Income tax Return Filing / ITR File is compulsory for individuals, partnership firms, LLPs, Companies, Trust to file income tax returns each year otherwise penalty upto Rs.5000.You can call 9266781688,8750972148,9953000305, you can file your income tax return filing with officialfiling

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income tax return filing

INCOME TAX RETURN FILING DEDUCTIONS FOR
FY. 2018-19 OR AY. 2018-19

SECTION 80C

LIMIT-Rs. 1.5 lakh

SECTION 80D

LIMIT:-Rs.25K/50K

SECTION 24B

LIMIT:-Rs.2 LAKH SELF OCCUPIED OR LET OUT PROPERTY

SECTION 80EE

LIMIT :-Rs.50000

SECTION 80GG

LIMIT-Rs.60000

SECTION 80TTB

LIMIT-Rs.50000

SECTION 87A

LIMIT-Rs.2500

SECTION 80CCD
(1B)
LIMIT-50000

BASIC PACKAGE
FOR ITR-1

JUST Rs. 499
Income Tax Return Filing For An Individual With Salary Income Of Less Than Rs.5 Lakhs.

STANDARD PACKAGE
FOR ITR-1

JUST Rs. 799
Income Tax Return Filing For An Individual With Salary Income Of Less Than Rs.10 Lakhs.

PREMIUM PACKAGE
FOR ITR-1

JUST Rs. 999
Income Tax Return Filing For An Individual With Salary Income Of More Than Rs.10 Lakhs.

                                                                          INCOME TAX RATE SLAB INTRODUCTION FOR INCOME TAX RETURN FILING

Income tax is levied on individual taxpayers on the basis of aIncome Tax slab system where different tax rates have been prescribed for different Income Tax slabs and such tax rates keep growing with an increase in the income tax slab. Such tax slabs tend to undergo a change during every budget. Further, since the budget 2018 has not announced any changes in income tax slab this,

Individual Taxpayer category under Income Tax Slab :- 

   (A) Individuals { below 60 years old } which adds residents and non-residents 

   (B) Resident Senior citizens { 60 to 80 years of age}

   (C) Resident Super senior citizens { 80 Years old and above}

No tax for individuals& HUF with income less than ₹ 2.5 lakhs

5% tax with income ₹ 2.5 lac to 5 lac for different aged Person

20% tax with income ₹ 5 lac to 10 lac

30% tax with income ₹ 10 lac and above 

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ITR FILING ONLINE
income tax return filing
income tax return filing
income tax return filing

          INCOME TAX CONCERNED FAQ

           INCOME TAX RETURN FILING / ITR FILING FAQ

What is Income tax and How can we calculate it ?

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.

Who is an assessee under income tax ?

An |Assesse| is a person who is liable to pay Income tax or any other sum of money under the Act.

Who are includes in assesse ?

© Each person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of whom he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person

How many heads are under in total income ?

Income from Salaries

Income from house property

Profits and gains of business or profession

Capital gains

Income from other sources

What is Pan Number/Permanent Account Number ?

Pan Number is a ten-digit alphabet and numerical number, which is Provide by the IT Department in the form of crusty card as PAN enables the department to link all kinds of transactions of the person with the department. Transactions comprise tax payments, TDS/TCS credits, returns of FBT/wealth/gift/income, specified transactions, equality, PAN Number help the department in maintaining a objective record of each person transactions by ten digit number in order to Exclude tax evasion in any matter.

What is Tax refund under Income tax Act ?

The extra tax paid by an individual than the actual owed is returned by the Income tax department which is known as tax refund. After taking into Opinion income tax, with holdings, tax deductions or credits and other factors; you file income tax for the year, after that you will receive a tax refund.

How to Calculate House Rent Allowance ( HRA) for income tax return filing or itr filing

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)

What are allowable expenditure for Income Tax ?

1. the cost of goods bought for the business
2. the prime costs of running a business asset
3. wages and salaries of employees
4. heat, light and cleaning of business premises
5. repairs to and maintenance of business premises
6. postage and stationery
7. business telephone and rental
8. bank charges and interest on business loans and overdrafts
9. travel and entertaining if the sole purpose is to retain or acquire business
10. legal costs of defending business rights and renewing leases of less than 50 years duration
11. bad debts and specific doubtful debts
12. protective clothes necessary for the business

What are dis-allowable expenditure for Income Tax ?

1. private expenditure
2. clothes bought for ordinary everyday wear
3. acquisition and depreciation of business assets
4. your own wages or salary
5. your business partner's wages or salary
6. payments to charities
7. travel expenses between your home and place of business
8. a general (non-specific) provision against doubtful debts
9. legal costs of acquiring land and buildings
10. fines for breaking the law
11. your own life, accident or sickness assurance
12. costs of alterations, additions or improvements to business premises

What is Income tax Return filing ?

An income tax (IT) return is the tax form or forms used to file Income Tax Return with the Income Tax Department. The tax return is usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves.

The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources.Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date.If the return shows excess tax has been paid during a given year, the assesse is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.

How many type of Income tax return or itr Return ?

While there are up to nine types of income return forms that a taxpayer could use to file his returns, only the following forms are to be taken into consideration by individuals when filing returns as per the Central Board of Direct Taxes

Income tax return (ITR-1)

Income tax return (ITR-2)

Income tax return (ITR-2A)

Income tax return (ITR-3)

Income tax return (ITR-4)

Income tax return (ITR-4S)

The following income tax return forms are only applicable to companies and firms:

Income tax return (ITR-5)

Income tax return (ITR-6)

Income tax return (ITR-7)

What is the advantage/benefits of income tax return filing ?

(1)For Loan Purpose: Having filed the ITR will help individuals, when they have to apply for a vehicle loan (two-wheeler or four-wheeler) or Home Loan. All major banks can ask for a copy of tax returns.

(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 have to forgo the refund. Some taxpayers may be primarily investing through fixed deposit. On such Investments tax is deducted at source (TDS) at 10 per cent. If the individual's total taxable income is less than the threshold of Rs 2.50 lakh, they can file returns and claim a full refund

(3) Buying a high life 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.

(4) Government tender: If one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous three to five years. This again, is to show your financial status and whether you can support the payment obligation or not. However, this is no strict rule. It may vary depending on the internal rules of the government department

(5) Self-employed: Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh. For all sorts of financial transactions, ITR receipts will be the only proof of income and tax payment for the self-employed.

What happens when income tax return or ITR filing not submitting on time ?

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.

What are deductions under in filing Income tax Return ?

Income Tax Return Allowances and Deductions Allowed to Salaried Individuals

Here we try to list some of the major exemptions which are available to the salaried persons, using which one can reduce their income tax liability.

1. Exemption of House Rent Allowance

2. Standard Deduction

3. Leave Travel Allowance (LTA)

4. Section 80C, 80CCC and 80CCD (1)

5. Medical Insurance Deduction (Section 80D)

6. Interest on home Loan (Section 80C and Section 24)

7. Deduction for Loan for Higher Studies (Section 80E)

8. Deduction for Donations (Section 80G)

9. Deduction on Saving Account Interest (Section 80TTA)

 

How can I submitting income tax return filing /income tax filing ?

To submitting income tax return filing /income tax filing.  Please follow the below steps:

Step 1 Download the ITR preparation software for the relevant assessment year to your PC / Laptop     From the "Downloads" page.

Step 2 Prepare the Return using the downloaded Software.

Gather all the information regarding your income, tax payments, deductions etc.

  • Pre-populate the personal details and tax payments/TDS by clicking on the 'Pre-fill' button. Compare with the information you have to ensure that nothing is left out.
  • Enter all data and click on 'Calculate' to compute the tax and interest liability and final figure of Refund or Tax payable
  • If Tax is payable- remember to pay immediately and enter the details in appropriate schedule. Repeat above step so that tax payable becomes zero

Generate and save the Income Tax Return data in XML format in the desired path/place on your PC/Laptop

Step 3 Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and ent the Captcha code.

Step 4 Go to e-File and click on "Upload Return".

Step 5 Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).

Step 6 Upload Digital Signature Certificate (DSC), if applicable.

Step 7 Please ensure the DSC is registered with e-Filing.

Step 8 Click on "Submit" button.

Step 9 On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link  download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.
OR
The return is not uploaded with DSC; the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing. The return will be processed only upon receipt of signed ITR-V. Please check your emails/SMS for reminders on .non-receipt of ITR-V.

Step 10 This ends the process of preparing & submitting ITR Online by Taxpayer

What is penalty if I don’t submitting Income Tax Return/ ITR return filing on time ?

Penalty on late filing of ITR and other tax changes effective from April 1, 2018

several major income tax changes have come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR), medical reimbursement and transport allowance becoming taxable, and a 10 percent tax on long-term capital gains (LTCG) from listed shares and equity-oriented mutual funds. Knowing these tax changes will help plan your income and taxes better in the new fiscal.

Here's a list of all the tax changes that have come into effect from April 1.2018 

Penalty on late filing of ITR

Starting from April 1, if you file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs 10,000.
As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 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

Due date for Income tax return Filing or Itr return Filing ?

Due Date of Filing Income Tax Return for A.Y. 2018-19 for filing return of income for different categories:

Below is the due date of filing return of income for different categories:

CategoryDue Date of Filing for A.Y 2018-19
Individual, whose accounts are required to be audited30th September’2018
Individual, who is required to furnish a report referred to in section 92E30th November’2018
In all other Cases31st July’2018
Which Documents should be need for filing Income Tax Return ?

Every taxpayer should collate all income tax related documents for filing returns. So, here is a gist of the documents required:

  • Abstract of bank statements
  • Proof of investments and Form 16 (Salary certificate issued by the employer)
  • Form 16A / TDS certificate
  • Challan of tax payment made like advance tax or self assessment tax
  • Proof of investments in propertyD
  • Documents on purchase and sale of investments/assets
  • Collect the TDS certificate and
  • Collect home loan certificate
What is the meaning of income tax return-1 (ITR-1)

This income tax return form is also called a Sahaj,form.The ITR-1 form is to be filed solely by an individual taxpayer.Any other assessee liable to pay tax will not be eligible to avail of this form for the purpose of filing their  returns.

  • Individuals who earn income through salary or through means such as pension
  • Individuals who earn income from a single housing property
  • Individuals who have no income from any other business or who have no income from the sale of any assets i.e.: capital gains
  • Individuals who do not own any assets or property in countries other than India
  • Individuals who do not earn income from any country outside India
  • Individuals whose income from agriculture is below Rs 5,000
  • Individuals who earn income from various investments or sources such as Fixed Deposits, Investments, Shares etc
  • Individuals who have not earned income from any windfall such as lotteries or horse racing
  • Individuals who wish to club the income of their spouse or underage child with their own income, so long as the income to be clubbed is in accordance with the criteria mentioned above
What is the meaning of income tax return-2 (ITR-2)

The ITR-2 Form is generally used by individuals who have accrued income through the sale of assets or Property as well as individuals who earn income from countries outside India. Individuals or Hindu Undivided Families (HUF) can avail of this form to file their returns.

  • Individuals who earn income through salary or through means such as pension
  • Individuals who earn income through the sale of assets or property in India ie: capital gains
  • Individuals who earn income from more than one housing property
  • Individuals who do not earn income from any business venture
  • Individuals who own assets in countries outside of India
  • Individuals who earn income from countries outside of India
  • Individuals whose income from agriculture is above Rs 5,000
  • Individuals who earned income from any windfall such as lotteries or horse racing

 

What is the meaning of income tax return-3 (ITR-3)

The ITR-3 Form is to be used by a taxpayer who is either an individual or a Hindu Undivided Family (HUF) who solely operates as a partner in a firm but who do not conduct any business under the firm or who do not earn any income from the business conducted by the firm

  • Salary
  • Commission
  • Bonus
  • Interest
  • Remuneration
What is the meaning of income tax return-4 (ITR-4)

The ITR-4 form is to be used by those individuals who conduct a business or who earn income through a Profession. This form is applicable to any type of business, undertaking or profession, with no limit on The income earned. Along with the income earned from business, taxpayers can also club any income They receive from windfalls, speculation, salaries, lotteries, housing properties etc with their business Income. Any individual ranging from shopkeepers, doctors, designers, agents, retailers, contractors etc is Eligible to file their income tax returns using this form

 

What is the meaning of income tax return-5 (ITR-5)

The ITR-5 form is to be used by only by the following entities for filing income tax returns:

  • Firms
  • Limited Liability Partnerships (LLPs)
  • Body of Individuals (BOIs)
  • Association of Persons (AOPs)
  • Co-operative Societies
  • Artificial Judicial Persons
  • Local Authorities
What is the meaning of income tax return-6 (ITR-6)

The ITR-6 form is to be used only by companies except those companies or organisations that claim tax Exemption as per Section 11. Those organisations that claim tax exemptions as per Section 11 are Organisations wherein the income received is accumulated from the property used for the purpose of Religion or charity. This particular income tax return form can only be filed online

What is form 16 under in income tax return filing/ITR filing ?

Form 16 is a certificate issued by an employer evidencing the TDS which is deducted from your salary and deposited with the authorities. It contains the information you need to prepare and file your income tax return.

It is issued annually, on or before 15th June of the next year, it immediately follows the financial year in which tax is deducted. Form 16, essentially has two components to it- Part A and Part B. In case you lose your Form 16, a duplicate can be issued by your employer.

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