The due date for filing of tax return for FY 2010-11 (March 2011) is fast approaching.  The first thing which comes to mind, when thinks of filing of return of income, is the selection of tax forms: Here is your guide to the for selection of Tax forms

Filing Return of Income is an obligation Every person being a company or a firm; or being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to tax, shall on or before the due date, furnish a return of his income or the income of such other person during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. Tax Credit Statement (Form 26AS) – The Income Tax Department has now provided the facility to check the tax credit statement (Form 26AS) online and take corrective measures if needed. This may avoid a lot of inconvenience. “Form 26AS” is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. Form 26AS contains details of:

• Tax deducted and collected on behalf of taxpayers
• Advance tax/self assessment tax/regular assessment tax etc deposited by taxpayers (PAN holders)
• Payment of refund during the financial year
• High value transactions in respect of shares, mutual funds etc

Benefits of Form 26AS The credits available in the tax statement confirm that:

• the tax deducted/collected by the deductor/collector has been deposited to the account of the government;
• the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
• the bank has properly furnished the details of the tax deposited by the assessee.

Thus Form 26AS ensures correct credit for the tax paid or deducted. Further it helps to avoid demand notice from the Income Tax Department and ensures seamless processing of returns at the Income Tax Department and speedy issue of refunds File Tax Returns/ IT returns on time to carry forward losses It is advisable to file your income tax return within due date even in case of loss otherwise the benefit of carry forward of loss will not be available.  You should file the return of loss within the prescribed time limit for the purpose of claiming benefit of loss incurred in the relevant assessment year as per the Income Tax Act, 1961 (the Act). Once you file the return of loss within time limit, you can claim the benefit of carry forward losses to be set off with the income of subsequent years. For the return of subsequent years, you can claim the benefit of carry forward losses even if the return is belated return as per the Act. But if the return is not filed within the due date no loss shall be allowed to be carry forward under the head “Business or Profession” or under the head “Capital Gain.” Further late filing of return will also attract interest provisions under section 234A of the Act. Tax Returns for Financial Year 2010 -11 (March 2011) has started.  Request you to please visit Taxmantra.com or  mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .