What is Assessment year 2008 - 2009 ? Is it for the period between 2007 Apr to March 2008.?

Question

1) I was working for a pvt. ltd. company between Apr. 2007 and March 2008. Which Assessment year's form should I use for filing my return (ie is it 2008 - 2009 or 2007 - 2008 year ITR-1 return form?).

2) Is it mandatory to file returns by e-filing or can be filed manually, since I am NRI now ?

3) I think the last date is July 31st 2008 for filing returns for 2007 - 2008 earnings. is it right ?

Thanks in advance

Answer 1

1. Your assessment year would be 2007-2008.

2. You have to consider time spent in India and not outside India to determine your NRI status. If in any financial year if you spend 182 days or more in India, you will be a Resident of India. If you do not satisfy this condition, by default, you will be an NRI.

Both days of leaving and arriving back in India (as stamped on your passport) will be considered in calculating the 182 days as specified above.

If your Indian income is less than Rs. 1.50 lakh, you need not file a tax return as no tax is payable by you. The income you earn as salary as an NRI will be considered as your foreign income and hence not be taxable in India.

If you do desire to file an I-T return for the purposes as specified by you, you may file a nil tax return

3. Last date for an individual having only salary income is 30th June as well as last date for individual having business income (if auditing not required) is 31st august.

Answer 2

Right you are thst assessment year 2008-2009 is for your income of 01st April 2007-31st March,2008. Don"t wait for 31st July to submit your return.

Answer 3

Finacial year from april 01 2007 to 31march 2008, would be assessment year 2008 2009. u have to fill up ITR1. u may file it on line but a print out has to be sent to income tax office. details are given on the incometax site. part 3 of your question: yes u are right

Answer 4

In this case, the period form April 1, 2007 to March 31, 2008 is financial year 2007-08. For the return of this period, the Assessment year is 2008-09.  For income tax rates

http://mytaxes.in/index.php?topic=16.0

It is not mandatory to e-file your tax return. It can be filed manually.

Yes the last date for the return for financial year 2007-08 is July 31, 2008. You can download the form from

http://mytaxes.in/index.php?topic=32.0

Answer 5

1.The Assessment year for year 07/08 will be 08/09

2.You can file it anyways but do file it

3.Ya the date is 31st july,08.

and ur welcome