Income from Salary/Rent/Pension

An Income tax return is a form used to file with Income tax department every Financial Year which contains Information about Income earned during year, Tax paid and in some case Asset held by you is also required to report.

Even your employer deducts your TDS timely, then too you are required to file Income tax return if your taxable Income is more than basic exemption limit. Currently for Individual (age below 60 year) basic exemption limit is ₹2,50,000/-.

Our expert will prepare draft computation of Income based on Documents/details provided by you. Draft computation of Income will be shared to you for review. After you confirmation on computation, our expert will file return of Income on your behalf. 

Expert will also assist you in E Verification of ITR. 

TDS stands for Tax Deducted at Source. TDS is applicable on the various incomes such as salary, interest received, commission received etc. TDS deducted by deductor is also reflects in form 26AS (provided deductor file TDS return). Deductee can claim credit of TDS at the time of filing of Income tax return. 

Form 26AS is annual consolidated statement of TDS. Form 26AS displays the various taxes deducted/paid on individual’s or any person’s income from/through various sources. Form 26AS can be downloaded from Incometaxindiaefiling.gov.in website.

E verification is last step for filing return. After e verifcation, Income tax department will process your return.  You would receive an email from the IT department once income tax return gets processed or you can check status from Income tax site.

Form 16 is the certificate issued by employer to employee which contains salary & TDS detail.

Every Year form 16 is issued to employee, if you have changed job during one FY, then you will get form 16 from each employer.

Form 16 has two Part – PART A & PART B (which is annexure of Part A). Form 16 Contains: Salary breakup details Allowance exempt u/s 10 Deduction allowed under chapter VIA of Income tax act TDS deducted by employer Relief u/s 89/90

No, with Income tax return form you are not required to submit any documents to income tax department but you have to submit when Income tax department ask you for same.

HRA stands for House rent allowance. HRA is usually part of CTC. It is an allowance paid by employer to employee to meet the cost of living in a rented accommodation. HRA allows employee to take Tax benefit of rent paid by them subject to three step calculation. CLICK HERE. 

Maximum 80C deduction allowed is Rs. 1,50,000/-. 

CLICK HERE for more details 

For Individual Income tax return due date is 31 July of the assessment year. For FY 2019-20 due date of filing Income tax return is 31 July 2020. For audit assesse due date of filing Income tax return is 30th September of the assessment year. From FY 2020-21 due date for Audit assesse is 31st October of the Assessment Year.

Yes, belated return can be filed after due date but before the end of Assessement year. But to carry forward any losses Income tax return should be filed on or before due date.

For Example: belated Income tax return of FY 2017-18 can be filed upto 31 March 2019.

Rental Income on owned house property is taxable under head Income from house property. For Self Occupied houses – One house can be shown as Self Occupied & exempt from tax If you own more than one house, then except one all other house property will be taxable under deemed let out property except property used by person for his own business/profession. 

For FY 2019-20 and onwards a person can claim two properties as self occupied house properties if second house is not let out during the year. 

No, you cannot claim deduction of Personal expenditure or household expenditure while calculating taxable Income.

Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan. But if you filed on your own & now you want to revise the return, then it is included in plan.

You can pay due tax by online mode. Our expert will assist you in payment of Tax.