Salaried Individual Tax Filing
Salaried people get Form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc.
File your Income Tax return with Tax Experts. Claim your tax benefits under Section 80C and other applicable sections
It usually takes 3 to 5 working days.
- Tax filing for salaried individuals with single or multiple Form 16
- Tax filing for salaried individuals with house property
- Filing Director and Shareholder details in Individual Tax return
- Tax Due/Refund Status and Filing Confirmation
- Expert Assisted Tax Filing
- Business Hours CA Support - Email & Phone
- Employees with Only Salaried / Interest Income above Rs. 50 Lacs
- Salaried Employees with single or multiple Form 16
- Salaried Employees with ownership of single or multiple properties
- New Joinees / Freshers
- Director in a company
- Shareholder in Unlisted Company
- Upload documents on vault
- Review Computation Sheet
- Get ITR-V after e-filing
- All Form 16 Part A & B from your Companies
- PAN & Aadhar Card
- Income Tax Login Credentials
- Bank statement if interest received is above Rs. 10,000/-
- Salary Slip of any month during the Financial Year
- Bank Account Number, IFSC Code
- Any Other Income or Investment Proofs that hasn't been declared or mentioned in Form 16.
How ITR Filing works?
You answer simple questions.
We assure accurate tax filing.
You get correct & accurate tax refunds.
Why should you File your ITR regularly?
Many think that filing tax returns is optional and therefore dismiss it as unnecessary and burdensome. Filing tax returns is an annual event and is a moral and social duty of every responsible citizen.
Filing returns is a sign that you are responsible
The government mandates that individuals who earn a specified amount of annual income must file a tax return. Failure to pay income tax and file the income tax return will invite penalties from the Income Tax Department.
Those who earn less than the prescribed level of income can file their income tax return voluntarily.
Your loan or credit card company may want to see your income tax return
If you plan to apply for a home loan in future it is a good idea to maintain a steady record of filing income tax returns as the home loan company will most likely insist on it as a proof of steady income. In fact, you may even consider filing your spouse’s returns if you want to apply for a loan as a co-borrower. (TaxaJ allows you to handle your family income tax returns from a single login.) Even a credit card company may insist on proof of income tax return before issuing a credit card.
Financial institutions may insist on seeing your returns over the past few years before transacting with you. In fact, the government may make it mandatory for them to do so, thereby indirectly nudging individuals to file returns regularly even when it’s voluntary.
If you want to claim adjustment against past losses, a return is necessary
Various losses incurred by an individual or a business cannot be shown for exemption in subsequent years for the purpose of tax calculation if your return is not filed. These losses could be both speculative as well as non-speculative, short term as well as long term capital losses and various other types of losses not recorded in the income tax return in a financial year. So it’s best to file returns regularly, because you never know when you may want to claim an adjustment against past losses.
Filing income tax returns may prove useful in case of revised returns
In case the assessee has not filed the original return, he cannot later file a revised return. Under the Income Tax Act, non-filing of returns can attract a penalty of Rs 5,000.
What if i do not file my IT return?
In case you do not file, the Income tax Department will send you a notice asking you to file your return and may ask you to pay a penalty for not filing your income tax return. You will not be given your refund. If you are found to owe the government taxes, the interest on the base tax keeps adding up till you pay.
If you are found to owe the government taxes money, then the interest keeps adding up till you pay. A penalty may also be levied.
A new section 234F has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But now, the same is payable before filing of Income-tax return.
What are the Common mistakes that taxpayer commit while filing Income tax return?
Listed below are some of the most common tax filing mistakes you must avoid.
Not reporting all the sources of income
The most common mistake tax payers make is failing to report all the sources of their income. One type of income that is forgotten by many individuals is interest earned on a bank savings account and on Fixed Deposits (FDs). This income is taxable according to your respective tax slab. Usually banks deduct 10 percent as Tax Deductible at Source (TDS) on the interest income earned on FDs. However, if you fall under a higher tax slab of say, 30 percent, you are liable to pay tax accordingly. Not reporting these incomes might attract a notice from the income tax department.
In addition, if you have changed your job recently, make sure that you report the income earned through your previous employer as well.
Also, any income earned by a minor through investments is taxable according to the tax slab of the parent with higher income. The income of the minor is clubbed with that parent’s income while computing net taxable amount. 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
Many people assume that there is no income from multiple residential properties and thus there is no tax payable; however, this is a misconception.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. Tax is not payable only for the house that you occupy. Income is to be attributed to all other houses and tax on house property is payable by you.
Providing incorrect postal and email address
Since all the necessary information is communicated by the income tax department via email or post, it is extremely important to enter these details correctly before filing your taxes. A minor mistake in filling these details means that you may miss important notifications. So check and re-check your postal and email address when you file your income tax.
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. Remember that the brokerage house or investment company will send these details to the income tax department.
Not checking the form before filing
Whether you have filled your forms manually or online, mistakes are bound to happen. It therefore makes sense to check the filled-up form thoroughly in order to avoid errors. Even if your tax consultant or accountant fills the details on your behalf, you need to personally check the form to ensure accuracy of the information.
Remember that simply taking personal interest in the tax filing process can help you avoid most of these mistakes.
- What income am I taxed for?
Your income is not equal to your salary. You could earn income from several other sources other than your salary income. Your total income, according to the Income Tax Department, could be from house property, profit or loss from selling stocks or from interest on a savings account or on fixed deposits. All these numbers get added up to become your gross income.
- Income from Salary: All the money you receive while rendering your job as a result of an employment contract.
- Income from House Property: Income from house property you own; property can be self-occupied or rented out.
- Income from other sources: Income accrued from Fixed Deposits and Savings Account come under this head.
- Income from Capital Gains: Income earned from sale of a capital asset, say mutual funds or house property.
- Income from business and profession: Income/loss arising as a result of carrying on a business or profession. Freelancers income come under this head.
- What is TDS shown in my payslip?
Your employer deducts tax from your salary and pays it to the I-T Department on your behalf. It's called TDS. TDS is tax deducted at source. Your employer cuts a portion of your salary every month and pays it to the Income Tax Department on your behalf.
Based on your total salary for the whole year and your investments in tax-saving products, your employer determines how much TDS has to be cut from your salary each month.
For a salaried employee, TDS forms a major portion of an employee's income tax payment. Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month.
- What is Form 16?
- Form 16 is a TDS certificate. Your employer is required by the I-T Department to deduct TDS on your salary and deposit it with the government.
- The Form 16 certificate contains details about the salary you have earned during the year and the TDS amount deducted.
- It has two parts -- Part A with details about employer and employee name, address, PAN and TAN details and TDS deductions.
- Part B includes details of salary paid, other incomes, deductions allowed, tax payable.
- Note: Read in detail about what is Form 16 and how you can get your Form 16 here
- What is Form 26AS?
- Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department.
- It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the I-T Department's website.
- Note: Read in detail about what is Form 26AS and how you can get your Form 26AS click here
- What is Basic Salary?
This is a fixed component in your pay check and forms the basis of other portions of your salary and hence the name. It is usually a large portion of your total salary. HRA is also defined a percentage of this Basic Salary. Your PF is deducted at 12% of your Basic Salary.
- Note: To understand the various components in your Pay Slip read here
- What is HRA?
House Rent Allowance: Salaried individuals who live in a rented house/apartment can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. Note: If you receive HRA and dont live on rent your HRA shall be fully taxable. To understand about the other components in your Pay Slip read here
- What is the due date for return filing for individuals?
Individuals need to file their return by 30th September of next year, i.e for income earned in Financial Year 2015-16, the return has to be filed by 30th September, 2016.
- What is income from house property and how is it taxed?
Income from House Property is possible in these cases –
- Rental Income on a let out property
- Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property)
- Annual Value of the property which is self occupied, which is Nil
- Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil. Read more about House property income and its taxation Here
- Can I file a revised return to correct a mistake in original return filed?
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
- Can a return be filed after the due date?
Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018.
- Am I required to keep a copy of the return filed as proof and for how long?
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
- Do I need to attach details of TDS deducted, proof of investments etc?
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
- Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is not part of the plan.
- Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
- What is the cancellation / refund policy?