Friday, July 13, 2018

Easiest way of e-filing Income Tax Returns with Expert Assistance

31 July, 2018 is the due date to file your income tax returns (ITR) for F.Y. 2017-18 (A.Y. 2018-19)

Return filed after due date shall attract Late Fee u/s 234F upto ₹ 10,000

File Income tax Return (ITR) with us

Resident individual having salary income, interest income and one house property but not having business or profession

ITR 1

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FILING ITR IS FAST AND EASY

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Our Methodology

FAQs

You are not required to attach any document alongwith return of income. However, you need to keep all your documents (proof of investment against which deduction is claimed, TDS certificate, etc.) and should be produced before the tax authorities when demanded.

ITR

Yes. You need to file a tax return to show that you’ve paid all the tax you needed to pay. However, you don’t need to pay tax again. In other words, your gross tax liability shall be reduced by TDS credit and advance tax already paid by you.

ITR

You can pay tax directly through https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp using your Netbanking account / Debit Card with challan 280.

Payment of advance tax and self-assessment tax shall be made through Tax information Network website being maintained by NSDL.

ITR

After online submission of the return one need to verify it through any of the following way:

  • By sending signed copy of ITR-V[1] to Centralized Processing Center, Income tax Department, Bangalore through normal or speed post.
  • e-verify by using OTP / EVC send to mobile which is linked with Aadhaar / Netbanking account

[1] ITR-V is a single page document which is received after e-filing income tax return. For verification, you must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return. However, if you e-verify your return, then sending of ITR-V to Bangalore is not required.

ITR
  • Basic information such as PAN, Aadhar card number, address with pin code, etc.
  • Details of all the bank accounts held by you during the relevant financial year viz. name of the bank, account number and IFSC code of the branch.
  • Computation of income i.e., details of income from salaries, interest on deposit, interest on saving bank deposits, etc. and details of all deduction, which is claimed by you under chapter VIA i.e., deductions u/s 80C to 80U (e.g., if you are claiming deduction u/s 80G for donation then keep donation receipts with you)
  • Details of payment of tax by way of TDS, advance tax and self-assessment.

However, if you have downloaded prefilled XML file of your ITR, then few of them is automatically filled.

ITR

An individual satisfying following conditions can file ITR 1

  1. During the relevant previous year, he is a resident other than not ordinarily resident.
  2. His income consists of income from
    1. salaries,
    2. not more than one house property,
    3. other sources (like interest etc.)
  3. His total income is upto ₹ 50 lakh.
  4. Agricultural income should not exceed ₹ 5,000/-

ITR