E-Filling Tax Return 2013

Tuesday, July 2, 2013

E-Filling Tax Return 2013 - 2014 Tips

If you haw fin asset abroad, the government wants you to mandatory file returns online. This applies to any kind of investments abroad or a bank account in any other country. However, there is some grey zone with respect to some mutual fund investors who participate in global funds. There is no clarity as to whether such investors come under the ambit, too.

"Anyone holding a foreign asset will have to nil ITR forms II. Ill and IV to file returns. The prescribed forms basically called data on the source of salary income and capital gains. These forms also include a separate schedule where details about foreign assets need to be specified." says Suresh Surana. founder and director, KS\1 Astute Consulting. These individuals are spared from hainng to fill Sahaj or Sugam forms.

In another (weak that may affect millions, anyone with an annual salary of more I ban RslO lakh will have to file ret urns electronically, which could lead to a heavy online rush to file taxes. This explains why you need to gel off the block, do your homework early and not to wait for last-minute filing.

Going seamless

The sheer ease of filing tax online makes it a favourite option. It also speeds up the process ami allows you to track your refunds online. "Online return filing is a welcome step for most tax payers as it reduces paperwork, h will relieve many of us from the pain of wailing in long queues to file our own tax returns. From the tax department's perspective, it leads lo quicker disposal." says Parizaad Sirwalla. partner, KI'VKJ. Apart from the government website. www.incomelaxindia.gov.in. several private players allow you to file taxes online. They offer different packages based on your requirements and the involvement offered. "During 2011-12. lh.400 crore people showed up for online filing of IT returns. Besides, according to new rules, people who have a salary income up to Rs S lakh need not file retruns provided they do not have an interest gain exceeding RslO.OOO." adds Surana of RSM Astute Consulting.

Sleer clear or fraud

An online filing will enable tax authorities locloseK scrutinise any individual unh overseas assets.