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Online Income Tax Return Filing in India

Income Tax return filing is a process through which individual and businesses provide information on their income and online income tax payment is done if applicable. Online income tax payment is done once individual or businesses compute their taxes. The individual pays taxes based on the income tax slab as prescribed. Different income tax return form is prescribed which is based on the sources of income. Sources of income mean how it is generated- It could be Income from salary, Income from house property, Income from business or profession, Income from capital gains, Income from other sources (like interest income). The government of India has facilitated in filing income tax return through their income tax India efiling portal. Various income tax return form is prescribed for individual income tax return, company income tax return. Online ITR filing and online income tax payment system has been simplified over the year, therefore mostly salaried based employees do the self-filing of income tax return form.

Income Tax Return Filing Procedure

Before filing an individual income tax return, In case of a salaried person- he should have Salary slip, Form 16, interest certificate from bank or post office if any, Form 26 AS (This can be downloaded from TRACES website), chalan of advance tax paid if any and bank account details. As the online income tax return filing procedure has been simplified over the years, mostly individual ITR such as by salaried taxpayer is done on their own. However when they need to claim deductions for a house loan and interest or when they claim deduction under 80 C there is much confusion which makes them file an incorrect return. In that case, they reach out to tax consultants nearby them for online income tax return filing. In the case of companies, Tax consultants such as Chartered Accountants can help file the Income-tax return form. For companies, technical issues such as claiming of expenses, calculation of taxes, carried forward of losses etc are an important matter which is looked after by a consultant. For company various documents are required, the primary documents required in income tax India efiling are audited balance sheet, Form 26AS, deductions details under section 80, details of bank accounts. Various other documents are required based on in which sector a company operates.

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

Surity

Documents Required for Income Tax Return Filing

  • General detail-PAN, Aadhar
  • Bank Statements copy
  • Proof of tax saving investments
  • Online income tax payment proof
  • TDS Certificates
  • Proof of sale or purchase of investments or assets
  • Audited balance sheet if applicable
  • Tax Audit Report if applicable
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 is

Up 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 Nil

Rs 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 Nil

Rs 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: 2018-19Due 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 audited31st 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 audit30th 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