Monday, July 1, 2013

New rules of filing tax returns, Know the new rules of tax filing


For some online tax filers, choosing the right form is not an issue. "A taxpayer has to just enter what he has earned under different heads of income and the portal automatically chooses the applicable form," says Sudhir Kaushik, co-founder and CFO of Taxspanner. com.

For instance, if the person has only income from salary and no exempt income, his return will be filed using ITR 1, but if he made some capital gains, has rental income from more than one house or his exempt income exceeds Rs 5,000, ITR 2 will be used.

However, taxpayers who upload their returns through the official Income Tax Department website will have to be more careful about the form they use. Delhi-based Kuldip Kaushik (see picture) used the ITR 1 last year, but since he had dividend income of over Rs 5,000 for the year 2012-13, he will have to use ITR 2 this year.

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