Filing Returns for Salaried Individuals Amol M Shinde (KH08JUNMBA61)

Returns of Income Occupation of an immovable property exceeding a specified floor area Owner or the lessee of a motor vehicle Subscriber to a cellular telephone Travel to any foreign country Holder of a credit card Member of a club

Occupation of an immovable property exceeding a specified floor area

Owner or the lessee of a motor vehicle

Subscriber to a cellular telephone

Travel to any foreign country

Holder of a credit card

Member of a club

Which Salaried people have to file returns? A person needs to file an income-tax return if his/her income is above the basic exemption limits . For the financial year 2007-2008, for males the exemption Limit is Rs 1.1 lakh, females - Rs 1.45 lakh, and for senior citizens, the exemption limit is, and Rs1.95 lakh, respectively.

A person needs to file an income-tax return if his/her income is above the basic exemption limits . For the financial year 2007-2008, for males the exemption Limit is Rs 1.1 lakh, females - Rs 1.45 lakh, and for senior citizens, the exemption limit is, and Rs1.95 lakh, respectively.

INCOME TAX RATES for MEN % Tax Income Tax Slab (Rs) for 2008/09 Income Tax Slab (Rs) for 2007/08 30 Above 5,00,000 Above 2,50,000 20 3,00,001 to 5,00,000 1,50,001 to 2,50,000 10 1,50,001 to 3,00,000 1,10,001 to 1,50,000 NIL 0 to 1,50,000 0 to 1,10,000

INCOME TAX RATES for Women 20 3,00,001 to 5,00,000 1,50,001 to 2,50,000 30 Above 5,00,000 Above 2,50,000 10 1,80,001 to 3,00,000 1,45,001 to 1,50,000 NIL 0 to 1,80,000 0 to 1,45,000 % Tax Income Tax Slab (Rs) for 2008/09 Income Tax Slab (Rs) for 2007/08

INCOME TAX RATES for Senior Citizen 20 3,00,001 to 5,00,000 1,95,001 to 3,00,000 30 Above 5,00,000 Above 3,00,000 10 2,25,001 to 3,00,000 - NIL 0 to 2,25,000 0 to 1,95,000 % Tax Income Tax Slab (Rs) for 2008/09 Income Tax Slab (Rs) for 2007/08

Why to file returns? Filing returns is mandatory . Demanded by banks and financial institutions for investments or takes loans . Refund has to be claimed for tax deduction at source .

Filing returns is mandatory .

Demanded by banks and financial institutions for investments or takes loans .

Refund has to be claimed for tax deduction at source .

Where to file returns? Centralised filing of IT returns can be done anywhere in the country, at IT offices and even post-offices. Electronic filing of returns introduced in 2004. Individuals can file returns through authorised intermediaries who digitise the data and send it to the IT Department.

Centralised filing of IT returns can be done anywhere in the country, at IT offices and even post-offices.

Electronic filing of returns introduced in 2004. Individuals can file returns through authorised intermediaries who digitise the data and send it to the IT Department.

When to file returns? For assessment year 2007-08, July 31’08 was the deadline set by the government to file tax returns . If there are no balance taxes to be paid, no interest can be levied. However, a penalty of Rs 5,000 can be imposed by the Tax Department. In case there are tax arrears, 1 per cent per month as interest on the taxes due will be levied as penalty.

For assessment year 2007-08, July 31’08 was the deadline set by the government to file tax returns .

If there are no balance taxes to be paid, no interest can be levied. However, a penalty of Rs 5,000 can be imposed by the Tax Department. In case there are tax arrears, 1 per cent per month as interest on the taxes due will be levied as penalty.

So did you file your Tax returns? THANK YOU

THANK YOU