Who is to File? Selecting correct Form? Tips for Filling up? Signing and verification? Due dates for filling? efiling of Income Tax Returns Who is to file ? When total income from all sources of income of any person exceeds the maximum amount which is not chargeable to income tax in any previous ending on 31st March then that person is liable to file his income tax return. For an individual the maximum limit of income which is not chargeable to tax, for A.Y.2006-2007 is Rs.1,00,000/- for male and Rs.1,35,000/- for female Any person claiming a refund, or carrying forward of loss or who seeking any specific statutory exemption or deduction may also file the income tax return. The return of income has to be compulsorily filed if income exceeds the basic exemption limit. TOP Selecting correct form Income Tax Returns The forms prescribed for different types of Income Tax assessees are: Form No.1 Companies other than those claiming exemption under Section11 Form No.2 Assessees other than companies and those claiming exemption u/s 11 of the I.T. Act, 1961 and whose total Income includes 'profits and gains of business of profession'. Form No.2A Resident individual assessees having income from any source other than business or profession, it the total income does not exceed Rs. 2 lakhs and if there is no brought forward or carry forward loss except under house property. Form No.2B Return of Income for the block period.(For search & seizure cases). Form No. 2C Return of Income for those who come within the ambit of 'One out of six scheme. Form No. 2D Income Tax Return Form for non Corporate Assessees other than persons claiming exemption under Sec. 11 (Saral Form). Form No.3 For assessee (other than companies and those deriving income from property held for charitable and religious purposes claiming exemption under section 11) whose total income does not include "profits and gains of business or profession. Form No.3A For assessees including companies claming exemption under section 11. Wealth Tax Returns Form A Return of net Wealth for individuals and Hindu undivided families. Form B Form of returns of net Wealth under sub-section (1) or sub-section (2) of section 14 of the Wealth Tax Act, 1957, for companies only. TOP Tips for Filling up Income-Tax Return should be filled in with care. There should be no corrections or overwriting and it should be properly signed and verified by the person who is authorised to do so under the provisions of I.T. Act. The following points should be taken care of while filling up the Income-Tax Return Name & Address (1)  The name and address must be written in block letters and while filling up the same in the cages meant for the same, one cage may be left blank after each word. (2) As the Income-tax Returns are to be generally filed on the basis of territorial jurisdiction any mistake in the address may dislocate the return which will cause undue delay in finalisation of the assessment. Assessment Year   The assessment year may be correctly filled. An assessment year is the Financial Year succeeding the year for which the income is accounted. For example for the Previous Year ending on 31st March, 2006, the Assessment Year would be 2006-07. Revised Return   Proper particulars of the original return may be mentioned in case the I.T. return is a revised return. PAN/GIR No   The PAN/GIR No. should be correctly filled so that the return reaches the concerned Assessing Officer. Status   Correct code of status/residential status may be filled in as per the Notes attached to the I.T. Return. How to file a return The first thing to do is to prepare a statement of income for the previous year and show how you computed tax on it. This document is known as a "Statement of Taxable Income"; it helps to avoid deletions or overwriting while filing your returns. A copy of this statement should also be enclosed with the returns you file. Then...   Choose the right returns form for you. Fill out the form after reading the instructions. Fill in your Permanent Account Number (PAN)/General Index Number (GIR) and the Ward Number (code number given to assessees, depending on their source of income) carefully. If you're a new assessee, write 'not allotted' in the space allotted for the PAN.  Fill in your correct status code number. (There are separate codes for salaried individuals, self-employed professionals, Hindu Undivided Families and Trusts.) No other number or alphabet should be written in the space provided for your status code. Round off your income under each head to the nearest rupee. Do not qualify the figures by stating 'about' or 'approximately'. In case of any loss under any head of income or in the aggregate, indicate it with a minus (-) sign.  The total income should be rounded off to the nearest multiple of 10.  The verification should be signed by the assessee himself, by the managing partner/ any partner in case of a firm, by the karta (head) in case of a Hindu Undivided Family (HUF), by the managing director/ any director in the case of a company, or by any member or principal officer in the case of an association. Under unavoidable circumstances, it can be signed by a person authorised by a power of attorney. The verification must be attached with the return. TOP Signing and Verification The return must be signed and verified by the person specified in section 140 of the Act, as detailed below:   In the case of an individual, the return shall be signed and verified-By the individual himself. Where he is absent from India, by the individual himself or some person duly authorised by him in his behalf. Where he is mentally incapacitated from attending to his affairs, by his guardian or any other person competent to act on his behalf. Where, for any other reason, it is not possible for the individual to sign the return, by any person duly authorised by him in his behalf. Where the return is signed by an authorised person under items (ii) and (iv) mentioned above, he must hold a valid power of attorney from the individual. A copy of such power of attorney must be enclosed with the return. In the case of a HUF, the return shall be signed and verified by the karta and, where the karta is absent from India or is mentally incapacited from attending to his affairs, by any other adult member of such family. Where a junior member of the family is acting as karta with the consent of the other members, he can sign and verify the return. In the case of a company The return shall be signed and verified by the managing director. Where for any unavoidable reason such managing director is not able to sign and verify the return or where there is no managing director, the return may be signed and verified by any director. In the case of a non-resident company the return can be signed and verified by a person who holds a valid power of attorney from such company to do so. A copy of such power of attorney must be enclosed to the return. Where a company is being wound up, the return can be signed and verified by the liquidator. Where the management of the company has been taken over by the Government (Central or State), the return shall be signed and verified by the principal officer thereof. In the case of a firm, the return shall be signed and verified by its managing partner, or where for any unavoidable reason such managing partner is not able to sign and verify the return, or where there is no managing partner, the return shall be signed and verified by any adult partner. In the case of a local authority, the return shall be verified and signed by its principal officer. In the case of a political party, the return shall be signed and verified by the Chief Executive Officer of the party, whether he is known as secretary or by any other designation. In the case of any other association, the return shall be signed and verified by any member of the association or by the principal officer thereof. In the case of any other person, the return shall be signed and verified by that person or by some person competent to act on his behalf. A return which is not signed or is defectively signed is not a valid return and is liable to be treated as non-est. TOP Due Dates for filing A new assessee should file his Income-tax Return with the Assessing Officer having territorial jurisdiction over the area where he resides, or with the Assessing Officer having special jurisdiction over the specific assessee or class of assessees or class of income to which the assessee belongs or is covered by. Normally, there are separate wards for the assessees earning income from salary. These wards/circles have also been assigned separate jurisdiction for separate classes of assessees. The assessees deriving income less than Rs.10 lacs may be assessed in a 'Ward' whereas the assessees deriving income above Rs. 10 lacs may be assessed in a 'Circle'. An existing Taxpayer must file his Income Tax return with the Assessing Officer who had previously assessed him or with the Assessing Officer to whom his case has since been transferred. The Income-tax Return may be delivered either at the Dak Receipt Counter in the Range/Ward/Circle having jurisdiction over the assessee or the return may be sent through registered post. When the return is delivered at the Dak Counter the official manning the counter returns one copy of the acknowledgment form attached with the return after signing, stamping, and numbering it. The date of filing the return is also prominently displayed on the acknowledgment over to the assessee. Sr No. Status Due Date 1 In the case of a company by 31st October of the assessment year 2 In the case of an assessee other than a company 2.1 Where the accounts of the assessee are required under this Act or any other law to be audited or where the report of an accountant is required to be furnished under section 80HHC or section 80HHD or where the prescribed certificate is required to be furnished under section 80R or section 80RR, or in the case of a co-operative society or in the case of a working partner of a firm whose accounts are required under this Act or any other law to be audited by 31st October of the assessment year 2.2 Where the total income includes income from business or profession [other than a case falling under (2.1)] (supra) by 31st July of the assessment year 2.3 In any other case by 31st July of the assessment year TOP efiling of Returns by Individuals for Assessment Year 2004-05 onwards On 30 September 2004 the Central Board of Direct Taxes notified a new scheme for filing of returns of income through Internet. Under this scheme, for Assessment Year 2004-05 onwards in specified sixty cities individuals, who have been allotted PAN and have income from 'Salaries', but do not have income under the head 'Profits and Gains of business or profession', may file returns and enclosures electronically through Internet under their digital signatures. Download Notification S.O. 1074(E) for more details.