How can I file my tax return for financial year 2010-11 online and is there any advantage of e-filing of tax returns?

-Amar Kumar

You can e-file your return online within the prescribed due date of July 31, 2011 by visiting the income tax website (https://incometaxindiaefiling.gov.in) wherein all the e-forms are available and step by step instructions are given. The biggest advantage of e-filing is that one need not travel to the income tax office and stand in a queue but can e-file the returns from the comfort of his/her home or office and save valuable time. You may get speedy grant of refunds as and when the return is processed by the department officials provided you have entered proper bank details in your return.

Can an individual file revised return? What are the time limits? Are there any restrictions, please advice.

-Parul Bhatnagar

Yes, there are certain conditions that needs to be fulfilled for filing revised returns. Only returns filed under section 139(1) ie normal return, or returns filed in pursuance of a notice under section 142 can be revised. Belated return can not be revised. Revised return can be filed to correct any omissions/wrong statements. Revised return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before completion of the assessment, whichever is earlier. For example, for current financial year (2010-2011) the revised return can be filed within one year from end of the assessment year (ie 2011-2012) so it can be filed before 31 March 2013. However it may be noted that if the assessment is completed prior to March 31, 2013 then the return can not be filed after completion of such assessment.

My father expired in March 2011. He has furnished a return of income for 2009 -10 claiming a refund. Will it be possible for me, being the sole legal heir, to claim this refund?

– Surender Sood

As per the provisions of section 238(2) where through death, incapacity, insolvency, liquidation or other cause a person is unable to claim or receive any refund due to him, his legal representative or the trustee or guardian or receiver as the case may be shall be entitled to claim or receive such refund for the benefit of such person or his estate. As such, in your case you will be able to claim the tax refund of your deceased father. You can intimate the relevant Assessing Officer about the death of your father and also produce evidence of such death along with proof of your assignment as a legal heir.

I want to take a pension plan for my retirement. However, I have already reached my limit of R100,000 under section 80C. Can I claim the deduction in respect of investment in pension plan over and above section 80C?

-Ravi Rao

Section 80CCC of the Income Tax Act stipulates that an investment in pension funds is eligible for deduction from your income. The total deduction available for investments under Section 80CCC and Section 80C is R1 lakh. This also means that your investment in pension funds cannot be claimed as deduction u/s 80CCC in addition to Section 80C limit.

The writer is founder of RSM Astute Consulting Group

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