Income Tax Returns

Income Tax Return

Due Date

31 Jul 2017

Time Left

Income Tax Return

Payment Due

Due Date

15 Dec 2016

Time Left

Payment Due Date for Third Installment of Advance Tax

Income Tax Return Salaried
1000
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Income Tax Return Capital Gain
1500
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Income Tax Return Business
2000
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Support

limited

unlimited

unlimited

Salaried Income
House Property Income
Other Source Income
Capital Gain Income
Business Income (Turnover less than 20 Lakhs)

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Documents Required for Income Tax Returns

  • 1     Copy of PAN
  • 2     Banks Accounts details / statements of all bank accounts (including Joint Accounts)
  • 3     Form 16 received from Employer (if available)
  • 4     Form 16 A received form Deductor (if available)
  • 5     Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden)
  • 6     Aadhar Number ( If Available)
  • 7     Passport Number ( if you have visited outside India in last financial year)
Process Involved 20%

Step 1

Documentation

Step 2

Computation of Income

Step 3

Calculation of Tax Payable

Step 4

Payment of Tax

Step 5

Preparation of Return

Step 6

Submission of Return

Documents are provided by the client

Based on above documents Income is calculated and sent to client for confirmation

Tax payable is calculated based on Income

Computation of Tax is sent to client and informed for payment

Income Tax Return is prepared and tax details are feeded

Prepared income tax return is uploaded to income tax portal using clients id and password

File Income Tax Return

 

Steps to be followed when we e-File without using a Digital Signature

When you e-File without using a Digital Signature, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps -

  • Print and sign ITR-V.
  • Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
  • Mail the envelope within 120 days of e-Filing to 

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.

 

  • Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.
  • Your filing is now complete..

 

Process Involved - (if you have forgotten your password, do not worry- We do not need your incometaxindiaefiling Password)

1. We will check your form 26AS and check if any TDS is reflecting or not

2. We will advise you on Income tax Refund or payable Amount

3. We will guide you about the best possibilities to take Income Tax exemptions and Save Taxes.

4. We will file your Income tax Return and mail you the acknowledgement.

 

POINT TO BE REMEMBERED:

1.  What steps are to be followed when I e-File without using a Digital Signature?

  • When you e-File without using a Digital Signature, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the        return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps -
  • Print and sign ITR-V.
  • Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
  • Mail the envelope within 120 days of e-Filing to 

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.

  • Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.
  • Your filing is now complete.

 

2.     Is there any time limit for submitting ITR-V to Income Tax Department?

  •   Yes, you should mail your ITR-V within 120 days of e-Filing your return.

3.  Does that mean that I cannot file return after the last date mentioned?

  • Further, in case you have still missed to file your Income Tax Return by 31st March, 2015, you can still file the same till 31st March 2016, beyond which the return will become time barred and you would not be able to file the same. Assessing Officer may require you to pay penalty up to Rs. 10,000 for late filing of Income Tax Return.

4. What is Revised Return and can I file a Revised Return using MyCorporation?

  •   If you discover any omission or any wrong statement in the return filed within due date of filing, you may file a revised return at any time    before 31-03-2015 or before the completion of the assessment, whichever is earlier.

5. Whom should I contact in case I have queries / difficulties?

  • MyCorporation's Customer Support team will be happy to help resolve all your doubts and queries. You can write to us at info@mycorporation.in.

FAQ

Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised..
Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return..
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc..
-filing of return with digital signature is mandatory for: (a) Every company; (b) A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (c) A Political Party [it its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax] .
Yes, only 10 returns can be filed using same email-id or same mobile number. .

 

The return of income can be filed with the Income-tax Department in any of the following modes (*): - • By furnishing the return in a paper form. • By furnishing the return electronically under digital signature, i.e., e-filing with digital signature. .
Return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in.
In case of queries on e-filing of return, the taxpayer can contact us at 8882101000.
It can be found either on the Form 16/16A or in the 26AS tax credit statement available on https://www.tdscpc.gov.in/app/login.xhtml TRACES (TDS Reconciliation and Correction Enabling System) website. .
ither click on Services>Know your Jurisdiction given on the home page of incometaxindiaefiling.gov.in or use the following link https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html to know your jurisdictional officer .
No, all salaried taxpayers can’t choose ITR-1 for filing tax returns from Assessment Year 2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10 (e.g. HRA, Conveyance allowance, etc.) up to Rs 5,000 or less. So, if taxpayer is claiming any exemption under sec. 10 which exceeds Rs. 5,000, he cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules). .