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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.
 

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.

Documents required for income tax return filing

Some of the general documents that every individual filing for income tax return required are as below – 

• PAN Card copy

• Aadhar Card copy

• Bank Account Number with IFSC Code 

• TDS Certificates like Form 16, 16A, 26AS etc.

• Tax Payment Challan for self-assessment or advance tax paid by you.

• In case you are filing a revised return or filing a return in response to any notice that you have received from income tax department, then you need to keep a copy of the original return and copy of the notice for further reference.

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

 

Don't make these Common mistakes while filing your ITR

1. Liable to file ITR even if no tax dues:

Generally, a taxpayer believes that he isn’t liable to file tax return since there is no tax liability pending. It should be kept in mind that ITR has to be filed irrespective of the fact that taxes due have been paid by way of advance tax or TDS in the following cases:
 
a) If income exceeds basic exemption limit, which is Rs. 3 lakhs for senior citizens (age above 60 years), Rs. 5 lakhs for super senior citizens (age above 80 years) and Rs. 2.5 lakhs for all other individual taxpayers.
 
b) If assessee is resident in India (other than not ordinarily resident) and he holds (as a beneficial owner or otherwise) any asset or financial interest in any entity located outside India or he has signing authority in any account located outside India. In this case assessee can’t file return in ITR-1.

2. Filing return in incorrect ITR form:

If the taxpayer selects the wrong ITR Form for filing his Income Tax Return there are high chances that he will disclose incomplete information in ITR or report inaccurate details. In both cases, tax dept. can issue a tax notice for underreporting or misreporting of the income.
 
Example, A taxpayer has salary income of Rs. 9 lakhs and during the year he has sold shares of a listed co. and earned capital gains of Rs. 2,500. Since, he has earned capital gains; he has to file ITR-2. If he files return in ITR-1 instead of ITR-2, then he will miss to report the capital gains in ITR-1.

3. Non-Reporting of all Income in ITR:

While filing ITR, you have to report all interest incomes whether you earn interest from bank/any party or you earn any profit/gain by selling shares. It would be a big mistake if you do not report all income in tax returns and you believe that negligible or petty income aren’t required to be reported. Taxpayers should keep in mind that taxpayers will get notice if they don’t report these petty incomes. Tax dept. receives regular information from banks and financial institutions about your transactions which are reconciled with your tax returns. If some tax has been deducted from your income but you don’t report the corresponding income in ITR, you might get a notice to explain the reason for not reporting the said income in ITR.

Before filing of ITR, it is recommended that taxpayers must analyse bank statement especially all credit entries to ensure that all incomes are reported in ITR. Any failure to mention these incomes can give tax distress.

4. Reconcile with Form 26AS before filing ITR:

Form 26AS reflects details of tax deducted (TDS) from your income and payment of advance-tax made or any refund received during the year. If you find any discrepancy in Form 26AS then you should notify the same to tax deductor to get it rectified. Since, Dept. reconciles all the details in ITR filed by taxpayer with the details reflecting in Form 26AS. The Dept. will deny credit of TDS claimed in ITR if it is missing in Form 26AS. Further, if any entry is found in Form 26AS but is not reported in ITR, a tax notice shall be issued to you to explain the reason for not reporting such income in ITR.

5. Lack of awareness about Tax Deductions:

In most of cases, salaried persons forget to declare tax deduction to their employers or unable to submit proofs of tax deductions in time. Due to these reasons, they are always in dilemma whether they can claim tax deductions which weren’t declared to the employer or not. It is very important to understand that eligible deductions can be claimed in ITR even if these were not considered by the employer. They can claim all eligible deductions despite the fact that those deductions aren’t reflecting in tax certificate Form 16.

More than 10 tax deductions are provided for under Sections 80C to 80U of the I-T Act. Some of these deductions are little known to the taxpayers, i.e., deduction up to Rs. 10,000 for interest earned from saving bank deposit, deduction for house rent, deduction for medical expenditures of family members, deduction if taxpayer is suffering from any disability, etc.

6. Clubbing of Income from previous employer:

If you have changed the job during the Year, then do not forget to report the salary income earned from previous employers. There are high chances that there would be change in the tax liability due to clubbing of income from previous employers. Also it would be possible that TDS might be deducted by the previous employer. Therefore, reconcile all details and pay the correct amount of taxes before filing of return.

7. Late fees for Delay in filing of ITR:

From this year, Government has levied late fees for a delay of one day in filing of ITR. A late filing fees of Rs. 5,000 shall be charged if the return is filed after July 31, 20188 but between August 1, 2018 and December 31, 2018. The fees shall be Rs. 10,000 if return is filed between January 1, 2019 and March 31, 2019. However, the late filing shall be Rs. 1,000 for small taxpayers whose taxable income is up to Rs. 5 lakhs.

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.
During 2016, the Govt. had introduced new Schedule AL in income tax returns requiring individuals/HUFs to declare the value of assets and liabilities if their total income exceeds Rs. 50 lakhs. If taxpayer is required to provide information in this Schedule, he shall provide the details of cost of immovable property, jewellery, vehicles, shares, bank and cash balance, etc. Further, taxpayer is also required to disclose address of immovable property and description of movable assets.     

Individuals/HUFs are required to furnish details of assets and liabilities only when their income exceeds Rs. 50 lakhs. The Schedule AL wherein the details of assets and liabilities are to be furnished is available only in ITR-2, ITR-3 and ITR-4. Thus, the individual or HUF who has to report the details of assets and liabilities has to opt for filing of return in ITR 2, ITR 3 or ITR 4 

Yes, all taxpayers who are earning income only from salary can choose ITR-1 for fling income tax returns. However, salaried taxpayers cannot choose ITR-1 in following cases:
 
a) His salary income exceeds Rs. 50 lakhs
 
b) His salary income is earned from outside India
 
c) He is Non-resident or Not-Ordinarily Resident in India
 
d) He has any assets located outside India
 
He has signing authority in any account located outside India.

Taxpayers who have received dividend income above Rs. 10 lakhs during the relevant previous year cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4

Taxpayers having unexplained income cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4 

ITR Forms Applicable for AY 2018-19:

Individual and HUF

Nature of incomeITR 1* (Sahaj)ITR 2ITR 3ITR 4
Income from salary/pension (for ordinarily resident person)
Income from salary/pension (for not ordinarily resident and non-resident person) 
Income or loss from one house property (excluding brought forward and carried forward losses)
Income or loss from more than one house property  
Agricultural income exceeding Rs. 5,000  
Total income exceeding Rs. 50 lakhs 
Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA  
Unexplained credit or unexplained investment taxable at 60% under Sections 68, 69, 69A, etc.  
Income from other sources (other than winnings from lottery and race horses or losses under this head)
Income from other sources (including winnings from lottery and race horses or losses under this head) 
Capital gains/loss on sale of investments/property  
Interest, salary, bonus, commission or share of profit received by a partner from a partnership firm.   
Income from business or profession   
Income from presumptive business   
Income from foreign sources or Foreign assets or having Signing authority in any account outside India  
Income to be apportioned in accordance with Section 5A 
Claiming relief of tax under sections 90, 90A or 91  
* Only an Individual, who is an ordinarily resident in India, can file income-tax return in Form ITR-1.

Other Assessees

Status of AssesseeITR 4ITR 5ITR 6ITR 7
Firm (excluding LLPs) opting for presumptive taxation scheme   
Firm (including LLPs)   
Association of Persons (AOP)   
Body of Individuals (BOI)   
Local Authority   
Artificial Juridical Person   
Companies other than companies claiming exemption under Sec. 11   
Persons including companies required to furnish return under:

A.    Section 139(4A);

B.     Section 139(4B);

C.     Section 139(4C);

D.    Section 139(4D);

E.     Section 139(4E); and

F.      Section 139(4F)

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