Income Tax India efiling @Income Tax
By ALOK SRIVASTAVA www.aloksir.com
INCOME TAX RATE
- 0 – 5 Lakh NO TAX
2.5 – 5 Lakh 5 %
5 – 10 Lakh 20 %
More than 10 Lakh 30 %
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REBATE UNDER SECTION 87 A
Those who are having income up to Rs. 3.5 Lakh, they are getting Rebate Rs. 2500.
INCOME TAX CALCULATION
- (Salary 5 Lakh)
0 – 2.5 Lakh NO TAX
So difference between 2.5 – 5 Lakh is 2.5 Lakh so tax will be applicable on 2,50000.
5 / 100 × 2,50000 = 12,500 (TAXABLE)
(SALARY 7 Lakh)
0 – 2.5 Lakh NO TAX
2.5 – 5 Lakh (difference Rs. 2,50000) so tax will be on 2,50000
That is Rs. 12,500.
5 – 7 Lakh (difference Rs. 200,000) so tax will be on Rs.2,00000
As per Rule 5 – 10 Lakh is 20 %
So, 20 / 100 × 2,00000 = 40,000
Here, Total Tax 40,000 + 12,500 = 52,500.
We have to pay Rs. 52,500 on Rs 7 Lakh.
Salary 3 Lakh
0 – 2.5 Lakh NO TAX
2.5 – 3 Lakh (difference 50,000) so tax will be on 50000.
As we know that Tax on 2.5 – 5 Lakh is 5 %
So, 5 / 100 × 50000 = 2500
Taxable Income = Rs. 2500
And Rebate = 2500 (Rebate Under Section 87 A)
So, 2500 – 2500 = 0 (No Tax)
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Ways Of Collecting Income Tax
- TDS TCS
- ADVANCE TAX 4. SELF- ASSESSMENT TAX
What is TDS?
It stands for Tax Deduction At Source
- According to LAW, Government has given responsibility to payer that Person will deduct a TDX tax of Payee, whenever that person pays to payee.
- Suppose, you have deposited Rs. 5 Lakh as a F.D.(Fix Deposit) in any bank. And bank is giving 10% Rate of Interest per Annum.
- So, as a 10% on 5 Lakh is 50000.
- You should receive Rs. 50000 but Bank will pay 45000 after deducting 10 % TDS (Tax Deducted at source).
- Bank will issue a TDS certificate of detail Tax Deduction to payee, that is called Form 16 A.
What is Form 16 ?
- Form 16 is a certificate. It is issued by your employer every year according to Income Tax Section 203.
- It has TDS details.
- It has information of Salary, Other income and Tax Benefit details.
- It has Tax Calculation
- Your Employer can issue Form 16 till 31st
- How much Tax You have paid?
- Refund Possibility
- It helps better Tax Planning for next financial year.
- It helps filing Income Tax Return
- It has two components Part A and Part B
- Part A has Personal Information like Name, Address, and Employer’s Pan no, Employee’s Pan no., TDS Receipt number.
- Part B provides major information like how much your Salary, Allowances and so on.
Form 26 AS: How to check form 26 AS
We can check status of TDS submission in 26 AS.
We get to know from Form 26 AS that how many TDS has been submitted in Income Tax Department and what Income has been shown by Employer or Tax Deducter or How many TDS has been deducted by Employer or Deducter. We get to know detail information of TDS, TCS, TDS on interest which has been given by Bank, Self Assessment Tax and Advance Tax in Form 26 AS.
Here, we can access Form 26 AS :
- Go to site of incometaxindiaefiling.gov.in
- Login here
- We can see Dashboard
- Choose second Tab “my Account”
- Click on view form 26 AS
- You will see that you will be redirected site of TDS and TCS and confirm button
- So click on confirm button
- Click on I agree and Proceed
- Click on view Tax Credit form 26 AS
- You will have page of Form 26 AS
- Choose Assessment year and view as “HTML”
- Put Captcha Code
- And click on View / Download
- You will see all details of Tax Deduction and all information now.
- You can get to know about Form 16 and Form 16 A
Difference Between Form 16 and Form 16 A
- When tax deduction is on F.D. (Fixed Deposit), we receive Form 16 A.
- When deduction is on Salary, we receive Form 16.
Form 26 AS
Both details of form 16 and form 16 A are updated in Form 26 AS.
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What is Income Tax Return?
Whatever we earn in a year, we will give all details to Income Tax Department. All details we fill up in a form and submit to Income Tax Department. This is called Income Tax Return.
Different ITR Forms for FY 2018- 19
Income Tax Return (ITR) 1.
Source of Income Type of Payer
Salary, Individual
one House and
other sources
Turnover / Income Limit Advantage
Income less than 50 Lakh Simple
Income Tax Return (ITR) 2.
Source of Income Type of Payer
Salary Individual / HUF
Capital Gains (Hindu Undivided Family)
Multiple House
Income from Source outside India
Turnover / Income Limit Advantage
More than 50 Lakh Simple
Income Tax Return (ITR) 3.
Source of Income Type of Payer
Business Individual / HUF
Profession
Salary
Capital Gains
Source from outside India
Turnover / Income Limit Advantage
No Limit but need to maintain Books Simple
And Get them Audited
Income Tax Return (ITR) 4
Source of Income Type of Payer
Business Individual
Salary, Capital Gains,
Profession
Multiple houses,
Income source from outside India
Turnover / Income Limit Advantage
2 Crore for Business Presumptive
50 Lakh for Profession Income Rates
Income Tax Return (ITR) 5,6 and 7
Type of Payer Companies
Things to Remember while filing Income Tax Return (ITR) Online AND
Benefits of filing Income Tax Return (ITR)
- You can claim for Tax Refund
- It gets easy processing for getting Home Loan, Education Loan and Auto Loan.
- It is helpful for Registry of Home and Plot.
- It gets easy for getting VISA
- You will have to submit copy of ITR, if you want to get High Life Cover.
- If you make mistake during the file Original Return, you can do correct even in Revised Return.
- Choose ITR 1, if you are salaried Person.
Important Notes
s
During the file Income Tax Return, you should have 10 documents.
- Form 16
- Salary slip
- Receiving a interest Certificate from Bank
- Form 16 A / Form 16 B / Form 16 C and Form 26 AS
- Tax Deduction Certificate
- Statement of Home Loan From Bank or N.B.F.C.
- Capital Gains
- Aadhar Card
\\Tax Slab India 2019\\
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How to e- File Income Tax Return for Salaried
Person
- First of all, Search “Income Tax e -filing” on Google
- In search Result, you will see first “e- filing Home Page,
Income Tax Department, Government of India” Site’s name is “ www.incometaxinsdiaefiling.gov.in ”
- Click on this
- Register yourself
- User ID should be Pan No.
- Create Password
- All details should be accurate.
After being registered, just “Log in”
- Log in
- You will use “user ID Pan No.”
- Put Password
- Put “Date of Birth” according to your Pan Card
- Then Captcha code
- Click on log in
- Go to 3rd of Tab “e-Filing”
- Select first option “Income Tax Return”
- Pan no. will come automatically and choose “Assessment year 2018 – 19”
- Select “ITR 1” for Salaried Person
- Go to submission mode, you will choose “prepare and submit online mode”
- You will see “select one of the option verify your Income Tax Return” and you will choose “I don’t want to e- verify this Income Tax Return”
- Then click on continue
- You will see ITR 1 Assessment Year 2018-19
- Read all Tab
- Time to time, you have to do save and draft your work. It is avoid for log out.
- Just ensure that filled up all “Red star” information.
- Click on “Preview and submit” after ensuring
- Check your uploading status
How to Save Tax Under Section 80 C
- You can invest in Equity Linked Saving Scheme (ELSS)
- It is locking for 3 years
- Good Returns
- You can invest in Public Provident Fund (PPF)
- You can claim for maximum Rs.1.5 Lakh in one financial year.
- Fixed interest Rate
- Fixed Deposit (F.D.)
- Lock in period of 5 years
- Regular fixed deposit
- Investment in National Pension System (NPS)
- National Saving Certificate (NSC) for 6 years
- Life Insurance Certificate (LIC)
- Children’s Tuition Fee
- Principal Repayment of Home Loan
- Do invest in Sukanya Samridhi Account
- ULIPS
- Senior Citizens Saving Scheme
Save Tax Under Section 80 D
Health Insurance
- Preventive Health Check up for self, Spouse and children
- Health Insurance Premium for your parents (senior citizens)
- Preventive Health check up for Parents (Senior citizens)
Cash Transaction Limit in Income Tax
Section 40 A (3)
You can’t do cash Payment not more than Rs. 10000 for Business Expenditure in a Day.
Section 269 ST
In this Section, no one can receive Cash Receipt Rs. 200000 or more from One Person in a Day.
Section 269 SS
Cash limit should not be more than Rs.20000, if you want to take Loan or Deposit.
Section 269 T
in this section, no one can do Repayment of Rs 20000 or more .
Section 32
You can’t purchase any capital Assets not more than Rs.10000.
Section 80 D
Premium of Medical Insurance can be paid by Banking mode nor by Cash.
Section 80 GGB
Donation by company to Political party can be paid by banking mode nor by cash.
How to check Income Tax Refund Status
- Go to Google and type TDS online Status
- Click on online Refund Status Tax Information Network
- You will see “Tax Information Network”
- Then you will mention your PAN number
- Show your Assessment year
- Then captcha code
- Click on Submit button
- You will have result now.
How to Pay Income Tax Online
- Go to Google and type “Deposit Income Tax Online”
- Choose first or second website
- You will see at bottom “Make e- payment” and click on this
- Click on “Yes”
- You will see a page and at the bottom you will have “Payment of Income Tax and challan no.ITNS 280 and click on this ”
- Then you will have a page of e- payment
- Paste “PAN number ” and Assessment year 2018-19
- Fill your Address
- Select “self- Assessment Tax”
- Choose mode of payment “Net Banking or Debit card”
- Fill captcha code
- Click on “Proceed” and you will have next page “TIN e- Tax payment”
- Click on submit to bank
- You will have your Bank page
- Do all process of Net banking then you will have challan number and download this.
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