Income Tax Filing Online
Every person has to furnish a return of his total income, if the total income exceeds, the maximum amount which is not chargeable to income-tax. Income Tax Filing Online 100% Online Process
Further, in respect of an individual, HUF, Association of Persons, Body of Individuals, Artificial Juridical Person, filing of return of income shall be compulsory if their total income exceeds the maximum amount which is not chargeable to income tax.
The citizens of India are required towards filing an Income Tax Return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.
It should be obligatory for a Company or firm to file a return of income in every case.
eStartIndia is the best business and legal services platform for services relating to Income Tax Filing Online, offering a variety of Tax filing services like Income Tax Filing Online, PF, TDS, and ESI returns
Advantages of Income Tax Filing Online
Avoid penalties by filing the ITR Returns and file on time to avoid the late fees.
Online verification of ITR through electronic mode, at the convenience of your office or home.
Easy Loan approval is only possible if you file the ITR Returns.
Required for Visa Processing, ITR Returns copies are required while visa processing.
Claim Tax refund, if due by filing the ITR Returns on time.
Carry Forward of Losses.
ITR can be used as Address proof & Income proof.
Who has to file Income Tax Filing Online
The citizens of India are required towards filing an income tax return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.
The Income Tax Slab rate AY 2019-20 or FY 2018-19
Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20, for individuals below 60 years of age(General Category)
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs. 2.5 Lakh | Nil |
| Above Rs. 2.5 Lakh to Rs. 5 Lakh | 5 % + 4% cess |
| Above Rs. 5 Lakh to Rs. 10 Lakh | 20%+4% cess |
| Above Rs. 10 Lakh to Rs. 50 Lakh | 30%+4% cess |
| Above rs.50 Lakh to Rs. 1 Crore | 30% + 10% surcharge + 4% cess |
| Above Rs. 1 Crore | 30% +15% surcharge + 4% cess |
Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20 for individuals between 60 years and 80 years of age(Senior Citizen)
| Taxable income | Tax Rate |
|---|---|
| Up to Rs. 3 Lakh | Nil |
| Above Rs. 3 Lakh to Rs. 5 Lakh | 5% + 4% cess |
| Above Rs. 5 Lakh to Rs. 10 Lakh | 20% + 4% cess |
| Above Rs. 10 Lakh to Rs. 50 Lakh | 30% + 4% cess |
| Above Rs. 50 Lakh to Rs. 1 Crore | 30% + 10% surcharge + 4% cess |
| Above Rs. 1 Crore | 30% +15% surcharge + 4% cess |
Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20 for individuals above 80 years of age and above (Super Senior Citizen)
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs. 5 Lakh per annum | Nil |
| Above Rs. 5 Lakh to Rs. 10 Lakh | 20% + 4% cess |
| Above Rs. 50 Lakh to Rs. 1 Crore | 30% + 10% surcharge + 4% cess |
| Above Rs. 1 Crore | 30% +15% surcharge + 4% cess |
The exemption for non-resident individuals (NRI)
For the non-resident individuals (NRI), the exemption limit for them is Rs 2.5 Lakh in a financial year Surcharge and Cess regardless of their age.
Surcharge and Cess for Income Tax Payer
Along with the amount of Income Tax calculated based on the above-mentioned tax slab, the taxpayers are liable to pay Surcharge and Cess;
- If the net income exceeds Rs.50 Lakh up to Rs.1 Crore, a surcharge of 10% of income tax is charged
- If the net income exceeds Rs.1 Crore, a surcharge of 15% of income tax is charged
- Health and Education Cess: 4% of Income Tax, which is introduced in the 2018 budget.
- Standard deduction of Rs. 40,000/- for salaries & pensioners.
- As per Section 87(A), the taxpayer in India could also avail 100% rebate subjected to a maximum of Rs. 2,500 to the individual whose total income does not surpass Rs. 3.5 Lakh.
The new tax calculator for Financial Year 2019-20 [Assessment Year 2020-21]
The Standard Deduction from taxable income for a salaried individual is raised from Rs. 40,000 to Rs. 50,000.
The rebate as per section 87A has risen from Rs 2500 to Rs. 12500 up to the earning of Rs. 5 Lakh, henceforth a the taxpayer with annual income up to Rs. 5 Lakh will get a full rebate in tax.
Few key important features of the Income Tax calculator are;
- Useful for the salaried taxpayers of government and a private company, with every head of Salary which also includes agricultural income.
- Private company employees could use to perform their Flexi allocation as well as tax planning.
- The calculation of tax and rebate of agricultural earning to arrive at the annual tax liability
- Marginal rebate on surcharges where the total income exceeds Rs. 50 Lakh and Rs. 1Crore.
- Individual Form 16 Part B generation, are helpful for small-size companies.
- Automated HRA exemption /Section 80GG deduction calculation is dependent on the income and lease payments.
- Validating the limits Chapter VI a deduction, Housing loan interest set off, and additional surcharge impacts.
Income tax Slabs and Rates for Financial Year 2019- 20, Assessment Year 2020-21
| Income Tax Slabs | General Category (Below 60 year of age) | Senior Citizen (60-80 year of age) | Super Senior Citizen (Above 80 year of age) |
|---|---|---|---|
| Up to Rs. 2.5Lakh | NIL | NIL | NIL |
| Rs.2.5 Lakh to 3 Lakh | 5% | NIL | NIL |
| Rs.3 Lakh to Rs.5 lakh | 5% | 5% | NIL |
| Rs.5 Lakh to Rs.10 Lakh | 20% | 20% | 20% |
| Above Rs. 10 Lakh | 30% | 30% | 30% |
Surcharge and cess for income Rs 50 Lakh or above
- A surcharge of 10% is levied on income tax if the total income is between Rs 50 Lakh and Rs 1 Crore
- A surcharge of 15% is levied on income tax if the total income is over and above Rs 1 Crore.
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Due Date for Income Tax Filing Online
Every Person, who is liable to pay Income Tax, has to file the Return of Income Voluntarily Without waiting for the notice from Assessing Officer.
The time limit for filing of the return by an Assessee if his total income exceeds the maximum amount not chargeable to tax shall be as follows:
Company
| 30th Day of September of the Assessment Year | |
| Person/Working Partner of Firm, whose accounts are to be audited | 30th Day of September of the Assessment Year |
| Assesses being a company, which is required to furnish a report under section 92E | 30th day of November of the assessment year |
| In the case of Other Assesses | 31st Day of July of the Assessment Year |
Belated Return
Any person who has not filed the return within the time allowed as above may file a belated return at any time before the end of the relevant assessment year or – before the completion of the assessment whichever is earlier.
Revised Return
An Assessee, who needs to make any amendments, additions or changes as may be found necessary by him, can file a Revised Return of Income. Such a revised return may be filed by the Assessee at any time – before the expiry of the relevant assessment year – before the completion of the assessment whichever is earlier.
Late Filing Fee if not filed on time:
Where a person, who is required to furnish a return of income, fails to do so within the prescribed time limit under section 139(1), he shall pay, by way of fee, a sum of –
| e-Filing Date | Total Income does not exceed Rs. 5 Lakh | Total Income above Rs. 5 Lakh |
|---|---|---|
| Up to 31st July 2019 | Rs. 0 | Rs. 0 |
| Between 1st Aug, 19 to 31st Dec, 19 | Rs. 1,000 | Rs. 5,000 |
| Between 1st Jan, 20 to 31st March 2020 | Rs. 1,000 | Rs. 10,000 |
Further if not filed on or before the due date you can not revise your return and losses if any cannot be carried forward
Refund
Refunds arise in those cases where the amount of tax paid by a person or on his behalf is greater than the amount with which he is properly chargeable for that year.
Under the following circumstances the refunds may become due:
The tax deducted at source is higher than the amount of tax payable, as determined on regular assessment;
The amount of advance tax paid or tax paid on the basis of self- assessment exceeds the tax payable as determined on regular assessment;
The tax determined and paid on the basis of regular assessment gets reduced as a result of rectification of mistake which had crept in the assessment or is reduced in appeal or revision;
The same income is taxed in India and in a foreign country and the Assessee is entitled to double taxation relief.
Particulars to be furnished with the Return.
The prescribed form of the return shall, in certain specified cases, require the Assessee to furnish the particulars of –
Income exempt from tax.
Assets of the prescribed nature and value, held by him as a beneficial owner or otherwise or in which he is a beneficiary.
Bank account and credit card held by him.
Expenditure exceeding the prescribed limits incurred by him under prescribed heads.
Such other outgoings as may be prescribed.
Documents required for Filing Income tax Return
Personal Details of the Accessed, as per Pan Card.
Date of Incorporation for Company/firm.
PAN number of the Company.
Aadhar Card Number.
User ID & password of the Income Tax website.
Registered Office Address.
Annual Income Details.
Financial Reports for the Financial year, for which IT Return has to file.
Financial Statements of the previous years.
Type of Income Tax Returns
| Returns | Details |
| ITR-1 | Individuals being a Resident (other than not ordinarily Resident) having total income up to Rs. 50 Lakhs, having income from salaries, one house property, other sources (Interest, etc.), and Agricultural income up to Rs. 5 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares |
| ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession |
| ITR-3 | For Individuals and HUFs having income from profits and gains of business or profession |
| ITR-4 | For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income up to Rs. 50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) |
| ITR-5 | Return of Income – For persons other than, Individual; HUF; Company, and Person filing Form ITR-7 |
| ITR-6 | Return of Income – For companies other than companies claiming an exemption under section 11. |
| ITR-7 | Return of Income – For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). |
| ITR-V | Acknowledgment |
How eStartIndia can help you to furnish Income Tax Return
eStartIndia is the best business and legal services platform for services relating to Income Tax Filing Online, offering a variety of Tax filing services like Income tax returns, PF, TDS, and ESI returns
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