Leave the hassle of Calculating your Income Tax to us from sources of Salary, Capital gains, Rental Income, Business income Other income and claim maximum refund. Many assume that the filing of tax returns is a harrowing experience. There are some myths associated with these filings. A common fear is that the taxman comes knocking at the door if the tax returns is filed. The fact remains that each
individual having taxable income has an obligation to file his/her income tax returns for the relevant financial year. Due date is the final date by which the tax should be paid. The due date for filing tax returns by individuals depends on the category one belongs to. In case of Salaried employees, the return is to be filed by 31st of July for the year ending 31st March. If a return is filed after due date, the assessee will be liable for Interest. The Income tax to be paid would depend on the Income Tax Slab you are in. Income tax Slab/Bracket is nothing but the range/slab/bracket you would fall in. And your tax rate would depend on that bracket. Income Tax slabs are given below
Income tax Slab rates for financial year 2012-2013 for Ordinary tax payers both male, female
Income tax Slab (in Rs.) Tax
0 to 2,00,000 No Tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Income tax Slab 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)
Income tax Slab (in Rs.) Tax
0 to 2,50,000 No Tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax Slab 2012-2013 for Very Senior citizens (Aged 80 and above)
Income tax Slab (in Rs.) Tax
0 to 5,00,000 No Tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
BENEFITS OF TAX FILING
Filing of tax returns ensures that the individual is compliant with the tax laws. There are other benefits also. By staying within the time lines, the individual would be able to manage his financial affairs effectively. For instance: - The acknowledgment for filing the tax returns would come in handy in case a visa is required to be obtained; the document would serve as proof of the financial soundness of the individual.
• If a loan is required to be obtained from a financial institution, the tax returns would be required to prove the ability of the person to repay the loan
• Excess taxes paid by an individual either by way of tax deduction or advance/self-assessment tax can be refunded only by filing tax. DOCUMENTS REQUIRED FOR FILING RETURNS:
• Form 16
• Employee mane as per PAN Card
• Father name of employee as per PAN card
• Email id
• Full postal address
• Bank Account Number
• IFSC code of Employee’s bank account
• Phone number
• Savings details if any, which have not been considered in Form 16
