Income Tax Filling Package
Income Tax E-Filing
Register to e-file ITR
Details filled up
Verification of PAN
Activation of Account
Income tax e-filing in india
Documents required for income tax return e filing in india
1. Form 16 / Payslips ( for salaried employee )
2. Financial Data / Tally data ( if available ) - Income from Business/ Profession
3. List of Expenditure spent on LIC, House Loan, Medical etc.
4. List of Donations given
5. Bank Statement
6. Form 26AS
7. Investment Declaration
Slab for the Assessment Year 2020-21 Individual - income tax e-filing in india
|Income Less than 5 Lakhs||No tax|
|If Income Greater than 5 Lakhs then|
|Up to 2.5 Lakhs||Nil|
|2.5 Lakhs to 5 Lakhs||5%|
|5 Lakhs to 10 Lakhs||20%|
|Above 10 Lakhs||30%|
|Domestic Company||Flat 25%|
|Foreign Company||Flat 40%|
General FAQ – income tax filing in india
The form used to disclose the income of an assessed is called Income Tax Return (ITR) & the process of disclosing such form to Income Tax Department is called Income Tax Filing.
Due Date for filing ITR by Individuals and HUF/ Firm who are NOT Liable for Tax Audit under section 44AB is 31st July
Due Date for filing ITR by Assessed who are eligible for Tax Audit under section 44AB is 30th September.
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
1. Late Filing between 1st August and 31st December – Rs.5000
2. Late Filing After 31st December – Rs.10,000
3. Penalty if taxable income is less than Rs.5 lakhs – Rs.1000
1. An Assessed can opt Presumptive Taxation if turnover is less than or equals to 2 Crore*
2. As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE.
3. A person adopting the presumptive taxation scheme can declare income at a prescribed rate (6% or 8%) and, in turn, is relieved from tedious job of maintenance of books of account.