Advantages of ITR Filing
Documents Required for Income Tax Return Filing
- General detail-PAN, Aadhar
- Bank Statements copy
- Proof of tax-saving investments
- Online income tax payment proof
- TDS Certificates
- Proof of sale or purchase of investments or assets
- Audited balance sheet if applicable
- Tax Audit Report if applicable
Frequently Asked Questions
ITR filing is mandatory if your income exceeds a certain limit. ITR filing is mandatory for businesses. There are different income tax slabs based on the age group and the residential status. Different tax rates for businesses based on the structure of their legal entity. Individual income tax return form and company ITR form are different.
For FY 18-19, As proposed by the interim budget a few days back, a rebate of Rs. 12500 has been announced for taxpayers with taxable income up to 5 Lakh (under section 87A). Also, the standard deduction has been proposed as 50000, earlier it was 40000. However, the income tax slabs is the same as before which depends on the age and the resident status. It has 3 categories:
For a simple return case, you can do the self-filing. You should register yourself in the income tax India return filing website of Government of India and follow the steps as guided. For any confusion, you can always approach a tax consultant nearby you.
|Particulars AY: 2018-19||Due Date|
|ITR due date for individuals, HUF, BOI, AOP (ITR filing by Assesse whose Books of Account are not required)||31st July 2019|
|ITR due date for businesses whose Books of Account are not required to be audited||31st July 2019|
|ITR Due Date for (Applicable on assessee who has to furnish report under sec 92E)||30th November 2019|
|Due date of filing the ITR by businesses whose Books of Account require an audit||30th September 2019|
For ITR filing of NRI, it is best if you approach any tax consultants who are a Chartered Accountant. You will be required to share with your consultant from the general information such as PAN card, Bank account details and the details on your source of income. In case of the income tax return for NRI, the basic exemption limit is 2.5 Lakh, irrespective of their age unlike in the case of residents.
For fling ITR of a company documents such as balance sheet, online income tax payment proof, investment proof, etc is required. As a company, any Chartered Accountant can help you file ITR of your company. MCA
You can go to e-pay tax section of the TIN website http://www.tin-nsdl.com/
- First select the challan that is applicable to category of tax you are paying
- Fill up the data as asked such as PAN, Address etc
- Click on the payment option which you direct you to internet banking
- Write the amount of tax which is to be paid and submit
It will then redirect you automatically to the confirmation page
For companies, the income tax rate will continue to be what was in last FY 2017-18.
WITH TURNOVER LESS THAN Rs. 250 crore: TAX RATE IS 25%
WITH TURNOVER ABOVE Rs.250 crore: tax rate is 30%
Mandatory E.cess of 2% and Secondary and Higher education cess @1% on total tax including the surcharge.
And surcharge is levied @ 7% IF INCOME IS MORE THAN Rs. 1 CRORE AND UP TO 10 CRORE
@12% IF INCOME IS MORE THAN Rs. 10 CRORE