HT answers some tax-related FAQs
Taxing times are here again. With only five days left to file returns, Hindustan Times answers some doubts which have been raised time and again at the time of filing IT returns...india Updated: Jul 27, 2007 12:10 IST
What are the ways in which you can file your tax returns?
Assessees can file income tax returns on their own by going to the income-tax department or special camps or counters set up to meet the rush ahead of the July 31 deadline. They can also use the services of a CA/government-certified tax return preparer/company secretary/tax lawyer.
What if you do not file returns on time?
Returns filed after the last date carry a penalty of 1 per cent interest per month on the tax due. And if tax has been deducted at source and the taxpayer does not file returns even by March 2008, a penalty of Rs 5,000 may be levied.
When do you need to pay advance tax?
If the tax amount is Rs 5,000 or more, the advance tax must be paid in the financial year in which the income was generated. Thirty per cent should have been paid on or before September 15, 60 per cent by December 15 and 100 per cent on or before March 15 of the concerned financial year.
What's the penalty if you've not paid advance tax or tds has not been deducted?
If one has not paid the advance tax, there is a penalty of 1 per cent per month on the advance tax due. The onus of paying the tax lies on the assessee. If the tax has not been deductod at source, the individual or HUF (Hindu undivided family) is liable to pay the tax as per norms, or pay interest at 1 per cent per month on the tax due.
What proof do you have to attach for capital gains tax/exemptions or dividends received?
No attachments have to be submitted with the new forms this year. All the information has to be furnished as asked in the relevant columns.