Welcome to myirisplus
  

The tax module is currently a standalone module which you can use to fill in your information, and prepare your tax returns. Going forward, we will integrate it with your account statements, so that much of your form filling is automated!


You will need the following documents to complete the Tax module:

  • Form 16 (salary certificate)
  • Form 16A (in case of deduction of TDS from interest)
  • Details of income like interest, dividend, rental income from house property etc.
  • If you have sold any asset during the year, details of such sale viz. sale value, cost of acquiring such asset etc.
  • Advance tax and self assessment tax challans, if any
  • Bank statements from 1st April of the previous year to 31st March of the current assessment year.
  • Cheque leaf (for getting the MICR code which is the second set of numbers mentioned on a cheque leaf)
  • PAN Card
  • Acknowledgement of return filed last year, if any


If you have not specified your tax assessment year in the 'Edit an existing Tax Profile section>General Details' section, your profile name will not appear under the Add/Edit income details of Tax Profile.
To be able to add income details, go to the File returns for future date section in the Tax Module Welcome page. Specify an assessment year here for your profile. Now you can go back to the Income Details section and add your details.


Myiris Plus currently supports your tax preparation if you are a resident of India and are expected to use either form ITR-1 or ITR-2 (forms meant for non business people). This means you cannot use Myiris Plus if you are either running a business or are a partner in a firm.
The tax return form appropriate to your needs is automatically chosen by the program. ITR 1 is generated if you are earning income from salary and/or interest and/or family pension. If you have other sources of income, ITR 2 is generated.


If you are including income from any other person (e.g. income from a minor child, or an investment in your spouse's name) within you income, you need to answer questions under the Clubbing head in the Tax Module. You will need to treat those income streams as yours across different sections of the Tax module.


The 'Form 16' option has been designed according to the Form 16 provided by employers. If you do not have the Form 16 with you, you will need to select the 'Detailed' option.


Only the sections applicable to you are needed for tax computation. If you do not own house property, for example, you can safely skip the 'Housing Information' section.


The 'Acknowledgement' link provides you with a receipt for your own records. You can print this and take it to the Income Tax office while submitting the ITR form. The Income Tax office will stamp it with a seal of acknowledgement indicating that your form has been accepted. You can now keep this with you for future reference.


If you meet the criteria for filing Annual Information Returns, the required form appears under the Tax Deducted At Source (TDS)' head of  'lncome Details' section of the Tax Module. Please go to this section to fill in the details.


The Income Tax Act has a framework for adjustment of losses carried forward from earlier years against the income of the current year. Once you fill in the details of losses carried forward in the 'Setoff' section, Myiris Plus takes care to adjust these losses in the best possible manner that will result in the least amount of tax.













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