Income Tax Returns

Under Income Tax Law if your total income exceeds the basic exemption limit: You have to file the Income Tax Return within the prescribed time, i.e. by the due date.

This is applicable for the Assessment Year 2012-13.

As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc) exceeds the basic exemption limit.

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For Assessment Year 2012-13, the basic exemption limits are the following:

•   For Men below the age of 60, the exemption limit is Rs. 1,80,000.

•   For Women, below the age of 60, the exemption limit is Rs. 1,90,000.

•   For Senior Citizens, whose age is between 60 years to 80 years, the exemption limit is Rs. 2,50,000. This is identical for men and women.

•   For Super Senior Citizens, of the age of 80 years or more, the exemption limit is Rs. 5,00,000.

What does Total Income without allowing deductions (such as Section 80C etc) actually mean?

Let’s say, your gross total Income is Rs. 2,00,000. You have paid Rs. 50,000 in LIC premium for claiming deduction under Section 80C. Your Taxable Income is Rs. 1,50,000 (Rs. 2,00,000 – Rs. 50,000). The tax payable on Rs. 1,50,000 is Zero.

However, even in this situation, you are required to file your Income Tax Return as your gross total Income exceeds the basic exemption limit of Rs. 1,80,000. (Assuming you are not a senior citizen).

If you are a citizen of India and you are an employee who is annual income is more than 2.5 lac then it is your duty to pay the tax.

For Male below 60 years of age

Income Tax Slab	Income Tax Rate
Income below 250000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Female below 60 years of age

Income Tax Slab	Income Tax Rate
Income below 250000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Senior citizen above 60 years of age

Income Tax Slab	Income Tax Rate
Income below 300000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Senior citizen above 80 years of age

Income Tax Slab	Income Tax Rate
Income below 500000	Nill
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

Why to File IT Return

What is Income Tax

Most systems define income subject to tax broadly for residents, but tax nonresidents only on specific types of income. What is included in income for individuals may differ from what is included for entities. The timing of recognizing income may differ by type of taxpayer or type of income.

Income generally includes most types of receipts that enrich the taxpayer, including compensation for services, gain from sale of goods or other property, interest, dividends, rents, royalties, annuities, pensions, and all manner of other items. Many systems exclude from income part or all of superannuation or other national retirement plan payments. Most tax systems exclude from income health care benefits provided by employers or under national insurance systems.

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Income Tax applicable for:

Only net income from business activities, whether conducted by individuals or entities is taxable, with few exceptions. Many countries require business enterprises to prepare financial statements which must be audited. Tax systems in those countries often define taxable income as income per those financial statements with few, if any, adjustments. A few jurisdictions compute net income as a fixed percentage of gross revenues for some types of businesses, particularly branches of nonresidents.

File IT Return by yourself

Follow these steps to upload Income Tax Return

To Upload ITR, please follow the below steps:

Download the ITR preparation software for the relevant assessment year to your PC / Laptop from the "Downloads" page. Prepare the Return using the downloaded Software.

Gather all the information regarding your income, tax payments, deductions etc. Pre-populate the personal details and tax payments/TDS by clicking on the 'Pre-fill' button. Compare with the information you have to ensure that nothing is left out. Enter all data and click on 'Calculate' to compute the tax and interest liability and final figure of Refund or Tax payable If Tax is payable- remember to pay immediately and enter the details in appropriate schedule. Repeat above step so that tax payable becomes zero Generate and save the Income Tax Return data in XML format in the desired path/place on your PC/Laptop. Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code. Go to e-File and click on "Upload Return". Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button). Upload Digital Signature Certificate (DSC), if applicable. Please ensure the DSC is registered with e-Filing. Click on "Submit" button. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.

OR

The return is not uploaded with DSC; the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing. The return will be processed only upon receipt of signed ITR-V. Please check your emails/SMS for reminders on non-receipt of ITR-V.

Upload Income Tax Return process is complete now.