There are 2 types of taxes in India – Direct tax and Indirect tax. Direct tax is a tax that is calculated and paid directly on your Income. Income tax is a direct tax. Direct Tax is proportional to the income of the person. Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service Goods and Services Tax (GST) is an important and significant Indirect Tax. Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax.

Form 16 is a TDS certificate issued by an employer to his employee when TDS is deducted by the employer. The employer deducts this tax on behalf of the Government and after deducting deposits the tax to the Government. The employer is then required to give a certificate to the employee giving the details of tax deducted. This certificate is called the Form No. 16 or just Form 16. If no TDS has been deducted then, the employer may not a Form 16.

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Q: What is Income tax return (ITR)?

An income tax return (ITR) is a form which you need to fill and submit it electroncially thru the tax Department website. In this form details of your income and taxes is to be given. The income tax return forms are in various formats viz ITR-1, ITR-2 etc. Each form depicts a separate category of Income tax payers. The tax returns must be filed every year and must be filed on or before the due date.

Q: Common mistakes while filing Income tax return?

Some of the commonly observed tax return filing mistakes - Not reporting all the sources of income Failing to report income from sources such as - interest savings account, interest on Fixed Deposits (FDs). Further, upon change of job, the individual should make sure that he reports the income earned through his previous employer as well. Also, any income earned by a minor through investments is also taxable In case you have made investments in your children’s name, keep this in mind while filing your taxes. Not paying tax on house property Few people assume that there is no income from multiple residential properties and thus there is no tax payable. However, if you own more than one house, you are liable to pay a certain amount as tax, even if you have not earned any income from it or if it is unoccupied. Providing incorrect postal and email address Not reporting income that is exempt Many types of incomes like long-term gains, dividends, etc. are exempt from tax. Although you do not have to pay any taxes on such incomes, it is important to report them. If I fail to furnish my return within the due date, will I be fined or penalized? Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year i.e. for FY 2018-19, assessment year will be 2019-20 and so the relevant date will be 31st dec, 2019. Rs. 10,000 in any other case.However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakhs

Q: When is Income Tax Return filing mandatory?

It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act) Earn gross annual income more than- Particulars Amount For individuals below 60 years Rs 2.5 Lakhs For individuals above 60 years but below 80 years Rs 3.0 Lakhs For individuals above 80 years Rs 5.0 Lakhs Earn income other than salary like house property, etc. Want to claim income tax refund from the department. Earn from or have invested in foreign assets.

Income Tax Return Filing

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About

Income Tax Return Filing

To file an Income Tax Return is the duty of every citizen of India. However, besides this, there are various other reasons, why you should file your Income Tax Return:

When you file Income Tax Return, you create your Financial Record with Tax department. This financial / tax history is positively viewed and favourably used by most agencies with whom you may need to interact, such as when you avail any kind of loan (home, personal, vehicle loan) or when you apply for VISA, etc.

It is mandatory to file your Income Tax Return, if you have any Foreign Assets.

If you have a refund due, you need to file your Income Tax Return, to claim this refund.

Income Tax Return is essential for making any investment and goes to prove that you have a valid source of income to make such investment.

Avoid various Penalties / Fees / Penal Actions under the Income Tax Laws

Which ITR Form to File when filing Income Tax Return?

ITR-1

Applicability
Resident Indian individuals and HUFs
Salary
Yes
Exempt Income
Yes. However, income from agriculture cannot be more than Rs.5,000.
Capital Gains
No
House Property
Yes. However, it can be only for one house property.
Business Income
No
Other Sources
Yes

ITR-2

ITR-3

Applicability
Partner in a firm, HUF, or individuals
Salary
Yes
Exempt Income
Yes
Capital Gains
No
House Property
Yes
Business Income
Yes
Other Sources
Yes

ITR-4

Applicability
Firm, HUF, or individual
Salary
Yes
Exempt Income
Yes. However, income from agriculture cannot be more than Rs.5,000.
Capital Gains
Yes
House Property
Yes. However, it can be only for one house property.
Business Income
Only for business income that is presumptive
Other Sources
Yes

ITR-5

Applicability
LLPs or Partnership Firms
Salary
No
Exempt Income
Yes
Capital Gains
No
House Property
Yes
Business Income
Yes
Other Sources
Yes

ITR-6

ITR-7

Packages of Income Tax return filing

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Sr. No.	Type Of Form	Fees
1	Single form 16- Salary Income, Housing Interest and Other Income	Rs 300 + GST
2	Multiple form 16 – Salary, Rental Income & Housing Interest and Other Income.	Rs 400 + GST
3	Single / Multiple form 16 – Salary, Rental Income & Housing Interest , Capital Gain Sale of Property and Other Income	Rs 750 + GST
4	NRI and Foreign Income	Rs 2500 + GST
5	Income Tax return filing – For business owner who want to file their return under presumptive taxation	Rs 1500 + GST

Documents and information required for Income Tax Return

General List of Documents and information required for Income Tax Return

Sr. No.	Head / Category	Document / Information Needed
1	Income from Salary	Form 16
2	Income from Salary	In absence of Form 16, Fill up the Salary Details Excel sheet Templete
3	Rental Income / Housing Loan Deduction	Rent Agreement
4	Rental Income / Housing Loan Deduction	Rent Receipts.
5	Rental Income / Housing Loan Deduction	Please Highlight the Rent Receipts entries in the Bank Statement.
6	Rental Income / Housing Loan Deduction	Property Tax Paid Receipt.
7	Rental Income / Housing Loan Deduction	Housing Loan Statement And Interest Certificate.
8	Rental Income / Housing Loan Deduction	Detailed Address Of Rented Property.
9	Rental Income / Housing Loan Deduction	Name and PAN Of the Tenant.
10	Income Of Other Sources	Certificate of Fixed Deposit Interest Received and Accrued.
11	Income Of Other Sources	Details Of Dividend Income Received from Shares
12	Income Of Other Sources	Details Of Dividend Income Received from Mutual Funds.
13	Income Of Other Sources	Details Of Commission / Brokerage.
14	General Documents	All bank Statements & Pass Books
15	General Documents	PPF Statement /Passbook.
16	General Documents	Copies Of Tax Saving Investments Such As LIC,Mediclaim, NSC,TAX, NPS, Tax Saving mutual Funds, etc
17	General Documents	Education loan - Certificate & Statement.
18	General Documents	Receipt Of Donation Given
19	General Documents	All Property Transaction Documents - Sold & Purchase.
20	General Documents	Shares Investment - Purchased And Sold.
21	General Documents	Mutual Fund Investment Purchased & Sold.
22	General Documents	Fixed Deposite Receipts & Interest Statement
23	General Documents	Certificate of Fixed Deposit Interest Received and Accrued
24	General Documents	List Of Vehicle Details Purchased And Sold.
25	General Documents	Document Relating Investments Valuable Purchases and Sold (E.g. Gold, Ornaments, etc)
26	General Documents	Details Of Expenditure on Foreign Travel

Income Tax Return Filing

Income Tax Return Filing

Income Tax Return Filing

About

Income Tax Return Filing

Which ITR Form to File when filing Income Tax Return?

Packages of Income Tax return filing

Documents and information required for Income Tax Return

General List of Documents and information required for Income Tax Return

Frequently Asked Question

What is Income tax?

What is Form 16?

What is Income tax return (ITR)?

Common mistakes while filing Income tax return?

When is Income Tax Return filing mandatory?

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Income Tax Return Filing

Income Tax Return Filing

Income Tax Return Filing​

About

Income Tax Return Filing

Which ITR Form to File when filing Income Tax Return?

Packages of Income Tax return filing

Documents and information required for Income Tax Return

General List of Documents and information required for Income Tax Return

Frequently Asked Question

What is Income tax?

What is Form 16?

What is Income tax return (ITR)?

Common mistakes while filing Income tax return?

When is Income Tax Return filing mandatory?

Load More

Subscribe To Our Updates

Income Tax Return Filing