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E filing of income tax

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E filing of income tax

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E filing of income tax

  1. 1. Dr. C. PARAMASIVAN,Dr. C. PARAMASIVAN, Assistant Professor of Commerce PERIYAR E.V.R.COLLEGE (Autonomous) Tiruchirappalli Dr. C. PARAMASIVAN,Dr. C. PARAMASIVAN, Ph.D., D.LittPh.D., D.Litt Assistant Professor of Commerce PERIYAR E.V.R.COLLEGE (Autonomous) Tiruchirappalli - 23
  2. 2. TAX SYSTEMTAX SYSTEM Direct tax Indirect tax TAX SYSTEMTAX SYSTEM
  3. 3. ee--Filing of Income Tax ReturnFiling of Income Tax Return (ITR) Online(ITR) Online  As per section 139(1) of the Income individuals whose total income during maximum amount not chargeable tax returns (ITR).  The process of electronically known as e-filing. You can either your returns yourself from the comfort on the income tax department website date for filing tax returns (physical Filing of Income Tax ReturnFiling of Income Tax Return Income Tax Act, 1961 in the country during the previous year exceeds the chargeable to tax, should file their income electronically filing income tax returns is either seek professional help or file comfort of your home by registering website or other websites. The due (physical or online), is July 31st.
  4. 4. Who should eWho should e--file income taxfile income tax returns?returns? Online filing of tax returns is easy and can Assessee with a total income of Rs. 5 Lakhs Individual/HUF resident with assets located Assessee required to give a notice under A firm (which does not come under the Artificial Juridical Person, Cooperative An assessee required to furnish returns A resident who has signing authority in A person who claims relief under sections 91. All companies. file income taxfile income tax can be done by most assessees. Lakhs and above. located outside India. under Section 11(2) (a) to the assessing office the provisions of section 44AB), AOP, BO Society and Local Authority (ITR 5). returns U/S 139 (4B) (ITR 7). in any account located outside India. sections 90 or 90A or deductions under sectio
  5. 5. Types of eTypes of e--FilingFiling  Use Digital Signature Certificate mandatory to file IT forms using (DSC) by a chartered accountant  If you e-file without DSC, ITR should then be printed, signed Bangalore by ordinary post or from the date of e-filing.  You can file e-file IT returns Intermediary (ERI) with or without FilingFiling Certificate (DSC) to e-file. It is using Digital Signature Certificate accountant. ITR V form is generated, which signed and submitted to CPC, or speed post within 120 days returns through an E-return without DSC.
  6. 6. Checklist for eChecklist for e-- ReturnsReturns  How to choose the right form to file your taxes electronically  It can be confusing deciding which form to submi when filing your tax returns online.  The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below. --Filing ITFiling IT How to choose the right form to file your taxes It can be confusing deciding which form to submi when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are
  7. 7. ITR 1 (SAHAJ)ITR 1 (SAHAJ) Individuals with income from salary and interest ITR 2ITR 2 Individuals and Hindu Undivided Families ( from business or profession ITR 3ITR 3 Individuals/HUFs being partners in firms and not carrying out busin or profession under any proprietorship ITR 4ITR 4 Individuals and HUFs having income from a proprietary business or profession TR 4S (SUGAM)TR 4S (SUGAM) Individuals/HUF having income from presumptive business ITR 5ITR 5 Firms, AOPs, BOIs and LLP ITR 6ITR 6 Companies other than companies claiming exemption under section ITR 7ITR 7 Persons including companies required to furnish return under sectio 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) Individuals with income from salary and interest Individuals and Hindu Undivided Families (HUF) not having incom from business or profession Individuals/HUFs being partners in firms and not carrying out busin or profession under any proprietorship Individuals and HUFs having income from a proprietary business or Individuals/HUF having income from presumptive business Firms, AOPs, BOIs and LLP Companies other than companies claiming exemption under section Persons including companies required to furnish return under sectio 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
  8. 8. heckheck youryour taxtax creditcredit -- FormForm 2626ASAS vsvs You should check Form 26AS before filing of tax deducted from your salary and your employer. You should ensure that per your Form 16 matches with the figures returns without clarity on errors, you will aimaim 8080G,G, savingssavings certificatescertificates andand You can claim extra deductions if you forgot also claim deductions under section institutions. nterestnterest statementstatement -- InterestInterest onon savingssavings A deduction for up to Rs.10,000 is allowed accounts. However, interest earned on your taxable income and is taxable at applicable vsvs.. FormForm 1616 filing your returns. It shows the amoun and deposited with the IT department b that the tax deducted from your income a figures in Form 26AS. If you file you will get a notice from the IT department andand otherother deductionsdeductions forgot to claim them. Similarly, you ca 80G on donations made to charitab savingssavings accountsaccounts andand fixedfixed depositsdeposits allowed on interest earned on saving on bank deposits, if any, forms a part o applicable slab rates.
  9. 9. DEDUCTIONS U/S 80 Section 80C/ Section 80CCC/ Section 80CCD Rs.1,50,000+50,000 Section 80D Rs 25,000. For Senior Citizens it is Rs 30,000. Section 80DD Rs 75,000 Section 80DDB Rs 40,000 for Senior Citizens is Rs 60,000 and for very Senior Citizens Rs 80,000. Section 24 (B) Rs 2,00,000 Section 80EE Rs 50,000 on home loan interest payments u/s 80EE. Section 80U Fully allowed Section 80GG Rs 60,000 Section 80G Fully allowed/Partly allowed Section 80E Fully allowed Section 87A Rebate Rs 5,000 Section 80 TTA Rs. 10,000/-, DEDUCTIONS U/S 80 Rs 40,000 for Senior Citizens is Rs 60,000 and for very Senior Citizens Rs 80,000.
  10. 10.  In addition to the above, have the following at hand. Last year's tax returns Bank statements TDS (Tax Deducted at Source) certificates Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable  Ensure your system is equipped with  Java Runtime Environment Version 7 Update 6 or above In addition to the above, have the following at Last year's tax returns TDS (Tax Deducted at Source) certificates Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable Ensure your system is equipped with Java Runtime Environment Version 7 Update 6 or
  11. 11. List of Documents for eList of Documents for e Tax ReturnsTax Returns General details  Bank account details  PAN Number Reporting Salary Income  Rent receipts for claiming HRA  Form 16  Pay slips List of Documents for eList of Documents for e--filing offiling of Reporting Salary Income Rent receipts for claiming HRA
  12. 12. portingporting HouseHouse PropertyProperty IncomeIncome Address of the house property Details of the co-owners including their share in Certificate for home loan interest Date when the construction was completed, in Name of the tenant and the rental income, in case portingporting CapitalCapital GainsGains Stock trading statement is required along with elling the shares n case a house or property is sold, you must egistration and capital gain details Details of mutual fund statement, sale and purchase portingporting OtherOther IncomeIncome The income from interest is reported. In case of account statements are required nterest income from tax saving bonds and corporate The income details earned from post office deposit in the mentioned property and PAN details case under construction property was purchas case the property is rented with purchase details if there are capital gains fr must sought sale price, purchase price, details purchase of equity funds, debt funds, ELSS and S of interest accumulated in savings account, ba corporate bonds must be reported deposit must be reported
  13. 13. Income Tax Slab Rates for YearIncome Tax Slab Rates for Year 20162016 –– 20172017 For Individuals (<For Individuals (< Income Tax SlabIncome Tax Slab Up to Rs.2,50,000 Above Rs.2,50,000 and up to Rs.5,00,000 Above Rs.5,00,000 and up to Rs.10,00,000 Above Rs.10,00,000 Income Tax Slab Rates for YearIncome Tax Slab Rates for Year For Individuals (<For Individuals (< 60 years)60 years) Income Tax SlabIncome Tax Slab Tax RateTax Rate NIL Above Rs.2,50,000 and up to Rs.5,00,000 10% Above Rs.5,00,000 and up to Rs.10,00,000 20% 30%
  14. 14. Income Tax Slab Rates for YearIncome Tax Slab Rates for Year 20162016 –– 20172017 For Senior CitizensFor Senior Citizens Income Tax SlabIncome Tax Slab Up to Rs.3,00,000 Above Rs.3,00,000 and up to Rs.5,00,000 Above Rs.5,00,000 and up to Rs.10,00,000 Above Rs.10,00,000 Income Tax Slab Rates for YearIncome Tax Slab Rates for Year For Senior CitizensFor Senior Citizens (60(60--80 years80 years)) Income Tax SlabIncome Tax Slab Tax RateTax Rate NIL and up to Rs.5,00,000 10% Rs.10,00,000 20% 30%
  15. 15. Income Tax Slab Rates for YearIncome Tax Slab Rates for Year 20162016 –– 20172017 For Senior CitizensFor Senior Citizens Income Tax SlabIncome Tax Slab Up to Rs.5,00,000 Above Rs.5,00,000 and up to Rs.10,00,000 Above Rs.10,00,000 Income Tax Slab Rates for YearIncome Tax Slab Rates for Year For Senior CitizensFor Senior Citizens (> 80 years(> 80 years)) Income Tax SlabIncome Tax Slab Tax RateTax Rate NIL Rs.10,00,000 20% 30%
  16. 16. Income Tax Return Due DateIncome Tax Return Due Date Generally, the due date Return (ITR) for Hindu (HUF)/ Individuals/ Persons)/ BOI (Body July of the next Financial - The ITR due date for 17 would be 31st July, Income Tax Return Due DateIncome Tax Return Due Date date for filing Income Tax Hindu Undivided Family AOP (Association of of Individuals) is 31st Financial Year. For example for Financial Year 2016- 2017.
  17. 17. How do I file eHow do I file e Fill income tax returns XML on the official website incometaxindiaefiling.gov.in Prepare and submit ITR How do I file eHow do I file e--Returns?Returns? returns offline and upload website incometaxindiaefiling.gov.in ITR 1 online
  18. 18. Steps to follow to file Income TaxSteps to follow to file Income Tax ReturnsReturns  Your Permanent Account Number  View your tax credit statement your Form 16 must tally with the figures  Click on the income tax return forms year.  Download the ITR form applicable income exceeds Rs.5,000, the appropriate applicable form is ITR-1 or ITR on the portal itself, by using the been explained below). Steps to follow to file Income TaxSteps to follow to file Income Tax Number (PAN) is your user ID. statement or Form 26AS. The TDS as per figures in Form 26AS. forms and choose the financial applicable to you. If you're exempt appropriate form will be ITR-2 (If the ITR 4S, you can complete the process 'Quick e-file ITR' link - this has
  19. 19. Open excel utility (the downloaded software) and fill out the form your Form 16. Check the tax payable amount tax' tab. Pay tax (if applicable) and fill Confirm all the data provided the 'validate' tab. Generate an XML file and save Go to 'upload return' on the saved XML file. downloaded return preparation form by entering all details usin amount by clicking the 'calculate fill in the challan details. provided in the worksheet by clickin save it on your desktop. the portal's panel and upload th
  20. 20. A pop-up will be displayed asking file. In case you have obtained If you have not got digital signature, The acknowledgment form, ITR be generated which can be downloaded Take a printout of the form ITR Send the form by ordinary or Tax Department-CPC , Post Post Office, Bangalore, 560 100 filing your returns online. asking you to digitally sign th obtained a digital signature, select ‘Yes signature, choose ‘No’. ITR Verification (ITR-V) wi downloaded by you. ITR-V and sign it in blue ink or speed post to the Income Post Bag No. 1 , Electronic Cit 100, Karnataka within 120 days o
  21. 21. QuestionsQuestions
  22. 22. THANKS FOR YOUR PATIENCETHANKS FOR YOUR PATIENCE

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