Submit your details! income tax return
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We help you minimize your tax liabilities in legal ways
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We file ITRs of individual, Companies, Partnership firms, Trust etc.
Advantages of ITR Filing
Helps in Loan
ITR copy is the number one on the list asked by Bank or financial institution if you are applying for a personal loan or home loan or vehicle loan or a business loan.
Carry Forward of Losses for Business
Carry forward of business losses, capital losses and other losses is possible only by filing ITR.
ITR in Visa processing
While you will go for visa interview you may be asked to carry income tax return filed of previous years. Therefore in traveling abroad in via processing, ITR form is a useful document.
Claim Refund from income tax
A tax refund is possible only by ITR filing. Like if TDS has been deducted in your name and your income tax slab suggest you don’t need to pay taxes, you can claim this TDS deducted by ITR filing.
Proof when you take insurance covers
When you are going to avail for insurance, ITR is the number one on the list of documents being asked from you. Coverage offered depends on the income and ITR is proof of same.
Serves as multipurpose document
Your ITR form is a legitimate way to reflect your source of income, the taxes paid by you, it works as an address proof, it could be supporting documents in Government contracts and many more
Documents Required for Income Tax Return Filing
Frequently Asked Questions
ITR filing is mandatory if your income exceeds a certain limit. ITR filing is mandatory for businesses. There are different income tax slab based on the age group and the residential status. Different tax rates for businesses based on the structure of their legal entity. Individual income tax return form and company ITR form are different.
For FY 18-19, As proposed by the interim budget a few days back, a rebate of Rs. 12500 has been announced for taxpayers with taxable income up to 5 Lakh (under section 87A). Also, the standard deduction has been proposed as 50000, earlier it was 40000. However, the income tax slab is the same as before which depends on the age and the resident status. It has 3 categories:
For a resident individual with age, less than 60years income tax slab isUp to Rs 2.5 lakh Nil Rs 2,50,001 to Rs 5,00,000 5% of (Total income minus Rs 2,50,000) + 4% cess Rs 5,00,001 to Rs 10,00,000 Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess Rs10,00,001 and above Rs 1,12,500 + 30% of (Total income minus Rs. 10,00,000)+ 4% cess
For a resident individual with age between 60 and 80 (Senior Citizen) income tax slab is Up to Rs 3 lakh NilRs 3,00,001 to Rs 5,00,000 5% of (Total income minus Rs 3,00,000) + 4% cess Rs 5,00,001 to Rs 10,00,000 Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess Rs 10,00,001 and above Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
For a resident individual with age above 80 years (Super Senior Citizen), income tax slab is Up to Rs 5 lakh NilRs 5,00,001 to Rs 10,00,000 20% of (Total income minus Rs 5,00,000) + 4% cess Rs 10,00,001 and above Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
FOR NRI, THE BASIC EXEMPTION LIMIT IS 2.5 LAKHS IN A FINANCIAL YEAR IRRESPECTIVE OF AGE. IF INCOME EXCEEDS RS. 50LAKHS BUT IT IS BELOW RS. 1 CRORE, A SURCHARGE OF 10% IS LEVIED ON INCOME TAX PAYABLE BEFORE LEVY OF CESS OF 4 %. IF NET INCOME IS ABOVE RS. 1 CRORE, SURCHARGE OF 15% IS LEVIED.
|Particulars AY: 2018-19||Due Date|
|ITR due date for individuals, HUF, BOI, AOP (ITR filing by Assesse whose Books of Account are not required)||31st July 2019|
|ITR due date for businesses whose Books of Account are not required to be audited||31st July 2019|
|ITR Due Date for (Applicable on assessee who has to furnish report under sec 92E)||30th November 2019|
|Due date of filing the ITR by businesses whose Books of Account require an audit||30th September 2019|
For ITR filing of NRI, it is best if you approach any tax consultants who are a Chartered Accountant. You will be required to share with your consultant from the general information such as PAN card, Bank account details and the details on your source of income. In case of the income tax return for NRI, the basic exemption limit is 2.5 Lakh, irrespective of their age unlike in the case of residents.
For a simple return case, you can do the self-filing. You should register yourself in the income tax India return filing website of Government of India and follow the steps as guided. For any confusion, you can always approach a tax consultant nearby you.
For fling ITR of a company documents such as balance sheet, online income tax payment proof, investment proof etc is required. As a company, any Chartered Accountant can help you file ITR of your company.
- You can go to e-pay tax section of the website http://www.tin-nsdl.com/
- There are options of chalaan, select the one applicably
- Give data as asked like PAN, Address etc
- It will give you the option to select a bank for tax payment and direct you to net banking
- On login and amount fill up as required it is done.
- For companies, the income tax rate will continue to be what was in last FY 2017-18.
- WITH TURNOVER LESS THAN Rs. 250 crore: TAX RATE IS 25%
- WITH TURNOVER ABOVE Rs.250 crore: tax rate is 30%
- Mandatory E.cess of 2% and Secondary and Higher education cess @1% on total tax including the surcharge.
- And surcharge is levied @ 7% IF INCOME IS MORE THAN Rs. 1 CRORE AND UP TO 10 CRORE
- @12% IF INCOME IS MORE THAN Rs. 10 CRORE