What is E Filing?

Get link
Facebook
X
Pinterest
Email
Other Apps

October 25, 2018

Efiling or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way, where you go the Income Tax Department’s office to physically file your returns. The other way is when you e-file through the internet. Over the past few years, e filing has become popular because it is easier, doesn’t require prints of documents, and can be done for free!

Am I Required to File Income Tax Returns?

It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act):

Earn gross annual income more than-

Particulars Amount

For individuals below 60 years Rs 2.5 Lakhs

For individuals above 80 years Rs 5.0 Lakhs
Earn income other than salary like house property, etc
Want to claim income tax refund from the department
Earn from or have invested in foreign assets
Wish to apply for visa or loan applications
Company or a firm, irrespective of profit or loss

Difference Between AY and FY

Financial Year is the period between 1st April to 31st March. Assessment Year is the next year in which the income is liable to tax.

For example, if your financial year is from 1 April, 2015 to 31 March 2016, then it is known as FY 2015-16. The assessment year for income earned during this period would begin after the financial year ends–that is on 1 April 2016 until 31 March 2017.

What is Financial year?

How Much Tax Should I Pay?

Want to check how much income tax you’ll pay or see how deductions affect the income tax you owe? Use the income tax calculator to calculate your tax liability for the last 3 financial years.

Check Your Payable Income Tax

Has E Filing Tax Returns for 2017 Started?

E filing income tax returns for the assessment year 2017-18, which is the financial year 2016-17 has started. The Income Tax Department will release the new ITR forms after 31st March and efiling for them will be allowed on their website as well as on ClearTax website. We will incorporate all the changes in the new ITR forms to make it easy for you to e-file your returns.

What is the Deadline for E-Filing Tax Returns?

The last date for efiling income tax returns for FY 2016-17 is 5th August 2017. You can e-file your tax returns any time before then, but it is always better to e-file early to avoid the rush and heavy website traffic in the last month.

Get link
Facebook
X
Pinterest
Email
Other Apps

Comments

INTRODUCTION FOR SLABS In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. Such tax slabs tend to undergo a change during every budget. Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year. There are three categories of individual taxpayers: 1.Individuals (below the age of 60 years) which includes residents as well as non-residents 2.Resident Senior citizens (60 years and above but below 80 years of age) 3.Resident Super senior citizens (above 80 years of age) Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I Income Tax Slabs Tax Rate Health and Education Cess Income up to Rs 2,50,000* No tax Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Inco...

Offenses & Penalties aster billing

October 31, 2018

Offenses & Penalties Offenses There are 21 offenses under GST . We have mentioned a few here. For the entire list of 21 offenses please go to our main article on offenses . The major offenses under GST are: Not registering under GST, even though required by law. (Read our article for the list of those who have to register mandatorily under GST ) Supply of any goods/services without any invoice or issuing a false invoice The issue of invoices by a taxable person using the GSTIN of another bona fide taxpayer Submission of false information while registering under GST Submission of fake financial records/documents or files, or fake returns to evade tax Obtaining refunds by fraud Deliberate suppression of sales to evade tax Opting for composition scheme even though a taxpayer is ineligible Penalty If any of the offenses are committed then a penalty will have to be paid under GST. The principles on which these penalties ...

GST Procedure

November 05, 2018

1. Audits Audit under GST is the examination of records maintained by a registered dealer . The aim is to verify the correctness of information declared, taxes paid and to assess the compliance with GST. a. Audit by Registered Dealer Every registered dealer whose turnover during a financial year exceeds the Rs 2 crore has to get his accounts audited by a CA or a CMA. ICAI clarifies through an announcement dated 28th September 2018 that an Internal Auditor cannot undertake GST Audit simultaneously b. Audit by GST Tax Authorities General Audit: The commissioner or on his orders an officer may conduct an audit of any registered dealer. Special Audit: The department may conduct a special audit due to the complexity of the case and considering the interest of revenue. The CA or a CMA will be appointed to conduct the audit. 2. Assessment Assessment under GST means the determination of tax liability under GST. A...

Search This Blog

GST billing software kerala