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TAX RETURNS

Tax is a financial levy or any type of charge imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures. The tax imposed on companies/partnership firms is known as corporate tax and is levied at a flat rate. However, individuals are taxed at various rates according to the income slab in which they fall Charitable organisations are mostly exempt from tax. 

 

Types of taxes

 

1. Direct tax - It is tax which is directly paid to the Union Government on income.  To name a few of the direct taxes, which are imposed by the Government are:

 

  • Personal Income Tax
  • Banking Cash Transaction Tax
  • Corporate Tax
  • Capital Gains Tax
  • Double Tax Avoidance Treaty
  • Fringe Benefit Tax
  • Securities Transaction Tax
  • Tax Incentives

2. Indirect tax – As opposed to the direct taxes, tax levied on some specified services or some particular goods. It is taxation on expenditure, It is not levied on any particular organisation or an individual. All the activities, which, are included in the range  from manufacturing goods and delivery of services to those  meant for consumption fall within the periphery of this taxation, other than these, the varied activities and services, which are related to import, trading etc. are even included within this range. This covers taxes like GST, excise duties (tax on cigarettes, alcohol etc.).

 

Municipal or Local Taxes in India

 

It is levied by the local municipal jurisdictions on the entry of goods, known as the Entry Tax or the Octroi Tax. 

 

Income Tax Returns

 

An income tax is a tax to be paid by individuals or entities (taxpayers) that varies as per their income or profits (taxable income).

 

Filing Income Tax Returns is mandatory for all Indians, including NRIs, with a total income of above Rs 2.5 lakh, before permissible deductions under Sections 80C to 80U. The limit for senior citizens (above 60 years) is Rs 3 lakh while that for those who are aged 80 and above called super senior citizens  - is Rs 5 lakh. However those out of tax bracket should also file “Nil returns” as it works as a proof when applying for passport or availing Loan.

 

To bring more people under the tax net, the government in budget 2019 have made ITRs mandatory for more categories of people from the next assessment year –

 

  1. People who have deposited more than Rs 1 crore in a bank account.
  2. People who have bought foreign exchange of over Rs 2 lakh.
  3. People who have paid electricity bill of more than Rs 1 lakh.

 

Who are required to file ITR?

 

Other than individuals, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, companies, local authorities, political parties, educational or medical institutions and trade unions have to file income tax returns. The last date for filing ITRs for the FY19 is July 31.

 

For Individuals as Per CBDT (Central Board of Direct Taxes) in India following income tax return forms are applicable:

 

  • ITR-1
  • ITR-2
  • ITR-2A
  • ITR-3
  • ITR-4
  • ITR-4S

For Companies and Firms following income tax return forms are applicable:

 

  • ITR-5
  • ITR-6
  • ITR-7

ITR forms                                             Meant for Whom

 

ITR 1(SAHAJ)                                       Resident Individuals having income less than Rs.50 Lakhs

                                                              From Salary/pensioners, one house property, other sources.

 

ITR 2                                                      Having income ITR1>50 lakhs,

                                                               Capital gains, More than one house property, foreign Income/Asset.

                                                               Holding Directorship in a company, holding unlisted equity share.

 

ITR 3                                                      Every income from ITR 2

                                                               Business/Profession, As a Partner in a firm

                                                               Presumptive income>50 lakhs.

 

ITR 4 OR SUGAM                                 Every income from ITR 1. Presumptive income >50 lakhs

                                                               Salary/pension, Partnership firms (other than LLPs)

                                                               Other sources, one house property

 

ITR 5                                                       Applicable to FIRM’s, LLP’s, AOP’s, BOI’s

 

ITR 6                                                       Companies not claiming exemption u/s 11

 

ITR 7                                                       Persons/Companies under Section 139 (4A, 4B, 4C, 4D)

 

 

ITR Form

Applicable

 to

Salary

House Property

Business Income

Capital Gains

Other Sources

Exempt Income

Lottery Income

Foreign  Assets/ Income

Carry Forward Loss

ITR 1 / Sahaj

Individual, HUF (Residents)

(One House Property)

X

X

(Agricultural Income < Rs 5,000)

X

X

X

ITR 2

Individual, HUF

X

ITR 3

Individual or HUF, partner in a Firm

ITR 4

Individual, HUF, Firm

Yes(One House Property)

Presumptive Business Income

X

(Agricultural Income < Rs 5,000)

X

X

X

ITR 5

Partnership Firm/ LLP

X

ITR 6

Company

X

ITR 7

Trust

X

   

 

Documents required for filing ITR

1. Taxpayers have to choose the ITR form applicable to them for the AY 2019-20.

2. Link Aadhaar with PAN on or before the filing of income tax returns.

3. for Salaried Employees

 

  • PAN
  • Form-16 issued by your employer
  • Month wise salary slips

From the AY 2019-20, it is essential to disclose in the IT return information on all taxable allowances received and the amount claimed exempt. e.g., house rent allowance, leave travel allowance etc.

 

  1. Documents related to interest income
  • Bank statement/passbook for interest on savings account.
  • Interest income statement for fixed deposits.
  • TDS certificate issued by banks and others.

5. Form 26AS

It is a summary of taxes deducted on your behalf and taxes paid by you.

It shows details of tax deducted by deductors on your behalf, details on tax deposited by taxpayers and tax refund.

 

6. Section 80 Investments

 

Investment made u/s 80 which qualify for deductions under PPF, NSC, ULIPS, ELSS, LIC.

 

7. Documents Required to Claim Deductions

 

  • Contribution to Provident Fund
  • Children’s school tuition fees
  • Payment of Life insurance premium
  • Stamp-duty and registration charges
  • Principal repayment on home loan
  • Equity Linked Savings Scheme/Mutual funds investment
  • Rs. 1.5 lakhs is the maximum amount that can be claimed under Section 80C.

 8. Other Investment Documents

 

Total loss from house property available for set off against other income is capped at Rs 2 lakhs and therefore, for let out property interest on housing loan is eligible for tax saving up to Rs 2,00,000.

Education loan interest payments.

The stock trades that were made during the year may be taxed under Capital Gain.

 

New Income Tax Slabs and Rates for Financial Year  2019-20

 

      1.  For Individual Tax Payers & HUF (Less Than 60 Years Old)

 

Income Tax slab                (INR)                     Tax rate

 

up to 2,50,000                                    Nil

2,50,000 to 5,00,000                        5% of total income above  2,50,000

5,00,000 to 10,00,000                      12,500 + 20% of total income above  5,00,000

Above 10,00,000                               1,12,500 + 30% of total income above 10,00,000

 

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated above.

 

Surcharge: 10% of income tax, when total income exceeds Rs.50 lakh up to Rs.1 crore.

     15% of income tax, when total income exceeds Rs.1 crore.

 

2.  For Senior citizens (60 yrs to 80 yrs)

 

Income Tax slab                (INR)                     Tax rate

 

up to 3,00,000                                    Nil

3,00,000 to 5,00,000                        5%

5,00,000 to 10,00,000                      20%

Above 10,00,000                               30%

 

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated above.

 

Surcharge: 10% of income tax, when total income exceeds Rs.50 lakh up to Rs.1 crore.

     15% of income tax, when total income exceeds Rs.1 crore.

 

 

3. For super Senior citizen (80 yrs and above)

 

Income Tax slab                (INR)                     Tax rate

 

up to 5,00,000                                    Nil

5,00,000 to 10,00,000                      20%

Above 10,00,000                               30%

 

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated above.

 

Surcharge: 10% of income tax, when total income exceeds Rs.50 lakh up to Rs.1 crore.

     15% of income tax, when total income exceeds Rs.1 crore.

faq FAQ`s

At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.

At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.

At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis.

If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.

If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at complaints@corpseed.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.

A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.

All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.

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