Uttar Pradesh, India (PressExposure) June 10, 2009 -- The time for filing the income tax is near and the tax payers with the annual salary falling in the taxable slabs are preparing in with the process of calculating the total return to be filed for the year 2008-09.
Filing of income tax returns is not much difficult now as the e-filing process is available on the Internet, making the whole process easy, right from calculating the whole amount to filing the returns. A good rise in the e-filing was also seen in the previous fiscal as many people are now preferring the medium.
One salaried person can wait to file the income tax after whole one year also on the deadline of March 31, 2010 but the benefit could be grabbed only if that person is not having any tax liability and his employer has deducted complete tax on salary.
Paying the returns with a particular annual salary needs Form 16 which is provided by the employer of the tax payer for some important details like total income, savings and tax deductions.
In the whole process one also have to submit the duly filled ITR form along with some other needed documents to the income tax office.
According to the income tax norms while calculating the final payment figure one should consider his/her other components like bank savings, fixed deposits interest, profit and loss on shares and govt bonds.