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Contents 1 Return of income filing is to be filed by whom 2 Keep your Accounts online 3 Tax return 4 Return of income filing is to be filed by when 5 Please download your IT Return Forms here 6 Consequences for not filing tax return by the last date 7 How to file the tax return 8 Documents to preserve 9 Calculate your tax liability online using our Tax Planner 10 Tax Form filled up automatically using Tax Return Preparer 11 See also

Return of income filing is to be filed by whom

It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit .

• Any individual earning taxable income
• Also includes all salaried individuals whose employers have already deducted tax.
• One-By-Six scheme: covers any individual who falls in any of the following six categories:

1. Owner of a motor vehicle (even a motorbike or scooter).
2. Owner immovable property (land or a home).
3. Foreign travel (made a trip abroad this year?)
4. Has a cellular phone (that got you, didn't it?)
5. Holds a credit card (he does not mean an add-on credit card).
6. Member of a club with an entrance fee over Rs 25,000.

Keep your Accounts online

• Setup an eAccounts account and input all settings required. Accounting using eDeskOnline.
• Store your accounts online: rid yourselves of all headaches of backup, restore, hardware failure, etc.
• Input your journal entries and fill up all the accounts, by giving appropriate effects in the electronic format.
• Input your journal entries.
• In the left hand panel go to My eTax Profile.( View a video tutorial for Tax Profile ).
• Fill in all appropriate details as you want them to appear in your Tax Return.
• Click on Save.
• All you have to do is keep your accounts updated by entering the journal entries from time to time.
• Using the eDeskOnline, you get a overview on the internet over your accounting and tax.

Get answers to questions like the Return of income filing is to be filed by whom ? by when ? how to download forms ? consequences for not filing return, how to file the tax return ? and which documents to preserve ?. Also, this leads to an article on how to prepare your Returns on eDeskOnline ?

Tax return

"Tax return" refers to the document that is filed with the government declaring liability for taxation. An income tax return is a self-declaration stating the income earned during a year. It also includes the losses one might have incurred.

Return of income filing is to be filed by when

The last date for filing return of income for the year ended March 31, 2007 is July 31, 2007 and for individuals who are required to get their books of accounts audited under the Income Tax Act, it is October 31, 2007.

• Where the assessee is a Company: then date = 31st October of the Assessment year.
• Where the assessee is a person other than a company and where accounts of the assessee are to be Audited or working partner of a firm whose accounts are required to be audited then date is 31st October of the Assessment Year.
• Where the assessee is a person other than a company, and where the return has to be filed under the one-by-six criteria then date is 31st October of the Assessment Year.
• Where the assessee is a person other than a company and any other assessee, then date is 31st July of the Assessment Year.

Please download your IT Return Forms here

• ITR-1 For Individuals having Income from Salary & Interest: Meant for Individuals, who have Income from salary, Interest income (taxable / exempt), Family pension, Income from agricultural activities. In other words, this form is not applicable in the following situations:

1. Individual having any income (taxable / exempt) other than mentioned above
2. Any brought forward loss of earlier years
3. Any income of other person to be included

• ITR-2 For Individuals & HUFs not having Income from Business or Profession: Individuals / HUF not having any income on account of carrying out business / profession or on account of being a partner in a partnership firm.
• ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship: Individuals / HUF who are partner in a partnership firm and does not carry out any other separate business / profession.
• ITR-4 For Individuals & HUFs having income from a proprietory business or profession: Individuals / HUF who is carrying out business / profession under a proprietary concern.
• ITR-5 For firms, AOPs and BOIs
• ITR-6 For Companies other than companies claiming exemption under section 11
• ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
• ITR-8 Return for Fringe Benefits

Consequences for not filing tax return by the last date

If individuals file their returns after the last date, they will be charged a penal interest at the rate of 1% per month of delay. This percentage will be levied on the net tax payable after advance tax and TDS (tax deducted at source). They will also be liable for a penalty of Rs 5,000.

How to file the tax return

Whether it is electronic filing or physical filing, under the new procedure, individuals do not have to attach any documents or enclosures with the return. There are two options available to the individuals to file their return of income.

• Under Electronic filing, the individual will have to follow the following procedure:

1. Get the tax return in a valid XML format (through the Income Tax department site or other online tax preparation sites)
2. Visit the Income Tax site by clicking here.
3. Log on using the user-ID and password
4. Select the respective ITR form
5. Upload the XML file generated
6. Upon uploading, an acknowledgement will be generated.
7. If the file is uploaded with a digital signature, then the process of filing return is completed.
8. However if the file is uploaded without a digital signature, the individual will have to print form ITR-V and submit the same to the Income Tax department physically. The process of filing return will be completed only on physical filing of ITR-V.

• For Physical filing: the individual will have to take a print out of the respective ITR form along with the Acknowledgment form and file it with the Income Tax Officer.

Documents to preserve

Since the tax-payer is not required to submit any additional documents along with the return of income, the documents may be called at the later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserve all the documents required to substantiate the return of income filed. It is always advisable to keep all the documents required for preparation of the income tax return ready and handy before calculating your tax liability and preparing your tax return. Some common documents required by an individual for preparing the return are:

• Detailed calculation of taxable income and amount of tax payable / refundable.
• Copy of documents concerning sale of investments and properties.
• Copy of proof for all the deductions and exemptions claimed in the return of income.
• Form No. 16 ( original _ received from the employer): This will help to know your income from salary and tax deducted by your employer from your salary income.
• Form No. 16A (original _ received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property, et cetera.
• Summary of all bank accounts operated during the year: This summary will give an idea about all the income earned during the year and investments and expenditure incurred. This assures that no part of income is left out and you do not miss out any eligible deductions.
• Sale & purchase bill / documents / contract note in respect of investments / assets sold during the year: You will also need purchase documents corresponding to the sales made during the year. In case of a large number of transactions, it is advisable that you prepare a statement of sale and corresponding purchase of these investments and arrive at the amount of profit or loss, before actually calculating your taxable income.
• Details of tax payments made during the year: This is required only if you have made advance tax payment during the year.

Calculate your tax liability online using our Tax Planner

Tax calculation is performed round the year by performing automatic calculations of your capital gains, business income, deductions available. It also provides tips like how much you can invest to save tax. Use this tool to perform a study of advance tax payments required to be made by using the projected voucher feature of eDesk Online.

• On the edeskonline Webtop , update your My eTax Profile .
• Calculate your tax liability online using our Tax Planner
  • View Computed tax breakup.
  • Consolidated, itemised tax computation is generated on the basis of the information you have entered in the journal.
• This tool also prepares a Capital Gains Calculation sheet for investors in the Stock Market. This tool takes data from both the Portfolio application and accounts application to prepare the report.
• You may now view a consolidated, itemised tax computation generated on the basis of the information you have entered in the journal entries.
• Click on the link Tax Planner in the left hand panel.
• View a video tutorial: video on the workings before computating Income Tax
• View a video on the final computation of Income Tax

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Tax Form filled up automatically using Tax Return Preparer

• At the time of submitting your tax returns, filing the long forms is trouble-some.
• eDeskOnline is an online platform for you to prepare your returns. It supports all countries (e.g. UK, India,).
• Get your Tax Form filled up automatically using our Tax Return Preparer
• Tax hints to help you plan your tax e.g. how much of the Sec. 80 C limit is still available.
• Any entry made by your staff shall be under your supervision through your mobile phone
• A dedicated support is avaialable to answer your queries ( please write to support@edeskonline.com)
• Video Tutorials for easy use of eDeskOnline ( See the section at the bottom for the links )
• Auto filling up of your personal data provided in the Tax Forms. Then print it when required. Once the government launches eFiling for individuals, our users will be able to generate a file which can be directly uploaded to the government site for filing returns.
• You will get a proforma of the form, with the details filled into the respective fields as provided by you, including the computation.
• To get a readymade tax return and print it out, on the left hand panel click on Tax Return. The preview is ready.
• You will now get a proforma of the form, with the details filled into the respective fields as provided by you, including the computation.
• You may take a print-out of the form by clicking on Print Preview.

• The New Return : This option allows you to create a new Tax Return template, and save its settings sepearately from other returns. It gives you a seperate form so that you can create multiple returns and save them under different names. The Return Information Table displays information about the various tax returns that you have prepared/saved on edesk, using the tax returns feature. It shows you Options / Return Name / Return Form

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See also

• View a full fledged demo on eDeskOnline
• Taxation in India
  • Income tax in India
    • Permanent account number for Income tax in India
    • Income tax in India for Individuals
    • Income tax in India for Partnership Firms
    • Income tax in India for Corporates
    • Income tax in India for Hindu Undivided Families _ HUFs
    • TDS Tax Deducted at Source Indian Income Tax
    • My eTax Profile.
    • Capital Gains (India)
    • Advance Income tax in India
    • Income Tax FAQs
      • Accounting using eDeskOnline
      • Tax Help : a comprehensive Income tax section on edeskonline's wiki
      • Prepare for your Taxation on eDeskOnline
      • A video on Tax computation feature of eDeskOnline