY 2015-16):
If your taxable income for financial year 2014-15 is more than Rs 2,50,000 – you must file an income tax return.
Income tax return forms for AY 2015-16 have not been announced yet, it will be announced later.
Due date for filing returns of income-tax and wealth tax for the assessment year 2015-16 for all assessees other than - (a) Company; or (b) A person other than company whose books of account are required to be audited; or (c) A working partner of a firm whose accounts are required to be audited; or (d) Assessee who is required to furnish a report under section 92E.
July 31(August 31 for AY 2015-16): Due date for filing the tax return for salaried individuals. Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return
Basics of E-filing Income Tax India
Not sure if you need to file or when? See below for helpful information!
Relevant Dates
July 31(August 31 for AY 2015-16): Due date for filing the tax return for salaried individuals.
Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return:
You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’
You cannot revise such return later
You may have to pay interest under section 234A @ 1% per month (or part thereof) of delay in filing the return. Such penal interest is computed on the amount of income tax due as on the first day of the assessment year. Therefore, if you did not have any outstanding tax liability as on that date then the amount of penal interest under section 234A will be Nil.
If you are claiming a refund and you are eligible to receive interest on your refund then you are not eligible to receive interest on the period of delay.
If you file the return a year after the end of the financial year, the income tax officer can levy a penalty up to ₹ 5,000 for the delay.
In any case, a belated return cannot be filed after 2 years from the end of the relevant financial year.
September 15: Due date for the first instalment for payment of Advance Tax
December 15: Due date for the second instalment for payment of Advance Tax
March 15: Due date for the third instalment for payment of Advance Tax
March 31: Last date for filing the return for the financial year ended 2 years ago
Who is required to file?
An individual is required to file his income tax return for a financial year if his taxable income for that year was in excess of the amount of basic exemption applicable to him.
For FY 2014-15, the amount of basic exemption applicable to individuals (other than resident senior citizens and resident super senior citizens) is ₹ 250,000, and therefore all such individuals are required under the law to file their tax return.
I am not required to file. Should I file voluntarily?
Yes, in the following cases.
Where you have incurred a loss and you wish to carry forward the same to future years.
For example, you may have housing loan in India. In most cases, you will have a loss under the head Income from House Property occurring due to interest on such housing loan. You can file tax return showing such loss. This loss can be utilized to offset positive income from properties in future years.
Similarly, you may consider filing tax return if you have incurred any capital losses on sale of shares, etc.
Where taxes on certain incomes are deducted at source and you wish to claim a refund of the taxes so deducted. For example, the banks may have deducted tax on interest on NRO accounts or tenant has deducted tax on rental payments, etc.
Where you think you would be required to submit copies of your tax returns for visa purposes or for loan purposes.
What is Form 16?
Form 16 is a Certificate of Deduction of Tax at Source issued by your employer organization after the end of each financial year.
It includes the details of the employer organization; the amount of tax deducted (from salary) and deposited, the details of the salary and other income and deductions considered by the employer organization to compute the amount of TDS.
Most organizations issue this Form in the month of May. More and more organizations are now issuing the Form 16 in an electronic format (a digitally signed pdf document).
Form 16 forms the basis for preparation of the tax return for the salaried individuals.
What Forms are used to prepare and file the tax returns?
Salaried individuals can file their returns in Form ITR 1 (aka Form Sahaj) or in Form ITR 2.
If you meet any of the following conditions then you have to file your income tax return using the Form ITR 2:
You own multiple house properties, or
You have Capital Gains, or
You are a resident having any assets abroad, or
You have tax exempt income > ₹ 5,000, or
You have brought forward or carried forward losses, or
You are having loss under the head ‘Income from Other Sources’, or
You are claiming relief under section 90 or 91, or
You have income in the nature of lottery or income from race horses.
In other cases, the return can be filed in Form ITR 1.
Form ITR 1, or Form Sahaj, as the name suggests, is simple and just about 2 pages long.
ITR 2, on the other hand, is extensive, and is about 10 pages long. Form ITR 2 requires the taxpayers to provide detailed information regarding the income as well as deductions.
What is Form ITR-V?
Form ITR-V is the document which is generated by the tax department’s server soon after a return is e-filed (without a digital signature). The ‘V’ stands for verification. It contains the summary of the e-filed return. The taxpayer is required to verify the summary in the form, print and sign the same and send it to the Centralized Processing Centre of the Income Tax Department by ordinary post or by speed post within 120 days from the date of filing the return. Non-submission of the signed ITR V form within the prescribed time would make the e-return void and the taxpayer would be required to e-file the return afresh.
Am I required to ‘E-file’ my return?
Yes, under the law you are required to e-file your return if your income for the year is ₹ 500,000 or more.
Even if you are not required to e-file your return, it is advisable to do so for the following benefits:
E-filing is environment friendly.
E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns.
E-returns are processed faster than the paper returns.
E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file.
E-returns can be accessed anytime from the tax department’s e-filing portal.
If your taxable income for financial year 2014-15 is more than Rs 2,50,000 – you must file an income tax return.
Income tax return forms for AY 2015-16 have not been announced yet, it will be announced later.
Due date for filing returns of income-tax and wealth tax for the assessment year 2015-16 for all assessees other than - (a) Company; or (b) A person other than company whose books of account are required to be audited; or (c) A working partner of a firm whose accounts are required to be audited; or (d) Assessee who is required to furnish a report under section 92E.
July 31(August 31 for AY 2015-16): Due date for filing the tax return for salaried individuals. Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return
Basics of E-filing Income Tax India
Not sure if you need to file or when? See below for helpful information!
Relevant Dates
July 31(August 31 for AY 2015-16): Due date for filing the tax return for salaried individuals.
Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return:
You cannot carry forward the losses incurred during the head under ‘Capital Gains’ or ‘Profits and Gains of Business or Profession’
You cannot revise such return later
You may have to pay interest under section 234A @ 1% per month (or part thereof) of delay in filing the return. Such penal interest is computed on the amount of income tax due as on the first day of the assessment year. Therefore, if you did not have any outstanding tax liability as on that date then the amount of penal interest under section 234A will be Nil.
If you are claiming a refund and you are eligible to receive interest on your refund then you are not eligible to receive interest on the period of delay.
If you file the return a year after the end of the financial year, the income tax officer can levy a penalty up to ₹ 5,000 for the delay.
In any case, a belated return cannot be filed after 2 years from the end of the relevant financial year.
September 15: Due date for the first instalment for payment of Advance Tax
December 15: Due date for the second instalment for payment of Advance Tax
March 15: Due date for the third instalment for payment of Advance Tax
March 31: Last date for filing the return for the financial year ended 2 years ago
Who is required to file?
An individual is required to file his income tax return for a financial year if his taxable income for that year was in excess of the amount of basic exemption applicable to him.
For FY 2014-15, the amount of basic exemption applicable to individuals (other than resident senior citizens and resident super senior citizens) is ₹ 250,000, and therefore all such individuals are required under the law to file their tax return.
I am not required to file. Should I file voluntarily?
Yes, in the following cases.
Where you have incurred a loss and you wish to carry forward the same to future years.
For example, you may have housing loan in India. In most cases, you will have a loss under the head Income from House Property occurring due to interest on such housing loan. You can file tax return showing such loss. This loss can be utilized to offset positive income from properties in future years.
Similarly, you may consider filing tax return if you have incurred any capital losses on sale of shares, etc.
Where taxes on certain incomes are deducted at source and you wish to claim a refund of the taxes so deducted. For example, the banks may have deducted tax on interest on NRO accounts or tenant has deducted tax on rental payments, etc.
Where you think you would be required to submit copies of your tax returns for visa purposes or for loan purposes.
What is Form 16?
Form 16 is a Certificate of Deduction of Tax at Source issued by your employer organization after the end of each financial year.
It includes the details of the employer organization; the amount of tax deducted (from salary) and deposited, the details of the salary and other income and deductions considered by the employer organization to compute the amount of TDS.
Most organizations issue this Form in the month of May. More and more organizations are now issuing the Form 16 in an electronic format (a digitally signed pdf document).
Form 16 forms the basis for preparation of the tax return for the salaried individuals.
What Forms are used to prepare and file the tax returns?
Salaried individuals can file their returns in Form ITR 1 (aka Form Sahaj) or in Form ITR 2.
If you meet any of the following conditions then you have to file your income tax return using the Form ITR 2:
You own multiple house properties, or
You have Capital Gains, or
You are a resident having any assets abroad, or
You have tax exempt income > ₹ 5,000, or
You have brought forward or carried forward losses, or
You are having loss under the head ‘Income from Other Sources’, or
You are claiming relief under section 90 or 91, or
You have income in the nature of lottery or income from race horses.
In other cases, the return can be filed in Form ITR 1.
Form ITR 1, or Form Sahaj, as the name suggests, is simple and just about 2 pages long.
ITR 2, on the other hand, is extensive, and is about 10 pages long. Form ITR 2 requires the taxpayers to provide detailed information regarding the income as well as deductions.
What is Form ITR-V?
Form ITR-V is the document which is generated by the tax department’s server soon after a return is e-filed (without a digital signature). The ‘V’ stands for verification. It contains the summary of the e-filed return. The taxpayer is required to verify the summary in the form, print and sign the same and send it to the Centralized Processing Centre of the Income Tax Department by ordinary post or by speed post within 120 days from the date of filing the return. Non-submission of the signed ITR V form within the prescribed time would make the e-return void and the taxpayer would be required to e-file the return afresh.
Am I required to ‘E-file’ my return?
Yes, under the law you are required to e-file your return if your income for the year is ₹ 500,000 or more.
Even if you are not required to e-file your return, it is advisable to do so for the following benefits:
E-filing is environment friendly.
E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns.
E-returns are processed faster than the paper returns.
E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file.
E-returns can be accessed anytime from the tax department’s e-filing portal.
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