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Returns Filing Accounts


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ITM Batch Xiii B
Amol Shinde
Roll No 61

Published in: Education, Technology, Business
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Returns Filing Accounts

  1. 1. Filing Returns for Salaried Individuals Amol M Shinde (KH08JUNMBA61)
  2. 2. Returns of Income <ul><li>Occupation of an immovable property exceeding a specified floor area </li></ul><ul><li>Owner or the lessee of a motor vehicle </li></ul><ul><li>Subscriber to a cellular telephone </li></ul><ul><li>Travel to any foreign country </li></ul><ul><li>Holder of a credit card </li></ul><ul><li>Member of a club </li></ul>
  3. 3. Which Salaried people have to file returns? <ul><li>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. </li></ul>
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. Why to file returns? <ul><li>Filing returns is mandatory . </li></ul><ul><li>Demanded by banks and financial institutions for investments or takes loans . </li></ul><ul><li>Refund has to be claimed for tax deduction at source . </li></ul>
  8. 8. Where to file returns? <ul><li>Centralised filing of IT returns can be done anywhere in the country, at IT offices and even post-offices. </li></ul><ul><li>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. </li></ul>
  9. 9. When to file returns? <ul><li>For assessment year 2007-08, July 31’08 was the deadline set by the government to file tax returns . </li></ul><ul><li>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. </li></ul>
  10. 10. So did you file your Tax returns? <ul><li>THANK YOU </li></ul>