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Tax Filing & Tax Saving made easy in India | Company Vakil
ITR Filing

Procedures for Income Tax E-Filing by CompanyVakil

• E-filing made easy for beginners

CompanyVakil readily gives you an alternative guide on the ITR which easily matches your sources of income

• When you upload your Form 16, CompanyVakil platform prepares your income tax return automatically

CompanyVakil enables you to file your return directly without going through the stress of logging into the tax website.

What is E Filing?

E-filing or electronic filing refers merely to the online submission of income tax returns. Filing of these income tax returns can be done in two ways:

The Traditional way i.e offline and the other is done online. In the traditional way, you are to go to the Income Tax Departments office in person to file your returns. E-filing is the other way through the internet. The process of e-filing has become fashionable in recent times as it is free, more accessible to do and eliminates the stress of printing documents.

Does it require the filing of Income Tax Returns?

The answer is yes. Filing income tax returns in India is mandatory if any of the following conditions apply to you (i.e., the Income Tax Act):

• You earn more than gross annual income

Details Amount
For persons below 60 years Rs 2.5 Lakhs
For persons above 80 years Rs 5.0 Lakhs

 

• You have alternative sources of income like house, property, etc. other than salary

• You intend to collect an income tax refund from the department

• You have made investments in foreign assets or earn from them

• You wish for loan applications or visa

• You have a Company or firm, irrespective of financial situation

Differentiating between Assessment Year (AY) and Financial Year

Financial Year refers to the period between 1st April to 31st March. Assessment Year refers to the next year in which the income is taxable

For instance, if your financial year is from 3 July 2014 to 12 August 2015, it is known as FY 2014-15. Income assessment for this period would start from where the fiscal year ends that is on 3 July 2015 till 12 August 2016.

How Much am I expected to pay as Tax?

Do you want to see how your income tax is affected by deductions and also check how much income tax you are to pay? You can use the income tax calculator and calculate tax liable for the last three financial years.

Have we started E Filing Tax Returns for 2015?

Yes. The process of E filing income tax returns for the assessment year 2016-17, which is the financial year 2015-16, has begun. The release of new ITR forms by the financial department will be after 31st March; as well e-filing will be enabled on their website and that of CompanyVakil. Changes made in the new ITR forms will be incorporated for you to file your returns quickly.

When does the E-Filing Tax Returns end?

The deadline for filing income tax returns for FY 2015-16 is 3rd September 2016. You are to e-file your tax returns before the deadline, but e-filing early is advisable to beat heavy website traffic and rush in the last month.

Is it advisable to E-file returns if I earned less than taxable income?

Yes, you can e-file your income tax returns even when you don’t pay taxes. In such cases an application for visa or loan, zero-return filing method will help.

How can I file Multiple Tax Returns?

To E-file Multiple Tax returns, it is not necessary to open different CompanyVakil accounts. You can e-file your current returns and that of the past year from the same account. What’s more? It just gets easier. You can now e-file tax returns for your family and friends from your CompanyVakil account.

How do I E-File My Income Tax Return if I have a Form 16?

The process is as follows

1. First, Upload your Form 16 on the website

2. CompanyVakil automatically prepares your ITR

3. Then verify your tax summary to ensure it is accurate

4. Next, E-file your tax returns to receive a confirmation number or acknowledgment number

5. You E-verify your tax returns through net-banking

I Don’t Have this Form 16

1. You can go about this by entering your income details

2. Publish your investments made according to Section 80C

3. CompanyVakil immediately detects the ITR suitable for you

4. Make sure to verify your tax summary

5. E-file your tax returns thus you will receive an acknowledgment number

6. Then do the process of E-verification using not-for-profit banking

How do I check my ITR-V status?

After successful submission of your income tax return, verification from the IT Department will be sent to you. This is called Income tax Return-Verification or ITR-V. An e-mail will also be sent to you from the Income Tax Department containing the ITR-V on the e-mail ID you registered.

Recovering your Tax E-filing password

It turns out you can’t seem to log into your Income Tax Department Account because you’ve lost the password and you fear not being able to log in again. Worry Less CompanyVakil has a solution.

Resetting your Income Tax password is possible as you can send an e-mail to validate@incometaxindia.gov.in with the following details:

1. Your PAN

2. The PAN holder’s name

3. Your Date of birth

4. Your Father’s name

5. A Registered PAN address

Linking your PAN to Aadhaar and mentioning it in your IT returns is compulsory and this will take effect from the 1st of July. After applying for Aadhaar, you can include your enrollment number in your returns.

FAQs

What if I don’t meet up with furnishing my returns before the due date, will I be punished?

Failure to furnish income returns will go as follows:

A fine of Rs. 5000 if you furnish your returns within 31st of December of the assessment year. That is to say for FY 2015-16, assessment year will be 2016-17; therefore relevant date will be 31st December 2016.

In any other case, a fine of Rs. 10,000 will be paid.

This, however, implies that the fee for late filing should not be beyond Rs.1000 if an assessee’s total income is not above Rs.5 Lakhs.

Is it necessary to report missing LTCG in my ITR-1?

The answer is Yes. Under Part D i.e. Computation of payable tax in ITR-1, a column for exempt income is provided. Here, you are to report your exempted LTCG. In a situation where the LTCG is from the sales of equity shares, it can be mentioned in the section given as ‘Sec10 (38)’.Other LTCG’s can be mentioned under the title ‘others’ under exempted income. For more information, read up the article on ITR-1.

How do I report Cash deposits made during demonetization and bank accounts in ITR-1?

To do this, you are to mention the details of current and savings accounts you may have held at any point in time during the financial year for which your returns are filed. Therefore, if you want to file returns for the financial year 2015-16, you are to give details of all current and savings account you may have held at any point during the Financial Year. Also, endeavor to signify the bank account you’ll prefer the refund credited to, not considering whether you have a refund or not. The account number must be in tandem with the bank’s core banking solution (CBS).

The amount of cash deposited during the period of 09.11.2015 to 30.12.2015 in the stated bank accounts should also be entered. Also, if the cash is deposited within the aforementioned period into any of the accounts (savings and current) or loan accounts, cash deposits to such accounts will be indicated showing details of such accounts. For instance, if you make a cash deposit into a friend or relative’s bank account as a loan, details regarding the account number and name of the person to whom cash was deposited in his account will be reported.

Note: Details of cash deposited should be provided only when the total of cash deposited during the period 09.11.2015 to 30.12.2015 is Rs 2lakhs or more.

In a case of presumptive income, which ITR can I file?

Following the presumptive income scheme, an ITR 4 applies to such taxpayers and is applicable for the taxpayers following the presumptive income scheme.

It can sometimes be dependent on one’s profession. For instance, A doctor or engineer can choose to go for presumptive income scheme of u/a 44ADA when his gross profits do not exceed Rs 50 lakhs, and he can make a declaration of 50% of his gross profits as his income.

Individuals in the various professions as accountancy, interior decoration, Technical Consultancy can also opt for this scheme.

Freelancers who are also involved in the professions mentioned above can also decide to go for this scheme if their gross profits are not above 50lakhs.

A Businessman with a turnover less than Rs 2crore can as well opt for the scheme u/s44AD and declare 8% profits of gross receipts (This can be 6% in the case of digital receipts).

Can a company of legal professionals file ITR 4 for presumptive income?

The answer is No as this does not apply to lawyers. Individuals, partnerships, HUF, and proprietors can opt for this. However, Limited liability partnerships, Companies, AOP, BOI cannot file this ITR 4.

Is reporting an exempted dividend income from shares or mutual funds in ITR Form 1 necessary?

The answer is Yes. Citing Part D- computation of payable tax in the ITR 1 form, a column for exempt income is provided. Here, you are to report exempted income dividend. If this dividend is hereby received from an Indian company, it is necessary to notify such under section 10(34), thus if it, i.e. dividend is received from mutual funds, it can be notified under the heading ‘others’ given under exempted income.

How do I include Aadhaar enrollment number in ITR forms?

The ITR forms released for the Financial Year 2015-16 (Assessment Year 2016-17) are provided with a 28 digit column to which you can put in your Aadhaar enrollment number. If you do not have an Aadhaar number, you can either put in the 14 digit Aadhaar number or merely put the 28 digit enrollment number. Entering this 28 digit enrollment ID is easy. All you have to do is write the 14-digit enrollment ID number and the date. For instance, take Aadhaar enrollment number to be 1303/19988/03419 and date to be 25/08/2009 14:43:20, this can be quoted as your enrollment ID.

https://assets1.cleartax-cdn.com/s/img/20170612161407/aadhaar1.png

I earn money from salary more than Rs 50Lakhs. Which form should I file and what are the requirements for details of assets disclosure by the taxpayer in the ITR form?

In the case of income from a salary that is more than Rs 50 lakhs, ITR 2 will be applicable. You are to fill the ITR 1 form only when your income is less than Rs50 lakhs.

If the income of the taxpayer is more than 50 lakhs, there is a requirement to disclose information regarding the assets of the taxpayer in the ITR form. Liabilities and similar assets held by the taxpayer are to be stated in Schedule AL of the ITR form.

Can the return offline (paper form) be filed by anyone?

The following persons are allowed to file their ITR offline:

  1. Individuals who are 80 years or above at any point in time during the financial year
  2. Individuals who earn less than Rs 5 lakhs per year and do not have to claim any refund in return.

Various deductions do not often reflect in Form 16 issued by the employer. Can I still claim them in my return?

The answer is Yes. Different deductions given under Section 80 such as Life and health insurance, ELSS, PPF, NSC, Tuition fees of children, a five year fixed deposit, charity donation, refund of home loan can be maintained in ITR even if it is not included in Form 16. You can also claim HRA (i.e., if you intend to pay rent and it is also part of your salary structure) in the ITR form. A situation may arise where you may not have evidence of rent receipts for your employer; thus he may not give the tax exemption for HRA in the Form 16.No worries, as you can claim this in your ITR.

 

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