ITR-1 and ITR-2 forms for the year 2011-12 (A.Year 2012-13) released by Income Tax

It’s time for issue of Form-16 by the employer for the income tax that deducted from our salary for the financial year 20111-12 (Assessment Year 2012-13).  Based on Form-16 we have to file Income Tax return for this year to the Income tax Department.  Of course, IT Department has relaxed the requirement of filing Income Tax Return based on Gross Total income of the Salaried Class.

A salaried person is exempted from filing Income Tax return if his/her Gross Total Income is less than five lakh including interest earned out of Bank Deposits up to ten thousand.

There is also an important condition as far as filing of Income Tax Return is concerned based on Income.  In respect of an Individual or Hindu Undivided Family filing of Income Tax Return through electronic mode is mandatory if the annual income is more than Rs. 10 lakh.

So, salaried employees having income between Rs. 5 lakh and Rs.10 lakh can file their Income Tax return either in manual mode or through electronic mode (e-filing) while filing of ITR in respect of salaried employees is exempted if their gross total income is less than Rs. 5 lakh with in which the interest from bank deposits did not exceed Rs.10,000.

For the purpose of filing Manual Income Tax Return Income Tax Department has come up with ITRs as pdf files which can be downloaded and filled up manually.  Since, Income Tax Returns are bar coded and to be processed electronically, print out has to be taken out only in color printer.  However, ITR-V (Acknowledgement) can be printed in black and white.

As Color Printer  is a scarce commodity, printed ITR forms which were available at all Income Tax offices last year were very useful for filling up manually.  We hope IT department would supply sufficient forms this year also.

We can also use e-filing option (without digital signature) provided by Income Tax Department in the following website.

Go to Online filing Utility provided by IT Department