Income Tax Return (Individual)


 Starting At : Rs. 2000 only( All Inclusive )

To be filed whose income is greater than 2.5 lacs.

Documents:

  1. Bank Statement

  2. Income Bills

  3. Expense Vouchers

Submit your documents.

We will file your return and upload it.

We will give you the acknowledgement after completion of work.

FREQUENTLY ASKED QUESTIONS

Income tax is tax levied on the income of a person by the government if India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st march.

In Simple language previous year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment year which is the year next to previous year. For example for the Income earned in Financial year ( Previous Year ) 2015-2016 the assessment of tax is carried out in 2016-2017. Thus 2016-2017 is the assessment year.

Every person is liable to pay tax in India if his Income is more than the income notified by the government in the slab rates. Here the definition of person includes:

  • An Individual
  • A Hindu Undivided Family(HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial juridical persons

For calculating income tax notified slab rates are applied to the taxable income of a person earned during previous year. Taxable income is to be calculated as per the provisions and rules contained in the Income Tax Act, 1961. One has to calculate income under various heads of Income and net them after deducting deduction available under Chapter VIA to get Net Income Chargeable to Tax.

The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on nsdl website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.

An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid there on to the government.

Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age. It is compulsory to file an income tax return if any of the condition is applicable to you:

If you’re taxable income is more than slabs notified in Finance Act for that Year. Example for an Individual Resident below 60 years of Age the Slab is 2,50,000 /-(A.Y. 2017-2018) and for senior citizen it is 3,00,000. Thus if his income is more than 2,50,000/- ( or 3,00,000 in case of senior citizen) then it is mandatory for him to file Income tax Return irrespective of whether you have filed your tax return or not.

  • If you area entity registered as a firm or a company irrespective of the income or loss during the year
  • If you have losses under any head and want to carry forward those losses to next year.
  • If you want to claim refund of taxes already paid i.e. TDS etc.
  • From 2012 onward resident individual holding any kind of Foreign Asset e.g. Immovable property, bank account etc. or is a signing authority in a foreign bank account then he is compulsorily required to file the return.

On the basis of source of Income an Individual can file return in form ITR-1, ITR-2, ITR-3, ITR-4S, and ITR-4:

ITR 1: Salaried Individuals/HUF not having capital gain, income from Business or professions, income from more than one house property and income from maintaining and owning race horses.
ITR 2: Salaried individual/HUF not having income from business or profession.
ITR 3: An individual/HUF who is a partner in a firm not having income from sole proprietorship business.
ITR 4: An individual/HUF having income from business or profession.
ITR 4S: An individual/HUF opting for Presumptive Taxation Scheme.

You can file return in ITR-1 if you are an Individual or HUF having:

Income from Salary/Pension
Income from One House Property
Income from other sources like interest etc.

You can file return in ITR-2 if you are an Individual or HUF having:

Income from Salary/Pension
Income from House Property
Income from other sources like interest etc.
Income from Capital Gain
Foreign Assets, Bank Accounts, Income from outside India or is a signing authority in any foreign account.

You can file return in ITR-3 if you are an Individual or HUF and partner in a partnership firm receiving from such partnership firm salary, interest, bonus, commission, remuneration etc. But if an individual or HUF is having Income from Business or Profession from any proprietorship then he cannot use ITR-3.

ITR-4 can be used by an Individual or HUF having income from Business or Profession.

The return can be filed both physically & electronically. For e-filing download the government utility from Income tax portal (in excel format or java utility). Complete all the fields and information required, pay the tax due and generate the xml. You can upload this xml on government portal by logging into your account. Once the xml is uploaded download the acknowledgement in ITR-V. This ITR-V can either be verified using EVC code or can be couriered to CPC Bangalore for further processing

Yes, a person must have PAN in order to proceed for filing of income tax return.

Filing of ITR is basically a legal obligation which everyone who falls under is required to comply with. But, it also helps in getting bank loans, visas, for claiming refund against excess income tax paid, as a proof of income certificate and most importantly for tax payer’s self-satisfaction.

Recent Posts

Impact of GST on Cement Industry

July 4th, 2017|Comments Off on Impact of GST on Cement Industry

Impact of GST on the Cement Industry Cement will attract 28% GST, i.e., a higher rate of tax which means increased costs for the infrastructure sector. Refractory cement, mortars, concretes (mainly used for building industry furnaces, [...]

GST composition scheme

July 4th, 2017|Comments Off on GST composition scheme

                   GST Composition Scheme It a game changer as because with its implementation, a tremendous outflow of benefits are expected. Today in India, there are numerous taxes such as Service Tax, VAT, Excise and many others [...]

Impact of GST on exporters

July 4th, 2017|Comments Off on Impact of GST on exporters

                    Impact of GST on Exporters The role of input tax credit The GST will mitigate the cascading effect of the multiple taxes under the current system. The facility of input tax credit will be available to [...]