How to File Income Tax
A person needs to file an income-tax return if his/her income is above the basic exemption limits. From the financial year 2007-2008, for males the exemption limit is Rs 1.1 lakh, females – Rs 1.45 lakh, and for senior citizens, the exemption limit is Rs1.95 lakh, respectively. The following persons shall furnish a return of his income during the previous year.
(i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or
(ii) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle,
(iii) has incurred expenditure for himself or any other person on travel to any foreign country; or
(iv) is the holder of a credit card, not being an “add-on” card, issued by any bank or institution; or
shall furnish a return of his income during the previous year, on or before the due date in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed (Read Section 139 of Income Tax Act)
Filing returns is mandatory above these limits, even for a salaried person without other sources of income, and for whom tax has been deducted at source.
Documents to be Attached?
No document to be attached with ITR forms. However, all documents used for calculating income-tax return, such as Form 16, bank statements and advance tax receipts are to be preserved , Maybe the Income Tax Officer call for these later, to check the co-relation of details in the form.
Where and how to file returns?
As the process has been centralised, filing of IT returns can be done anywhere in the country, at IT offices and even post-offices. If a person has relocated, just the change of address needs to be intimated and the filing can be done at the new location. You can also file IT returns through e-filing.
