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INCOME TAX FILING
INCOME TAX RETURN FILING

 

UPLOAD FORM-16 FOR INCOME TAX FILING

SIMPLE AND TRANSPARENT PRICES for income tax filing

TRANSPARENT package for salaried person

ITR-1 

Basic Package

Rs. 499
(All inclusive)
 
Income tax return filing for an individual with salary income of less than Rs.5 lakhs.

ITR-1 

Standard Package

Rs. 799
(All Inclusive)
 
Income tax return filing for an individual with salary income of less than Rs.10 lakhs.

 ITR-1

Premium Package

Rs. 999
(Onwards)
 
Income tax return filing for an individual with salary income of More than Rs.10 lakhs.

ITR-2 

Basic Package

Rs. 999
(All Inclusive)
 
Income tax return filing for an individual with more than one house property income.

ITR-2 

Standard Package

Rs. 1499
(All Inclusive)
 
Income tax return filing for an individual with foreign income or assets.

 ITR-2

Premium Package

Rs. 2499
(Onwards)
 
Income tax return filing for an individual with capital gains.
 

I

TRANSPARENT package for businessman/professional/self-employed

 ITR-3

Basic Package

Rs. 2799
(All Inclusive)
 
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

ITR-3 

Standard Package

Rs. 4799
(All Inclusive)
 
Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

ITR-3 

Standard Package

Rs. 6799
(Onwards)
 
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

 ITR-4

Basic Package

Rs. 1799
(All Inclusive)
 
Income tax return filing for a taxpayer with taxable income of less than Rs.10 lakhs.

ITR-4 

Standard Package

Rs. 3799
(All Inclusive)
 
Income tax return filing for a taxpayer with taxable income of less than Rs.25 lakhs.

ITR-4 

Standard Package

Rs. 5799
(Onwards)
 
Income tax return filing for a taxpayer with taxable income of more than Rs.25 lakhs.

Its is compulsory for individuals, partnership firms, LLPs, Companies, Trust to Income tax filing each year.

Individuals  are required to file income tax return, if their income exceeds the basic exemption limit.

Partnership firms, LLP and Companies are required income tax return – irrespective of amount of income or loss. 

Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.

Income tax return form is to filed electronically. Income tax returns do not have the ability to accept any attachment while efiling Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.

All India Filing is the largest business services platform in India, offering Serivces for Individual to filing their ITR with Salary Income.

Income Tax Filing Due Date 2018-19 :

The due date for filing ITR for 2018-2019 for Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP) is 31st July, 2018. Individuals whose accounts need to be audited must file their IT Returns by 30 Sep 2018. Individuals who are required to provide a report as has been referred to in section 92E, must file their returns by 30th Nov 2018.

INCOME TAX FILING IN INDIA

There are two types of taxes in India: Direct Tax and Indirect Tax

The Tax which you pay directly to the government on your Income is known as Direct Tax. On the other hand, the tax which you pay indirectly to the government through restaurants, theatres and e-commerce websites  is known as Indirect Tax, such as GST, etc. It means, in the case of Direct Tax, tax is recovered directly from the assessee, who ultimately bears such taxes, whereas in the case of Indirect Tax, tax is recovered from the assessee, who passes such burden to another person & is ultimately borne by consumers of such goods or services.

Income Tax Basics

Everyone who earns or receives income in India is subject to income tax. (Yes, it is a resident or non resident of India). Our income can be from salary, pension or savings account, which is quietly depositing 4% interest. Even the winners of reality show like ‘Kaun Banega Crorepati’ will have to pay taxes on their prize money.

For simpler classification, the Income Tax Department breaks down income into five heads:

Head of Income

Nature of Income covered

Income from Salary

Income from salary and pension

Income from Other Sources

Income from savings bank account interest, fixed deposits, winning KBC

Income from House Property

This is rental income mostly

Income from Capital Gains

Income from sale of a capital asset such as mutual funds, shares, house property

Income from Business and Profession

This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers

Income Tax Slab

(Declared in the Budget for Financial Year 2018 – 2019) :

For Individuals and HUF (Age – Below 60 years) :

Income Tax SlabTax Rate
Up to Rs.2,50,000NIL
Above Rs.2,50,000 and up to Rs.5,00,0005%
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be taken paid as surcharge if total income is above Rs.1 crore.

For Individuals and HUF (Age – 60 years and above, but below 80 years) :

Income Tax SlabTax Rate
Up to Rs.3,00,000NIL
Above Rs.3,00,000 and up to Rs.5,00,0005%
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be taken as surcharge if total income is above Rs.1 crore.

For Super Senior Citizens (Age – 80 years and above) :

Income Tax SlabTax Rate
Up to Rs.5,00,000NIL
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be taken as surcharge if total income is above Rs.1 crore.

Income Tax Slab (2016 – 2017) :

For Individuals and HUF (Age – Below 60 years) :

Income Tax SlabTax Rate
Up to Rs.2,50,000NIL
Above Rs.2,50,000 and up to Rs.5,00,00010% of the amount exceeding Rs.2,50,000
Above Rs.5,00,000 and up to Rs.10,00,00020% of the amount exceeding Rs.5,00,000
Above Rs.10,00,00030% of the amount exceeding Rs.10,00,000

*12% surcharge has to be paid if total income is more than Rs.1 crore.

For Senior Citizens (Age – 60 years and above, but below 80 years) :

Income Tax SlabTax Rate
Up to Rs.3,00,000NIL
Above Rs.3,00,000 and up to Rs.5,00,00010%
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*12% surcharge has to be paid if total income is more than Rs.1 crore.

For Super Senior Citizens (Age – 80 years and above) :

Income Tax SlabTax Rate
Up to Rs.5,00,000NIL
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*12% surcharge has to be paid if total income is more than Rs.1 crore.

Income tax is a yearly tax charged on income of a person by the country government. It is imputed for the corresponding assessment year at the tax rates laid down by the finance Act for the assessment year in respect of the previous year. We calculated Income tax rate slab which is provided annually by Government in finance budget.

Income from Salaries

Income from house property

Profits and gains of business or profession

Capital gains

Income from other sources

he Return Form can be filed with the Income-tax Department in any of the following ways, –

  (i) by furnishing the return in a paper form;

 (ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

Minimum of following three amounts is available as HRA exemption:
1. Actual House Rent Allowance provided by employer to employee.
2. House Rent paid in excess of 10% of Salary.
3. 50% of Salary in case House is located in Metro cities (Mumbai, Delhi, Kolkata, Chennai) or 40% in case of any other cities.

for all three conditions mentioned above relevant period is very important. Means if there is any change in Salary, HRA paid to employee, location of rented house and actual rent paid by employee HRA need to calculate from that relevant change Hence one should avoid calculating HRA on annual basis if there is any change in above factors.

Meaning of Salary for calculating HRA (Basic Salary + Dearness allowance if terms of employment so provide + fixed percentage of turnover achieved by employee)

Income tax return  can be submitted after due date u/s 139(4). An assessee who miss to file income tax return within due date will have to pay interest u/s 234A.

Though According to income tax laws, Income Tax filing return is mandatory for every individual or entity whose income exceeds the threshold limit mentioned in the income tax act but there are certainly other benefits as well for the filing of ITR:-

  • Loans Availment – Filing the ITR will help individuals as well entities when they have to apply for a loan as all major banks can ask for a copy of tax returns
  • Can take input or carry forward losses –If you file returns properly & on time, you will be able to carry forward business & capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years
  • Helps in Visa Processing – If you want to travel overseas, foreign consulates may ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may also ask for ITR receipts of previous three years, while some others may ask for the most recent certificate
  • Apply For Government Tenders – Various government requires tenders to show their tax return receipts of the previous five years to apply tender. If you don’t file ITRs you may miss the business opportunity.
  • Buying a high-value life cover insurance  – Buying a high-value life cover insurance especially over INR 1 Crore requires your ITR documents to verify annual income. “Life insurance companies, like LIC, Max, etc ask for ITR receipts these days if you opt to buy a term life insurance policy.
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