Taxman returns

Not long ago, filing of tax returns was a very tiring process with people being required to stand in long queues. With technological developments and initiatives taken by the Income Tax Department, taxpayers can conveniently file their returns online now. There are queries as to what happens if the internet connection stops working or what if one forgets the password. The following frequently asked questions can help file your returns with ease.

Who is exempt from filing tax returns?

Any individual whose income is up to the basic exemption limit or lower is not required to file returns. As per a notification issued by CBDT, an individual whose total income during the financial year is up to R5 lakh need not file returns if the income consists of only salary and interest up to R10,000 from a savings bank account.

Are there any additional conditions to qualify for the exemption?

Yes, the permanent account number will have to be reported by the employee to the employer. The interest income should be reported to the employer and the employer should have deducted the tax and deposited. Form 16 should be obtained from the employer and the salary should be received from one employer only. There should be no refund claim.

If my CTC is R6 lakh, can I still get an exemption?

The notification issued by CBDT provides that total income is up to R5 lakh. Total income is income after availing the tax deductions. Thus, if salary is R6 lakh and there is in an HRA exemption of R1.20 lakh making the total income to R4.80 lakh, then you need not file tax returns. ?Total income? is computed after providing exemptions like HRA, LTA and also providing Chapter VI-A deductions like section 80C, etc.

Should I file return online?

As per the recent changes made by the Income-Tax department, it is mandatory to file your tax returns online if your total income is above R10 lakh or if you are ordinarily resident individual owning foreign assets. Other tax payers also have the option of filing in a physical format.

How can I download the ITR-V acknowledgment?

Once the ITR-V is generated, print and sign it in blue ink only and send it by ordinary/speed post to the Central Processing Centre (CPC). The address is Income-Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore- 560100. The tax department will send an e-mail acknowledging the receipt of ITR-V to your e-mail ID/ You will also get an SMS on your mobile number. ITR-V should not be sent to any other office of the income-tax department. The ITR-V should be sent to the CPC within 120 days of uploading the return.

What if no response is received from the CPC?

In this case, You may send a fresh ITR-V to the above address as a precaution.

Is the ITR-V required to be signed in blue ink only?

The guidelines issued by the Income-Tax Department clearly specify that the ITR-V is required to be signed in blue ink only.

What happens if the internet gets disconnected while filing the returns?

Log into your account again after the internet connection is restored and check the status of your return to see if the return was uploaded properly. If it wasn?t, repeat the process and ensure that your ITR-V is generated.

What is Form 26AS?

Form 26AS is a consolidated tax statement issued to a tax payer, which summarises the amount paid against each PAN number. It summarises the credit of TDS, advance tax, self-assessment tax, etc.

How do I retrieve my password if I have forgotten it?

To reset your password, click on the ?forgotten password? tab appearing on the login page of the tax department?s website. In the password reset page, either of the following options can be selected by the taxpayers: Enter the answer to the secret question entered while registering online; or enter the assessment year and acknowledgment number of any of earlier e-filed return by the taxpayer since AY 2007-08. And if nothing works, you can write to the NSDL and ask them to reset it.

The author is a director with KPMG