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 ...
- 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..
- 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 :-
- 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.
- 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.
- 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.
- 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 :
- Long Term Capital Gains. Payable Income tax rate is 20%
- 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
|
- 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 ITR2c)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 :-
PAN Card Correction
Budget 2016 Useful Guide
Income tax Calculator
Know PAN Card Status
ITR 1 Saral Income tax Return Form or Software
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