Filing Tax Returns - New Rules

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THERE are some changes in income-tax regulations on filing of returns. The due date for filing the tax return is July 31 and it will be a good idea to know about these changes.

Until last year, taxpayers having total income above Rs 10 lakh were compulsorily required to file their returns electronically. The new amendments have amended this limit to Rs 5 lakh. Hence, if your total income is above Rs 5 lakh, you need to file your tax return electronically.

Below changes are also relevant and will come handy when you file your tax returns: IFSC code: It was mandatory to provide MICR code earlier. However, MICR code has been now been replaced with IFSC code. IFSC code is an 11 digit alphanumeric code mentioned on your cheque and is mandatory to be quoted.

Exempt income above Rs 5,000: If you are in receipt of income like dividend, mutual fund, agricultural income and the total of this is above Rs 5,000, ITR 2 has to be used. You cannot use ITR 1.

Claiming benefits under section 90 and 91: Taxpayers having overseas income and claiming relief will now have to mandatory e-file their tax returns.

ITR 1 cannot be used if you are claiming relief under section 90 and 91 of the Income-tax Act (I T Act). Reporting of assets and liabilities: `Schedule AL' has been added in ITR 3 and ITR 4. As per the new schedule, if taxpayers having partner ship or business income above Rs 25 lakh then details of assets and liabilities need to be disclosed.

Taxpayers earning above Rs 5 lakh are now required to file their tax returns electronically. This will reduce the paper work to a great extent and also help taxpayers being more organised.

While electronic filing has been debated a lot, electronic filing has been proved successful.

Taxpayers earning income up to Rs 5 lakh need not worry about these provisions, as they are anyways not required to file tax returns, subject to certain conditions.

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2. HDFC TaxSaver Invest Online
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6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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