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Income Tax Returns

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According to the income tax act,1961, in the financial year, any person who has an income greater than the minimum taxable income, has to file his income tax returns for the financial year.

The process of filing income tax returns online is known as e-filing.

The online filing of Income Tax is convenient and hassle-free for the taxpayers since the online portal has a proper division of ITR forms depending on the taxpayer. To avail the facilities of e-filing, the individual has to register into the online portal of Income Tax Department.

Benefits of ITR filing

  • The e-filing portal introduced by Income Tax Department can be accessed 24x7. Such flexibility is the reason why most of the taxpayers now prefer filing the Income Tax through the e-filing website instead of visiting the Income Tax office.
  • Filing Income Tax through the e-filing website takes significantly less time and after the filing of Income Tax, it takes very less time for processing of the tax paid.
  • Manual filing poses the risk of data and identity theft but filing taxes through the e-filing website provides a higher level of security since the e-filing process uses digitization, data encryption and strict security provisions to safeguard the process.
  • No human errors can creep into the e-filing system hence the e-filing has more accuracy than the manual filing of taxes.
  • After filing the returns online, the taxpayer receives proof of the filing of Income Tax. The  acknowledgment receipt is sent out to your registered email ID after the taxpayer has registered online.
  • When you file your Income tax online, the details of e-filing is registered in your e-filing profile. Once you log in to your profile using your email ID and password, you can easily have access to the records of all the Income Tax Returns that you have filed in the past.
  • The comprehensive and uncomplicated portal makes it easy for the users to log in to their profiles and get all the information that they wish to acquire. The e-filing portal provides detailed instructions and guidelines on how the IT returns can be filed.
  • E-Banking is one of the essential features of the e-filing website. Electronic banking allows the users to make payments towards the Income Tax Department through the netbanking websites of their respective banks.
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Income Tax Slab

Normal tax rates applicable to a resident individual below the age of 60 years i.e. born on or after 1.4.1958

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5% of (total income minus Rs. 2,50,000) [*]

4% of income tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income tax

Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 3,00,000

Nil

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.3,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 10,000 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,10,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

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Normal tax rates applicable to a resident individual of the age of 80 years or above at any time during the year

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 5,00,000

Nil

Nil

Rs. 5,00,000 – Rs. 10,00,000

20%  of  (total  income  minus  Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

  Non-resident individual irrespective of age

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rate applicable to resident/non-resident Hindu Undivided Family (HUF)

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

 Normal tax rates applicable to every AOP/BOI/Artificial juridical person

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rates applicable to a Co-operative societies

Net income range

Rate of income-tax

Up to Rs. 10,000

10%

Rs. 10,000 - Rs. 20,000

20%

Above Rs. 20,000

30%

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Income Tax Returns: Explanation on the Forms

How to file Income Tax Returns Online

According to the income tax act,1961, in the financial year, any person who has an income larger than the minimum taxable income, has to file his income tax returns for the financial year.

The process of filing income tax returns online is known as e-filing. Income tax can be filed either via online or offline mode. In order to file your income tax, you can either take professional help or you can file it at the comfort of your home itself. The last date for filing income tax (both online and offline) is July 31st, 2018.

The taxpayer must complete the registration process in order to access the e-filing website-

  1. Go to the e-filing website of the income tax department (https://incometaxindiaefiling.gov.in)
  2. Click on the register yourself button on  homepage.
  3. The registration page is open.
  4. Select the “user type” (individual/firm) and click on ‘continue’ button
  5. Enter the basic details like name, date of birth/date of incorporation, PAN details, email ID and mobile number.
  6. When the details provided by you are verified, then the registration form will open. The mandatory details that need to be filled on the registration form are password, personal details/principal contact details, contact details, current address, subscribe to emails, alerts, reminders and notifications and finally fill up the captcha.
  7. Click on the ‘submit’ button.
  8. On successful completion of the registration process, the user will get a notification of ‘registration successful’ on the screen.
  9. An activation link will be  sent to your email ID and OTP will be sent to your registered mobile number.
  10. Click on the activation link or use the OTP sent to your registered mobile number,  to successfully complete your e-filing registration process. 

Now you’re ready to access your e-filing website. 

For e-filing income tax online, here are a few steps that you must follow-

  • Login to e-filing website using your user ID, password, date of birth/date of incorporation and captcha
  • Go to e-file and click on ‘Prepare and submit ITR online’
  • Select the ITR 1/ITR 4S form and the assessment year. Note that only ITR 1 and ITR 4S can be e-filed online
  • Fill in the details and click on ‘Submit’ button
  • Upload Digital Signature certificate, if applicable.Please ensure that your DSC is linked with your e-filing.
  • Click on ‘Submit’ button
  • On successful submission, if the ITR is submitted along with the DSC, ITR-V will be displayed. Click on the link to download ITR-V. The ITR V form is also sent to your registered e-mail ID.
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If the ITR isn’t submitted along with DSC, then it should be printed, signed and sent to CPC within 120 days from the date of e-filing. The return will be processed only upon the receipt of signed ITR-V.

How to file Income Tax Return Offline?

You can follow these steps to e-file income tax offline-

  1. Download the ITR preparation software for the relevant assessment year
  2. Prepare your tax return using the downloaded software
  3. Login to the r-filing website using your user ID, password, date of birth/date the corporation was conceived and enter the captcha
  4. Go to e-file and click on ‘upload return ITR-V’
  5. Select the appropriate ITR, assessment year and the XML file which was saved previously in step 2
  6. Upload the Digital Signature certificate, if applicable. (please ensure that your DSC is registered with e-filing website)
  7. If the ITR is uploaded along with the digital security certificate (DSC) then the ITR-V form is displayed on the webpage. Follow the link to download the ITR-V form. The ITR-V form is also sent to your registered e-mail ID.

 If you haven’t uploaded your digital signature certificate along with your ITR V form, then you need to download the form, take a printout and submit it to the CPC within 120 days. 

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