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Welcome to Income-Tax – E-filling in India

Here, we are helping to Indian people for E-filling your ITR Return Guide to How to E-Filling ITR Return ? But First You Understand what is ITR Return ? Why E-filling ITR Return ? We are liable to E-filling ITR Return ? more more question disturbed to our mind? Here we are described to what is Income tax ? where born in Income tax in India ?

what is income tax?

An income tax is a government levy(tax) imposed on individuals or Tax assesses that varies with the income or profits (taxable or non taxable income) of the taxpayers.Details very widely by jurisdiction. Many jurisdictions refer to Income Tax on business entities as companies tax or corporate tax. Annual charge levied on both earned direct or indirect income like Salaries, Wages, commission, and Unearned Income like Share Dividend,Bank Interest, Bank Dividend, Friends/Finance Loan Interest, House/Shop/Other type of rents. In addition to financing  a governments operations progressive income taxation is designed to distribute wealth more every in a population, and to serve as automatic fiscal stabilizer to cushion the effects of economic cycles. Its two basic types are ...

1. Personal Income Tax:- (Revenue received or Paid to Central Government)

Earned to all assesses or Taxpayer to Paid all income of individuals like salaries income, Rents income Partnership and Individual Proprietorship Firm,Pension Income,Graduaty Income, Other Source of Income to come in Indirect to Taxpayer or Assesses earn in Year..

2. Corporation Income tax :- (Revenue Received or Paid to Central                                                        Government +State Government)

Levied or Net profits (net profits means Total Revenue-Total Expenses included to Partner/Directors Salary or Remuneration, Partner/Directors Interest on Capital, Provision of Tax ( Direct or Indirect), etc.... = Less Amount is Called Net Profit) of Incorporated firms,

However, presence of tax loopholes (whose number increase in direct proportion to the complexity of tax code). may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws..

Central Government to Direct taxes calculated a  main  seven head of income as under :-

1. Income from salary

All  salary income received by cheque or cash from an employer by an employee is taxable or no-taxable this heading.Employers are constructed to withhold tax compulsorily under section 192. if the salary income of their employees exceed to under a taxable criteria.Employers compulsorily to provided a Form No. 16, which addition details of tax deduction, Employees Investment is deduction in Income tax rules, and net tax paid income.

2. Income from House Property

 All are assesses to main question is what is House Property ? What is definition of “ House Property” in Called to income tax department or Income tax Act,1961.

now, here classified with illustration, what is treated a house property income  in income tax act. Like, any assesses buy a house or commercial land with construction up to end or buy a shop,mall, Marriage Hall, Vadi, Use of Veranda in as godown for business part place,hall,factory,Hotel,Building attached a land  all are earned a  income to called rent Income in treated a head of “ Income from House Property “ Income. Is this income treated a income head of Income from house property income in income tax Act,1961.It is this place in build of Land with Constructed Building.

3. Income from Profit & Gains of Business or Profession

All are taxpayer who carry on business to Wholesale/Retail Trading, Profession/Profession business, Maintain regularly books of account in partnership or proprietor firm. Any type legal business carry and earn profit to treated a head of Income From Profit & gains of Business or Profession.

now a days all assesses or taxpayer carried on business to maintained a Profit & Loss Account , Balance sheet in a Financial Year.As per Income-Tax Rules prepared a Book of account, Journal, Paid Salary or Remuneration of Partner, Paid a Interest of Partner,etc... Expenses after levied saw in Profit & Loss account in amount such a Net Profit.

For Example :

Mr. X Carry in Business in transport Firm

Income	Expenses
Transport Income	Account Salary Income
Other Sources Income	Bank Charges
	Petrol Exp
	Misc. Exp
	Partner Interest Exp
	Partner Remuneration (Salary) Exp
	Net Profit

You saw net profit is a such liable to Business Income. Income tax department as per rules of criteria income slab in apply to pay a tax.with Education-Cess + Higher Education-Cess +Interest (as Per Section,Rules) = Net Tax payable to Central Government.

4. Income from Capital Gains.

All assesses buy or Invest a Real  assets, Share,Debenture,etc... long investment as per your freedom. but when all individual,partnership firm or companies invest a long time after sell a property,machinery,Vehicle or land etc... to government to right a collect a Capital Gains. here, we are clarification to two type of Capital Gains :

1. Long Term Capital Gains. Payable Income tax rate is 20%
2. Short Term Capital Gains. Payable income tax rate is 15%

As Per Rules, As per criteria apply to calculate the Capital Gains.required a information to calculate the capital gains. Like, Purchase Date, Purchase Amount.Addition Expenses ( Date wise), Sales Date, Sales Amount, as per government announced a Index to correct system to calculate the Capital Gains. Government announced a Index is as under :

1981-82	100	1999-2000	389
1982-83	109	2000-01	406
1983-84	116	2001-02	426
1984-85	125	2002-03	447
1985-86	133	2003-04	463
1986-87	140	2004-05	480
1987-88	150	2005-06	497
1988-89	172	2006-07	519
1989-90	182	2007-08	551
1990-91	199	2008-09	582
1991-92	223	2009-10	632
1992-93	244	2010-11	711
1993-94	259	2011-12	785
1994-95	281	2012-13	852
1995-96	305	2013-14	939
1996-97	331	2014-15	1024
1997-98	351	2015-16	1081

5. Income from other sources

All individual or senior citizens to income come to indirect for investment in one time and earn income life time or some years.like fixed deposit, plant-Machinery income, Dividend Income,debenture income,etc.... to treated a income from other sources. Definition of Income from other sources is a earn income or come to money from unknown or know sources to earn monthly or quarterly or yearly fixed income. LPG Subsidy Income is one type of Income from other sources.many sources to earn fixed or unfixed income in one year. Income tax department  calculated a other income is not particular head of income to treated a other sources income.

What is E-filing :- 

The process of Online submitted electronically filing Income tax returns through the Income-Tax web portal is known as e-Filing.

e-Filing of Returns/Forms is mandatory for : 

1.In the case of an Individual/HUF

a)Where accounts are required to be audited under section 44AB 

b) Where (a) is not applicable and

•         The return is furnished by Income Tax Excel Utility Software to Prepared in ITR-1 or in ITR-2 or ITR -3 or ITR-4

•       The individual/HUF being a resident (Indian) and Earn Income From House Property or Salary Income or Other Than Income From Other Sources to (Assets, including financial interest in any entity, located outside India, or signing authority in any account located outside India, or income from any source outside India)

•       Any Rebate or Deduction in respect of tax paid outside India under section 90 or 90A or deduction under section 91 is claimed. 
• 
  Where an assesses is required to furnish an Audit Report specified under sections 10(23C) (iv), 10(23C) (v), 10(23C) (vi), 10(23C) (via), 10A, 10AA, 12A(1) (b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB, 115VW or give a notice under section 11(2)(a) shall e-File the same. These Audit Reports are to be e-Filed and any person required to obtain these Audit Reports are required to e-File the return.    

•       Total income exceeds five lakh rupees or any refund is claimed (other than Super Senior Citizen furnishing ITR1 or ITR2  
  
  
        c)In cases covered by (a) above, the return is required to be e-Filed using digital signature (DSC). 
        d)In cases covered by (b) above, the return is required to be e-Filed using any one of the following
   
  1..Digital Signature Certificate (DSC) or    2.Electronic Verification Code (EVC), or 3.Verification of the return by submitting I TR-V.
   

Related Links :-

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Income tax Calculator

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ITR 1 Saral Income tax Return Form or Software

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About Author :Ketankumar Accountingwale

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