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Income Tax Return form: Around this time each year, I debate whether to do it myself or simply ask Manoj Kumar, the agent in our office, who has been doing it for me and several others for years. Embarrassed by my inability, this time I decided to take the bull by the horns and sat down to perform the seemingly-daunting task of filing my income tax return for this year.
I logged on to incometaxindia.gov.in, (you can also log on to incometaxindiaefiling.gov.in) and began by downloading the form. This is where you stumble on the first hurdle. Which form to download – ITR-1 Sahaj or ITR-2? The journey of demystification of filing of income tax return (ITR) thus began.
To start with, all the taxpayers who have earned income above Rs 5 lakh in 2013-14, are required to file their income tax return in the assessment year (AY) 2013-14. The government has made many amendments to the Income Tax Act 1961, in the Budget 2013-14. While filing the return, you have to keep in mind the changes. Then, you have to understand the form that you have to fill. The salaried individuals, who are required to file their returns latest by July 31, have to fill what is known as ITR-1 (though there are certain exceptions to this which have been discussed later). If you fail to file returns within the due date and any taxes are payable by you after considering tax deducted at source (TDS) by your employer, advance taxes or other credits, you will be charged a penal interest at the rate of one per cent per month for the delay in filing the returns.
All the same, salaried individuals earning less than Rs 5 lakh and having saving bank interest income of less than Rs 10,000 in a year need not file their tax return. This too though comes with a rider. The exemption from filing return is available only if the employer has deducted the entire tax liability through TDS and deposited it with the government. If salaried employees have changed jobs during the year, they will not be exempt from filing the tax return even if they fulfill the condition.
All individuals having income above Rs 5 lakh have to mandatorily file I-T returns electronically. ITR-1, known as Sahaj form, has to be filled by individuals who have income from salary or pension, receive