blog, General, tax

Income Tax Returns submission day

Yesterday was a special day for people who earn. why because , it is the last day for Income Tax returns submission. There was a huge crowd at the income tax Bangalore office in queens road when i went there for submitting my IT returns. unfortunately i am not able to submit due to some confusion with my form-16’s. i hold two form 16 which includes from my current employer and previous employer. Aggregating the income from these forms leads to large sum of amounts to be paid as tax.

IT refers to Income Tax and not Information Technology. IT people(Public Relations Officer) out there helping a lot in filling out ITR forms, Acknowledgment forms etc which is a great job they have done that i have never seen in my life. Also this is my first ITR submissions. i am very excited about submitting my ITR forms and when i heard that i have to pay large sum of money, i was disappointed. i thought i had paid all of the tax thought TDS(Tax Deducted at Source)

This time, i have seen that Income tax department of India have done a great job by giving various options(e-filing, direct submission, through Tax Preparers) of filing IT returns to the public. In terms of technology, they have improved a lot. Income tax website provides ITR forms in PDF format. It is not just the PDF document. It has lot more functionality like it is interactive which is easier for any one filling it up if they have the form 16 with them. i too did that. its damn easy. get it from here

Yesterday is the last day for those who have the tax liability > 0. If you had not paid any tax, you got to paid by yesterday otherwise there is 1% simple interest per month till you pay all the pending tax amount. i also spoke to CA regarding my ITR confusion. by this week i plan to submit all since i own proof for all the investments i have made last financial year which are missing in the form 16 given by my both employers. hope you all had filed the IT Returns…

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