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Income Tax Returns Salary, salary tax returns
Income Tax Returns Salary

INCOME TAX RETURNS SALARY

It’s is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.

Income tax return form is e-filed – manual filing is permissible only for senior citizens. Income tax returns do not have the ability to accept any attachment while e-filing or manually filing. Therefore all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc. must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.

ITR 1 (SAHAJ): Income Tax Form ITR-1 (SAHAJ) is for individuals having income from salaries, one house property and other sources like interest (excluding winning from lottery and race horses)., etc., This is the most used income tax return type

ITR-2: This form must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:

  • Income exceeding Rs. 50 Lakhs
  • Having foreign assets / income
  • Having agricultural income which is more than Rs. 5,000,
  • Having taxable capital gains
  • Having income from business or profession as a partner
  • Having more than one house property

ITR-2 form should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.

Tax returns should be filed on or before 31st of July every year

 

INCOME-TAX FILING SERVICE CATEGORIES

PLAN - STARTER ₹499

  1. Total Income is less than ₹ 12,00,000
  2. Only Form-16 included
  3. Only one house-property included
  4. With other income from interest and investment
  5. Income from dividend NOT included
  6. Capital Gains from House Property NOT included
  7. Salary Arrears NOT included
  8. Superannuation withdrawals of PF & Gratuity NOT included
  9. Directors of company NOT included
  10. Overseas Assets NOT included
  11. Agricultural income NOT included
  12. Receipts from HUF NOT included
  13. Receipts from partnerships NOT included
  14. Capitals Gains from sale of shares NOT included

PLAN - STANDARD ₹999

  1. Total Income is more than ₹ 12,00,000 but less than ₹ 50,00,000
  2. More than one Form-16
  3. More than one house property
  4. With other income from interest and investment
  5. Income from dividend included
  6. Capital Gains from House Property included
  7. Salary Arrears included
  8. Superannuation withdrawls of PF & Gratuity included
  9. Directors of company included
  10. Overseas Assets NOT included
  11. Agricultural income NOT included
  12. Receipts from HUF NOT included
  13. Receipts from partnerships NOT included
  14. Capitals Gains from sale of shares NOT included

PLAN - ELITE ₹1999

  1. Total Income is more than ₹ 50,00,000
  2. More than one Form-16
  3. More than one house property
  4. With other income from interest and investment
  5. Income from dividend included
  6. Capital Gains from House Property included
  7. Salary Arrears included
  8. Superannuation withdrawls of PF & Gratuity included
  9. Directors of company included
  10. Overseas Assets included
  11. Agricultural income included
  12. Receipts from HUF included
  13. Receipts from partnerships included
  14. Capitals Gains from sale of shares included – maximum 10 sale + purchase transactions

DOCUMENTS FOR INCOME TAX FILING

  1. PAN Card Copy.
  2. Aadhaar Card Copy.
  3. Income-Tax Portal Login ID
  4. e-mail ID
  5. Mobile Number.
  6. Bank Name and Account Number
  7. IFSC Code of the Bank branch.
  8. Form-16.
  9. Form – 26 AS
  10. House Loan Statement
  11. Rental information.
  12. House Property related.
    1. Rent receiving house property address.
    2. Rental Income.
    3. Municipal tax paid copy.
    4. Tenant Name.
    5. If it is Co-Owned Property, Co-owner name and PAN
  13. Any other sources of incomes,
  14. Details of investments & Savings details not present in Form 16
** In case Form-16 is not there then details of the salary income month-wise as per our excel template

ADVANTAGES OF TIMELY FILING OF INCOME-TAX

  1. LOAN PROCESSING: While applying for loans, the eligibility and quantum of loan would depend on one’s income which can be established through filed ITRs. All major banks and NBFCs will ask for income-tax returns of 2-3 years for two-wheeler to car to housing and even expensive durables. Since there is time limit for filing a return, if missed there is no option available to file it later.  
  2. TDS REFUND: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. Unless income tax returns are filed early they will get refunds early. Since there is time limit for filing a return, if missed there is no option available to file it later refunds will be lost.
  3. CARRY-FORWARD OF LOSSES: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. If income-tax returns are not filed then it is a loss for the individual or organisation as the case may be.
  4. ESTABLISHING INCOME PROOF IN COMPENSATION CASES: The ITR, especially in case of self-employed persons serves as a collateral evidence of the income of an individual on the basis on which compensation to be granted is to be computed.

INCOME-TAX FILING PROCESS

FAQs ON INCOME-TAX FILING

Tax will be paid directly to the Government on the official website of the IT Department. It can be done through net banking, along with Challan 280. We will handhold you through the process
Assessee can claim for refund of your excess tax amount while filing your IT Return. The refund will be credited directly into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form. Refunds can typically be expected between 90-120 days of filing of return
ITR-V stands for 'Income Tax Return Verification' Form. You will receive ITR-V when you file your Income Tax return.
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