Among the multitude of taxes present in the system, Income tax is the one that deals with the taxation of the earning of every individual, firm or organization in a financial year. The earning or the income could be in the form of Salary, Interest, Dividends, Capital Gains, Profits from Business or Profession or any other Income.
Income Tax Return is a proof that you have paid your income tax. It contains the details about your annual Income and the amount of tax you have paid. Every year- Resident, NRI s and Foreign Expatriates who earn the taxable income need to file the Income Tax Return (ITR).
As the taxes eat the returns of the people, so to minimize the taxes there are many tax saving options available that not only help in saving the taxes but also help in earning tax free Income. But not all are the same in terms of features, so making the Investments in right option is essential. So, maximize your tax savings with our CA – assisted income tax filing service.
As per the New Rules, Now the penalty will be levied if the return is not filed within the due date of filing. If the return is filed after 31st July but before December, then the penalty of Rs. 5000 will be levied. If the Return is filed after December then the penalty of Rs.10, 000 will be levied. No Return for AY 18-19 can be filed after 31st March 2019.
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You can either seek professional help or file your returns yourself.
It is mandatory for all to file their Income Tax Return. TAX Compliances are no more a trouble for you and for your business, when TAX ADVISOR INDIA is there. We will help you meet all tax Compliances, leaving no room for any confusion and stress for you. We are always there to provide you with expert guidance.
The steps for filing the income Tax Return are:-
Easy | Moderate | Complex Level 1 | Complex Level 2 | |
Fees | Rs.750/- | Rs.1000/- | Fee depends upon Complexity of your other Income | Fee depends upon Complexity of your other Income |
FEATURES |
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Salary Form -16 | 1 | More than 1 | 1 or More than 1 | 1 or More than 1 |
Other Sources of Income | Only Interest Income (Saving Bank & FDs) | Interest , Commission or Contractual Income | House Property, Capital Gain, Profits from Business or Profession or any Other Income | House Property, Capital Gain, Profits from Business or Profession or any Other Income |
Income Limit | Rs.50 Lakhs or Less than Rs. 50 Lakhs | Rs.50 Lakhs or Less than Rs. 50 Lakhs | Rs.50 Lakhs or Less than Rs. 50 Lakhs | More than Rs.50 Lakhs |
Balance sheet and Profit & Loss account | - | - | Will be provided to you, If you are having any Income from Business or Profession. | Will be provided to you, If you are having any Income from Business or Profession. |
Foreign Assets | - | - | Details of Foreign Assets/ Income | Details of Foreign Assets/ Income |
AL Schedule | - | - | - | Details of Assets(as per schedule AL attached) |
Requisites for ITR |
As per new ITR Forms, every assessee is compulsorily required to furnish details regarding all bank accounts whether they are operative or not.
How many days do you have to verify the Income Tax Return filed Online?You have to either send the ITR V to CPC, Bangalore, or verify it online through electronic verification code or Aadhaar – linked- one time password, within 120 days of e filing the return.
Can you e- file your return before all tax payments are done?You can only file your Income Tax return after all your tax payments for the year are done.
Who can file the Returns in the Physical Form?This is only allowed in these cases only:-
1. If the individual filing the return was above 80 years old in the previous year
2. If the income of the individual does not exceed INR 5 Lakh and no refund has been claimed
Yes, the Interest and the penalty will be levied if the return is not filed within the due date of filing. If the return is filed after 31st July but before December, then the penalty of Rs. 5000 will be levied. If the Return is filed after December then the penalty of Rs.10, 000 will be levied.
Whether the Return for AY 18-19 can be filed after 31st March 2019?Now, as per the New Rules, No Returns for AY 18-19 can be filed after 31st March 2019.