Income Tax Returns

As the financial year 2008-2009 has ended its time for all of us to think about filing income tax returns. By thins time, our employers may have finished all the paper work required for getting us Form-16 which is required for filing income tax returns for the financial year 2008-2009. We may be getting Form -16 within few weeks from now.

Now we all have to start thinking about income tax returns submission.

So, what actually is return of income?

Return on income is nothing but a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the financial year. Different forms are prescribed for filing of returns for different Status of the individual and nature of the income earned. This is something like a summary of all the financial activity done by a individual within a particular financial year.

The form is available from http://www.incometaxindia.gov.in/ or we can get them from the Public Relation Officer [PRO] of IT department.

As per the new procedure, we need not attach any documents when filing returns.

Most of the salaries employees will have to fill either ITR1 or ITR2 form. After filling this form, we can submit this to the Assessing Office of the respective IT department or send it through post or file it electronically (online). We can also submit our returns in the nearby post office also.

Filing of return is your constitutional duty and earns for you the dignity of consciously contributing to the development of the nation. This apart, your IT returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits etc.