Income Tax Refund, You Can Revised Your Return Till 31st March 2010
o If more tax has been deducted from your income, then you are entitled to get a refund cheque from the income tax department.
o Time to get such refund is unpredictable, so it is suggested not to overpay and to do your calculations wisely. The interest paid by the income tax department on your refund is very low, so it is better to invest the money in higher return investment than waiting for refund.
o If you e-file your return, then you stand a chance of getting faster refund.
o Refund follow-up is expensive and tedious, so it is advisable to avoid such situation of refund
o Revised return means that you can re-file your income tax return with some modification. If you have already filed your return for financial year 2007-08 but want to make modifications and file a new return, then the new return will be called the revised return.
o For this financial year (Mar 2007 - Apr 2008), you can file a revised return till 31st March 2010.
o However, if the income tax department completes the assessment of your return earlier, then you can not file a revised return.
o If you missed reporting any income or deductions, you can file revised return.
o If you received some information after filing the return, you can file revised return.
o You will need the acknowledgement number and date of filing of original return in order to file a revised return.
o If you have to disclose some income, then do so at the earliest opportunity to avoid interest/penalties from income tax department
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Here are four important facts about filing your Income Tax returns in India. The Income Tax returns filing is mandatory, there is penalty for not filing, due date for filing and disadvantages of filing beyounnd due date.
E-filing is essentially another mode of filing your income tax return, in addition to the popular mode of printing and submitting your return at the income tax counters. It is a two step process
Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a seperate notification.
The forms Saral, Naya Saral, 2D, 2E are now outdated and can not be used to file returns
Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of the salary income of the employee and the TDS deducted from the employee's income
Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax
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