Benefits of filing income tax return through EAdvisors
EAdvisors help you to file your income tax return before due date to avoid penalties.
Income tax refund can be get easier and fastest with return filing through EAdvisors Tax Expert.
Carry forward of Losses
Carried forward of losses under house property and depreciation if ITR filed before due date.
Last three years returns are required by embassies and consultant for processing visa.
Latest News and updates on Income tax Return Filing
Clarification issued by CBDT
Central Board of Direct Tax (CBDT) through circular 8 of 2019 dated 8th August 2019 has made clarification in respect of itr filing up for Assessment Year 2019-20
Check List for preparing ITR
Checklist prepared by CBDT to assist taxpayers for submitting ITR7 for AY 19-20, to avoid common mistakes in return preparation which may impact uploading of the ITR or processing of the ITR later.
Documents Required for ITR Filing Registration
- Abstract of bank statements
- Proof of investments and Form 16 (Salary certificate issued by the employer)
- Form 16A / TDS certificate
- Challan of tax payment made like advance tax or self assessment tax
- Proof of investments in property
- Documents on purchase and sale of investments/assets
- Collect the TDS certificate
- Collect home loan certificate
Buy EAdvisors ITR Filing Registration plan
Session with EAdvisors Expert on registration of ITR Filing for detail discussion on nature of business entity, activity and other requirements.
Submit all the documents required for ITR Filing Registration, Preparation and submission of application for ITR Filing Registration with department.
Issuance of ITR Filing Registration certificate by Email.
We work round-the-clock to ensure the taxpayer’s problem is resolved. Check out the price table below
and choose a plan the most suitable for you.
Income tax updates
There are nine types of income tax return forms i.e, ITR 1, 2, 2A, 3, 4, 4S, 5, 6 and 7. Selection of right form of income tax is very important and critical.
Form 16 is your salary certificate issued by the employer to you when TDS is deducted from your salary. You can file your income tax return online with form 16
Due date of filing
Extended due of date of filing Income tax return is 31 August 2019 (AY 2019-20), original date was 31st July 2019.
Income tax Challan
Tax can be paid to the government directly on the Income Tax Department website using netbanking account with challan 280.
ITR-V is also know as income acknowledgement which generate after filing of income tax return. You should print, sign and send ITR-V to income tax department.
User ID of IT Portal
User ID of income tax portal is pan card of assessee in CAPITAL LETTER.
Who should file Income Tax Return?
As per section 139(1) of the Income Tax Act, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax (currently 2,50,000/-), should file their income tax returns (ITR).
- Individuals who only have Salary income
- Individuals who have switched jobs (Multiple Form 16)
- Individuals having Income from Capital Gains (mutual funds & stocks), House Property, FD, Interest etc.
- Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI
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What is Income-Tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.
What is the administrative framework of Income-tax?
The revenue functions of the Government of India are managed by the Ministry of Finance. The Finance Ministry has entrusted the task of administration of direct taxes like Income-tax, Wealth tax, etc., to the Central Board of Direct Taxes (CBDT). The CBDT is a part of Department of Revenue in the Ministry of Finance.
What is the period for which a person’s income is taken into account for the purpose of Income-tax?
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31stMarch of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.
The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.
e.g., Income earned during the period of 1st April, 2018 to 31st March, 2019 is treated as income of the previous year 2018-19. Income of the previous year 2018-19 will be charged to tax in the next year, i.e., in the assessment year 2019-20.
Who is supposed to pay Income-tax?
Income-tax is to be paid by every person. The term ‘person’ as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.
For the purpose of charging Income-tax, the term ‘person’ includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.
Thus, from the definition of the term ‘person’ it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.
How does the Government collect Income-tax?
Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.
What is exempt income and taxable income?
An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
Income-tax is levied on the income of every person. As per Income-tax Law what constitutes income?
Under the Income-tax Law, the word income has a very broad and inclusive meaning. In case of a salaried person all that is received from an employer in cash, kind or as a facility is considered as an income. For a businessman his net profit will constitute his income. Income may also flow from investments in the form of Interest, Dividend, Commission, etc. Further, income may be earned on account of sale of capital assets like building, gold, etc.
Income shall be computed as per relevant provision of Income-tax Act, 1961 which lays down detail condition for computation of income chargeable to tax under various heads of income
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