income tax returns?

Question

I had not submitted my returns last year.What r the problems i may face while submitting this yrs return? And what is the solution.Original copies of my LIC policies for which i was claiming tax deduction has gone missing for which i have applied for a duplicate.Shall i have to furnish copies of those while filing for my return.It was being deducted thru my salary

Answer 1

1 ) First of all ; file the current financial year's return quickly as the last date 31 July is fast approaching( Financial year 2006-2007 and Assessment year 2007 - 2008). Your failure to file the last year's return will not pose any problem to file this year's return .

This year you need not even attach any documents / xerox etc. with your return .Fill all the columns truthfully.

Only if your case comes up for scrutiny ( Unlikely for a salaried person ) only then they will ask to see the documents by sending you a routine notice .


2 ) You are a salaried person so the salary certificate ( Form16 ) that you get from the employer will reflect the LIC premium paid . So do not worry about the misplaced Policy.

3 ) Consult a competent tax man or C. A.
He Will do your work for a fee; but you Will be at ease .( Tax return preparer Will charge Rs. 250 /- as per the Govt. rule .

As a rule Salaried class need not worry much as their tax calculations are fairly straightforward .

Answer 2

Your federal income tax return has nothing to do with property taxes other than you can itemize property taxes on Sch A of your tax return if you itemize. This late in the year you probably won't have enough mortgage interest to make it worthwhile to itemize as the standard married filing joint deduction is over $ 10,000.00. You need to find out how much your property taxes are so you can save up the money to pay them on their due date. You cannot file a tax return withhout your W-2; and you should ask him to check as the law requires that they be issued by the 31st of January. Of course you are dealing with idiots and computers here so all bets are off; woulda-coulda-shoulda. Also check with the property tax department to see if any or all of your property taxes are exempted due to your spouse being in the military. Some states lower them or eliminate them for serving military personnel.

Answer 3

you may not face any major problems because even though you have not filled last year you can file both the returns this year, But only you have to pay the intrest on taxes if you are liable to pay taxes. As per this assesment year you even need not to file a copy of Form-16 with your ITR so i think you need not to file a copy of the lic document with the return.

Answer 4

The Government of India has made filing income tax returns very easy for the employed/salaried class. Read the past 2 days issues of The Times Of India's main newspaper and you will find the detailed procedure of payment of Income Tax returns.
Visit the website of your home state for guidance on income tax returns

Answer 5

if the premium for the insurance polcies is being deducted thru your salary at source by your employer then u dont have to attatched any more proof. F16 form issued by your employer is proof enough. Re last years return u can even do it now. there will be no problems if your tax has been paid in full and nothing is due against u. i hope i am clear. any dount pls mail me

Answer 6

31th july is the last date to file ur returns. first consult ur C.A. immediatly. both the returns can be filed in this year. Their is no need of giving the copies of lic, as it is deducted frm ur salary, just submit ur 16 no. form given by ur institution.

Answer 7

These days you can do online submissions. Better check with the relvant IT consultant and get their feedback, alternatively, go to Income tax department and get their advice. Technically, losing LIC premiums are not a big issue, because LIC is highyl compuetrised these days.

Answer 8

i had submitted my returns Although if we have LIC policies and any payment which under the regulations of rebate in Income Tex.We can get rebate.

Answer 9

pass on your form 16 or contact me on 9270310522 i can file yr return of incme for 2ys

Answer 10

At first you have to file extension ASAP. And you will get penalty. So do this quick.