Banks Accounts details / statements of all bank accounts (including Joint Accounts)
Form 16 received from Employer (if available)
Form 16 A received form Deductor (if available)
Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden)
Aadhar Number ( If Available)
Passport Number ( if you have visited outside India in last financial year)
Process Involved 20%
Computation of Income
Calculation of Tax Payable
Payment of Tax
Preparation of Return
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
Why Should you file Income Tax Return
Post demetization, its very important to file Income Tax Return for everyone who has deposited money into there bank accounts.
Avoid Income tax notice by filing your Income Tax Return within the due dates.
Filing of Income tax return will give a positive impact to Income tax department and Proper filing of Income Tax return can save you a lot of penalties and procedures.
ITR forms for FY 2016-17(AY 2017-18) Income Tax Return forms for e-filing
The Income Tax Department has released the ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018).
These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18).
The due date of submission of these ITR Forms will be 31st July 2017.
Major Changes in the ITR- Forms
Single page ITR Form for those with income upto Rs 50L
ITR -1 can only be filed by those with ONE house property
Schedule AL has been taken off from ITR-1
Old ITR-2, ITR-2A and ITR-3 have been done away with and merged to NEW ITR-2
Old ITR-4 is now NEW ITR-3 and Old ITR-4S(Sugam) is now NEW ITR-4(Sugam)
Mentioning Aadhaar number or Aadhaar enrollment id is mandatory
New section added in ITR-1 for mentioning exempt long term capital gains. Mandatory to e-file tax returns for those with LTCG of Rs 2.5L or more, even though their total taxable income may be below Rs 2.5L.
Paper returns can only be filed by those who are above 80 years of age OR by an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.
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]
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.
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).