Have You Filed Your Tax Returns Yet?

It is that time of the year when you get to see advertisements and articles on how to file your tax returns for the previous financial year i.e. the tax that you have paid on the income earned in 2009-10. July 31 is the last day by which you have to file your returns with the income tax authorities. That gives you about 10 days to file your returns. However, you don't need to fret much because we at Naukriforwomen bring you information on how you can file your returns with the click of a button, sitting at your desk. All you need is a PC and internet connectivity. But firstly you may ask, why file the returns in the first place? Well darlings, it is our constitutional duty to file returns if our income during the year exceeds the basic exemption limit. So for women if your income is more than 1.90 lacs during the last year, then it is mandatory for you to file returns even if you have invested in tax saving instruments and your tax obligation may work out to NIL.

Now, for the documents required to calculate your tax returns. The most important document is Form 16 which is the certificate provided by your employer of the TDS deducted by them on your behalf. Next in line is Form 16A which is provided by parties with who you have fixed deposits or you have earned any interest by virtue of investments with them. Then you should be ready with your bank statements which will help you in tracking your income and expenses during the year. Keep handy the proof of your investments in tax saving vehicles such as ELSS, ULIPS, PPF, LIC, Mediclaim, etc. Also if you have transacted in the stock market, keep a record of the profits or losses you may have made as a result of your stock market transactions. If you have availed of a housing loan then it entitles you further savings on your tax outgo. Now we have to calculate the tax slab in which your case falls. These slabs come into account after deducting your tax savings by virtue of having invested in tax saving instruments.

In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

Income Level - Income Tax Rate

i. Where the total income does not exceed Rs.1,90,000/-. NIL
ii. Where total income exceeds Rs.1,90,000/- but does not exceed Rs.3,00,000/-. 10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. Rs. 11,000- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. Where the total income exceeds Rs.5,00,000/- Rs.51,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

Once you have calculated your total income tax liability, you are now set to file your returns. You can do so electronically which is also termed as e-filing. You can do this by availing of services of certain websites which charge you a nominal fee for filing your return electronically or you can visit the website of income tax www.incometaxindia.gov.in for further information. Please ensure that you sign the ITR-V Form at the designated places and send this form to the income tax authorities. This basically means that you have verified the filing of your return and are now submitting this after signature.

We hope this article has been useful and welcome your feedback.