Form 16 for Income Tax e-Filing - Understand Your Form 16 Prepare Early for next ITR filing Least complicated ITR e-filing in the industry E-file your ITR in a few simple stepsExpert Assistance over Chat and EmailClick to go through the procedure for e-filing hereStart e-filing Where can I get a Form 16? An employer must issue Form 16 to the employees even if there is no tax deduction from the employee’s salary as Form 16 carries all the information required by an employee and necessary to file his/ her income tax returns. How can I use Form 16 to file Income Tax Returns? In India, the rule for filing Income Tax is based on The Income Tax Act of 1961 and the Income Tax rules of 1962. Why is Income Tax Form 16 required? When a salaried individual realizes the contents of Form 16 then Income Tax Returns filing become more understandable. Form 16 has two section, Part A and Part B. Part A of Form 16 consists of the following: Part B comprises of numerous details that are needed while Income Tax Returns. Part B of Form 16 consists of the following: Q. Q.
How to Check Income Tax Refund Status | Income Tax Return Q. How to re-apply for a refund if my refund status displays as “Refund Returned”? Access the income tax website and log in to your user account. There, go to “refund re-issue request” under My Account and select a mode for receiving the refund, providing your account number and address details. Q. Account details can be modified only if your refund request has been failed due to incorrect information. Once you submit your request the new details will be updated with the Income tax department. Q. Address need to be changed only after your refund request fails due to an incorrect address. Q. Access tax filing website > log into user account > profile settings > update contact details > submit request Once you submit your details your details will be updated in your profile. Q. In order to get your tax reversal you must have registered at the efiling platform and have prevalidated your bank account with your registered PAN number. Q. a. b. Q.
Salary Income Guide – Calculate Tax for Salaried Person What income am I taxed for? Income is not only salary, but it includes all the income that you earn from all other sources. The other sources include house property, profit/loss from selling stocks, interest earned on a savings account/fixed deposits. So, how much tax I have to pay? Tax is levied on the total income generated from all the sources. For senior citizens of 60 years or older, the 0 tax limit is prescribed for income up to INR 3,00,000. Calculate Your Income Tax When an employer deducts tax from employee salary and pays it to the I-T Department on their behalf The TAX employer deducts is called TDS or Tax Deducted at Source which they pay to IT department. The employers also provide a TDS certificate called Form 16 around June or July which shows all the calculations of monthly deductions. Description of Form 16: Typically it’s a TDS certificate which shows the calculation of TDS deducted by your employer during the whole financial year. It has two parts Part A Part B
House Rent Allowance - HRA Exemption Calculator Frequently Asked Questions Q. How is my HRA decided by my employer? The House Rent Allowance, which is supposed to be paid to the employee depends on the basic salary of the employee. Q. You will not require any documentary proof if your House Rent Allowance claim is up to Rs. 3000 per month. The Rent Receipts:A completely filled rent receipt with all the required details, which include residence address, landlord’s name, the rent amount, signature of the landlord which is used as a verification of the rent accepted by him/her. Rental agreement in some cases: If the monthly rent exceeds the amount of Rs. 15000 per month or Rs. 1lakh a year, then in that case PAN Details of the landlord must be produced for claiming the House Rent Allowance exemption. Q. If an individual pays interest for a home loan and he/she enjoys tax benefits on the interest of the loan, in that case also an individual can take HRA benefits provided to him/her by his/her employer. Q. Q. Q.
Efiling Income Tax Generate Rent Receipt | Generate Rent Receipt and avail HRA Benefit Get Proof of Your Accommodation expenses As per Income Tax Act 1961, a salaried employee must submit a rent receipt as investment proof to HR/Payroll, if he/she is paying rent, as this aids them in tax saving or you can say it reduces an individual’s gross taxable income. If you live in a rented accommodation and you wish to generate Rent Receipt, then you will have to calculate House Rent Allowance and here’s how you can do it For calculating House Rent Allowance, you can use following steps: - Actual HRA received from the employer.Your actual rent paid, and you have to reduce 10% of your total salary from it.If you are staying in a metro city, then you have to pay 50% of your basic salary and for non-metro city 40% of your basic salary. If an individual wants to claim HRA, then he/she must submit rent receipt along with the agreement proof of lease and the landlord’s PAN card details. File your tax returns for AY 2017-2018 (FY 16-17) 31st July is the deadline to file your returns Q. Q. Q.
How to e-verify ITR-V | ITR-V form How to e-verify your returns if you already have an EVC If you click the link “I already have an EVC to e-verify their return”, the below screen will be displayed. Enter you EVC in the provided box and click submit to e-verify. A screen with the message “Return successfully e-verified, Download Acknowledgement” will appear. Relax! You’ve successfully e-verified your income tax returns. You don’t have an EVC and you want to generate it for e-verification Click the link, “I don’t have an EVC and I would like to generate EVC to e-Verify my return.” A screen with Select the appropriate option from the buttons given below” appears, where two options are given: EVC – Through Net Banking EVC – To Registered Email Id and Mobile Number Click EVC – To Registered Email Id and Mobile Number. A pop-up with EVC sent to your mobile and email Id will appear. Once you submit the EVC from your email or mobile, a screen with message "Return successfully e-verified, Download Acknowledgement will appear." Relax!
Login | Income Tax Login and Registration Every Taxpayer who has tax liability must pay taxes and file income tax return for the same. In order to file tax return it is mandatory for the taxpayer to register on the Income Tax Department’s official e- filing portal. With the steps mentioned-below, you can easily register yourself on the IT Department’s official portal: - Step: 1 Visit the Income Tax Department’s official e-filing portal, on the homepage click on the option that says“Register Yourself”. Step: 2 Select the User Type, once you click on the Register Yourself button, you will be redirected to a form that will ask you to select your use type. Step: 3 Enter your basic details Step: 4 Fill the registration Form, following details are mandatory: - Password detailsContact detailsCurrent addressSecret Question After correctly entering all the details, click on the submit button. The OTP will expire after 24 hours from the actual time of receipt. How to login to the Income Tax Department’s official portal? Q. Q. Q. Q.
What is the procedure for filing ITR online? Being a citizen of India, it is an important duty to pay tax and to efile income tax return every year. The due date to file your income tax return is 31st July of the financial year. However, you can also file your tax even if you missed the due date i.e. till 31st March of the next financial year by paying penalty. Filing income tax online is an easy and simple process. The steps that you (salaried personal) can follow to e-file ITR correctly is as follows – Step 1: Register Yourself at Income tax efiling login website if you are a new user, and if you are a registered User log on to the page it is at the right hand - upper corner of the page. Step 2: Select Prepare and Submit Online ITR form e-file dropdowns, or download your required form from the ITR Forms page on Income tax india efiling login website as per your requirement. Step 3: Select the Assessment Year and ITR form name, choose the details and click submit Step5: After filling all the tabs click Preview and Submit button
Union Budget 2019 for New India like never before The most awaited moment has arrived i.e. Union Budget 2019 for the citizens of India. No wonder, many of us were eagerly waiting to know the new tax reforms and how the economic growth of the country will be graphed especially for the common man! Meanwhile, the Union Budget was Presented by Finance Minister Nirmala Sitharaman, on 5th July 2019. There is a wide belief that the government has taken some stable and secure action to accelerate economic growth and the roots of economic development that will be appreciated by all levels of society. Here is a look at the most important announcements made in Budget 2019 with regards to personal taxation and its impact – Therefore, this budget will be fair to each and every class of citizen and will benefit the poor&medium class&will boost India’s development in the 21st century.
The Most Important things taxpayers must know before filing returns Do you know the late date to file Income Tax Return is 31st July 2019, for the financial year 2018-19. It is essential to file your Income Tax Return as timely as possible, to avoid the last-minute hassle. Here are things you must keep in mind before you file your Income Tax Return for Financial Year 2018-19: - · Your Tax Deducted at Source and the Form26AS are the things you should take into consideration. · You must keep in mind your Income from House Property, in case you have two house properties, then according to Provisions of Income Tax Act, 1961, you will have to keep your second property on rent. · The first and the foremost thing you need to do is to collect your Form 16 from your Employer as it is the withholding certificate and it contains the details of taxpayer’s income and tax deducted at source. Many taxpayers are quite adamant about their Income Tax Refund and in the middle of the process they forget to check their Income Tax Refund Status.
Step-by-step guide to download Pre-filled XML of ITRs 1, 2, 3 &4 for AY 2019-20 The Income Tax Department has recently stated that Pre-filled XML of ITR 1, 2, 3 and 4 for AY 2019-20 are now available at Income tax efiling website. On the other hand, Prefilled XML of other ITRs are expected to be available shortly.With all the forms available on the income-tax website and the deadline for ITR filing less than a month away, you may be in a hurry to file your returns.However, the downloading is available for those who are eligible to file ITR forms as per their eligibility and choose to file it online on e-filing website www.incometaxindiaefiling.gov.in. Meanwhile, if you file your ITRs using Excel or Java utility, then you will have to manually fill in these details. Step by Step procedure to download pre-filled XML of Income Tax Return from efiling website is as under: Step 2: Go to My Accounts > Download Pre-filled XML Step 3: Fill the required details and click “continue” Step 4: Download Pre-filled XML The following details are prefilled in the ITR form: