NEWS & ADVICE : FIXED DEPOSITS
Haven’t filed a return of your income? File Now
By Joseph Samson
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Form to File

There are two types of forms - ITR-1 and ITR-2 - for filing the income tax return and the source of income decides the type of the form applicable for an individual. ITR-1 is applicable for individuals having only salary, pension and interest incomes where as ITR-2 is to be used by individuals who have any other source of income such as income from any capital gains, income or loss from house property and others. ITR-1 form is usually used by a limited number of assesses as most salaried individuals have incomes apart from interest also. These forms can be easily downloaded from the income tax department site or any other online tax preparation sites.

Once you have decided the form that is valid for you, you will have to fill it carefully and submit to the tax authorities and get an acknowledgement from them.

Methods of Filing the return

Meanwhile there are two options available for the individuals to file their return of income - Physical filing and Electronic filing. Under the physical filing, one needs to take a print out of the respective ITR form along with the Acknowledgment form and file it with the Income Tax Officer.

On the other hand if an individual opts for electronic filing, he has to put in the details of Form 16, a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government, in the software of the website, which would automatically generate an electronic return in XML format. Thereby visit the income tax department site and upload the XML file generated with an uploadeda digital signature. This will complete the electronic filing procedure without involving any paperwork.

The electronic filing method has become common in the recent times as it can be done from anywhere thereby saving time. Moreover it also eliminates the interface between the tax assessee and tax officials.


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(Comments Posted : 1) Post Your Comments
1. suppose, if the tds deducted by bank is not deposited with the government, then how should I proceed further in the matter?
Bank issued tds certificate to me but failed to deposit the tds with govt. I requested them to deposit the amount so that I can declare ITR for this year, but they did not do so and simply saying that the process of uploading is oursourced. How long I have to wait for the same as time to submit ITR is 31st july.
How to deal with the matter now? Shall i take this matter to the Incometax department or any other forum to solve my problem. Please suggest.
THanks,
Krishna
krishna (Posted: Jun 29, 2011)
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