IT Returns

 PAN card and Filing of Nil Returns

     Repeated announcements were made at the center for receiving IT returns that PAN card holders need not file returns for the year if their tax payable is Nil.
    This was a welcome news to the many harassed persons who had come to deposit forms even though no tax was to be paid.

    Will this be applicable next year also? Who knows?


You can file tax returns till March 31
New Delhi: Forgot to file your income-tax (I-T) returns by July 31. Not to worry. You can file eturn till March 31, 2008, without attracting any penalty.
   However, those, who will file return after July 31, will have to pay interest at the rate of 1% per month on the outstanding tax liability. This means, a salaried person, whose tax has already been deducted from his salary, will not have to worry at all as his outstanding tax liability is zero and, so the interest amount will also be nil.
   But, if he has any other income, including interest from savings account, he will have to pay the interest at the rate of 1% per month on the interest income earned in 2006-07.
   So, if you have not paid any tax, you will have to pay the interest on the tax liability. But, if it is capital gains income, the interest will be charged from the quarter in which the income is generated. But, the interest charge will remain at 1% of the tax liability per month.
   The code for the tax returns filed after July 31, will be 12. The code for those who filed the return before July 31 was 11.

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