Services for Individuals

Individuals file income tax returns to disclose their income to the Tax Department. As per the Income Tax Act, every person whose income exceeds the prescribed taxable limit must file their Income Tax Return. The last date of filing ITR is 31st July of Assessment Year each year for Incomes earned in the Financial Year to avoid legal proceedings. Many people have a mindset that Filing Income Tax Returns means paying huge amounts of Income Tax from their pockets, which is precisely not the case. The Income Tax Department wants you to declare your income honestly and has given many options to save your taxes by investing.

You can invest in various things such as Life Insurance, Health Insurance, Mutual Funds, Public Provident Fund, Education loans, House Rent, etc. If you are doing business, then claims for the Department gives all the reasonable expenses from your Gross Earnings, only after that is taxable, which won't be too high, of course. All of the taxes are then used to develop the Nation as a whole in terms of Infrastructure, Hospitals, Highways, roads, and everything you see around yourself, so now you know Why filing Income Tax Returns is vital now before. An incorrect disclosure can attract tax notice.

Income Tax Filing

Start your Income tax Return preparation and filing with an easy to use interface where you just answer simple questions and our system does the rest.

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Tax Notice Assistance

Received an Income tax notice? Do not worry! We can help you! Leave it on our tax experts who will assist you, provide proper advice to handle and resolve.

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Digital Signatures

Starting a Company ? Filing a Tender or Tax Audit ? You will need the DSC Token for all these any more other services, we are here to help.

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Income Tax Refund

Check Income tax refund status year wise. It is important to keep a record for refunds and here is a convenient place to find out for all the years when return is e-filed.

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Insurance

Secure health, life and vehicles against any uncertainties by taking Insurance and stay relaxed without any mental stress along with earning on it.

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Investments

In this modern times its not important that how much you earn, but how much you invest which can make sure & secure your future. So come to us.

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HRA Calculator

Calculate House Rent Allowance (HRA) using this simple tool. Just enter few details related to rent and get HRA calculations which are useful for tax planning.

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EMI Calculator

Find EMIs to be paid for loans taken, or if you wish to take a loan and would like to know the monthly instalment amount. Use this simple tool to find it out.

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Income Tax Calculator

Calculate Income-tax payable accurately. Just enter Income details, Investment details and Tax paid details to calculate tax liability.

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Generate Rent Receipt

Calculate House Rent Allowance (HRA) using this simple tool. Just enter few details related to rent and get HRA calculations which are useful for tax planning.

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Online Calculators

Use other calculators for various purposes such as PPF, EMI, Home Loan, Car Loan, SWP, FD, RD, Lump Sum, SIP, SSY, HRA, Income Tax & Others.

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Generate Form 16

Calculate Income-tax payable accurately. Just enter Income details, Investment details and Tax paid details to calculate tax liability.

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Advance Tax Estimator

We keep informing our clients regularly about their Advance tax and assist paying it in time. We calculate your tax liability and make payments accordingly.

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Virtual Office Address

Are you a freelancer or professional or starting a new venture and need an office address in your budget to initiate with, here's your destination.

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UAN-EPF Services

Want to register as an Employee in EPF to generate UAN or want to update the Passbook or any related services of EPF, get your answers here in a click.

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Why should you File your ITR regularly?

Most people think that filing tax returns is optional, and it's O.K. not to file the return on time. So they assume it's not necessary and doesn't feel the need to do so. The filing of a tax return is an important and annual event and is a civic and social duty of a responsible citizen.

Filing returns is a sign that you are responsible

The government has made it mandatory that individuals earning the specified amount of income must file an income tax return. Individuals earning less than the prescribed income level can file their income tax return voluntarily if they wish to. If you are eligible for ITR filing and then Fail to pay income tax, it will invite penalties from the Income Tax Department.

Your loan lending agency or credit card company would like to see your income tax return to ascertain your income over time. If you plan to apply for a home loan, it is a good idea to maintain a steady & healthy income tax filing record. The loan company will ask for it as proof of regular income. You may even like to consider filing your spouse’s returns if you think your ITR alone can not make up for the loan amount you are seeking or want to add her to 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 like to see your returns over the past few years before transacting with you. The government may ask them to do so, thereby indirectly nudging individuals to file returns regularly, even when voluntary.

An income tax return filing is necessary if you want to claim adjustment against losses in the past year. There are various types of losses incurred by an individual, or a business cannot be shown for exemption in subsequent years for tax calculation if your return is not filed. These losses could be both speculative and non-speculative, short term and long term capital losses. There are certainly other types of losses not recorded in the income tax return in a financial year. So it’s the best idea to file income tax returns on time and regularly because you never know when the need arises to claim an adjustment against past losses.

Filing income tax returns may be helpful in the case of revised returns. If the assessee has not filed the original return, he cannot later file a revised return. Under the new Income Tax Act, non-filing of returns will attract a penalty of Rs 5,000.

What if i do not file my IT return?

If you do not file your return timely, the Income-tax Department will send you notices instructing you to file the return and ask you to pay the penalty for not filing your income tax return. You will not be given your refund. If you owe the government taxes, the interest on the base tax keeps adding up until you pay. If you owe the government taxes money, the interest keeps adding until you pay the amount. A penalty may also be levied on that.

A new section 234F has been introduced in Income Tax Act, 1961, effective AY 2018-19 (Financial Year 2017-18). Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date. Earlier, there was no penalty for delay in filing of return. In some cases, it was levied at the discretion of the Assessing Officer. But now, the same is payable before the filing of Income-tax returns.

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 taxpayers make failing to report all the sources of their income. Many individuals forget the income earned on a bank savings account and Fixed Deposits (FDs). This interest income is taxable according to your respective tax slab. Usually, banks deduct 10% as TDS on the interest earned on FD's. But, if you are in a higher tax slab of, say, 30%, you are liable to pay tax accordingly. Not reporting these incomes might attract notice from the income tax department along with demand notice.

If you have changed your job recently, it is mandatory to report your income with your previous employer to ascertain your tax liability properly. Also, any income earned by a minor through talent or investments is taxable as per parents tax slab with higher income. Minor's income is clubbed with parent's income while computing the net taxable amount. If you have made investments in your children's names, keep this in mind while filing your taxes.

Not paying tax on house property

Most people understand that if there is no income from multiple residential properties, then there should not be any tax payable. But, it's a misconception as if you own numerous houses, you're liable to pay tax, even if you're not earning anything from the houses or if it is unoccupied. Tax is not payable only for the house that you occupy. Income is 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.