Income Tax Return Filing starting from Rs.599/-
Income Tax Return Filing
Income Tax Law of India is governed by the Government by enacting the law as Income Tax Act,1961. The Government imposes a tax on all taxable income of all persons who are individuals, HUF, companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. The levy of tax on these person is depends upon his residential status of the person depending upon No. of days resides in india. Every individual who qualifies as a resident of India as per the rules and Income Tax Act is required to pay tax on his or her global income. Every financial year taxpayers have to file Income Tax Return to Income Tax Department within due date and form as prescribed by Central Board of Direct Taxes. Income Tax Department functions under the Department of Revenue of the Ministry of Finance of India.
Income Tax Return:
An Income tax return (ITR) is a form used to file information about income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.
As per the income tax laws, the return must be filed every year by an individual, if individual earns income during the financial year more than minimum basic exemption limit of individual. The income could be in the form of a salary, business profits, income from house property, dividends, capital gains, interests or other sources of Income etc.
Tax returns have to be filed by a person before a specified date. If a taxpayer fails to abide by the deadline, person shall to pay a penalty as per Income Tax Act,1961.
Is it mandatory to file Income Tax Return?
As per the Income Tax Act,1961, it is compulsory to file income tax returns if income is more than the basic exemption limit as prescribed in Income Tax Act. The income tax rate is pre-decided in the Union Budget of India as passed by the parliament of india at every February of the year before the beginning of new financial year.
Who should file Income Tax Returns?
According to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India:
All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.
All registered companies and Firm that generate income, regardless of whether they have made any profit or not through the year.
Those who wish to claim a refund on the excess tax deducted/income tax they have paid.
Individuals who have assets or financial interest entities that are located outside India.
Foreign companies that enjoy treaty benefits on transactions made in India.
NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.
Due dates for Income Tax Return Filing:
- July 31: A firm or individuals who are not liable for audit.
- September 30: A company or other who is liable to audit.
- March 31: All individuals and companies filing belated returns.
Slab Rate of Income Tax:
Individual, HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under and each tax slab has a different tax rate.
|Total Income||Existing||Proposed (Option)|
|Individual, HUF, AOP, BOI|
|0 – 2,50,000||Nil||Nil|
|2,50,001 – 5,00,000||5%||5%|
|5,00,001 – 7,50,000||20%||10%|
|7,50,001 – 10,00,000||15%|
|10,00,001 – 12,50,000||30%||20%|
|12,50,001 – 15,00,000||25%|
|More than 15,00,000||30%|
Firms have a fixed rate of tax of 30% of profits and Indian companies have a fixed rate of tax of 25% of profits.
If you apply for any loans such as a home loan,business loan,mortgage loan, car loan, personal loan etc., the eligibility and quantum of loan would depend on your income. This can be established through filed ITR. ITR will help your lender to assess your repayment capacity.If you plan to travel overseas, proof of earning is required.
There could be some TDS cut on some investment. And you will have to file the ITR to claim a refund of the same. Or If your employer deduct more tax on your behalf or you may have paid excess tax on your income then filing of ITR by consideration your actual tax-saving investments or insurances you will enable to get a refund from the IT department.
As per Income tax rules, losses are allowed to be carried forward and set off against capital gains. But this applies only to those individuals who file ITR in the relevant assessment year.
By filing of ITR, Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh and Avoid Tax Notices from the IT department for delayed & missed return submissions.
How to Filing of ITR:
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Documents required for Income Tax Return Filing:
- PAN CardPAN Card of person.
- Identity ProofAadhar card of Individual.
- Bank StatementBank Account Statement of Financial year of person.
- ITR of PersonCopy of the previous year’s tax return if any.
- Investment ProofSavings Certificates, Deductions, Donations, Premium receipts etc.
- Interest statementInterest statement that shows the interest and principal paid.
- Financial Statement of PersonBalance sheets, Profit & Loss account statements, and other requisite Audit Reports if any.
- Property DetailsDetails of Property purchase and sales or Rent receipts from tenants and details of tenants.
- Investment IncomeDetails of Investment Income/Losses
- Form 16/16ATDS Certificates from Employer / other persons.
Frequently asked questions on Income Tax Return Filing
1.What is Form 26AS?
Ans. Form 26AS is a document containing particulars of various taxes deducted from your income by various entities such as your bank, your employer or even your insurance agency. It is a consolidated credit statement issued at the end of every financial year under Section 203AA of the Income Tax Act, 1961.
2.If I have paid excess tax how will it be refunded to me?
Ans. A refund is due only when you have proof to show that you paid more than your liability. This usually happens when the advance tax or self-assessment tax is more than the tax you are required to pay or when the tax deducted at source is more that your total tax liability. After you file your returns you get refund.
3.Who needs to File ITR?
Ans. Every person or entity is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates.
1. Individual – Salaried, Self-employed or Professional,
2. Hindu Undivided Family (HUF)
5. Association of Persons (AOP)
6. Local Authority
7. Artificial Juridical Person
8. Body of Individuals (BOI)
9. Political Party,
10. Educational or medical institution,
11. Trade Union, etc.
4.What is Previous Year and Assessment Year?
Ans. Previous Year is the same as the Financial Year in which the income is earned. Tax is payable on the income earned during this Previous Year. And this tax is payable in Assessment Year, which is the year next to the Financial or Previous Year. For example, for the Income earned in Financial Year (Previous Year) April 1, 2019, to March 31, 2020, the liability to pay tax will fall in 2020-2021, known as the Assessment Year.
5.How to pay Income Tax?
Ans. You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. Payment is to be made in Challan-280 in both cases. The Challan must be filed accurately for further processing.
6.Can i claim the deduction missed out form 16 issued by employer?
Ans. Yes. If some exemptions or deductions got left out from Form-16, you can claim the same in ITR. Various deductions u/s 80 such as ELSS, PPF, Life and health insurance, NSC, Children tuition fees, 5-year fixed deposits, donation for charity, repayment of home loan, or even HRA can be claimed.
7.My company deducts the TDS. Do I still have to file my tax return?
Ans.Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you’ve paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.
8.What is ITR-V?
Ans. ITR-V is a 1-page document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return if you not e-verify your return.
9.Is it mandatory for me to do the ITR efiling or can someone else do it on my behalf?
Ans. You can seek the help of chartered accountants and agencies dedicated to ITR filing. Also you can always take assistance from CA to file IT returns with the Company Suggestion you can get an expert CA to calculate your taxes and e-file your tax return on your behalf.
PACKAGES FOR INCOME TAX RETURN FILING
Note for Income Tax Return Filing
- Above prices is illustrative in nature and it will be very depends on the nature of business and income and number of transactions of business.
- Audit fees Charges will be applicable as the case may be in accordance of statutory law.
Types of Income Tax Return Form:
For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources.
For Individuals and HUFs not having income from profits and gains of business or profession.
For individuals and HUFs having income from profits and gains of business or profession.
For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE.
For persons other than:-
(iii) Company and
(iv) Person filing Form ITR-7.
For Companies other than companies claiming exemption under section 11.
Following registered persons not required to file GSTR 1, 2 and 3 such as:
Goods and Services Tax (GST) is an indirect tax applicable on the supply of goods and services. It is a comprehensive, multistage, destination based tax. It has subsumed almost all the indirect taxes except a few state taxes. It is collected from point of consumption and not point of origin like previous taxes.
Documents attach in trademark application:-
A trademark can be registered by the Controller General of Patents Designs and Trademarks, Ministry of Commerce and Industry, Government of India under Trademark Act, 1999 to protect the identity of any goods and services.
Some basic information about Income tax
An income tax is a tax imposed on individuals or entities commonly known as taxpayers that varies with respective income or profits. Income tax generally is computed on taxable income which is calculated after various deductions. Taxation rates may vary by type or characteristics of the taxpayer.
Basic Features to Read before starting private limited company
Private company is required to add the word “Private limited” or “Pvt. Ltd.” to end of its name. Private company should have at least two member and two directors. Private company have right to issue debentures to any number of persons.
Features of Public Limited Company
MCA provides the facility for incorporation of public limited company. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on MCA portal. After availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .