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Income Tax Return Filing
Basics and Benefits of e-filing Income Tax Return
Salaried Individuals and other non-audit tax payers are required do Income Tax Return Filing compulsorily before ‘31st July 2016 for the year ended 31st March 2016.
Every individual whose income before allowing deductions and exemptions exceeds the basic exemption limit are required to do Income Tax Return Filing . However, ITR filing is required even if full tax has been deducted at source or there is no liability to pay further tax and have no other income. Moreover, Income Tax Return Filing of income is always advisable as well as maintaining of Income Tax file even when there is no compulsory requirement as it helps to access many financial benefits easily such as bank credits etc.
The Income tax department has made income tax return filing in India easier, by introducing the e-filing income tax return facility. As a result of this Online Income Tax filing facility now almost 98% returns are being accepted by the income tax department without any question. Every assesses should prefer e-filing income tax return to avail full benefits associated with it and to remain hassle free.
With e-filing income tax return the processing speed is really quick and it helps to keep personal information private, get instant notification of Income Tax Return receipt, check the status of tax return or tax refund and get acknowledgment receipt immediately. Moreover, online income tax return allows to pay taxes at any time and from anywhere through the net-banking account without being in the long queue at the Bank. So, by opting online income tax return filing one can save a lot of precious time, money and energy.
Key Benefits of e-filing Income Tax Return with Taxmantra.com
Remain totally Hassle free – The income tax return filing experience on the automated platform at times becomes too complicated, as the users have to virtually punch in all their income details and as a result of which individuals end up filing return of income incorrectly. Taxmantra.com offers complete online income tax filing solutions and to keep its users totally hassle free Taxmantra.com has launched fully personalized Online Income Tax Return filing Platform where the users have to just email their details and documents, and our tax expert gets in touch with the user to file the online income tax returns.
Tax return is being reviewed by a qualified tax expert with 30+ years of experience within the Group
Faster processing of returns and refunds as the online income tax returns filed through Taxmantra.com (E-Return Intermediary) gets priority
Personalized Care by CA & Tax Experts
Full Support by Phone, Mails, Live Chat, and also Personal Data Security Assured
You would note that IT Department is taking serious action for mistakes encountered in filing IT Return by sending Tax Notices to so many assesses all over India. What are the reasons for issuance of such a huge number of tax notices? The probable answer would be that they all have done certain mistakes while filing their income tax returns which have miserable consequences. Simply it’s very hard for individuals to tackle the issues like rectification of return after getting notice u/s 139(9)-defective return, readjustment of tax refund u/s 245, intimation letter u/s 143(1), rejection of TDS credit, Notice u/s 148- income escaping assessment, etc. Thus taking experts’ help in filing your IT Return would make your life hassle-free.
Procedure to file your tax returns with Taxmantra.com
Choose your package & make payment
We have packages for all assesses ( salaried individuals, consultants, self employed, Non Resident Indians and foreign citizens based on the nature income and taxation pattern. Your have to choose the package which suits you best and make payment.
Email us your details
The next thing is to email us the details and documents, you can check here for the list of documents to be emailed. The documents needs to be emailed to our email id – firstname.lastname@example.org
Error free ITR xml uploaded
Based on the details provided by, our tax experts would prepare the tax computation and would discuss the same with you. Once the same is confirmed, we would upload the tax returns and would send you the tax ACK or ITRV form and other details. If you do not have Digital Signature (DSC) then after filing the ITR Filing system will generate ITR-V Form which is acknowledgment of filing your IT Return. We would send you this acknowledgment via mail. You download the same and send to the CPC Bangalore. You can also file the tax return with DSC, in that no need to send the ITRV forms to CPC Bangalore.
Please check this video , wherein our founder is explaining our personalized Tax Return Filing Service.
FAQs on Income Tax Return Filing
1. What Is Income Tax?
Income tax is the taxes paid on the total income earned during the relevant financial year at the rates prescribed.
2. What is return of income?
It is a prescribed form through which particulars of income earned during a financial year and taxes paid thereon is communicated to the Department.
The table below gives a brief overview of all forms and its applicability:
ITR – 1 (Also known as SAHAJ)
It is applicable to an individual having –
salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
Exempt income without ceiling limit (other than agricultural income exceeding Rs. 5000)
ITR – 2
It is applicable to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession”
ITR – 2A
It is applicable to an individual or a Hindu Undivided Family having income from Salary, more than one House Property but does not have Capital Gain or PGBP.
ITR – 3
It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR – 4S
Also known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
ITR – 4
It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR – 5
It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
ITR – 6
It is applicable to a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11).
ITR – 7
It is applicable to a person including companies who are required to furnish return under section 139(4A) or139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR – V
It is the acknowledgement of filing of return of income
5. Who is require to file ITR 2A?
has income from salary
more than one house property
does not have any income from capital gains
does not have income from business/profession
does not have foreign assets/foreign income.
6. What are the key highlights of new and modified ITRs?
The new forms, ITR 2 and ITR 2A, shall consist of only 3 pages.
With regard to foreign travel details, only the passport number, if available, will be required to be furnished. This would bring relief to all individuals who travel extensively.
Aadhaar Number shall be provided, if available
Disclose all bank accounts details held by assessee during the year. However, there shall be no need to provide accounts balance.
7. How is return filed processed?
Now the processing of return filed will be through Aadhaar Number, where, you can link your Aadhaar Number with your PAN and get rid of sending ITR V to CPC, Bangalore.
From the Assessment Year 2015-16, an option is given to the taxpayer to verify their return of income via Electronic Verification Code (EVC).
8. What is EVC?
For electronic verification of return, a code (EVC) is generated. EVC will be a unique number linked to assessee’s PAN. One EVC can be used to validate one return, irrespective, of assessment year or type of return. Note: EVC generated via Aadhaar Card will be valid only for 10 minutes and in any other case, it will be valid for 72 hours.
9. How to generate EVC?
Taxpayers can generate EVC by any of the four ways given below:
Through E-filing Website of Income Tax Department
Through Net- Banking
Through Aadhaar number
10. What Are The Benefits Of Filing My Income Tax Return?
Many Individuals assume that filing of return is a harrowing experience. But nowadays an individual can file a return very easily and even faster. Filing of Income tax return helps an individual in many ways. It helps an individual to manage his financial affairs effectively. The benefits of filing of income tax return are as follow:
Helps in availing any loan facility– Whenever an individual opts for a education loan or home loan or any personal loan Banks ask for 2-3 years of Income Tax Acknowledgement. This is possible only when a individual file his return timely.
For Visa and immigration Processing – The ITR acknowledgement works as a proof of financial soundness of an individual. The ITR acknowledgement of last 2-3 years is required when an individual applies for VISA.
For claiming Refund – Incase, an assesseehas paid excess of TDS, to claim such excess return, assessee have to file its return.
11. Why e-filing of return?
With e-filing income tax return, the processing speed is kicked up and secures personal information, get instant notification of Income Tax Return receipt, check the status of tax return or tax refund and get acknowledgment receipt immediately.
12. How to pay tax?
Online income tax return allows to pay taxes at any time and from anywhere through the net-banking account without being in the long queue at the Bank.
13. Who Is Liable To Pay Income Tax?
Any Individual or group of Individual or artificial bodies who have earned income during the previous years are required to pay Income tax on it. These are Individuals, Hindu Undivided Family [HUF], Association of Persons [AOP], Body of individuals [BOI], Firms, Companies, Local authority, Artificial juridical person.
14. What Is The Due Date Of Filing The Return?
Assessees like Salaried Income, person having Income from House property, Interest Income, Business Income where accounts are not required to be audited
For such Corporate assessees which required to furnish a report u/s 92E of the Income Tax Act, 1961
For all other Corporate assessees
For those Non-Corporate assessees (Like Partnership Firm, Proprietorship Firm) whose accounts are required to be audited under Income Tax Act, 1961 (Like 44AB turnover is more than 100 lacs in case of profession – section 44AB and Business where disclosed profit is less than 8% of the turnover – Section 44AD) or any other act for time being in force
For working Partners of Partnership Firm cover under serial no (3) above
15. What if there is loss in any financial year?
The loss sustained shall be eligible for carry forward to subsequent years and set off against profit earned in subsequent years only if, a loss return is filed before due date.
16. What are the consequences if a return is not filed within due date?
Interest on tax due shall be paid. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F.
17. Any provision to file return after due date?
There is an option to file Belated Return. It shall be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. It is to be noted that Belated Return can be filed but interest and penalty shall be levied.
18. What penalties are imposed if return is not filed at all if there is taxable income?
Interest and penalty is followed by prosecution if, tax not paid. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment could be 6 months to 7 years).
19. Is there any provision to revise the return already filed?
Revision of return filed is possible if, original return is filed within due date and Department has not completed the assessment relevant to that year. Mistake shall be genuine and bona fide and shall not be any deliberate mistake.
Note: Belated Return cannot be revised. Therefore, it is preferable to file return within due date.
20. What is Advance Tax?
If the income tax liability in any financial year is more than Rs. 10000 then, advance tax shall be paid in installments during the year itself.
21. What are due dates for Advance Tax?
For assessee other than Companies
Due Date of Installment
On or before 15th September
Not less than 30% of the advance tax liability
On or before 15th December
Not less than 60% of the advance tax liability
On or before 15th March
100% of the advance tax liability
Due Date of Installment
On or before 15th June
Not less than 15% of the advance tax liability
On or before 15th September
Not less than 45% of the advance tax liability
On or before 15th December
Not less than 75% of the advance tax liability
On or before 15th March
100% of the advance tax liability
22. What if advance tax is not paid within due date?
If advance tax is not paid or paid less the mandate amount then, interest shall be paid @ 1 per cent simple interest per month on the defaulted amount.
23. Is filing of return is mandatory even if income is below exemption limit?
If the income is below exemption limit then it is not mandatory to file the return but you may file the return as you cannot file the return for past years once the due date lapses. In addition, ITR is valid document for bank credit, housing loan etc.
24. What are the consequences of not filing of return or non-payment of tax?
It is mandatory to file your income tax return if your income is above the maximum exemption limit. Non-filing of income tax return attracts penalty of Rs 5000 and interest u/s 234A, 234B, and 234C accordingly. Further, if the original return not filed within the due date then an individual cannot file a revise return u/s 139(5) of the IT act. In addition, losses such as business loss, capital loss and loss in owning and maintenance of racehorse cannot be carried forward as per section 80 of the IT act.
25. Is filing of return is mandatory even if employer already deducted TDS from salary?
Mere deduction of TDS does not give you exemption from filing of IT return. Even if your employer has deducted TDS from your income, you must file your return. To claim the TDS amount,filing of IT return is mandatory.
26. What if tax deducted i.e., TDS is more than the actual tax liability?
Refund can be claimed only by filing the income tax return timely. The amount of refund will be deposited in the Bank Account provided by you while filing your return of income. The refund amount will be processed by IT department once the return is processed and 143(1) Intimation is received by you.
27. Is Digital Signature mandatory for filing return?
The e-filing portal has 2 options of filing the return with DSC and without DSC. If you opt for filing return without DSC then you must also physically submit the printed copy of ITRV Acknowledgment by speed Post or Normal Post to CPC Bangalore. But for certain entities/individuals, e-filing of return is mandatory with DSC:
Companies need to e-file their returns using digital signatures
Individuals/firms whose accounts are to be audited u/s 44 AB of the Income Tax Act 1961 e-file their returns using digital signature.
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Devi Prasad Biswal
CCR Designer Closet Private Limited
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Salaried in Bangalore
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Being a college entrepreneur, these legal tasks often come across a boring. Taxmantra has freed up my time in these respects, improving the productivity and minimizing lapses. Taxmantra has also served as an advisor and mentor in different aspects of our investment process. I would recommend Taxmantra for these kinds of funding and investment solutions.