Income Tax Filing Online

Every person has to furnish a return of his total income, if the total income exceeds, the maximum amount which is not chargeable to income-tax. Income Tax Filing Online 100% Online Process

Further, in respect of an individual, HUF, Association of Persons, Body of Individuals, Artificial Juridical Person, filing of return of income shall be compulsory if their total income exceeds the maximum amount which is not chargeable to income tax.

The citizens of India are required towards filing an Income Tax Return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.

It should be obligatory for a Company or firm to file a return of income in every case.

eStartIndia is the best business and legal services platform for services relating to Income Tax Filing Online,  offering a variety of Tax filing services like Income Tax Filing Online, PF, TDS, and ESI returns

Advantages of Income Tax Filing Online

• Avoid penalties by filing the ITR Returns and file on time to avoid the late fees.

• Online verification of ITR through electronic mode, at the convenience of your office or home.

• Easy Loan approval is only possible if you file the ITR Returns.

• Required for Visa Processing, ITR Returns copies are required while visa processing.

• Claim Tax refund, if due by filing the ITR Returns on time.

• Carry Forward of Losses.

• ITR can be used as Address proof & Income proof.

•  

Who has to file Income Tax Filing Online

The citizens of India are required towards filing an income tax return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.

The Income Tax Slab rate AY 2019-20 or FY 2018-19 

Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20, for individuals below 60 years of age(General Category)

The exemption for non-resident individuals (NRI)

For the non-resident individuals (NRI), the exemption limit for them is Rs 2.5 Lakh in a financial year  Surcharge and Cess regardless of their age.

Surcharge and Cess for Income Tax Payer
Along with the amount of Income Tax calculated based on the above-mentioned tax slab, the taxpayers are liable to pay Surcharge and Cess;

• If the net income exceeds Rs.50 Lakh up to Rs.1 Crore, a surcharge of 10% of income tax is charged 
• If the net income exceeds Rs.1 Crore, a surcharge of 15% of income tax is charged 
• Health and Education Cess: 4% of Income Tax, which is introduced in the 2018 budget.
• Standard deduction of Rs. 40,000/- for salaries & pensioners.
• As per Section 87(A), the taxpayer in India could also avail 100% rebate subjected to a maximum of Rs. 2,500 to the individual whose total income does not surpass Rs. 3.5 Lakh.

The new tax calculator for Financial Year 2019-20 [Assessment Year 2020-21]

The Standard Deduction from taxable income for a salaried individual is raised from Rs. 40,000 to Rs. 50,000.

The rebate as per section 87A has risen from Rs 2500 to Rs. 12500 up to the earning of Rs. 5 Lakh, henceforth a the taxpayer with annual income up to Rs. 5 Lakh will get a full rebate in tax.

Few key important features of the Income Tax calculator are;

• Useful for the salaried taxpayers of government and a private company, with every head of Salary which also includes agricultural income.
• Private company employees could use to perform their Flexi allocation as well as tax planning.
• The calculation of tax and rebate of agricultural earning to arrive at the annual tax liability
• Marginal rebate on surcharges where the total income exceeds Rs. 50 Lakh and Rs. 1Crore.
• Individual Form 16 Part B generation, are helpful for small-size companies.
• Automated HRA exemption /Section 80GG deduction calculation is dependent on the income and lease payments.
• Validating the limits Chapter VI a deduction, Housing loan interest set off, and additional surcharge impacts.

• Surcharge and cess for income Rs 50 Lakh or above

  • A surcharge of 10% is levied on income tax if the total income is between Rs 50 Lakh and Rs 1 Crore
  • A surcharge of 15% is levied on income tax if the total income is over and above Rs 1 Crore.

  eStartIndia operating in India provides professional tech-based online and legal services to our customers at an affordable cost. eStartIndia helps the clients to simplify the procedures in order to start a business, file tax returns online or any business-related services. We are dedicated to providing quality service to clients in solving legal compliance related to running their business in India.

   

  Due Date for Income Tax Filing Online

  Every Person, who is liable to pay Income Tax, has to file the Return of Income Voluntarily Without waiting for the notice from Assessing Officer.

  The time limit for filing of the return by an Assessee if his total income exceeds the maximum amount not chargeable to tax shall be as follows:

Belated Return

Any person who has not filed the return within the time allowed as above may file a belated return at any time before the end of the relevant assessment year or – before the completion of the assessment whichever is earlier.

Revised Return

An Assessee, who needs to make any amendments, additions or changes as may be found necessary by him, can file a Revised Return of Income. Such a revised return may be filed by the Assessee at any time – before the expiry of the relevant assessment year – before the completion of the assessment whichever is earlier.

Late Filing Fee if not filed on time:

Where a person, who is required to furnish a return of income, fails to do so within the prescribed time limit under section 139(1), he shall pay, by way of fee, a sum of –

Further if not filed on or before the due date you can not revise your return and losses if any cannot be carried forward