IT return file date extended

August 2, 2012   ·   0 Comments

 

 

The government on Tuesday extended the deadline for e-filing income tax returns to 31, August, 2012 from an earlier date of 31 July, 2012.  The extension has been made on consideration of reports of disturbance in general life caused due to failure of power. That e-filing of returns for individuals earning more than Rs 10 lakh, has been made mandatory, is also one of the reasons for the extension.

Salaried employees earning up to Rs 5 lakh a year need not file income tax returns from this year, the Finance Ministry has said. The exemption from filing I-T returns is applicable only if “the total income of the employee does not exceed Rs 5 lakh … (and) the annual interest earned from savings bank account is less than Rs 10,000” for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds. There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.

The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.

Catch in the extension of :

Catch here is that the extension is given only to those people whose income exceeds more than Rs. 10 Lakh.  The government has a simple funda to ignore the return of the people who come under tax bracket of less than 5 Lakh rupees. With this, 87% of india population need not file their income tax.

But what about the people who comes under tax bracket of 5 – 10 Lac. Why government failed to neglect those people? Do they had a better chance of filling their return than the people who are earning more than 10 Lakh rupees when there was no power back up.

I have always believed in simple solutions to problems. Income tax department do gave a solution to the Rich Indians by providing them extension for filling . Ideal scenario would have been to give extension time to every Indian rather than discriminating between the different tax slabs?

What do you feel about this service? Let me know your views in the form of comments. I would love to hear them.

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Click here to check income tax slabs for 2012-13

Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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