Date for e-filing tax returns extended to Aug 31

The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns for assessment year 2012-13 to 31st August 2012 from 31st July 2012. This means, Assessee can file his income tax returns for FY2011-12 till 31st August 2012.

This is in view of disturbance in general life due to power failure across Northern and Eastern states and other parts of India, CBDT wide its Notification F.No.225/163/2012/ITA.II dated 31.07.2012 said it extends the due date for filing IT Returns to 31st August 2012.

Received Form 16?

Received Form 16? – That doesn’t mean you don’t have to file a return !

For those of you who think receiving Form 16 from your employer dispenses you of your obligation to file a return – Read on. Form 16 is only a certificate given by an employer to its employees confirming the amount of Tax deducted from the salary and deposited into the Government treasuries. In other words Form 16 is nothing but a TDS certificate. Filing a Tax return is a legal obligation of every individual having total income above the maximum amount that is not chargeable to income tax under Income Tax act. But there are certain conditions under which an individual may not be required to file a return. E.g. if the total income is less that Rs. 5 lakhs and the income includes only Salary from one employer and interest income upto Rs 10,000, the individual is not required to file a return of income. In those cases, Form 16 will be treated as a Tax return.

Similarly, for non-salary income, Form 16A is a certificate given by a deductor as confirmation of tax deduction from any payment made to you. In those cases too, receiving Form 16A will not exempt you from filing a tax return if you have earned income above the income tax exemption threshold applicable for a particular assessment year.