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Press Release Body = Idiot proof your tax return
With a few simple steps you can stop filing incorrect tax returns. Eduwiser.com leads the way. Picture this scenario: You are a salaried person and someone asks you - "Have you filed your income-tax return?" What would be your reply? Chances are that it will be something like this - "No, my employer deducts tax from my salary and I have no other income so I don't need to file my return". Sounds familiar? Well, let me tell you something, you are in for a rude shock. There are two fallacies in the above referred response. One is that a salaried person does not require to file his return of income because his employer has deducted tax at source from the salary. The other fallacy is that a salaried person does not have any other taxable income. Well, if you are still interested in going further, read on. The relevance of the last point mentioned above is brought out later on so I guess, you will have to read on. For the time being, to summarise, after taking the steps mentioned in the First Level above, if you find that your income exceeds the threshold limits mentioned earlier on in the table, then you know that you have got to file your return - whether you like it or not. if you happen to fall under the one-by-six scheme then you have to file your return of income even if you have NIL income. You would fall under the one-by-six scheme So, the second lesson for the day is that you need to total up ALL your income which is not specifically exempt and add it to your salary income and THEN decide whether your total income exceeds the threshold limit mentioned in the table. Finally, a brief discussion on the Advance Tax payable by you and to which I referred to earlier on. After completing the steps given in the three levels given above, if there is some tax payable by you in addition to the tax already deducted from your salary, then you have got to pay it in Advance i.e. as and when you earn the income. Advance tax is generally required to be paid in 3 instalments as under: If you don't pay the advance tax properly as per the above schedule then you would have to pay interest under section 234B and 234C. The only exception to this rule is that if the total amount payable by way of Advance Tax does not exceed Rs. 5,000 then you need not pay the tax in Advance but you can pay it at the time of filing your return. You will not have to pay any interest if you do this. Small mercies!!
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2022
