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E-filing of Income Tax Return Filing in India

What is ITR Filing or Income Tax Return Filing ?

According to section 139 (1) of the Income Tax Act, 1961 of India any person whose total income during the Financial Year is more than the maximum amount not chargeable to tax, should file their income tax returns (ITR). As taxpayers, individuals as well as Businesses that earn income are required to file their taxes or Income Tax Returns. Based on the source and nature of the income, an applicable percentage of tax is required to be paid on the particular days as notified by the Income Tax Department.Every Individual is required to File Their Income Tax Return Online in India to get Loans(such as House Loans , Car loans etc.) , to claim Losses, to Travel abroad, To Claim refund.

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Benefits of Filing ITR (Income Tax Return)

  • 1.  For Loan Purpose: ITR are required , when they have to apply for a car loan (two-wheeler or four-wheeler) or Home Loan. All major banks can ask for a copy of tax returns. So income Tax Returns are needed for getting loan of Any Type.
  • 2.  To claim refund: If you have a refund due from the Income Tax Department, you will have to file returns, without which you will not get your refund back. Some taxpayers may be primarily investing through fixed deposit. Not Filing of ITR will lead to loss of TDS deducted
  • 3.  To carry forward losses: If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years. A long-term capital loss in one year can be carried forward for eight consecutive years immediately succeeding the year in which the loss is incurred. Long-term capital loss can be adjusted only against a long-term capital gain in the year. But short-term capital loss (STCL) can be adjusted against long- as well as short-term capital gains.
  • 4.  Travelling Abroad: If you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate. This is especially true if you plan to travel to the US, UK, Canada or Europe, not so stringent for South East Asia or Middle East. Producing ITR receipts show that one has some source of income in India .
  • 5.  High Value life Insurance cover: Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more. The sum insured one can get with a term cover depends on many factors one of which is the income of the insured.

What is the Due Date for Income Tax Return Filing?

Due date of filing income tax return for FY 2017-18(AY 2018-19) is 31 July 2018 for Individuals 30 September 2018 for Businesses (requiring audit)

Eg: The return of income earned in a year (Previous Year) is to be filed in the next year (Assessment Year). For example, the return of income earned in Financial Year 2017-18 (Previous Year) is to be filed in next Financial Year 2018-19 (Assessment Year).

The due date of filing the return for Individuals and HUF's (who are not liable to tax audit) is 31st July of the Assessment Year. The government may extend the due date of filing the return of income due to certain situations.

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Penalities and Interest of Late Filing of Income Tax Return

Starting from 1st April 2018

If you File Your ITR after 31 July 2018(Unless the Date has been Extended by the Department), you will be liable to pay a maximum penalty of Rs 10,000.

As per the Law ,a penalty of Rs 5,000 will be levied if the return is filed after the due date but before 31 December of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lakh, the maximum penalty levied will be Rs 1,000.

Get In Touch

+91-8800 754 837

Reduction in the time limit to revise your ITR

Returns can be Revised upto the end of the Financial Year.

Slab rate of Income Tax return For Resident Person
NET INCOME RANGE TAX RATEe TAX TO BE PAID SURCHARGE EDU. CESS SHEC
Up to Rs.2,50,000 Nil No tax Nil Nil Nil
Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income Nil 2% of IT 1% of IT
Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs Nil 2% of IT 1% of IT
Above 10 lakhs to 1 Crore 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs Nil 2% of IT 1% of IT

There are Different Slab Rate According to Age which defines individual into three Categories Resident, Senior Citizen and Super Senior Citizen.

Our Packages

Income Tax Return Salaried

Rs 999/-

  • Support: Unlimited
    Salaried Income
    House Property Income
    Other Source Income

Income Tax Return Capital Gain

Rs 1,499/-

  • Support: Unlimited
    Salaried Income
    House Property Income
    Other Source Income
    Capital Gain Income

Income Tax Return Business

Rs 1,999/-

  • Support: Unlimited
    Salaried Income
    House Property Income
    Other Source Income
    Capital Gain Income
    Business Income (Turnover less than 20 Lakhs)

Steps/Process

Step 1

Documentation

Documents are provided by the client

Step 2

Computation of Income

Based on above documents Income is calculated and sent to client for confirmation

Step 3

Tax payable is calculated based on Income

Calculation of Tax Payable

Step 4

Payment of Tax

Computation of Tax is sent to client and informed for payment

Step 5

Preparation of Return

Income Tax Return is prepared and tax details are feeded

Step 6

Submission of Return

Prepared income tax return is uploaded to income tax portal using clients id and password

FAQ

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Documents Required for Income Tax Returns

Copy of PAN
Banks Accounts details / statements of all bank accounts (including Joint Accounts)
Form 16 received from Employer (if available)
Form 16 A received form Deductor (if available)
Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden)
Aadhar Number ( If Available)
Passport Number ( if you have visited outside India in last financial year)

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