IT Returns

Expert Tax View Section

Q1. What is meaning of Income Tax?

  • Income Tax is a Direct Annual Tax on Income of a person. As per Sec 4 of the income Tax Act, 1961, for income of the previous year or financial year of a person, income tax shall charged for the corresponding assessment year at the rates laid down by the Financial Act for that Assessment Year.
  • As per Sec 2 (24) ofthe Income Tax Act, 1961, Income is define as all income which are not exempted under the Act and received or receivable by cash or in kind and which is in revenue nature.

Q2.  What is meaning of  Permanent Account Number (PAN)

  • 'PAN is 10 digits alphanumeric identification required by every assessee or tax payers for filling his/her income tax return.

Q3.  Who are required to hold PAN Card?

  • Every person who (a) is require to file his income tax return or (b) is enter into any specified economic or financial transaction where quoting of PAN is mandatory (C) is desirous to hold a PAN or proof of identity or (d) is earning interest or professional income beyond limit.
  • Thus, just holding a PAN Card cannot create a liability for filling of return. You are liable to file your return if your taxable income exceeds basic exemption limit,

Q4.  Some Subsequent questions regarding PAN card:

  • What is Application for PAN ?

    • Application should be made in form 49A. For online allotment of PAN you can apply through website or www.utiisl.Co.In. After making application, you can enquire the status of your applications and PAN (if allowed) from the above mentioned website

  • What is PAN for Minor ?

    • PAN for Minor, lunatic, idiot, mentally retarded may be represented through a represented Assessee Details of Represented Assessee is to be provided in the PAN application form.

Q5.  What are income tax rates?

  • In India, income tax levied on different kinds of taxpayers is provided on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keeps on changing every financial year. To know income tax rate of current year, please click here.

Q6.  What do you mean by Previous Year & Assessment Year?

  • Previous Year means the Financial Year or Income Year immediately preceding the Assessment Year. After the end of the previous year the Assessment Year is started from 1st April & ended on 31st  March of the next year. A tax payer or assessee is liable to file his Income Tax Return in the Assessment Year for his Income in the previous year
  • For example: For the previous year 2018-2019, the corresponding Assessment Year shall be 2019-2020

Q7.  How to compute Gross Total Income (GTI)

  • Step-1-Income or Incomes are classified in to different heads.
    • These are :
  1. Income from salary
  2. Income from House Property
  3. Income from profit and gains of Business or Profession
  4. Capital Gain

Income from Other Sources

  • Step· 2 - From the each head exemption and deduction (if any) is to be made out
  • Step· 3 – Incomes of all the heads are aggregated.
  • Step· 4 – Clubbing of income (if any)
  • Step· 5 – Deduct any current year loss.

Q8.  What are the types of deductions from Gross Total Income while making  computation of ITR?

Following are some important deductions from Gross Total Income under Chapter 6A.

  • Section 80C-Investments

  • Section 80CCC - Insurance Premium

  • Section 80CCD -  Contribution of Pension

  • Section 80 CCE - Adding of Sections 80C + 80CCC + 80CCD

  • Section 80CCG - RGESS

  • Section 80D - Medical Insurance

  • Section 80DD - Disabled Dependent

  • Section 80DDB - Medical Expenditure

  • Section 80E - Interest on Education Loan

  • Section 80EE - Interest on Home Loan

  •  Section 80G - Donations

  •  Section 80GG - House Rent Paid

  • Section 80TTA - Interest on Savings Account

  • Section 80U - Physical Disability

  • Section 80GGB  - Company Contribution

  • Section 80GGC - Contribution to Political Parties

  • Section 80RRB - Royalty of a Patent

  • Section 80TTB  - Interest Income

Q9.  What happens in case of Late Filling of Return?

  • If an assessee is unable to file his return within the due date, he/she can file his/her return within the last date of the assessment year (i.e... within 31st March of the A/Y). But in such a case, the Assessee is liable to pay interest on tax for the delayed period which is decided from time to time. For Instance: Income Tax Return for the financial year ended on 31st March, 2019 till 31st July, 2019, then ITR can be filed for the same till 31st March, 2020. Beyond which the return will become time barred and no window for filing of ITR will be opened.
  • Interest is paid U/234A of the Income Tax Act.

Q10.  How can ITR be verified?

  • The IT department has suggested 2 methods of verifying the ITR electronically:
    • The first method is through linking your Aadhar Card with your, PAN number and thereafter generating OTP (one time password) which gets delivered at your registered mobile number and thereafter you will have to enter this OTP to validate your e-filing.
    • The second method is through generating electronic verification code (EVC) which gets delivered at registered mobile number or email ID. This electromc verification code is then used to verify your ITR. This method cannot be used by those taxpayers who are seeking any ITR or if they have total income of more than Rs 5 lakh .

Q11.  Is it necessary to Dispatch ITR-V to CPC, Bangalore

  • No, if you have signed the return by digital signature, then posting of ITR-V form to CPC, Bangalore is not required.But, If you have not verified your ITR electronically then you are supposed to send signed copy of ITR-V to CPC, Bangalore within 120 days of e-filing. The address to send via ordinary post or Speed Post is:

Income Tax Department-CPC,
Post Box No-1,
Electronic City Post office,
Bangalore-560200, Karnataka

Q12.  What are the various forms of collection of tax by Government of India?

  • Taxes can be collected by the Government of India through various methods; following are:
    • Taxes deducted at source [TDS]
    • Taxes collected at source [TCS]
    • Attachments etc.
    • Self Assessment Tax
    • Tax on Regular Assessment
    • Advance Tax

Q13.  Does possession of a PAN card means that it is mandatory to file an ITR?

  • No. Even though you may have a PAN, it is not necessary that you need to file an Income Tax Return.
  • If a person's total taxable income does not exceed the basic exemption limit before taking into account deductions, there is no obligation of a person to file an ITR.
  • If a person's total taxable income does exceeds the basic exemption limit before taking into account deductions, then it becomes an obligatory part for a person  to file ITR.
  • The basic exemption limit under provision of Income Tax Return is revised by the Government of India for every financial year after announcement of budget in Lok Sabha every year.
  • To check Basic exemption limits of Current year, please click here.

Q14.  What is the Last Date for filing of an ITR?

  • The Due Date of filing your Income Tax Return for a financial year is 31st July after the end of the financial year. Thus, for financial year ended on 31st March, 2019, the due date of filing Income Tax Return is 31st July, 2019.

Q15. Why Choose TaxAvtaar?

  • TaxAvtaar offers and allows taxpayers a great benefit to file income tax return with assured peace of mind.
  1. You do not need to know Income Tax Laws.
  2. The tax computation is done professionally.
  3. You can prepare and file your return for various types of Income.

Q16.  Does TaxAvtaar Assist Taxpayers in manual preparation and filing of ITR ?

  • Yes, TaxAvtaar supports manual preparation and also guide taxpayer for proper computation.

Maximum Refund Advice Section

Q1.  What are the Steps for filing ITR with assistance of TaxAvtaar?

  • Income Tax Return with help of TaxAvtaar is a unique way to think out of the box and with following procedure, you can file ITR with a great ease:
  1. Fill out our enquiry form.
  2. Enter the basic details and upload your documents.
  3. Receive a call from our team.
  4. ITR is prepared and payment link is shared.
  5. After payment, TaxAvttar will file your ITR.
  6. Receive via email the ITR-V/ ITR Copy.
  7. E-verify the return or sign and post the ITR-V.
  8. Your filing is successful.

Note: in case ITR is e-verified, then there is no need to post the physical ITR copy to CPC, Bengaluru.

Q2.  Does TaxAvtaar calculate the Tax Refunds?

  • Yes, Team TaxAvtaar is very efficient in calculating Tax refunds for your ITR. Our latest developed software automatically pop up specified guidelines in case there is any refund in your ITR. Once all the information is furnished with our team, then tax payable by you or refund due to you will be intimated and after that TaxAvtaar will file your ITR.

The following chart is summarized for clear initiation of maximum refund by TaxAvtaar:

Reduce Compliance Cost Section

Q1.  How does TaxAvtaar makes ITR filing affordable?

  • TaxAvtaar consistently improves its methods to make ITR filing easy and guarantees that filing of ITR and paying of professional fees for the same does not make a big hole in the pocket of Tax payer.

Q2.  What makes TaxAvtaar distinct from others?

  • Professional Guidance – Our dedicated consultants and professionals scour and examine the complexities of different Taxation system and help you to reap maximum benefits.
  • Data Security – Once client data is mapped in our software, we ensure that our client's data is completely secured and there is no possibility of leaking of data.
  • Accurate - We check your tax calculations and before final filing, tax payer will be able to look after the same, so that there is accurate uploading of data with the IT department.
  •  Round the year support – Our team is committed to help our clients round the year whenever needed to save your time and money.
  • Quality Service - TaxAvtaar only asks clear and simple questions so that you can easily help us to prepare your ITR.
  • Error Correction - We understand your problem and rectify those errors so that the best possible solution can be found.

The following chart is summarized for better understanding of compliance dealing by TaxAvtaar:

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