With the presentation of Goods and Service Tax, citizens are required to satisfy an arrangement of compliances which commands them to document different returns for each Financial Year.
Income TAX Return Filing Services for Individual
Now, start preparing and filing your Income Tax Return with Avyad Consultancy to avoid minor hassles and penalties. With our best practice research and framework, our team of experienced and skilled tax professionals helps taxpayers save on time and be efficient in tax-filing processes.
Income tax should be applicable for individuals, businesses, corporate and all other income generating establishments. The IT Act, 1961 regulates the collection, collection and administration of Income Tax (IT) in India. IT is paid every month from monthly earnings, but it is calculated on an annual basis. How much Income Tax (IT) an individual has to pay depends on several factors.
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Benefits of Income TAX Return Filing
Income Tax Return or ITR is an annual activity that needs to be filed by every responsible Indian citizen, it keeps a record of your income and taxes which you are liable to pay during a year. Here are some of the benefits of filing ITR.
Claim Tax Refund
If you have paid more income tax, you are eligible for a tax refund
Avoid Late Filing Fee
Delay in filing ITR makes you pay a fee of up to Rs. 5,000
Carry forward Capital Losses
If you have incurred a capital loss, you can carry it forward and settle in the future
Obtaining Visa
Foreign consulates may ask you to submit your income tax return to obtain a visa
Easy Loan Approval
Income Tax Return serves as an important document for loan approval
Avoid Tax Notices
Filing of tax return is a must to avoid late filing of notice from IT department
Who Should File Income Tax Return?
As per the Income Tax Act, income tax is to be paid only by those individuals or businesses who fall in certain income groups. Mentioned below are the entities or businesses that are required to mandatorily file their ITR in India:
- All individuals up to the age of 59 years, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit has been increased to Rs. 3 lakh and for very senior citizens (80 years and above) the limit is Rs. 5 lakhs. It is important to note that the income amount has to be calculated before factoring in the deductions allowed under section 80C to 80U and other exemptions under section 10.
- All registered companies that generate income, whether they have made any profit during the year or not.
- Those who wish to claim additional tax deduction/refund of income tax paid by them.
- Individuals who have assets or entities with financial interest which are located outside India.
- Foreign companies that take advantage of the treaty on transactions done in India.
- NRIs who earn or have earned more than Rs. 2.5 lakh in India in a financial year.
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What is Income Tax Filing?
Tax is a central element to the revenue generation system of the Indian government. Among the multitude of taxes present in the system, IT is the one that deals with the taxation of the earning of every individual, firm and organisation in a financial year. The earning or income could be in the form of regular wages, interest, dividends, capital gains or any other profits.
Income tax have to applicable for individuals, businesses, corporate, and all other establishments that generate income. The IT Act, 1961 regulates the collection, recovery, and administration of income tax (IT) in India. The government requires the tax amount for several purposes ranging from building the infrastructure to paying the state and central government’s employees. It helps the government in generating a steady source of income that is used for the development of the nation.
The IT is paid every month from the monthly earnings, but, it is calculated on an annual basis. The amount of income tax (IT) an individual has to pay depends on many factors.
What is Income Tax Return?
Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.
What are The Income Tax Slab for Individual & HUF?
Income tax slab for individual taxpayers & HUF (less than 60 years old) (both men & women)
| Income Slab | Tax Rate |
| Income up to Rs. 2,50,000* | No Tax |
| Income from Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| * Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old. | |
What are Income The Tax Slab for Senior Citizens?
Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)
| Income Slab | Tax Rate |
| Income up to Rs. 3,00,000* | No Tax |
| Income from Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| * Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age. | |
Why To Prepare CMA Data Report?
Small or large business requires CMA Reports for applying for project-oriented loans, long term loans and for enhancing working capital limits. Banks require these reports every year to ensure effective management of working capital.
- Preparation of particulars for the existing credit & loans on the entity and disclosure of current fund & non-fund based liabilities.
- Preparation of financials including operating statement, profit and loss account, balance sheet audit reports and other necessary revenue and analysis statements.
- Preparation of working capital changes & ratio analysis.
- Calculation of Maximum Permissible Bank Finance (MPBF).
What are The Income Tax Slab for Hindu Undivided?
Income Tax Slab for Individuals and Hindu Undivided Income Tax Slab for Individuals and Hindu Undivided Families: Families:
These are the slab rates for FY 2016-17 (AY 2017-18) These income tax slab rates are also applicable for : FY 2015-16 (AY 2016-17) FY 2014-15 (AY 2015-16)
On all the tables listed below, Education Cess of 2% and SHEC of 1% will be levied on the tax computed using the rates given below.
Under Section 87(A), an Income Tax Rebate of Rs.2,000 is provided for all individuals earning an income that’s less than Rs.5,00,000 per annum.
Tax applicable for individuals below 60 years:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.2,50,000 | Nil | Nil | Nil |
| Rs.2,50,001-Rs.5,00,000 | 5% | 2% of income tax | 1% of income tax |
| Rs.5,00,001-Rs.10,00,000 | Rs.12,500 + 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 | Rs.1,12,500 + 30% | 2% of income tax | 1% of income tax |
Tax applicable for individuals over 60 years and under 80 years:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.3,00,000 | Nil | Nil | Nil |
| Rs.3,00,001-Rs.5,00,000 | 5% | 2% of income tax | 1% of income tax |
| Rs.5,00,001-Rs.10,00,000 | Rs.10,00 + 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 | Rs.1,10,000 + 30% | 2% of income tax | 1% of income tax |
Tax applicable for individuals over 80 years and above:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.5,00,000 | Nil | Nil | Nil |
| Rs.5,00,001-Rs.10,00,000 | 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 Rs.1,12,500 | Rs.1,00,000 + 30% | 2% of income tax | 1% of income tax |
Income Tax should be deducted at applicable rates as above along with surcharge and Education Cess. The individuals who are earning over Rs.50 lakh and under Rs.1 crore will be required to pay a surcharge of 10% tax on the total income and the individuals who are earning over Rs.1 crore, a surcharge of 15% will be applicable as the income tax.
Our Other Tax Filing Services in Purnea, Bihar
TDS/TCS Return
Tax Deducted at Source (TDS) is a system of Indirect Tax Collection by Income Tax Department, where an individual is responsible for making specified payments.
ESI Return
While you pay Employees’ State Insurance (ESI), only your Registration ID is shared and the ESI contributed. But, the details of employees also needs to be shared with ESIC.
