Who can file an Income Taxes in India?
Any Individual having the succeeding types of income taxes in india can opt for tax return services:
- Income from Salary
- Income from House Property
- Income from Sale of Investments or Property
- Income by mode of Interest, Dividend, Gifts, Family Pension, Agricultural Income
- Brought Forward Losses
- Clubbing of Income
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Another related Income Taxes in India
Is it compulsory to file an Income Taxes in India?
You want to file an Income Tax in India if your Total Taxable Income exceeds the basic exception limit before taking into account deductions, i.e., tax-saving investments.
The basic exception limit for the financial year 2018-2019 is as under: –
|Gender, Age & Residential Status
|Basic Exception Limit
|Resident Female & Others
|Resident Senior Citizen
|Resident Very Senior Citizen
You do not want to file an Income Tax in India if your total taxable income does not exceed the basic exception limit before taking into account deductions, although you may have a PAN.
What are the procedures of e-Filing Income Taxes in India?
- Prepare your return.
- Analysis of your Tax Calculation.
- Get your Income-tax Return created in electronic format.
- Authorize Tax to e-File your Return.
- Get ITR-V from Income Tax Department in your email.
- Download and print ITR-V, available under your account.
- Sign in and enclose it in an A-4 size envelope. Send this envelope by ordinary or speed post to “Income Tax Department ” within 120 days of e-Filing.
- Accept e-mail from Income Tax Department, acknowledging the receipt of ITR-V. That is your final acknowledgment. That concludes your filing.
- The last three steps can be skipped by e-verifying the return electronically.
How to calculate Income Taxes in India?
Every income that you have should form a portion of your income tax return. Of course, the law does offer for the exception of certain incomes eg. payment income from an Indian company, LTCG on listed equity shares up to Rs 1 lakh in any financial year, etc.
Therefore, here is a fast recommendation you can possibly follow to compute taxes due on your income:
- Write down all your income – be it salary, rental income, capital gains, interest income or profits from your business or profession
- Remove incomes that are exempt under the law
- Claim all applicable deductions accessible under every source of income. eg claim an average deduction of Rs 40,000 from salary income, claim municipal taxes from rental income, claim business-related expenses from your business turnover, etc
- Claim all applicable exceptions under every head of income eg. amount invested in another house property can be claimed as exemption from capital gains income etc
- Claim related deductions from your total income eg the 80 deductions like 80C, 80D, 80TTA, 80TTB, etc
- You will now arrive at your taxable income. Check the tax slab you fall under and accordingly arrive at your income tax payable.
- The government keeps announcing and altering tax slabs, schemes, and tax benefits, so it’s a good idea to keep up with the Budget.
What documents are to be enclosed along with the income taxes in india?
There is no need to enclose any documents with the return of income. However, one should recollect the documents to produce before any capable authority as and when required in the future.
Should I disclose all my income in the return even if it is excepted?
Yes. Income from every source including excepted income must be disclosed. The same can be exposed under the Schedule EI.