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PayOur Tax offers you the best services for filing your Income Tax Return (ITR) easily & securely as per your requirements. We offer complete solution for ITR filing of your entire family.
| Individual (Salaried) ITR (Without Financials) | Rs. 800/- |
| Individual (Other than Salaried) ITR (Without Financials) | Rs.1,000/- |
| Individual ITR (With Computation of Income, Profit & Loss Account and Balance Sheet) | Rs.2,000/- |
| Partnership Firm ITR (With Computation of Income, Profit & Loss Account, Balance Sheet) | Rs.3,000/- |
| Moderate ITR (Having Agricultural Income and/or Capital Gain) (With Computation of Income, Profit & Loss Account and Balance Sheet) | Rs.4,000/- |
| Complex ITR (Double Entry Based upto 1 Crore Turnover or 200 transactions) | Rs.8,000/- |
| Complicated ITR (Double Entry Based 1 Crore+ Turnover or 200+ transactions) | More Than Rs. 10,000/- |
An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department. As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.
Late Filing Fees u/s 234F
The maximum penalty is Rs. 10,000. if you file your ITR after the due date but before last date, a penalty of Rs 5000 will be levied.
| Sr. | ITR Type | Description | Remarks |
|---|---|---|---|
| 1 | ITR-1 | ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. | Click here to file |
| 2 | ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house properties, income of more than Rs.50 lakhs. | Click here to file |
| 3 | ITR-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. | Click here to file |
| 4 | ITR-4 | ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs. 50 lakhs of professional income. | Click here to file |
| 5 | ITR-5 | ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax. | Click here to file |
| 6 | ITR-6 | ITR-6 form must be filed by companies registered in India. | Click here to file |
| 7 | ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities. | Click here to file |
PAN is abbreviation of Permanent Account Number. It is a 10-Digit Alphanumeric Number issued by Income Tax Department to all Indian Citizens. PAN Card is issued to show the PAN wherever needed. PAN Card is universally accepted as a Valid ID proof across the Country e.g. to enter into legal agreements, to apply for Loans, to open Bank Account and so on. One can also file an application, for rectification in or updation of PAN details whenever needed or directed by any competent authority in case.
A tax refund is a reimbursement to a taxpayer of any excess amount paid to the federal government or a state government. Taxpayers tend to look at a refund as a bonus or a stroke of luck, but it most often represents an interest-free loan that the taxpayer made to the government. In most cases, it is avoidable.
Checking Income Tax Refund Status on TIN/NSDL Website
Visit their website and click on the services section. Then, click on Income Tax Refund Status. Now enter your PAN number and select the year of tax assessment from the drop-down menu. Now, verify the Captcha code
There are five heads of income
Now that you know who an assessee is, let us get deeper and understand the types of assessees as per the Income Tax Act:
As per the depending stay of the individual in India, Income Tax Law has classified the residential status into three categories.
The income tax is levied on individuals and businesses on the basis of a predetermined tax slab. These income tax slabs are categorized based on the age bracket, income amount and type of income. The tax rates keep increasing with an increase in the income slab. The tax slabs are revised during every budget.
| Health and Education Cess | Up to Rs 2.5 lakh* | Nil | Nil |
| Health and Education Cess | Above Rs 2.5 lakh to Rs 5 lakh | 5% | 4% of Income Tax |
| Health and Education Cess | Above Rs 5 lakh to Rs 10 lakh | 20% | 4% of Income Tax |
| Health and Education Cess | Above Rs 10 lakh | 30% | 4% of Income Tax |
Surcharge: 10% of income tax, where the total income exceeds Rs 50 lakh up to Rs 1 crore. Surcharge: 15% of income tax, where the total income exceeds Rs 1 crore. *Income tax exemption limit for FY 2018-19 is up to Rs 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
| Health and Education Cess | Up to Rs 3 lakh* | Nil | Nil |
| Health and Education Cess | Above Rs 3 lakh to Rs 5 lakh | 5% | 4% of Income Tax |
| Health and Education Cess | Above Rs 5 lakh to Rs 10 lakh | 20% | 4% of Income Tax |
| Health and Education Cess | Above Rs 10 lakh | 30% | 4% of Income Tax |
Surcharge: 10% of income tax, where the total income exceeds Rs 50 lakh up to Rs 1 crore. Surcharge: 15% of income tax, where the total income exceeds Rs 1 crore. *Income tax exemption limit for FY 2018-19 is up to Rs 3,00,000 other than those covered in Part(I) or (III)
| Health and Education Cess | Up to Rs 5 lakh* | Nil | Nil |
| Health and Education Cess | Above Rs 5 lakh to Rs 10 lakh | 20% | 4% of Income Tax |
| Health and Education Cess | Above Rs 10 lakh | 30% | 4% of Income Tax |
Surcharge: 10% of income tax, where the total income exceeds Rs 50 lakh up to Rs 1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs 1 crore.
*Income tax exemption limit for FY 2018-19 is up to Rs 5,00,000 other than those covered in Part(I) or (II)
Turnover Particulars Tax Rate
Gross turnover uptoRs 250 Crore in the previous year 25%
Gross turnover exceeding Rs 250 Crore in the previous year 30%
Cess: 4% of corporate tax
Surcharge: If taxable income is more than Rs 1 crore but less than Rs 10 crore: 7%
Surcharge: If taxable income is more than Rs 10 crore: 12%
Income Tax Slabs on Dividend
Dividend Source Tax Rate for
Individuals/HUFs
Income Tax
Section
If the average dividend income earned over the year
does not exceed Rs 10 lakh
Nil Section 10(34)
If the average dividend income received during the year exceeds Rs 10 lakh
10% Section
115BBDA
Income Tax Slab For Non-Resident Indians (NRIs) for FY 2018-19
Income Tax Rate
Up to Rs 2.5 lakh Nil
Above Rs 2.5 lakh to Rs 5 lakh 5%
Above Rs 5 lakh to Rs 10 lakh 20%
Above Rs 10 lakh 30%
*Health and Education Cess – 4%
Income Tax Slab for Expats for FY 2018-19
Income Tax Rate
Up to Rs 2.5 lakh Nil
Above Rs 2.5 lakh to Rs 5 lakh 5%
Above Rs 5 lakh to Rs 10 lakh 20%
Above Rs 10 lakh 30%
Income Tax Slab for Freelancers
Income Tax Rate
Up to Rs 2.5 lakh Nil
Above Rs 2.5 lakh to Rs 5 lakh 5%
Above Rs 5 lakh to Rs 10 lakh 20%
Above Rs 10 lakh 30%
Additionally Surcharge levied
Income Tax Rate
Above Rs 50 lakh but less than Rs 1 crore
10% of the income tax
Above Rs 1 crore 15% of the income tax (applicable on amounts that are higher than Rs. 1 crore)
Health and Education Cess: 4%
Income Tax Slab for Pensioners
Income Tax Rate Health & Education Cess
Up to Rs 3 lakh Nil Nil
Above Rs 3 lakh to Rs 5 lakh 5% 4% of Income
Above Rs 5 lakh to Rs 10 lakh 20% 4% of Income Tax
Above Rs 10 lakh 30% 4% of Income Tax
Surcharge Levied
Income Tax Rate
Above Rs 50 lakh but less than Rs 1 crore
10% of the income tax
Above Rs 1 crore 15% of the income tax (applicable on amounts that are higher than Rs 1 crore)
*Exemption limit: Up to Rs 3 lakh for FY 2018-19
| 0 to 2,50,00 | Nil |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 7,50,000. | 10% |
| 7,50,001 to 10,00,000. | 15% |
| 10,00,001 to 12,50,000 | 20% |
| 12,50,001 to 15,00,000 | 25% |
| 15,00,001 and Above. | 30% |
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TAN Number is a 10 Digit Alphanumeric Number and is used as an abbreviation for Tax Deduction and Collection Account Number. Every Assessee liable to deduct TDS is required to apply for a TAN No. and shall quote this number in all TDS Returns, TDS Payments and any other communication regarding TDS with the Income Tax Department.
You can apply for TAN online at the NSDL-TIN website. You can then fill and submit the form online. Once you click on button ‘submit’, an acknowledgment containing a unique 14 digit acknowledgment number is generated on the screen.
TAN (Tax Deduction Account Number) PAN (Permanent Account Number) Transaction details (Party Name, Party PAN, Date of Payment, Section of Payment, Rate of Tax Deduction, Certificates (if any) Payment Details (Challan Number, Challan Date, Challan BSR Code, Challan Amount)
TDS for the quarter is Rs. 8,400 and hence late filing fees shall be Rs. 8,400. The quarterly statement of tax collected at source i.e. TCS return for the first quarter of the year 2020-21 is filed. Late filing fees under section 234E.
TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc.
TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments: Payment of Salary.
| Particulars | Minimum Penalty | Maximum Penalty |
|---|---|---|
| Late filing of Form 24Q (Penalty under Section 234E) | Rs 200 per day until TDS return is filed | Penalty amount should not exceed tax deducted |
| Non- filing of Form 24Q (Penalty under Section 271H) | Rs 10,000 | Rs 1,00,000 |
Similarly, income tax law also mandates an audit called ‘Tax Audit’. As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
When preparing for an audit, you need to counter-check and ensure that all the transaction documents, such as check books, purchases invoices, sales receipts, journal vouchers, bank statements, tax returns, petty cash records and inventory records are in order
The taxpayers who need to get a tax audit done are: An assessees carrying the business with the total turnover that exceeds Rs. 1 crore during the previous year. An individual involved in the profession with a gross receipt that exceeds.
The last date of income tax return (ITR) filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For tax audit and TP audit, the last due date is 15th February 2021. The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty.
The defaulters of the tax audit report will be penalized under the Section 271B of the Income Tax Act. The penalty for non-completion of the tax audit report is 0.5% of the turnover or the gross receipts, this penalty amount is subject to a maximum of ₹ 1,50,000
Income tax assessment is the process of collecting and reviewing the information filed by assessees in their income tax returns. At the end of each financial year, all persons and entities required to file an income tax return by self-computing the amount of income earned and pay the tax due
Income tax assessment is the process of collecting and reviewing the information filed by assessees in their income tax returns. At the end of each financial year, all persons and entities required to file an income tax return by self-computing the amount of income earned and pay the tax due.
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