Overview

Income earned by individuals and companies are subject to tax. The tax levied on an individual's earnings is income tax, which is collected and managed by the central government. Such tax on income earned is due to the same financial year in which it is earned as credit tax. But the tip and calculation of salary as well as tax liability is presented in the assessment year. This implication form is known as income tax return. The deadline for filing ITRs is different for different taxpayers depending on the guidelines. ITR filing is mandatory for taxpayers whose income exceeds the prescribed income limit. This process is regulated under the Income Tax Act 1961

The information includes details about income earned during April 1 to March 31.

Who should file income tax return?

• Individuals (Resident of India & NRI's) – Required for people exceeding the prescribed income limit. Optional for others
• Sole Proprietor
• companies
• LLPs and Partnership Firms
• 'Partnership firms', 'sole proprietorship firms', 'companies' and 'LLPs' are required to file ITR irrespective of their business, income, profit or loss.

Individual & Hindu Undivided Family

Other than Individuals

#Surcharge and education cess is levied additionally

Important points forn Income Tax Return Filimng

A taxpayer has to file ITR electronically. There are some exceptions as under.

• An individual above the age of 80 years
• An individual with revenue less than Rs. 5 Lakh and has no return to be claimed

Latest amendment in income tax returns

Change in tax rate

The Government of India has recently made some changes in the income tax rules to economically combat the spread of coronavirus. These changes will be implemented in the year 2020:

• As per the new tax rate, no taxable amount is payable for income up to 2.5 lakhs;
• 5% is payable for income up to Rs.2 lakhs and Rs.5 lakhs.
• 10% of income is levied on those earning up to 5 lakh and 7.5 lakh.
• Those who earn between 7llakh to 10lakh are liable to pay 15%;
• 20% for income up to 10 lakhs and 12.5 lakhs;
• Earners between 12.5 lakh and 15 lakh are liable to pay 25%; And
• 30% has been levied for income above 15lakh.

Changes in ITR Forms

• If you have received dividend as taxable income from domestic companies, you are not authorized to file ITR-1.
• Those who are members of joint ownership of house property cannot file ITR-1 or ITR-4
• Taxpayers are required to answer the following questions regarding deposits in current accounts, foreign travel and electricity bills in all ITR forms:

1. “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?"
2. “Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?"
3. “Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?"

Directory: Individuals for whom Deductions Provided

Benefits

Many individuals and entities have zero tax liability and therefore they are not required to file returns mandatorily. Even though they have some sort of income occurring.However, in recent years, the Govt. of India has taken some strict measures to enforce the Income Tax Law by connecting various advantages for prompt taxpayers-

Advantages of Filing Income Tax Returns

• Precise Financial Documents

  ITR filing certificates are proof of financial. Strange financial documentation is a requirement for availing loans or visas.

• Avoid tax authority interface

  In case of late or incorrect ITR, warning is given by Income Tax Authority / Department. / />

• Minimizing Loss

  With ITR Filing, losses can be carried forward against house property & depreciation.

• Repayment

  During the terms of 'income tax return filing', you can ask for income tax refund.

• Quick Visa Movement

  Supporting faster visa processing, governments / embassies request to submit 'Income Tax Return' for the latest three times.

• Commercial Goodness

  The government-registered ITR determines the taxpayer's retail price. The development of ITR reflects business potential and also improves the capital foundation of an individual. Therefore, the track of income and financial value is decided by the already recorded ITR

  .
• Credit Disclosure Plus 'High-Risk' Protection

  The estimates and capital base set by the income tax return apply for loan processing. The higher the financial value leading, the more comfortable it is for loan applications.

Required Documents

• Essential elimination like 'PAN', 'Aadhaar Card Number'.
• Attribute / Description of current address will be required.
• Bank account statements will be compulsorily required for the financial year provided.
• Additional disclosures related to income from payroll, fixed securities, savings bank account statements are also required.
• Data regarding deduction required under section 0.
• Data related to TDS return filing and advance tax payment.
• Salaried / deprived person should present TDS certificate, mostly known as Form 16
• You should review Form 26AS are filing your returns. It determines the amount of tax subtracted from your salary and installed with the IT department by your company.
• Interest declaration – Interest on savings accounts via 80TTA

Common Points

• Choose the right form

  One should select the appropriate ITR form based on the taxpayer's income and classification.

• Choose the correct evaluation year

  The specific assessment year should be taken into account at the time of ITR filing; Conversely, it can attract double money-raising and unwanted penalties.

• Insert the correct input of item

  At this point, if ITR, it is to be determined that the assessee's personal knowledge such as 'Name', 'Address', 'Email ID', 'Mobile Number', 'PAN', 'Date of Birth' are correct.

• Reveal Full Revenue Revenue

  All income generated from any source other than the text must be fully disclosed regardless of whether it is income or exemption.

• Attach TDS with Form 26AS

  Form 26AS must be associated with type 16.

• Confirmation of a refund Income tax
• Related tax payer

  After section 234A of the 'Income Tax' Act, if the assessee has abolished an ITR, it is subjected to pay tax with interest of 1% per month. Thus, the taxpayer should pay the penalty for the bailed ITR.

• Revision of ITR

  Originally as per the 'Finance Act, 2016', the Belved ITR can also be improved or amended. That is, any mistakes have occurred while filing income tax returns.

Because we are involved in:

Stamina, energy and confidence to resolve issues and work on timetables and deadlines

• Professional recognition combined with practical experience and an inquiring mind
• Identify key drivers to ensure a focused approach, be alert to problem areas and inequalities
• Presentation personal skills and ability to express clearly, and without ambiguity
• Related expertise to provide targeted and useful income tax return feedback.

• Driven to release stress
• time variable
• Best Expert
• Tax Redeemable
• Security
• 100% Accuracy
• Fulfillment
• Refund Tracking

Penalty

In case, a demand notice has been assigned under section 156 to the taxpayer for the amount of tax. The amount mentioned earlier, as per section 220 (1), shall be met within 30 days of service of the notice at the place and the person specified in the notice. If the taxpayer commits an error in payment of any tax payable, he shall be treated as an assessee in failure, as distinct from other penal provisions. Nevertheless, fines cannot beat tax dues to tax. Before sentencing, the taxpayer is given a fair opportunity to be heard.

Delay in getting TDS / TCS

• Every taxpayer is responsible for deduction of tax under section 200 (3) for furnishing the report of TDS. Similarly, as per section 206C (3), initially every person responsible for depositing tax has to file a budget in relation to TCS-return.
• If it fails to submit TDS / TCS return on due date or is on due date, then it will be responsible to pay Rs. 200 for every day of delay, under section 234E. 

penalty from undisclosed income reference

AO is fined under Section 68, 69, 69A, 69B, 69C or 69D on the flow of 10% of the tax, if any increase is made unsatisfactory.

Charges for Negligence Returns of Current Income

• 5000 if filed on or before 31 December of the tax year.
• 10,000 in any different case.
• Nevertheless, if the total income of the person is Rs. More than. 5 lakhs, the fee payable after Rs. 1000.