GIITSOLUTIONS Income Tax return FY 2010-11 AY 2011-12

G I I T S o l u t i o n s

Simple Solutions For Complex Problems

Income Tax return for Individuals/HUF FY 2010-11 AY 2011-12

Download forms Govt. Of India Income Tax site Pay Taxes OnLine

1. Who is required to file the return

You are required to file the Income tax Return

(i) If you are a man and not yet 65 Yrs as on 31/03/2011 and your total income (without taking in account deductions under ch VI-A) for F.Y. 2010-11 is more than 1,60,000.
Or
(ii) If you are a woman and not yet 65 Yrs as on 31/03/2011 and your total income (without taking in account deductions under ch VI-A) for F.Y. 2010-11 is more than 1,90,000.
Or
(iii) If you are a man or woman, 65 Yrs of age or more on 31/03/2011 and your total income (without taking in account deductions under ch VI-A)for F.Y. 2010-11 is more than 2,40,000.

2. Tax Rates for F.Y. 2010-11 A.Y.2011-12

Individual Male (Below the Age 65 Years)
Up to 1,60,000 NIL
From 1,60,001 to 5,00,000 10%
From 5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Individual Female (Below the Age of 65 Years)
Up to 1,90,000 NIL
From 1,90,001 to 5,00,000 10%
From 5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Senior Citizen (Above than 65 years of age)

Up to 2,40,000 NIL
2,40,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Education cess will be in addition to this = 3% of tax payable.
No surchrage.

3. ITR Form to be filled

Q1. Do you have income from business/profession?
If yes
(i) If you are a proprietor of the business Form ITR-4 or ITR-4S
(ii) If you are a partner in business Form ITR-3
If No

Q2. Do you have Income from more than one house Property?
Or
Do you have income from Lottery or Race horses?
Or
Do you have income from Capital Gains which are not exempt from tax i.e. short-term capital gains or long-term capital gains from sale of house, plot etc.?
Or
Do you have agricultural income of more than Rs. 5000/- during the year?
Or
Do you have income from other person such as spouse or minor children which is to be clubbed with your income?
Or
Do you have any loss brought forward from previous years?

If answer to any of the items in Q2 is Yes, Then Fill up Form ITR-2

If answer to all items in Q2 is No then

Q3. Do you have income from salary/pension?
And/or
Do you have income from one house property only?
And/or
Do you have income from other sources such as interest?
And/or
Do you have income from capital gains which are nontaxable i.e. long-term capital gains from shares etc.?

If answer to any of the above is Yes, and answer to all items of Q2 is No, and your income is more than indicated in para1 above, then fill Form ITR-1 / SAHAJ.

4. Due date for filing Returns

For F.Y 2010-11 31/07/2011

Note:

1.The new forms SAHAJ and SUGAM are in color. Its black and white copies can not be used. Exact copy of the format along with the color scheme is required to be used. Specifications has been laid down even for the type of paper to be used for printing these forms (white bond paper min 70Gms). It may be better to use the original form only instead a copy of it which finally may not be found acceptable or may be printed directly from the site.
2.Fill the form in capital letters.
3.Use blue or black ball point pen to fill in the forms.
4.Do not use any commas etc in between the numbers.
5.Enter the values in whole rupees only.
6.Write your pan number on all pages.
7.Do not attach any documents with the return except the supplementary sheets for TDSI, TDS2 and IT where ever required.
8.Fill in the information in the space provided for it only as the form is to be scanned by computer.

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Income Tax Return FY 2008-09 AY 2009-10:

At the end of year everyone is worried about filing returns, looking for the right forms to fill, new income tax rules, where to submit the forms etc etc. We hope the below mentioned links would help you to solve these problems.

July 31st is the last date to file the IT Returns for the assessment year 2009-2010. You can file it online as this is free of cost and it only takes 15 minutes of your time. Following are the steps.

1. Online IT Return submission:

The below mentioned information provides you the steps for filing the income tax return online, along with the forms to be filled:

1. Go to www.incometaxindia.gov.in

2. Register yourself with your PAN no as your login ID.

3. Download the software of that form (its nothing but a PDF file). You require adobe acrobat reader 7 and above. (Filling the form can be done offline also. Only the xml file is required for filing the returns. )

4. Fill it. Have your Form 16 along side you. It has all the information required. And have your check book also because you will need bank details also.

5. At the bottom of the PDF there are 4 buttons Print, Check Form, Generate Bar Code, and Export to xml. After fill click on Check form and then click on Generate bar code. Finally click on Export to xml.

6. This will generate an xml file. Save it. (Ensure the file name has no special char or space).

7. Now login to the site there is option to "Submit returns".

8. Upload the xml file. You will get an acknowledgement form link "ITR-V". Download this and save it for reference.

9. That's it.

2. Download Income Tax Return forms:

You can download the forms to be filled to file income tax return from the below mentioned link:

Click here to download forms for filing income tax retrun

3. Interest calculator U/s 234A, 234B, 234C

Known your total tax payable without interest u/s 234A, 234B, 234C and tax paid /deducted at source by 15th Sep, 15 Dec, 15 March and 31st March you can now calculate interest if any payable u/s 234A, 234B, 234C.

Click to calculate interest

4. For any other information regarding Income Tax:

Pl visit the link below:

Click here for any other information ragarding Income Tax

4. Basic thoughts on Income Tax:

Please click the following link for basic thoughts on Income Tax rules:

Basic thoughts Income Tax