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Income Tax Return Filing and Advisory Services

Income Tax is the annual direct tax that government levies on financial income generated by all entities. The Income Tax Act, 1961, requires all assessees to file income tax return every year so as to determine whether they owe any taxes or are eligible for a tax refund. Tax is levied on taxable income of all assessees as per rates fixed by the Finance Act. For computing this taxable income, income under all five heads are aggregated to give adjustment for losses of current year and earlier years and then effect is given for eligible deductions.

The assessee is required to submit these details by filing income tax return within due dates specified under the act. In case of non-compliance various penalties and prosecutions can be initiated against defaulting assessees as laid down by Income Tax Act.

Fees – Our charges for Income Tax Return Filing and Tax Advisory Services starts from Rs.199/-.


1. What are the Tax Rates applicable?
The Tax rates applicability depends on the category of tax payers. The various categories of tax payers are Individuals, NRI, Hindu Undivided Family, Association of Persons, Body of Individuals, Artificial Juridicial Person, Firms, Company, Cooperative Society, Local Authority. As the list is elaborate, please visit, http://www.complianceindia.co.in/income-tax-slabs/

2. Which ITR is applicable to me?
Income tax Department has released eight kinds of forms (ITR 1, ITR 2, ITR 2A, ITR 3, ITR 4, ITR 4S –Sugam, ITR 5, ITR 6 and ITR 7) for different categories of assesses to declare various incomes such as Salary Income, Income from House Property, Income from Business or Profession, Capital gains, Income from Other Sources. To know in depth, visit, http://www.complianceindia.co.in/blog/income-tax-return/

3. When E- Filing return, is it mandatory to send the signed copy at the processing department in Bangalore?
If return of income is filed online using a digital signature, then it is not required to send the signed acknowledgement of return (ITR V) to Bangalore CPC. But in cases, where return is filed without using digital signature, then the assessee shall send the signed copy of ITR V to CPC, Bangalore within 120 days of uploading the return either by ordinary post or speed post only.

4. What is the address of CPC, Bangalore?
Income Tax Department – CPC, Post Bag No -1, Electronic City Post Office, Bangalore -560100, Karnataka. If you are sending the signed ITR-V through speed post, delete the text “Post Box No – 1” from the address.

5. Is it mandatory to file return electronically?

It is mandatory only for the following persons.

  1. Every company
  2. Every AOP or BOI
  3. Persons whose total income exceeds Rs. 5 lakh rupees
  4. Firms/Individual/HUF/LLP who are required to get their accounts audited under section 44AB
  5. Persons claiming tax relief under Section 90, 90A or section 91
  6. A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
  7. Every resident and ordinarily resident individual and HUF, if he/it has in abroad, any signing authority in some account, or asset or financial interest in any entity.

Out of the above, (a), (d), (f) have to e-file tax returns using digital signature.

6. What is the Due Date for Filing Return?

30th September of the Assessment Year(AY) Company, Persons whose accounts are required to be audited, A working partner of a firm whose accounts are required to be audited,
31st July of the AY An Individual or HUF or businesses not required to get audited and any other person not covered above.
30th November of the AY Assessee who is required to furnish a report under Sec. 92E for international transaction

Central Board of Direct Taxes, through Notifications, can extend the due dates for filing return of income. Keeping up-to-date with latest information helps in timely furnishing of details within due dates.

7. Can the return be filed even after the expiry of due date?

Yes ! You can file a belated return of income within a period of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier. However belated returns does not get the benefit of carrying forward the losses incurred during the year under the heads ‘Profits and gains of business and professions’ and ‘Capital gains’. Also deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID & 80-IE are not available. Losses from owning & maintaining race horses are not be eligible for carrying forward.

However a penalty of 5000 rupees can be levied under section 271F if the return is filed after the end of relevant assessment year. Also, where a belated return is filed, no revised return can be filed.

Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax, then no interest is levied u/s 234A for filing the return after the due date. Also, where a belated return is filed, no revised return can be filed.

8. Is it mandatory to file return even if my income is zero or below the taxable limits? 
For companies or firms, it is mandatory to file income tax return, even if its income is below taxable limits or nil. For assessee other than companies or firms, if income is zero or below taxable limits, then it is not mandatory to file income tax return. However a person can voluntarily file nil return as filing return has its own set of benefits.

9. What is a Revised Return?
An assessee is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Revision is allowed only if the omission was unintentional. Revised return may be filed by the assessee in any number of times at any time before the assessment is made.

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Once you revise returns, the original stands withdrawn. Revised return is considered valid only if the mistake or omission was unintentional.

10. What is a Defective Return?  

If taxpayer does not rectify the defect within specified time periods i.e. within 15 days of receipt of notice or extended period given by Assessing Officer, then it shall be deemed that the assessee has not filed the income tax return

A return of income is regarded as defective in the following cases:

  1. Return form has not been duly filled.
  2. Return without self-assessment tax. This means until tax with interest,(if any), is not payable in accordance with provisions of section 140A before the date of furnishing return then the return filed will be considered as defective.
  3. Annexures, statements, accounts, etc are not furnished with return of income.

11. What documents are needed to be enclosed along with the return of income? 
Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income.

12. What are the consequences if return of income is filed without making payment of self-assessment tax?
To discourage the practice of filing of return of income without payment of self-assessment tax, Section 139(9) of the Finance Act, 2013 provides, that the return of income shall be deemed as defective return if tax including interest thereon (if any) has not been paid on or before the date of furnishing the return.

13. What are majority of deductions allowed under chapter VI A of the Income Tax Act, 1961?

Deduction under this section is available only to an individual or an HUF.

80C (includes 80CCC and 80CCD for calculating maximum deduction of Rs 150,000)(Employer’s contribution to Notified Pension Scheme under section 80CCD is not a part of the limit of Rs. 150,000.) •  Contribution by employee to provident fund/Approved superannuation fund/Pension fund setup by any mutual fund•  Contribution to PPF•  Principal payment of housing loan.

Life insurance premium of self, spouse and children (Not exceeding 10% of sum assured and 15% for disable persons for polices after March 2012)

•  Equity linked saving scheme ie. Tax saving mutual funds

•  Units/Policies of UTI or LIC mutual fund

•  5 year fixed/Term deposit with banks and post offices or time deposits.

•  School tuition fees in India of full time education of any two children.

•  Payment towards non-commutable deferred annuity scheme

•  Subscriptions of national saving certificates

•  Deposits with National Housing Bank

•  Sum deposited in Senior Citizen Savings Scheme.

•  Subscriptions to schemes of PSU’s providing long term finance for housing or of housing boards constituted in India for infrastructural development of cities/towns.

•  Notified annuity plan of LIC or of any other approved insurer.

Notified pension fund by UTI or approved mutual fund.

•  Investments in shares/debentures/bonds of companies in infrastructure.

•  Any sum deducted from salary of Government employee (subject to maximum 20% of salary) towards deferred annuity plan for benefit of self, spouse or any children.

80CCC (Pension) •  Payments made to LIC or to any other approved insurer under an approved pension plan by individuals.
80CCD (National Pension Scheme) • Contribution made by the assessee and by employer to New Pension Scheme is admissible for deduction under this section. The assessee should be an individual who is employed on or after 1 January 2004. The deduction shall be equal to the amount contributed by the assessee and/or by the employer, not exceeding 10% of his salary (basic+ DA). Even a self-employed person can claim this deduction which will be restricted to 10% of gross total income. However, amount deductible u/s 80CCD towards employee’s contribution in NPS cannot exceed Rs.1,00,000.
80CCG ( RGESS)(maximum deduction is available of 25,000/-) •  50% deduction is available for amount invested in equity under Rajiv Gandhi scheme by residents whose GTI does not exceed 12 lakhs. The deduction is available for three consecutive assessment years, beginning with the assessment year relevant to the previous year in which equity shares are first acquired.
80D(Medical Insurance Premiums)(upper limit 20,000/- in case of senior citizens and 15,000/-for others) •  Premium paid only through any mode other than cash on Mediclaim Policy or contribution made in Central Govt. Health Scheme or for preventive health check-up. Policies can be taken for self/spouse/dependent children/ parents whether dependant or not.
80DD (1,00,000/- in severe disability (80% or more of disabilities prescribed in the relevant act) and 50,000/- in normal disability)irrespective of expenditure. •  Expenditure incurred on medical treatment [including nursing], training and rehabilitation of a disabled dependant, or any payment or deposit made under a scheme framed by LIC or any other insurer or the administrator or the specified company and approved by the Board for payment of lump sum amount or annuity for the benefit of dependant with disability provided that such dependent has not claimed any deduction u/s 80U in computing his total income.
80DDB (Medical Treatment) (upper limit 40,000/- and 60,000/- in case of senior citizen) • Deduction is allowed to resident individual or HUF in respect of expenditure actually during the PY incurred for the medical treatment of specified disease or ailment as specified in the rules 11DD for himself or a dependent relative or a member of a HUF
80E: Education loan interest (Entire amount can be claimed as deduction) •  Any amount paid by way of interest on loan taken from any financial institution or any approved charitable institution for self/spouse/children/legal guardian for the purpose of higher education.•  The deduction is allowed from the relevant year, in which the assessee starts paying the interest on loan and 7 assessment years immediately succeeding the initial assessment year or until the interest is paid in full whichever is earlier.
80EE (housing loan interest) (upper limit 1,00,000) •  Housing loan amount should not exceed Rs. 25 lakhs; that total cost of house doesn’t exceed Rs. 40 lakhs and that the housing loan is disbursed in the year F.Y. 2013-14, then the individual gets an additional deduction of 1,00,000 over and above 1,50,000 which is received u/s 24 of the IT Act under the head house property income provided that the assessee does not own any residential house property on the date of sanction of loan.(available only for A.Y 2014-15 & A.Y.2015-16)
80 GGB (donation to a political party/electoral trust) • 100%deduction for any sum contributed in the previous year by an Indian company to a political party through any mode other than cash.
80 GGC (donation to a political party/electoral trust) •  100%deduction for any sum contributed in the previous year by an assessee (not being local authority and every artificial juridical person wholly or partly funded by the Government) to a political party through any mode other than cash.
80TTA (Interest on savings account) • a deduction on interest from saving a/c in bank, post office and co-operative bank up to Rs.10,000 for Individual & HUF
80U (Disability) • Disabled persons can get a flat deduction on Income Tax on producing their disability certificate. If disability is severe Rs. 1 lakh can be claimed else Rs 50,000.

14. Is there a difference between ITR-V and ITR-5? 
Yes. Firms, AOP, BOI are required to furnish their Return of Income in ITR-5 (Numeral). However ITR-V (Verification) is generated after the Assessee submits its return online. If the return is digitally signed, then the Assessee is not required to send the same to CPC Bangalore, else ITR-V needs to be sent to CPC.

15. What are Form 16, 16A and Form 16A?
Form 16 is also known as Salary TDS Certificate. The Form 16 represents a complete analysis of the income details of an Assessee along with necessary adjustments for income tax (Tax Deducted at Source). However Form 16A certificate is issued for TDS deducted on income other than salary. Form 26-AS is a document issued by the income tax dept. verifying the amount of TDS deducted on all the income earned by you.

16. What is Advance Tax and what are the rates of Advance Tax? 

Every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if tax liability is less than 10,000, then no advance tax is payable. The due dates of payment of advance tax are:-

Particulars In case of corporate assessee Other than Corporate Assessee
On or before 15 June of the previous year Up to 15% of advance tax payable
On or before 15 September of the previous year Up to 45% of advance tax payable Up to 30% of advance tax payable
On or before 15 December of the previous year Up to 75% of advance tax payable Up to 60% of advance tax payable
On or before 15 March of the previous year Up to 100% of advance tax payable Up to 100% of advance tax payable

Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C.

17.  What is digital signature? What is the need of digitally signing your income tax return?

It is an electronic signature on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically.

It is more facilitative to digitally sign income tax returns with Digital signature to escape oneself from sending it to ITD-Bangalore within 120 days.

18.  Whether it is compulsory to sign digitally signature?
It is compulsory for individual, firms who are required to get their accounts AUDITED and for companies.

19.  Why you should file your returns with Complianceindia.co.in?
Why in line, when it can be Online? With Complianceindia.co.in., you save a lot of time by not visiting offices or chambers as we assist you with our online panel of experts who are adept with latest Tax Codes. With the dashboard assistance, you can review all your tax records, documents, etc. anytime you want.

20.  What is my residential status? How can I calculate it?
You’re considered a Resident if You’ve stayed in India for 182 days or more during the financial year OR for at least 365 days during the 4 years preceding that year AND at least 60 days in that year.