No. The following points explain this clearly:
- You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments.
- The basic exemption limit for financial year 2011-2012 and 2010-2011 is as under: -
Gender, Age & Residential Status
Basic Exemption Limit
Resident Female
Rs.1,90,000
Resident Senior Citizen
(Age > = 65 yrs as on 31st March of Financial year)Rs.2,40,000
Others (Resident Male, All Non-Residents and All Resident but Not Ordinarily Residents)
Rs.1,60,000
- You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.
Any Individual having the following types of income can opt for Taxsmile's services:
- Income from Salary
- Income from House Property
- Income from Sale of Investments (Shares, Mutual Fund units, Bonds) or Property
- Income by way of Interest, Dividend, Gifts, Family Pension, Agricultural Income
- Brought Forward Losses (Except Loss from Activity of owning and maintaining Race Horses)
- Clubbing of Income
Taxsmile offers you a unique experience when filing your tax return. Find out how:
- You do not need to know Income Tax Laws.
- The tax computation is done absolutely FREE. You can also view it for free. You pay only when ready to file.
- Taxsmile is an e-Return Intermediary, duly authorized by the Income Tax Department. So we can file your return with the IT Department on your behalf.
- Taxsmile uses 128-bit encryption Secure Sockets Layer (SSL) technology, used by banks around the world. Our servers are the safest home for your data!
- No advertisements or pop-ups on the Taxsmile website.
- You can prepare and file your return for all types of Income. Taxsmile does not place restriction on income types in its plan.
After all we were awarded the Best efiling site by PC world in 2008
- Sign up with Taxsmile.
- Enter the relevant financial details. Taxsmile generates your return based on this data.
- Taxsmile will review the data you entered, and let you know if any information is missing
- View your tax computation absolutely FREE!
- Make a payment to Taxsmile based on the Filing Plan you chose.
- Authorise Taxsmile to efile your Income Tax Return.
- Receive via email the Acknowledgement (if return is signed digitally) or the ITR-V (if not)
Note: You can download a copy of your Income Tax Return in PDF format and view it. If required, you can make changes to your Income Tax Return online, at any time before filing it.
No. Taxsmile does not support manual preparation and filing of income tax returns. All returns are e-filed by Taxsmile with the Income Tax Department
Once you have entered all the required information, the tax payable by you or refund due to you will be displayed onscreen. So rest assured - the Taxsmile website is not just a tax estimating tool, but a complete return preparation and filing portal!
Taxsmile can help you e-file your return using 2 filing methods:
Efiling using a Digital Signature – Steps involved:
- Prepare your return on Taxsmile.
- Review your Tax Calculation.
- Get your Income tax Return generated in electronic format
- Attach Digital Signature (if you don’t have a digital signature, subscribe for Taxsmile-Gold and get one).
- Authorise Taxsmile to e-file your Return.
- Get acknowledgment from Income Tax Department in your mail box. That concludes your efiling.
Efiling without a Digital Signature – Steps involved:
- Prepare your return on Taxsmile.
- Review your Tax Calculation.
- Get your Income tax Return generated in electronic format.
- Authorise Taxsmile to e-file your Return.
- Get ITR-V from Income Tax Department in your mail box.
- Download and print ITR-V, sign it and enclose it in an A-4 size envelope.
- Mail this envelope to “Income Tax Department – CPC, Post Box No.1, Electronic City Post Office, Bangalore – 560100, Karnataka” within 120 days of e-filing.
- Receive e-mail from Income Tax Department, acknowledging the receipt of ITR-V. That is your final acknowledgement. That concludes your efiling.
Taxsmile Silver and Taxsmile Gold are names of filing plans offered by Taxsmile. Each filing plan has its own features and benefits. You can choose your plan based on your unique requirement.
To chose a plan, you first need to select your filing method.
- If you do not wish to e-file using digital signature, Taxsmile-Silver is the best plan.
- If you want to e-file using a Digital Signature, check whether you have a valid Digital Signature –
a. If you do not have a Digital Signature, go for Taxsmile-Gold. Taxsmile will provide you Class-II digital signature with one year validity issued by e-Mudhra, on
application.
b. However if you already have a Digital Signature, go for Taxsmile-Silver. You will be able to e-file using your Digital Signature.
When you e-file without using a Digital Signature, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps –
- Print and sign ITR-V.
- Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
- Mail the envelope within 120 days of e-filing to –
Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.
- Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.
- Your filing is now complete..
- ITR-V stands for ‘Income Tax Return – Verification’ form.
- This form is received when you e-file without using a digital signature.
- Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.
- On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.
No, you cannot. You have to compulsorily mail your ITR-V in a sealed A-4 envelope to the address mentioned above.
Yes, you should mail your ITR-V within 120 days of e-filing your return.
If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case you will have to file revised return, get a new ITR-V and submit the same within 120 days.
The Due Date of filing your Income Tax Return for a financial year is 31st July after the end of the financial year. Thus, for financial year ended on 31st March, 2012, the due date of filing Income Tax Return is 31st July, 2012.
No, it does not mean so. You can file return after the last date also. However, in such case you will have to pay penal interest @ 1% per month for late filing. In case you have not filed your Income Tax Return for the financial year ended on 31st March, 2012 till 31st July, 2012, still you can file the same till 31st March, 2013. You may be required to pay Interest. Further, in case you have still missed to file your Income Tax Return by 31st March, 2013, you can still file the same till 31st March 2014, beyond which the return will become time barred and you would not be able to file the same. Assessing Officer may require you to pay penalty up to Rs.10,000 for late filing of Income Tax Return.
Revised return is filed when there were some mistakes when you originally filed your return and now you want to rectify that mistakes and file a rectified return. With Taxsmile you can prepare revised return and file.
Taxsmile's Customer Support team will be happy to help resolve all your doubts and queries. You can Write to us at info@taxsmile.com.
With Taxsmile, you can confidently prepare and file your Income Tax Return on your own. We believe you can, because:
- You are guided through simple interactive screens with online help available at each step.
- If you have basic queries like navigating through the website, printing your return etc., you can contact us by phone or email us.
- Your tax calculations are done by intelligent algorithms that are built into our website and incorporate the latest updates. So you do not have to bother about tax laws and updates. Our system does it all!
Actually, filing returns online is not at all difficult. Read the feedback from other customers just like you about filing using Taxsmile.
Taxsmile protects your data in several ways.
- Taxsmile uses globally accepted 128-bit encryption Secure Sockets Layer (SSL) technology to protect your data while being transmitted from your computer to its data servers. This technology is used by banks globally, and offers the highest level of protection against any third-party intrusion
- Taxsmile servers are secured with firewalls to safeguard your data from viruses and unauthorized intrusion attacks. They are monitored around-the-clock for any denial of service or intrusion attacks
- As a registered user of Taxsmile, you can access your data through a unique password, which you create when you register for our service. Since your password is unique to you, only you can access your data. We have implemented a stringent security policy to protect your data against unauthorized access.
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