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How to fill up Form-16 or income tax return?

Date: 30 May 2012   Group: Finance and Investments    Category: Tax Planning   


Hello members,

I have got my previous financial years FORM-16 from my employer and want to apply for income tax return. What is the procedure to fill income tax return and its filing? Is it necessary to take help from any agent? What are the documents required for the income tax return filing? How much we can get back and when we get back our genuine money which was deducted at source?



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Filing Income tax returns is quite easy if you have little guidance. If you want to know how to fill up Form 16 or income tax return, here is the complete information about the procedure to fill tax returns and documents required to be attached with it.

Author: Sam    30 May 2012      Member Level: Gold     Points : 3  (Rs 2)    Voting Score: 0

Hi Paresh,
You will only get back any money if anything more than your actual tax was deducted.

You need not necessarily take help from an agent. You can download ITR-1 form from the website https://incometaxindiaefiling.gov.in/portal/individual_huf.do and follow the instructions to upload the form back.

You need not submit any other documents when filing online IT-return

Author: Hafeezur Rahman P    30 May 2012      Member Level: Diamond     Points : 4  (Rs 3)    Voting Score: 0

You can fill up Form-16 by typing or writing your personal detail with PAN number, and other details. Accounts department will take care most of the doubts to fill up the Form-16.

Attach Insurance copy (if you have done any insurance personally)
Attach Rent receipt original (if you are residing in rented home)
Attach Other Mediclaim, TA or Postal Saving etc.
Attach Tution fees for your kids paid from Apr-Mar.
Attach Home loan document copy if any.

Once you completed with these credential, Finance department in your company will acknowledge then will give a copy of it after signed by designated officer. You may then approach any agent to fill it up with nominal fees. You can get acknowledgement later. After a year, you will get some return from your source that will be sent to your saving account by the Government Tax department.




Author: Manoj Chaurasia    31 May 2012      Member Level: Gold     Points : 10  (Rs 10)    Voting Score: 2

Hello Paresh

Since you have got your form 16 from your employer for the previous year, which i think, in your case is 2011-12.
As far as question regarding attachment goes, i think you must have already furnished all the attachments to your employer, who in turn would have taken it into consideration in providing you with the requisite deductions and thereafter deducted tax on the remaining taxable income. therefore there is no need to attach anything along with the income tax return. In addition it is also not allowed to provide any attachment along with your return whether you file it manually or online.
But in case you have forgot to provide any information before issuing form 16 to your employer regarding your savings like forgot to give the premium receipt of your life insurance or medical insurance, then you will have to take that deduction into consideration and recompute your tax accordingly.

Now coming to Income tax return. In this case you will need the Form 16 issued to you and the income tax return form applicable to you. Assuming that you have only salary and interest income, ITR 1 or Sahaj is applicable to you. You need to fill the details as mentioned in form 16 regarding your taxable salary, deductions and tax deducted and other information as asked in Sahaj form.

In case you have recomputed your income as told to you above when any saving details were not provided and benefit of which is available, then you should fill the Sahaj form on basis of new computation. In such case you can take help of any agent or professional if you are not aware of the process to compute tax and take deductions, which i assume you must be very much aware.

Now comes the filing part of return. you can file your income tax return in two ways:
1. Manually
2. Online

1. In manual method you will have to take printout of the Sahaj form and fill all details manually and sign the same and go to your applicable ward to file the return by hand and take acknowledgement there and the. If you are not aware of your ward then you can check the same from income tax site by filling your PAN no. Link for same is given as reference.

2. In online method you have to follow the given procedure.
a) Got to incometaxindiaefiling.gov.in and download the Sahaj form by selecting the coorect assessment year i.e. 2012-13
b) Fill the form as per the details given in form 16. make sure all the information is provided.
c) Generate xml by clicking the button given in the form (sahaj) and save the same.
d) Now go to the site address given above and register your PAN if not done already.
e) Now after registering your PAN you can login to your account on the site and file your return.

Till last year, after filing your return online one had to take printout of ITR V which gets generated after filing of return and sign it and send it to CPC Banglore, which will be scrapped from this year onwards as proposed. The Income tax department is working on the same.

Now you can choose between the methods most appropriate to you.
With regard to tax refund, it is possible only in case tax deducted by employer is more than it should be. Generally the employer takes all the financial declaration from employees and then accordingly computes tax individually for each employee and later deduct tax only to the extent applicable to each employee. However there can be a difference in case any documents were not submitted in time as told above regarding any saving receipt not provided to employer.
Only in such cases you need to recompute income and fill the applicable ITR form and claim refund, but remember you do not need to attach any kind of proof along with the return. You should keep the receipts and new computation with you in case it is needed in future (which usually is not required).

Regards

Author: Paresh Gujarati    01 Jun 2012      Member Level: Gold     Points : 0    Voting Score: 0

Hello Manoj. Nice explanation.

Actually I forget to submit my wife's insurance premium receipt to my employer and it is worth Rs. 50000 So, It will give me high relief for tax deduction. How do I proceed for that because Now I want that to include in my saving and want to take back that income tax deduction.
What is the procedure should I follow why filing income tax return? For last financial year i.e. 2011-2012, what option of year do I select for online return filing?

Author: Manoj Chaurasia    01 Jun 2012      Member Level: Gold     Points : 7  (Rs 6)    Voting Score: 2

Thank you Paresh

As already told you will have to recompute the tax by taking the deduction available for which no proof was submitted.
You will have to check whether the limit of section 80C is exhausted or not as insurance premium is covered under section 80C only. Limit under section 80C being Rs. 100000 only, so if the limit is already exhausted by other savings then there will be no benefit for this insurance premium and if not, then you can definitely use the same.
You must check the Chapter VIA deduction as mentioned in Form 16 and see how much deduction is there under Section 80C and then accordingly proceed.
For example if the deduction under section 80C as per form 16 is provided as Rs.70000, then you can get additional deduction of Rs. 30000 out of Rs.50000 and not the complete sum. So please do check this thing before finally arriving at the exact tax refund. you can easily find tax calculator online which will help you compute exact tax amount. Even the sahaj form has facility to compute tax once you fill all the details. Use any one of them.
Remember this thing that if year 2011-12 is your financial year then year 2012-13 will be your assessment year and if financial year is 2012-13 then assessment year will be the next year 2013-14 and so on.
Financial year is the year in which the income is earned which begins from 01/04/20XX and ends on 31/03/20XX every year.
Assessment year is the year in which the return is filed and assessed by the income tax department.
On income tax site you will find AY i.e assessment year. So when you have to file the return always select the year as per the above explanation. As you have mentioned financial year 2011-12 then your assessment year will be 2012-13. Where it asks for "Select Assessment Year" select the year AY 12-13.

Author: Paresh Gujarati    01 Jun 2012      Member Level: Gold     Points : 0    Voting Score: 0

Hello Manoj, I have some other doubts from my Form 16 is that In form 16, my surname spelling is wrong. What should I do? Ask them to change it?
and Will I get benefit for my wife's LIC Premium?

Author: Manoj Chaurasia    01 Jun 2012      Member Level: Gold     Points : 5  (Rs 4)    Voting Score: 2

Since form 16 is not to be submitted for ITR return hence there is no problem as such. But do ask the accounts department of your employer to correct the mistake in current financial year i.e. 2012-13.

If you need form 16 for submitting for any other purpose such as for obtaining loan, then also any supplementary proof will suffice for the mistake of surname. Hence there is no big issue as such.

With regard to LIC premium of your wife. This is for sure the policy must be in the name of your wife, so she only will receive the benefits and not you. Even if you make payment of premium of policy out of your bank account, then even it will not change the effect.

What i am getting the indication that the limit of Rs. 100000 u/s 80C is exhausted and any more benefit of the policy cannot be obtained. If this is the case, then i am sorry you cannot utilize it this year, but be more cautious from this year and invest your money wisely so as to derive all the benefits of available sections. Try to use section 80CCF from this year.

If this is not the case you can ignore the above para.

Regards

Author: Nilavu    09 Jul 2012      Member Level: Bronze     Points : 2    Voting Score: 0

Hi Sir,
For the last financial year i was with two employers.I was with the first employer for two months and remaning in the second organisation.
I didnt not show rent receipt for HRA exemption for the first two months to the first company.My first company has provided me with the Form-16 which has no HRA Exemption.
Now to claim TAX exemption for those two months,Can i file returns online through SAHAJ ITR-1.
If yes where can i declare the HRA amount (under which column) or should i show my total income as a reduced amount (Earnings from Form 16 minus the HRA exempted amount).

If i cant do it online ,what is the solution.


thanks in advance,
Nilavu

Author: Manoj Chaurasia    11 Jul 2012      Member Level: Gold     Points : 1  (Rs 1)    Voting Score: 0

Please refer to the below given reference link. When you will scroll down you will find that Mr. Santosh has asked for exactly the same question as you have asked.

Refer to the post and you will get the answer.


Reference: http://www.indiastudychannel.com/experts/ViewExpertQuestion.aspx?QuestionId=26686
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