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Income Tax Return

The amount of income tax payable by the assesse is based on the slab of income earned by him. However, the basis on which such income is earned needs to be shown. Thus, Income Tax Return is compulsory.

Various heads under Income Tax Return

The income earned by every assesse is classified under five major heads. Thus, ITR comprises detail of income earned by the assessee, being classifying under the following heads of income:

Heads of Income Description
Salary Earned by employees
House Property Ex. Rental income on rented house
Profit and Gain from Business and Profession. Ex. Earned by businessmen
Capital Gain Ex. Gain on sale of capital assets, like house
Other Sources Ex. Lottery income

Who is liable to pay Income Tax?

    In India, Income Tax is levied on the income earned by the assesse, under the Income Tax Act 1961. There are various slab rates prescribed under the Act, and the assesse shall pay tax according the slab rate in which his income falls.

    Thus, there is no income tax liability in the following cases:

  • In case of loss

  • Where income of the assesse does not exceed the basic exemption limit.


Types of Income Tax Return


  • ITR -1
  • For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh.
  • ITR -2
  • For Individuals and HUFs not carrying out business or profession under any proprietorship.
  • ITR -3
  • For individuals and HUFs having income from a proprietary business or profession.
  • ITR -4
  • For presumptive income from Business & Profession.
  • ITR -5
  • For persons other than:-
    (i)Individual,
    (ii)HUF,
    (iii)Company and
    (iv) Person filing Form ITR-7
  • ITR -6
  • For Companies other than companies claiming exemption under section 11.
  • ITR -7
  • For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

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Procedure to file ITR

1

Register Yourself

Get registered on the Income Tax website :www.incometaxindiaefiling.gov.in and login.
2

Fill your ITR

Go to e-file > Income Tax Return > Choose submission mode as “Prepare and submit online” > fill in your ITR > Preview and submit
3

Attach DSC

Attach the digitally signed xml through DSC of the authorized signatory and upload the return.

What are the ways to reduce tax liability?

    There are various deductions or reliefs provided by the tax department to reduce the burden of the assesse. The most common ones are as follows:

  • Standard deduction @ 30% under the head “Income from House property”

  • Deductions under Chapter VI C – There are various sections, which provide investment based deductions up to a certain limit. For example, deduction upto Rs. 1,50,000/- under section 80C for payment of LIC premium, investment in tax saving mutual funds, payment of children’s tuition fees, etc.

  • 26AS – There are various nature of payments, under which the payer pays the payee after deducting a small sum of money, in the name of TDS. The TDS so deducted by the payer is then paid to the government and when the payer files his TDS return, the amount of TDS deducted from payee’s income is reflected in Form 26AS.

  • Advance Tax – It is natural that the income tax payable can only be assessed at the year end. However, on an average yearly basis, the assesse can estimate his income and pay tax on such estimation, known as Advance Tax, if his tax payable exceeds Rs. 10,000/- Payment of advance tax is to be made in certain defined slabs, which not mandatory.

FAQ’s About Income Tax Return (ITR) Filing

  • Who is assesse?

    Any individual/ HUF/ Firm/ AOP/ BOI/ Company, etc. liable to pay tax is known as assesse.
    1. Individual
    2. HUF
    3. Company
    4. AOP/BOI
    5. Firm
  • What is the year for tax purpose?

    For tax purpose, the year referred is financial year, which starts from April 1 and ends on March 31.
  • What is previous and assessment year?

    The year in which the assesse earns his income, it is known as the previous year (P.Y.) and the year in which the assesse is liable to pay tax on such income, it is known as the assessment year (A.Y.).
    For example; If tax for the income earned during financial year (F.Y.) 2016-17 (01 April’2016 to 31 March’2017) is paid in the financial year 2017-18 (01 April’2017 to 31 March’2018), then F.Y. 2016-17 is previous year and F.Y. 2017-18 is the assessment year.
  • Due dates for filing ITR for assessment year 2018-19?

    Particulars Due date Audit Case
    Individual 31 st , July 2018 30 th , Sep 2018
    Proprietorship firm 31 st , July 2018 30 th , Sep 2018
    Partnership firm 31 st , July 2018 30 th , Sep 2018
    LLP 31 st , July 2018 30 th , Sep 2018
    Company 31 st , July 2018 30 th , Sep 2018
  • What is the current slab rate in India for an individual assessee?

    Following are the current slab rates in India for the financial year (F.Y.) 2017-18, i.e. assessment year (A.Y.) 2018-19:
    AGE OF THE ASSESSEE INCOME SLAB RATE OF TAX*
    Below 60 yrs Upto 250000 NIL
    Above 250000 Upto 500000 5%
    Above 500000 Upto 1000000 20%
    Above 1000000 30%
    Above 60 but Below 80 Upto 300000 NIL
    Above 300000 Upto 500000 5%
    Above 500000 Upto 1000000 20%
    Above 1000000 30%
    Above 80 yrs Upto 500000 NIL
    Above 500000 Upto 1000000 20%
    Above 1000000 30%
  • Income tax slabs for Domestic Companies in India?

    1. For gross turnover upto 250 Cr in previous year:- 25%
    2. For gross turnover exceeding 250 Cr in previous year:- 29%
    3. In Addition to above:-
    4. Surcharge
    5. Taxable income 1Cr >10 Cr :-7%
    6. Taxable income >10 Cr :-12%
    7. Cess is 4% of corporate tax and surcharge
  • Is there any difference in the slab rates for male and female?

    No, the above mentioned slab rates are same for both male and female individual resident tax payers.
    Intrest In every case other than NIL return@ 18% p.a.the tax liability@ 18% p.a.

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