Tax preparers to your aid
In order to make filing tax returns easier, the government has taken two initiatives.business Updated: Jul 27, 2012 21:35 IST
In order to make filing tax returns easier, the government has taken two initiatives:
You can skip filing returns
If you are a salaried individual, have a taxable income — income minus deductions — less than Rs 5 lakh and have been with a single employer during entire FY12, then you need not file returns.
Also, it is important that the interest income from your savings bank account is less than Rs 10,000 and that you have reported the interest income to your employer. You also need to ensure that your employer has your Permanent Account Number and your employer has deducted your total tax liability during the year.
Keep in mind: But before you skip filing returns, sit with your chartered accountant or human resource official to understand what your tax liability is. The employer calculates your tax liability depending upon the investment declaration that you make in the beginning. If you understate or overstate in this declaration, there is a good chance that the employer has either paid more or less than your actual tax liability. While the employer can deduct more to meet any shortfall, it can’t refund extra payment of taxes. To claim a refund, you will need to file returns.
For minor troubles, you can just log on to Trpscheme.com and post your query there. Tax experts will get back to you either online or through phone within 24 hours. You can even arrange for a home visit from one of these experts. You can also call the tax return preparers, or TRP scheme call centre at 1800-10-23738 for further assistance. Keep in mind these TRPs cannot take more than R250 from you per return.