income tax 1

How to File Your Income Tax Return

How to be your own CA for filing Income Tax Return?

Filing of Income Tax Return is a sign that you are a responsible citizen of the Country. Individuals who earn income above the specified amount of limit must file a tax return on annual basis within a predetermined due date. According to Government, filing of tax return should be seen as a moral and social duty of every responsible citizen. Through this government is able to determine the amount and means of expenditure of citizens, corporates etc.

Filing of Income tax return hass huge benefits like it makes you responsible citizen, helps in taking loans, help in claiming refunds or making adjustments against past losses. Sometimes it helps in revising return. Government has mandated individuals below the age of 60 years to pay tax as follows:

Income Tax rate

Upto 2.5 lakhs NIL
2,50,001- 5,00,000 5% of income exceeding
2.5 lakhs (Now Rebate u/s 87A)
5,00,001- 10,00,000 12,500+ 20% of income
exceeding 5lakhs
Above 10 lakhs 1,12,500+ 30% of income
exceeding 10 lakhs

(Income shall be Annual income and Additional 4% Health and Education cess will be applicable on tax amount calculated as above.)

THE NEW REBATE INTRODUCED U/S 87A STATES THAT ANYBODY EARNING UPTO 5 LAKH ANNUALLY WILL BE EXEMPT FROM TAX

Income tax department now has become more strict about the compliances of law. Department is imposing heavy penalties on the assessees for non filing, late filing, wrong filing of tax returns. This is a biggest pain for every tax payer as well as citizen who is liable to pay but not complying the law. People are heading towards their CAs. But due to their preoccupation and to reduce this pain and pressure from the assessee department, many private websites has launched their apps to make it easier for people so that they can file their tax return themselves, such as:-

  1. AAYKAR SETU
    It is the Income tax Department’s official app that provides various services of the Department on a single platform like asking queries, locating nearby tax offices, quick calculation of HRA, amount of deductions, tax, payment of tax online. It also has a section named as “Tax Gyaan” which has some basic questions in multiple choice form to provide knowledge and useful information to the assessee about filing of return and payment of tax.
  2. CLEARTAX.IN
    It is website which offers you a very simple and easy way to file retun and pay tax online by following certain steps such as fill in the complete details like PAN, fill in the sources of income, fill in the details of form 16 etc and this will calculate the tax and also suggest the ITR Form to be filed. These sites directly take you to the payment portal of Income Tax Department after calculating tax payable by deducting all the eligible deductions and claims of expenses from the gross income. It is very handy site which provides all the updates in Income tax law as well as GST law.
  3. INCOME TAX CALCULATOR
    Official website of Income tax department has a calculator which helps in calculating tax and deductions.It is helpful for the salaried individuals. It also allow user to calculate the gratuity.

We are also tagged in :-
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