Need advice on Indian tax filings please!!?



After my college, i have been working for two years and two months in a company with annual sal of 4 Lacs where i did not mention any investments under 80C in my tax declaration, neither did i provide any proof, so tax amount was regularly cut from my salary.. I got my pan card in April 2009

After two years i joined my current company (Sal 5.5 lacs) where i have been working since Nov 2009, i am planning to make investments of 1L FD in April 2010 for which i would give my tax declarations in March/April..

But in June i got to file my taxes.. My current company would give me my Form 16, but i dint collect my Form 16 from my previous company..

I am in a new job and new city and now this is really frightening me, am i in deep trouble or something.. if there is some bad news, can some one tell me what it is? This worry is just behind my mind all the time..

Can somebody please help me with clarification and the next course of action?

Thanks
First job – 4 lacs – Sep 2007 to Nov 2009
Second job – 5.5 lacs – Nov 2009 till date
PAN Card received – April 2009

Need advice on Indian tax filings please!!?
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5 Replies to “Need advice on Indian tax filings please!!?”

  1. Since you have taxable income in past years you must had filed your return of income before due date or a belated return. As for as financial year till 31.03.2008 are concerned the times for filing even belated return has been lapsed. But still you can file the return upto financial year 2007-08, provided you are ready to pay penality of Rs 5000.00 PA alongwith due tax and interest.
    For the financial year ended on 31.03.2009, you have time to file belated return till 31.03.2010 without any penality but with due tax and interest thereon.
    Regarding financial year going to ended on 31.03.2010 you need to invest before 31.03.2010 to claim tax deduction. Investing in April 2010 will not give any relief for the financial year 2009-10. So make investment by 31.03.2010. Income Tax return for this year can be filed before due date which is 31.07.2010
    In case further information visit http://www.incometaxindia.gov.in


  2. hi

    Let me identify the tax issues before you –

    1. You now have the PAN card/number, no matter if it is with your changed location. You can file your tax return with your present address (As given in your PAN application) for last two years i.e. FY 2007-8 and FY 2008-9. However tax return for FY 2007-8 must be filed by 31-3-2010 otherwise IT department will not receive it.

    2. You must arrange to collect your salary certificates for past period/years from your previous employer. They are under obligation under the Income Tax Act to provide you the certificates. Also collect the proof of payments U/Sec. 80-C for tax rebates that you are entitled in each financial year.
    You shall be entitled to tax refund because your employer deducted tax without giving you any tax relief U/S. 80-C. But return must be filed in time.

    3. For current FY 2009-10, you have to invest in modes which qualify for rebate U/Sec. 80-C. FD only applies in case of assessees who are above 60 years to be eligible for Senior Citizen Savings Scheme. Ideal would be PPF, LIC, ELSS etc.

    4. You should provide (a) photo-copy of TDS certificate for the period April 2009 to October 2009 from your previous employer to your new employer, and (b) declaration regarding investments made/ proposed U/Sec.80C, for current tax tax working otherwise they would deduct tax on the basis of annual salary of Rs.5.5 Lacs.

    Apprently there is nothing which should be worrying you, but act in time (you still have Feb/Mar). You can take professional guidance and help locally from a CA.

    Good luck.


  3. It seems you have not filed ITRs for FYs 07-08 & 08-09 by the due dates. Neither do you have Form 16s for those years. Make efforts to file ITRs of those years. No one else can help you. You have to help yourself in procurring the Form 16s. They are certificates of TDS from salary.

    You will not get any refund from delayed ITRs.

    Regarding FY 09-10, you have to invest before 31.03.2010 and file ITR before 31.07.2010.

    You have a Income Tax Permanent A/c No. now. Your current residential address should be mentioned on your ITR.

    HMT







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