Income Tax Return

Income Tax Filing Online

Every person has to furnish a return of his total income, if the total income exceeds, the maximum amount which is not chargeable to income-tax. Income Tax Filing Online 100% Online Process

Further, in respect of an individual, HUF, Association of Persons, Body of Individuals, Artificial Juridical Person, filing of return of income shall be compulsory if their total income exceeds the maximum amount which is not chargeable to income tax.

The citizens of India are required towards filing an Income Tax Return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.

It should be obligatory for a Company or firm to file a return of income in every case.

Panomics Legal Mentors is the best business and legal services platform for services relating to Income Tax Filing Online,  offering a variety of Tax filing services like Income Tax Filing Online, PF, TDS, and ESI returns

Advantages of Income Tax Filing Online

  • Avoid penalties by filing the ITR Returns and file on time to avoid the late fees.
  • Online verification of ITR through electronic mode, at the convenience of your office or home.
  • Easy Loan approval is only possible if you file the ITR Returns.
  • Required for Visa Processing, ITR Returns copies are required while visa processing.
  • Claim Tax refund, if due by filing the ITR Returns on time.
  • Carry Forward of Losses.
  • ITR can be used as Address proof & Income proof.

Who has to file Income Tax Filing Online

The citizens of India are required towards filing an income tax return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.

The exemption for non-resident individuals (NRI)

For the non-resident individuals (NRI), the exemption limit for them is of Rs 2.5 Lakh in a financial year  Surcharge and Cess regardless of their age.

Surcharge and Cess for Income Tax Payer
Along with the amount of Income Tax calculated based on the above-mentioned tax slab, the taxpayers are liable to pay Surcharge and Cess;

  • If the net income exceeds Rs.50 Lakh up to Rs.1 Crore, a surcharge of 10% of income tax is charged 
  • If the net income exceeds Rs.1 Crore, a surcharge of 15% of income tax is charged 
  • Health and Education Cess: 4% of Income Tax, which is introduced in the 2018 budget.
  • Standard deduction of Rs. 40,000/- for salaries & pensioners.
  • As per Section 87(A), the taxpayer in India could also avail 100% rebate subjected to a maximum of Rs. 2,500 to the individual whose total income does not surpass Rs. 3.5 Lakh.

The new tax calculator for Financial Year 2019-20 [Assessment Year 2020-21]

The Standard Deduction from taxable income for a salaried individual is raised from Rs. 40,000 to Rs. 50,000.

The rebate as per section 87A has risen from Rs 2500 to Rs. 12500 up to the earning of Rs. 5 Lakh, henceforth a the taxpayer with annual income up to Rs. 5 Lakh will get a full rebate in tax.

Few key important features of the Income Tax calculator are;

  • Useful for the salaried taxpayers of government and a private company, with every head of Salary which also includes agricultural income.
  • Private company employees could use to perform their Flexi allocation as well as tax planning.
  • The calculation of tax and rebate of agricultural earning to arrive at the annual tax liability
  • Marginal rebate on surcharges where the total income exceeds Rs. 50 Lakh and Rs. 1Crore.
  • Individual Form 16 Part B generation, are helpful for small size companies.
  • Automated HRA exemption /Section 80GG deduction calculation is dependent on the income and lease payments.
  • Validating the limits Chapter VI a deduction, Housing loan interest set off, and additional surcharge impacts.