Online Income Tax Filing India – An Intro

The annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government’s operations, progressive income taxation is designed to distribute wealth more evenly in a population and to serve as an automatic fiscal stabilizer to cushion the effects of economic cycles with the help of online income tax filing India portal you can do online ITR filing in India. Its two basic types are – personal tax, levied on incomes of individuals, households, partnerships, and sole-proprietorships; and corporation tax levied on profits (net earnings) of incorporated firms both types are described briefly on online income tax filing India portal. However, presence of tax loopholes (whose number increases in direct proportion to the complexity of tax code) may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws.

Specific Information regarding Online Income Tax Filing India

Online ITR Return Filing in India form is the form in when assessee files information about his Income and tax thereon to the Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.


The Income Tax Act, 1961, and the Income-Tax Rules, 1962, obligates citizens to file returns with the Income-Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income-Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Online Income Tax filing India return forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

In simple words, every individual who has a source of income, regular or irregular, is legally required to file their income tax return even if the income of the individual is below the taxable bracket, one must file income -tax returns. On online income tax filing India portal, there are prescribed forms through which the income earned by a person and tax paid thereon are informed to the Income Tax Authority.

 

Difference between Direct Tax and Indirect Tax by Online Income tax Filing India Portal

Direct and indirect taxes include all the different types of taxes levied by the government. In an online income tax filing India, Both kinds of taxes are important components of governmental revenue and hence the source of economy for the government funds.

Direct Taxes – These are non-transferable taxes paid by the taxpayer to the government. An example of direct taxes is Income-Tax.  These include the taxes that cannot be transferred or shifted to another person, for example, an individual pays directly to the government. Therefore, here the burden lies on the individual who earns a taxable income and cannot shift the tax to others.  It is paid entirely by the taxpayer and is collected by the central government according to the type of tax levied.  Direct taxes include corporate tax, wealth tax, estate duty, gift tax, fringe benefits tax, excise duty, sales tax, customs duty, entertainment tax, service tax. It allows the government to collect taxes directly from the consumers and is a progressive type of tax, which allows for cooling down of inflation pressure on the economy. For further consultancy on Online Income Tax Return in India, you may visit online income tax filing India portals.


Indirect Taxes – These are transferable taxes where the liability to pay can be shifted to others.  Value Added Tax (VAT)  is an example of indirect tax. VAT, for example, is included in the bill of goods and services that we procure from others.  These are the taxes that can be shifted to another person. The initial tax is levied on the manufacturer or service provider and the manufacturer shifts the tax burden then onto the consumers by charging higher prices from the consumers for the commodity by including taxes in the final price to know more about indirect taxes visit Online Income tax filing India portal as well as for Online IT return filing in india. Indirect taxes allow the government to expect stable and assured returns and bring into its fold almost every member of the society- something which the direct tax has been unable to do.
Therefore, the primary difference between direct and indirect tax is the ability of the taxpayer to shift the burden of tax to others and there are different implications of both taxes as both are important for the government as it includes the major part of revenue for the government.

 

A brief about Income-Tax Act by Online income tax filing India Portal

Income Tax Act of India, passed in 1961, governs the provisions for income-tax as well as the various deductions that are applicable to it. It is no doubt that Income-Tax is the most important source of revenue for the Indian government. It is an inevitable imposition on the citizens in order to raise funds for fulfilling the development and defense needs of the country.

In India, the first Income Tax Act was introduced in 1860. It was introduced by James Wilson to overcome heavy losses suffered by the British Government due to India’s freedom movement in 1857.

Currently, the Income Tax Act of 1961 is applicable in India. According to this act, any Indian citizen below 60 years of age is liable to pay income tax if their income exceeds above Rs 2.5 Lakhs. If the individual is above 60 years of age and earns more than Rs 2.5 lakh, he/she will have to pay taxes to the Government of India. Additionally, the following entities that generate income are liable to pay direct taxes: Hindu Undivided Family, Body of Individuals, Association of persons, Local Authorities, Corporate firms, Companies, and All Artificial Juridical Persons. For more information or consultancy visit online income tax filing India portal.


Eligibility for ITR filing through Online Income Tax Filing India Portal

  • Individual – An individual who is a resident and ordinarily resident, having income from salaries, one house property, income from other sources (other than winning from lottery, maintaining race horses, etc) is supposed to file tax returns. This could be done through Online Income tax filing India Portal.
  • LLP or Limited Liability PartnershipIt is a corporate entity formed under the Limited Liability Partnership Act, 2008. LLPs have a separate legal identity and are required to file MCA annual return (Form 8 and Form 11) and income-tax return each year. The income-tax rate applicable for LLP registered in India is a flat 30% on the total income for the financial year 2017-2018. In addition to the tax, a surcharge is levied on income-tax payable at the rate of 10% when the total income exceeds Rs 1 Crore. In addition to income-tax surcharge, education cess, and secondary and higher education cess are also applicable to the income of an LLP. For more details visit Online income tax filing India portal.
  • PartnershipA partnership is a business owned by several individuals who have signed a partnership agreement and have invested in the business. There are various kinds of partnerships, but all pay taxes in the same way. A limited liability company (LLC) with more than one owner is usually taxed as a partnership because the IRS does not recognize LLC’s as a business entity for tax purpose. A single member LLC is taxed as a sole proprietorship, not a partnership. The partnership files an information return on IRS Form 1065. A partnership itself does not pay income taxes directly to the Internal Revenue Services. Instead, the partners are taxed on their shares of the income/loss of the partnership on their personal tax returns. Read more about eligibility in partnership for online income tax return filing in India on online income tax filing India portal.
  • Proprietorship Tax Return FilingProprietorships operating in India are required to file a tax return each year. The online IT return filing in India for a proprietor is similar to individual tax return filing. Under the Income Tax Act, all proprietors below the age of 60 years are required to file an income tax return if total income exceeds Rs 2.5 Lakh. In the case of proprietors over the age of 60 years but below 80 years, In online income tax filing India, it is mandatory if total income exceeds Rs 3 lakhs. Proprietors over the age of 80 years and above are required to file a tax return if the total income exceeds Rs 5 lakhs. If the proprietor files an income-tax return in India before the deadline, losses if any in the business would be allowed to be carried forward. Read briefly about proprietorship tax return at online income tax filing India portal.
  • Company Tax Return FilingAll companies registered in India are required to file income-tax returns each year on or before September 30th this can be done through various portals such as online income tax filing India portal. Under the Income-Tax, company tax return filings fall under two categories, namely domestic company or foreign company. Domestic company means an Indian company wherein the income is liable to tax and companies that have made arrangements for the declaration and payment of dividends within India. Private Limited Companies are companies registered with Ministry of Corporate Affairs.
  • Income-Tax for NRISection NRI Taxation under the Indian Income Tax Act, 1961, applies to those earning outside home country. The income-tax rules and perks allowed to them are drastically different from those applicable to resident Indians. An NRI’s income-taxes in India will depend upon his residential status for the year.

 

 

Various Income Tax Slab Rates in India On Online Income Tax Filing India Portal

Income Tax slab rates are defined on the basis of the earning of the taxpayer. Tax slab rates are broadly classified on online income tax filing India portal as follows:

  • For HUFs and Individuals (Male or Female) below the age of 60 years Income Tax slab rates 2017-2018.

 

Online Income Tax Filing India Slabs

  1. Income less than Rs 2.5 Lakh
  2. Income greater than Rs 2.5 Lakh but less than Rs 5 Lakh
  3. Income greater than Rs 5 lakhs but less than Rs 10 Lakh
  4. Income greater than Rs 10 Lakh
Online Income Tax filing India Tax Rates

  1. Not applicable
  2. 5% of the amount exceeding Rs 2.5 Lakh
  3. 20% of the amount exceeding Rs 5 Lakh
  4. 30% of the amount exceeding Rs 10 Lakh

 

  • For Individuals (Male or Female) above the age of 60 years can easily visit online income tax filing India portal:

 

Income Tax Slab Rates in India

  1. Taxable income less than Rs 3 Lakhs
  2. Taxable income greater than Rs 3 lakhs but less than Rs 5 Lakhs
  3. Taxable income greater than Rs 5 lakhs but less than Rs 10 Lakh
  4. Taxable income is greater than Rs 10 lakhs.
Income Tax Slab Rates in India

  1. Not applicable
  2. 5% of the amount exceeding Rs 3 Lakh
  3. 20% of the amount exceeding Rs  5 Lakhs
  4. 30% of the amount exceeding Rs 10 Lakhs

 

 

  • For individuals (Male or Female) above the age of 80 years can easily visit online income tax filing India portal :
Income Tax Slab Rates in India

  1. Taxable income less than Rs 5 Lakh
  2. Taxable income greater than Rs 5 Lakh but less than Rs 10 Lakhs
  3. Taxable income greater than Rs 10 Lakh.
Income Tax Slab Rates in India

  1. Not applicable
  2. 20% of the amount exceeding Rs 5 Lakhs.
  3. 30% of the amount exceeding Rs 10 Lakhs.

 

  • Tax Slab rate for Co-operative Societies by Online Income tax filing India Portal:
Income Tax Slab Rates in India

  1. Taxable income less than Rs. 10,000.
  2. Taxable income greater than Rs. 10,000 but less than Rs. 20,000.
  3. Taxable income greater than Rs. 20,000.
Income Tax Slab Rates in India

  1. 10% of the income
  2. 20% of the amount exceeding Rs. 10,000.
  3. 30% of the amount exceeding Rs. 20,000.

 

  • Tax Slab rates for Domestic Companies by Online Income tax filing India Portal:

On online income tax filing India, the income tax rate applicable for Domestic Companies will be @ 30%.

 

  • IncomeTax Slab rate in India for Foreign Companies by Online Income tax filing India Portal:
Detailed Nature of Income by Online Income Tax filing India Portal

  1. According to the agreement designed by Indian Government, if the foreign firms are paid by the Indian Government in the form of royalties (After March 31st, 1961 and before April 1st, 1976)
  1. According to the agreement made with an Indian concern, if the payment is done for technical services(provided by foreign firms- after February 29th, 1964, before April 1st, 1976)
  1. For any other income
Rate of Tax

  1. 50%



 

  1. 50%



 

  1. 40%

 

  • Income Tax Slab rate in India for Local Authorities by online income tax filing India portal:

On online income tax filing India portal, for local authorities, the tax rate is determined as at 30%.


Major Reasons for Income Tax return Filing in India Through Online Income tax filing India Portals

  1. Carry forward of loss
    The various losses incurred by an individual or a firm in terms of business losses (both speculative and non-speculative) or capital losses (both short-term as well as long-term) cannot be shown as an exemption to carry forward the losses of the previous year. However, one can claim this benefit only if one has filed one’s income-tax return. This facility is now available on online income tax filing India
  2. Income-tax refund by online income tax filing India portal
    Filing tax returns is not merely done to fulfill the moral and social obligation by every citizen of the nation. If you want to claim an income-tax refund you can visit through online income tax filing India portal, filing of income-tax return becomes mandatory.
  3. Avoidance of penalty can be done by choosing e file tax return in India.
    Under section 234F of the Income-Tax Act, if a person required to furnish a return of income by July 31 fails to do so, then a fee of Rs 5000 shall be levied if the return is furnished before 31st December. However, the fee shall be Rs 10,000 if it is filed after 31st December which can be filled through online income tax filing India portal. Moreover, if the total income of the person doesn’t exceed Rs 5 lakh, then the fee payable shall not exceed Rs 1000.
  4. About legal sanction to your income by online Income tax filing India portal.
    The assessees whose incomes are required to be audited as per provisions of the IT Act, the date of filing the return is generally 30th September. Filling a return gives a legal sanction to your income even if you are not liable to pay taxes for the year.
  5. One of the advantages in the processing of a loan in online ITR return file in India
    Banks and other non-banking financial institutions require your income-tax returns to process home, educational and other types of loans. It is also mandatory to have income-tax returns for the processing of any visa. Also, some credit card companies demand proof of tax returns before issuing a card, consult more about this on online income tax filing India portal.
  6. Some states require your income-tax return of the last three years for registration of immovable property by doing online ITR return file in India. Also, a legal sanction to income whether taxable or not helps you pad up subsequently to account for the wealth or the property owned.
  7. Online income tax filing in India doesn’t only make you a responsible citizen but it also ensures smooth governance.


Benefits for Opting to file an ITR via online Income Tax India portals like a Professional CA or accountant

The following are the benefits of opting for Online income tax filing India portal as a professional i.e CA or Accountant to file your ITR:

  1. The service online income tax filing India portal work as a professional which makes the process very easy and convenient for the one filing ITR.
  2. The calculations and major deductions are a lengthy process and the help of a professional one can organize things better.
  3. There is a good personal relationship with the professional you deal with and a tax professional is often able to make valuable tax savings suggestions. For example, a tax accountant can provide advice on tax-friendly ways to save for your children’s education or on how to reduce taxes on capital gains.
  4. A trusted professional or a good accountant will be able to answer important questions that arise not just during the annual tenure of consultation but at other times during the year.
  5. A professional tax preparer is so familiar with the online income tax filing system in India that he/she can solve quickly the complicated business and investment matters. Therefore, hiring a tax professional saves the time and stress of doing things. And for Online ITR filing in India, you can consult online income tax filing India portal.


Documents required for ITR Filing in India by Online Income Tax Filing India Portal

The process of filing income-tax returns through online income tax India portal needs some preparations and these are the list of documents that need to be compiled before filing ITR:

  1. For Salaries Employees if they choose to file tax online they need their PAN number, Form 16 issued by their employer.
  2. Documents related to interest income – Bank statement/passbook for interest on a savings account, interest income statement for fixed deposits, TDS certificate issued by bank and others.
  3. Form 26AS – It is the summary of taxes deducted on behalf of the individual and taxes paid by him and is provided by the income-tax department. It has the details related to the tax deducted on the behalf of the individual by the deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the Income Tax department’s website.
  4. Section 80 Investments – Investments made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80 C.
  5. Documents that are required to claim the following expenses as deductions referred by online income tax filing India portal:
  • The contribution of the individual in his/her provident fund
  • Children’s tuition fees
  • Principal repayment on a home loan
  • Life insurance premium payment
  • Stamp – duty and registration charges
  • Equity Linked Savings Scheme/Mutual Funds investments
  • The maximum amount that can be claimed under Section 80C is Rs 1.5 Lakhs.
  •  Interest paid on housing loan is eligible for tax savings up to Rs 2,00,000. This is for a self-occupied house. Interest Certificates from banks and post office is required.
  • Tax Savings and investment proofs.
  • Home loan statement for the required purpose.
  • Capital gains from the sale of a property.
  • Aadhaar card details are mandatory to successfully file ITR. According to Section 139AA of the Income-tax Act, an individual is required to provide his/her Aadhaar details while filing the return of his/her income.

Various Advantage of filing Income Tax Return on Time with Online Income tax filing India Portal

  1. Faster Processing Of Returns – Filing your returns closer to the due date may lead to a delay in processing. When online ITR return filing, the servers may slow down due to numerous requests closer to the tax return deadline. Avoid the rush and possible delays by filing your tax returns early through online income tax filing India portal.
  2. Quicker Refunds refer to online income tax filing India portal – If you file your claim in advance, then your tax refunds may get processed faster. Refund processing usually takes more time than processing forms with a tax due. If you file later, it may get delayed due to the rush. Plus, don’t ignore the opportunity cost. If your tax refund is a sizable amount, you can put it to productive use early and reap earnings. The longer you delay in online ITR filing in India, means missing out on higher interest that could be earned on the amount to avoid this visit our online income tax filing India portal. Moreover, if your refund amount is greater than 10% of the tax payable, you are paid an interest @6% p.a. calculated from the date of filing the return. You lose this benefit if you file the returns after the due date.
  3. Avoid Late Payment And Penal Interest in online IT return filing in India – A belated return (tax returns filed after the due date) attracts a penalty and interest. Under Section 234F of the Income Tax Act, there will be two sets of penalties; first, a Rs 5,000 penalty for belated returns filed on or before December 31 for that assessment year, and second, Rs 10,000 for any other case. For small taxpayers whose total income does not exceed Rs 5 lakh, the penalty amount is reduced to Rs 1,000. Apart from this, under Section 234A, interest would be levied @1% per month, calculated from the due date or you can consult for above at online income tax filing India portal.
  4. Faster Processing Of Loans, Visas and Credit Cards – Your income-tax return acts as proof of the income you earn. It becomes a mandatory document for the processing of loans, visas/master and credit cards. Therefore, if you are applying for a home loan, it is pertinent to have all your income proofs ready. In addition, paying your tax on time adds to your credentials as a trustworthy and law-abiding, get optimum consultancy on online income tax filing India portal.
  5. We all learn from our mistakes. You may have missed availing certain deductions last year while online ITR returns filing in India. When you file returns early, you may get inputs on how to save tax in the current financial year. Every year the tax rules are marginally reformed to get updated with latest tax rules go to online income tax filing India portal. Thus, filing returns early may give ideas on how to save on tax for the current financial year. You will be able to better optimize the tax deductions you are eligible for. Additionally, you can inform your employer if you wish to alter and optimize your salary structure to save more tax.

 

FAQ’s about ITR Filing in India by Online Income tax filing India Portal

 

  1. What are the different modes of filing the return of income?

    Ans: The Return Form can be filed with the Income-tax Department in any of the following ways, –
     (i) by furnishing the return in a paper form;

    (ii) by furnishing the return electronically under digital signature;

    (iii) by transmitting the data in the return electronically under electronic verification code;

    (iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

    Note

    Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bangalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record

  2. ​What are the forms of return prescribed under the Income-tax Law?

    Ans: ​​​Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2017-18 (i.e., the financial year 2016-17) are as follows:

    Return Form Brief Description by online income tax filing India

    ITR – 1 Also known as SAHAJ is applicable to an individual having a 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, income-taxable under section 115BBDA of income referred in section 115BBDA).
    ITR – 2 ​It is applicable to an individual or a Hindu Undivided Family who is not eligible to file ITR – 1​ and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
    ITR – 3 It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
    ITR – 4 Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​
    ITR – 5 This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), 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) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
    ITR – 6 It is applicable to a company, other than a company claiming an exemption under section 11 (exemption under section 11 can be claimed by a charitable/religious trust).
    ITR – 7 It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
    ​ITR – V It is the acknowledgment of filing the return of income

  3. What are the benefits of e-filing the return of income?


    Ans: E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.

  4. If I fail to furnish my return within the due date, will I be fined or penalized?


    Ans: ​​​​​Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. 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​​. [No penalty section 271F​​ would be levied w.e.f. Assessment Year 2018-19]

    Note: W.e.f. the assessment year 2018-19, the fee as per section 234F is required to be paid if the return is furnished after the due date. Fee for default in furnishing return of income will be as follows:

    Rs. 5000 if the return is furnished on or before the 31st day of December of the assessment year;
    Rs. 10,000 in any other case
    However, the late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.

  5. ​Can a return be filed after the due date?


    Ans: Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty.

    E.g., In case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018.

  6. If I have paid excess tax how will it be refunded to me?

    Ans: ​​​The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.

  7. Am I required to keep a copy of the return filed as proof and for how long?

    Ans: ​​Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after the introduction of the e-filing facility, it is very easy and simple to maintain a copy of the return of income.​​

  8. What precautions should be taken while filing the return of income?​

    Ans: Following is the list of few important steps/points/precautions to be kept in mind while filing the return of income:

    The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing a belated return. Following are the consequences of delay in filing the return of income :
    ​Loss (other than house property loss) cannot be carried forward.
    Levy of interest under section 234A.
    A penalty of Rs. 5,000 under section 271F can be levied. [upto Assessment Year 2017-18]
    Fee or Rs 5000 under section 234F will be levied if the return is furnished on or before 31st December of Assessment Year fee will be Rs. 10,000 in any other case. [Fee shall be levied @ Rs 1000 if total income does not exceed Rs. 5,00,000]
    Exemptions/deductions under section 10A​, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.​


    Belated return cannot be revised under section 139(5). However, w.e.f. 01-04-2017, income-tax return for the Assessment Year 2017-18 and onwards filed under section 139(1) or section 139(4) [belated return’ can also be revised.

    a taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
    Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with the return of income.
    The taxpayer should identify the correct return form applicable in his case.
    Carefully provide all the information in the return form.
    Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
    If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise, a return would be treated as defective return.
    Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
    After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.
    In case of return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgment of filing the return of income at CPC Bangalore (as discussed earlier, www.incometaxindiaefiling.gov.in).

  9. ​Is it necessary to attach any documents along with the return of income?


    Ans: ​​​​​ITR returns forms are attachment fewer forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

    As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section​ 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW​​​​ or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.

  10. Why is return filing mandatory, even though all my taxes and interests have been paid and there is no refund due to me?


    Ans: Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing the return of income. Only when the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract levy of penalty.

 

Why Company Vakil?

Filing the income tax returns on time is a healthy obligation that one must stick to. The method of e-filing that has been initiated by the government has made it a lot easier. There are several intermediaries who are ready to provide assistance for the ITR filing like chartered accountants or a firm providing these services. Company Vakil is one of its kind when it comes to providing with  ITR filing intermediaries. It provides its client with the convenience that they need and reduces the strain by facilitating the taxpayers to file the return from the comfort of their homes. Company Vakil provides its customers with an alternative guide on the ITR which easily matches the applicant’s source of income. The well-automated portal such as online income tax filing India portal automatically prepares the income tax return once Form 16 is uploaded by the user and hence enables one to file IT return without going through the pain of logging into the tax website. In a case where the user doesn’t have the Form 16 then one is just required to enter his/her income details and publish the investments made according to Section 80C and Company Vakil will immediately detect the ITR suitable for the user.  The necessary element ‘worry’ has been replaced with ‘ease’ via the suitable and highly professionals that work with Company Vakil and that is the reason why it has maintained the trust relationship it shares with its clients.