Income Tax Software | ITR1 , ITR2 , Tax Calculator , Income Tax Return, Tax Filing
TaxSpanner is the leading Online Income Tax Preparation and Filing for India , India Income Tax Software. Easy, secure, confidential Income Tax preparation and filing.
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TaxSpannerQuick Rs. 249 TaxSpanner Advanced Rs. 449
Have Form 16 and Interest Income? File through TaxSpanner Quick.
All you need is Form16; and you can prepare your return in just 15 minutes. Supports multiple Form 16s. NRIs can also prepare and file through TaxSpanner Quick.
Generates the new ITR1 form instantly.
Own shares, mutual funds, employee stock options? Or, have one house property? Or, have dividend, gifts, winnings income? File through TaxSpanner Advanced.
It also provides detailed Deductions Analysis to take maximum advantage of your investments.
Generates the new ITR1 / ITR2 form instantly.
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Who should file income tax return
Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax.
The amount of gross total income not chargeable to income tax is:
a) Women (below the age of 65 years): Rs. 1,45,000
b) Any other individual (below the age of 65 years): Rs. 1,10,000
c) Any individual (65 years of age or above): Rs. 1,95,000
For e.g., a non-senior male having annual income above Rs. 1.1 lakh should file return, even if he can claim the entire Rs. 1.1 lakh in deductions.
Any person to be considered 65 years of age or above should have achieved 65 years of age on or before 31st March, 2008.
Articles on income tax
Who should file income tax return
Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax.
The amount of gross total income not chargeable to income tax is:
a) Women (below the age of 65 years): Rs. 1,45,000
b) Any other individual (below the age of 65 years): Rs. 1,10,000
c) Any individual (65 years of age or above): Rs. 1,95,000
For e.g., a non-senior male having annual income above Rs. 1.1 lakh should file return, even if he can claim the entire Rs. 1.1 lakh in deductions.
Any person to be considered 65 years of age or above should have achieved 65 years of age on or before 31st March, 2008.
2. Due date of filing income tax return
* Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a seperate notification.
* The income tax department may any time extend the due date for filing Return of Income by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
* Even if the person can not file return of income by due date, he can still file return upto 31st March of the next financial year . In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2008, and could not file return by the due date, then he can file the return upto 31st March 2008.
* All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.
3. Forms to be used for filing return
* The forms Saral, Naya Saral, 2D, 2E are now outdated and can not be used to file returns.
* Salaried employees should use either ITR1 or ITR2 to file returns.
* Form ITR1 is applicable for individuals having Income from Salary, Pension, and/or interest.
* Form ITR2 is applicable for all other individuals not having income form business and profession. I.e., if you have income/loss from house property, capital gains and/or other sources, you should use ITR2.
* The new ITR forms are annexure-less, i.e., you do not need to attach any documentary proof such as Form 16, investment proof, etc.
4. How to file income tax return (E-filing)
* E-filing is essentially another mode of filing your income tax return, in addition to the popular mode of printing and submitting your return at the income tax counters. It is a two step process:
a. Prepare your return using tax preparation software: Enter your income tax data, such as, PAN, income, deductions, and TDS. Review your data for completeness and accuracy; and, generate your electronic return in XML format.
b. Upload your XML format return on income tax department website. Upon successful uploading, it will generate an acknowledgement form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the income tax counter.
* If you do not wish to e-file, then you can print your ITR1 or ITR2 and deposit it at the nearest income tax office or counter.
* Return filing statistics indicate that more than 33% of the returns are filed in the last two weeks of the return filing date. And, a very large number of returns are filed on the last date of filing returns. You can avoid the queues at income tax counters by filing your returns well before the due date.
5. Obtain your Form 16 early
* Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of the salary income of the employee and the TDS deducted from the employee's income.
* Form 16 is all you need to file ITR if you have reported all your income to your employer.
* It is your right to obtain F16 from the employer within 15 days time after the end of the financial year.
* Obtain your Form 16 early, so that you can file your return early. The earlier you file, the faster you will get refund.
* Your chance of scrutiny reduces by filing early.
* Ensure that you have F16s from all the employers that you have worked for during the year.
Can the computer replace your chartered accountant? Yes, says a software firm, which is aiming its only product at the small-time taxpayer who can't afford the hassles of finding a person to help file tax returns.
TaxSpanner - an online income tax preparation and filing tool for India at taxspanner.com - offers to help you "e-file" your income tax return in three easy steps.
Delhi-based SpanAcross IT Solutions Private Ltd. director Manoj Yadav said the product was gearing up to work with some big players and was expecting to extend its reach.
Someone visiting the site has to provide information, entering income details and claimable deductions. Income tax returns can be then prepared and filed. Filing of tax retruns can be done either through the e-filing route (online) or at an income tax office.
Located in Delhi's Mall Road, the company says it wants to scale up from some thousands using its product, to a much
bigger number. In India, tax returns are usually filed mid year.
"It makes sense. It's a hard job to find a chartered account, reach him or her, get the paperwork done. All this is time-consuming and painful, especially for individuals who don't have existing contacts," Yadav told IANS.
"There is also a problem of trust and confidence. We are strong on the privacy of our clients," said he. "Our tool is menu-driven and very easy to operate. We also offer mail-based support to our customers, replied to within 24 hours." Yadav said the company's founders were chartered accountants, and others well versed in the field of accounting and tax. Taxspanner.com is based on Free/Libre and Open Source Software tools. It runs on the general purpose, very high-level programming language Python and the web application framework Django.
"We have not spent a penny (on buying proprietary software besides developing it)," he said.
Yadav said this was a "new concept", though it had three or four more players competing in the same space, including one company recently acquired by ICICI Infotech. "We're in talks with some banks and companies that could extend the reach (of our online tool)," Yadav told IANS. "The government is moving towards the e-filing of income tax returns. We are providing e-filing support too."
Currently, TaxSpanner allows you to work out your 'advanced' returns for Rs.449, 'quick' returns for Rs.249, and you can also "try it for free, and pay only when you file" at taxspanner.com.
TaxSpanner, launched in July 2007, provides customers with an interface for preparing personal income tax returns, and reduces their "pain of preparing taxes manually". SpanAcross, the firm, says it aims at being India’s leading solution provider for online income tax preparation and filing, under the brand name TaxSpanner (www.taxspanner.com).
India, a country of 1,100-plus million, is said to have some 31.5 million tax payers.
This number grew by nearly 11 percent between March 2002 and March 2006, official figures reveal. With the government tightening income tax leakages and ensuring more citizens file their returns, the demand for help in filing returns is growing too.
The Directorate of Income Tax (Systems) at New Delhi has also said there was a total of 54 million PAN or Permanent Account Numbers allotted to taxpayers by July 5, 2007. The Income Tax Department's website incometaxindiaefiling.gov.in has also been allowing for the electronic filing of returns.
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