Online Income Tax Return Filing

Income Tax Return Filing
  • Online Filing Income Tax Return through tax experts for Pan India
  • Complete Analysis of Form 16, 26AS and bank statements
  • Free computation of HRA
  • Online filing and online fee payment
  • Return can be filed for entire INDIA and abroad.
  • Free Guidance on Tax planning
  • Balance Sheet and Profit and loss account on estimated basis

More information visit Income Tax India Efiling

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Salary Returns Packages

BASIC PACKAGE Rs 499 /-BASIC PLUS PACKAGE Rs 699 /-ADVANCE PACKAGE Rs 1499 /-PREMIUM PACKAGE Rs 3999 /-
Salary Income (only One employer) Everything included in Basic Package AND Everything included in Basic Plus Package AND Everything included in Advance Package AND
Interest Income Salary income with 2 employer Capital Gain Income from Property Share Transactions including F & O ( upto max 100 transactions)
Income tax Filing by Expert Rental Income HRA computation Complete Bank Analysis
26AS Analysis Tax Planning Advisory

Business/ Profession Returns Package

BASIC PACKAGE Rs 999 /-BASIC PLUS PACKAGE Rs 1199 /-ADVANCE PACKAGE Rs 2499 /-PREMIUM PACKAGE Rs 7499 /-
Estimated Business Income Everything included in Basic Package AND Everything included in Basic Plus Package AND Everything included in Advance Package AND
Interest Income. Rental Income Capital Gain Income- property Preparation of Balance Sheet and
Form 26AS Analysis Complete Bank Analysis Review of Sales Tax and Service Tax Return. Profit and Loss Account after proper Accounting ( upto 300 transactions)
Income tax Filing by Expert Tax planning advisory
Balance Sheet & P&L

Changes made in New Tax Return Forms for Filing Returns of FY 2016-17

  • Types of Forms
  1. ITR-1 is applicable for that assesses who have salaried income.
  2. ITR-2 applies for the partners of partnership firm and for salaried persons who have income from capital gains.
  3. ITR-3 is applicable for Business and Profession.
  4. ITR-4 is for that assess who are showing income under Presumptive basis.
  5. ITR-5 is for Partnership Firms.
  6. ITR-6 is for Companies and ITR-7 for trust and other taxpayers.

 

  • Quoting of Aadhar No. is mandatory

Now, it shall be binding to quote Aadhar No. /Enrollment No. for all income tax returns. In the case of partnership firms, Aadhar No. of all partners has to be mentioned. This will reduce the use of duplicate PAN and will help find the correct address of tax evaders, etc.

  • Details of Cash Deposited during Demonetization period is compulsory

Now, Details of cash deposited equal to or above Rs.200,000 in the period of Demonetization from 9/11/2016 to 30/12/2016 have to be mentioned in the income tax return.

  • Details of unexplained credit or investment is compulsory

Unexplained credit or investment attracts tax @ a rate of 60% plus surcharge irrespective of slab rates. The new column is inserted in ITR forms to report such unexplained income.

  • Details of Dividend Income is required to be given

If income from dividend exceeds Rs. 10 Lakhs, then tax at the rate of 10% is applicable. New Column is inserted in ITR Forms for such dividend income in “Schedule OS.” A new column has been inserted to report dividend income up to Rs.10 Lakhs, and Long Term Capital gain exempt u/s 10(34),10(38) respectively.

  • New simplified form ITR-1 Sahaj introduced for salaried assessed

New one-page form ITR-1 Sahaj introduced for individuals earning income from salary, pension, one house property and income from other sources.

  • New field for home loan taken by first time buyer provided

A new field has been provided in new ITR forms for deduction under 80EE which allows deduction on home loan interest for first time home buyers.

  • New schedule introduced for declaring assets and liabilities in case of assessee having Total income more than Rs 50 lac.

The government has proposed a new schedule requiring individuals and HUF to maintain the value of Assets and Liabilities if their total income exceeds Rs.50Lakhs. Further, a new field has been introduced for the disclosure of ‘Interest held in the assets of a firm or AOP as a partner or member.’ Such members or partners are also required to disclose the name, address, PAN of the firm or AOP.

  • New columns introduced for providing information relating to presumptive taxation

The taxpayers under presumptive taxation need not maintain any books of accounts which mean they have to pay tax on profit calculated on the turnover. (a) 2 separate columns for showing Turnover chargeable @ 8% and 6% has been introduced. (b) In new ITR-4 form, a new column has been inserted which shows an option to avail presumptive taxation scheme for professionals whose total receipts do not exceed Rs.50 lakhs under Section 44ADA. ITR-4 which is now applicable for taxpayer opting for presumptive taxation scheme has a new column under the Schedule TDS-2 to show the receipts as mentioned in form 26AS.

  • In the case of Trusts, details of an internal audit conducted under any other Act has to be provided.

Now in a case of trusts, it is compulsory to mention the internal audits carried out under any other act in form ITR-7. Similarly, details will have to be provided for the utilization of funds toward capital or charity purpose.

Documents Required for Income Tax Return

Documents needed for Income under the head salary
  • Copy of PAN card and current residential address
  • Copy of Form 16
  • Mobile no. and email id
  • Password for login
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Details of interest on saving bank
  • Details of rent paid and HRA claimed
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head house Property
  • Copy of PAN card and current residential address
  • Mobile no. and email id and password for login
  • Details of rent received – Name of tenant, PAN of tenant, copy of rent agreement, if any, address of let out property, details of property tax paid etc
  • Certificate from bank giving bifurcation between interest and principal amount in home loan repayment installment
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head Other Source
  • Copy of PAN card and current residential address
  • Mobile no. and email id and password for login
  • Details of rent received – Name of tenant, PAN of tenant, copy of rent agreement, if any, address of let out property, details of property tax paid etc
  • Certificate from bank giving bifurcation between interest and principal amount in home loan repayment installment
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head Capital Gain
  • Copy of PAN card and current residential address
  • Copy of sale deed and purchase deed of property
  • Details of share purchase and sale in format of “Name of company”, “Purchase quantity”, “purchase price”, “sale quantity”, “sale price”
  • Mobile no. and email id and password for login
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head Business
  • Copy of PAN card and current residential address
  • Copy of bank statements for period April to March
  • Copies of sale bill, purchase bill, expenses bill during the year
  • Copy of balance sheet and profit and loss account, if any
  • Mobile no. and email id and password for login
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Details of interest on saving bank
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head NRI
  • Copy of PAN card and current residential address
  • Mobile no. and email id and password for login
  • Full copy of your passport (including blank pages) as on date, so as to verify the no. of days of stay in India to determine residential status in India.
  • Tax residential status in foreign company
  • Copy of Assignment letter/ Secondment contract for employment with Indian Company and foreign company.
  • Copy of Form 16 issued by Indian company for the salary drawn in India and salary receipt for the salary drawn from foreign company.
  • Copy of bank statement of all the bank accounts held (in India and Foreign Company).
  • Proof of any tax deducted or paid in foreign company
  • Copy of tax return filed in Foreign Company along with English translation, if available.
  • Any other information on case to case basis.
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Details of interest on saving bank
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income
Documents needed for Income under the head Expatriat
  • Copy of PAN card and current residential address
  • Mobile no. and email id and password for login
  • Full copy of your passport (including blank pages) as on date, so as to verify the no. of days of stay in India to determine residential status in India.
  • Tax residential status in foreign company
  • Copy of Assignment letter/ Secondment contract for employment with Indian Company and foreign company.
  • Copy of Form 16 issued by Indian company for the salary drawn in India and salary receipt for the salary drawn from foreign company.
  • Copy of bank statement of all the bank accounts held (in India and Foreign Company).
  • Proof of any tax deducted or paid in foreign company
  • Copy of tax return filed in Foreign Company along with English translation, if available.
  • Any other information on case to case basis.
  • Details of investment made u/s 80C i.e LIC, Mutual fund, Child education, PPF, Home loan principal repayment etc
  • Details of interest on saving bank
  • Passport no. and Aadhar card no.
  • Photocopy of cheque of any bank for getting bank details
  • Details of any investment made in 80G
  • Details of any other income

RATES OF INCOME TAX FOR FY 2017-18 (AY 2018-19)

Every year in the budget, the Hon’ble Finance Minister announces the rate of Income tax for next year. This is an important process since Income tax rates are important in making correct computation of Income and correct filing of Income Tax Return or ITR

While preparing computation of Income or e-filing of Income Tax Return for FY 2017-18, following slab rates of tax should be kept in mind.

Tax slabs for FY 2017-18 (AY 2018-19)

For Individuals and HUF (Men and Women less than 60 years of age)

Particulars of IncomeTax Rate
Income up to  Rs 2,50,000NIL
Income between Rs 250,000 to Rs 500,0005%
Income between Rs 500,000 to Rs 10,00,00020%
Income more than Rs 10,00,00030%


Surcharge:
 10% of income tax, where the total income exceeds Rs.50 lakhs up to Rs.1 crore & 15% of income tax, where the total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

Further, a Tax rebate of up to Rs 2500 will be available for taxable income up to Rs. 3.5 lakhs.

 

For Individuals and HUF (Men and Women being SENIOR CITIZEN i.e.  60 years of age or more but less than 80 years)

Particulars of IncomeTax Rate
Income up to  Rs 3,00,000NIL
Income between Rs 300,000 to Rs 500,0005%
Income between Rs 500,000 to Rs 10,00,00020%
Income more than Rs 10,00,00030%


Surcharge:
 10% of income tax, where the total income exceeds Rs.50 lakhs up to Rs.1 crore & 15% of income tax, where the total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

 

For Individuals and HUF (Men and Women being SUPER SENIOR CITIZEN i.e 80 years of age or more)

Particulars of IncomeTax Rate
Income up to  Rs 5,00,000NIL
Income between Rs 500,000 to Rs 10,00,00020%
Income more than Rs 10,00,00030%


Surcharge:
 10% of income tax, where the total income exceeds Rs.50 lakhs up to Rs.1 crore & 15% of income tax, where the total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

For Domestic Companies

Rate of tax for domestic companies is 25% (In FY 2016-17 it was 30%)

The surcharge is 5% if income is more than Rs 1 crore but less than Rs 10 crore. The surcharge is 10% if total income is more than Rs 10 crore.

Cess: 3% on total of income tax + surcharge.

For LLPs and Partnership Firms

Rate of tax is 30%

The surcharge is 5% if income is more than Rs 1 crore but less than Rs 10 crore. The surcharge is 10% if total income is more than Rs 10 crore.

Cess: 3% on total of income tax + surcharge.

No need to Visit Tax Office for anything from April 2017

All Income Tax communication between Assessing Officer and taxpayer now online- CBDT Notification dated 4th April 2017 Brief Overview of New Scheme

  1. CBDT declared that all Income Tax department-related proceedings between the taxpayer and the taxman from the new fiscal would be conducted online.
  2. This has been done to reduce the human interface between the assessee and the Assessing Officer (AO) thereby reducing complaints of harassment and corruption.
  3. Just like filing of tax return, a new link or window called ‘e-proceeding’ will soon be introduced on the e-filing website of the Department, which is used by taxpayers to file their Income Tax Returns (ITRs) at present.
  4. Now, a website will be linked with an internal portal of tax department whereby taxpayer will not have to visit the I-T office for regular issues like scrutiny problems and grievances related to his or her refunds or filing of Income Tax Returns.
  5. The new system, for the time being, is voluntary, and the taxpayer can take a call on whether to conduct his dealing with the taxman over the e-system or through the existing procedure of manual submissions of documents by visiting the I-T department office.
  6. The new system will be available for all types of notice, questionnaire, a letter issued under various sections of the I-T Act. For example, hearing notice for assessment proceedings under sections 143(3), 147, 263 or 264, etc. proceedings under section 154 and hearing under various sections for a penalty.
  7. It will also be used for CIT (A) proceedings for hearing notice, proceedings for granting or rejecting registration applications under section 12AA, 80G under exemptions, seeking clarification for resolving e-nivaran grievances, etc.
  8. All such e-communication by the taxman to the taxpayer will bear the official email of the Assessing Officer (AO) with the email domain being ‘@incometax.gov.in’.
  9. Timelines will also be set for the new process to work smoothly and with all legal sanctity to such processes. “to facilitate a final date and time for e-submission, the facility to submit a response will be auto closed seven days before the Time Barring (TB) date, if any. However, Income Tax authority can also re-enable the e-submission by an assessee in both TB and non-TB situations.
  10. Previously, a pilot project has already been run in this regard and now a majority of tax dealings with the taxpayer in a new financial year (2017-18) will be done through the new system.
  11. The taxpayer will always have the option of coming out of the e-proceeding system at any point in time and go for the manual mode.
  12. When there is closure or completion of any proceeding under this procedure, the final order, letter or document will be delivered to the assessee under an e-proceeding tab in the e-filing website of the department. If need be, the same may also be delivered by post.
  13. In case the assessee opts for the manual mode in the middle of e-proceedings on the e-filing website, further proceedings shall be conducted in manual mode.
  14. The assessee will also be able to view the entire history of notices, questionnaires, letters, orders on the e-filing website and of his responses under the new system.
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