Income Tax Return, Income Tax eFiling, Taxsmile eFiling Income Tax
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What is Income Tax Return?
Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.ITR Filing Due Date 2016-17 :
The due date for filing ITR for 2016-2017 for Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP) is 31st July, 2017.
Income Tax : Income Tax is a kind of tax that is imposed by the government directly on the annual income of an individual. Income tax is imposed on both earned and unearned income. Earned income includes salary, wage, etc., and unearned income includes interest, rent, etc. Every Indian citizen who earn an income have to pay income tax at the end of the financial year. The interest rate varies depending on the income tax slab.
Income Tax Slab
(Declared in the Budget for Financial Year 2017 – 2018) :
For Individuals and HUF (Age - Below 60 years) :
Income Tax Slab Tax Rate
Up to Rs.2,50,000 NIL
Above Rs.2,50,000 and up to Rs.5,00,000 5%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%
*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.
*15% of tax will be taken paid as surcharge if total income is above Rs.1 crore.
For Individuals and HUF (Age - 60 years and above, but below 80 years) :
Income Tax Slab Tax Rate
Up to Rs.3,00,000 NIL
Above Rs.3,00,000 and up to Rs.5,00,000 5%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%
*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.
*15% of tax will be taken as surcharge if total income is above Rs.1 crore.
For Super Senior Citizens (Age - 80 years and above) :
Income Tax Slab Tax Rate
Up to Rs.5,00,000 NIL
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%
*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.
*15% of tax will be taken as surcharge if total income is above Rs.1 crore.
Income Tax Slab (2016 – 2017) :
For Individuals and HUF (Age - Below 60 years) :
Income Tax Slab Tax Rate
Up to Rs.2,50,000 NIL
Above Rs.2,50,000 and up to Rs.5,00,000 10% of the amount exceeding Rs.2,50,000
Above Rs.5,00,000 and up to Rs.10,00,000 20% of the amount exceeding Rs.5,00,000
Above Rs.10,00,000 30% of the amount exceeding Rs.10,00,000
*12% surcharge has to be paid if total income is more than Rs.1 crore.
For Senior Citizens (Age - 60 years and above, but below 80 years) :
Income Tax Slab Tax Rate
Up to Rs.3,00,000 NIL
Above Rs.3,00,000 and up to Rs.5,00,000 10%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%
*12% surcharge has to be paid if total income is more than Rs.1 crore.
For Super Senior Citizens (Age - 80 years and above) :
Income Tax Slab Tax Rate
Up to Rs.5,00,000 NIL
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%
*12% surcharge has to be paid if total income is more than Rs.1 crore.
What is a Return of Income?
A return of income is a defined form which can list out the particulars of income and the taxes paid on the same by an individual, firm or organisation in a financial year. This in turn can be presented to the Income Tax Department. There are differing forms for incomes of different status and nature and they are readily available on the online portal of the Income Tax Department of India.
There are currently nine different forms available for filing of income tax returns. They go from ITR-1 to ITR-7 and also include the ITR-4S and ITR-V.
Income Tax Return
Filing an Income Tax Return - Is it Necessary?
Currently (as of 2015), is mandatory for one to file income tax returns in India if the following conditions are applicable -
If the gross total annual income (before deductions under 80C to 80U) is Rs. 2,50,000 (for ages less than 60 years), Rs. 3,00,000 (for ages 60 years but less than 80 years) and Rs. 5,00,000 (for ages 80 years and above)
If it’s a company or firm, irrespective of the profit or loss made in a financial year
If a tax refund needs to be claimed
If a loss under a head of income needs to be carried forward
If being a resident of India, one has an asset or financial interest in any entity located outside India
If being a resident of India, one is a signing authority in a foreign account
If one receives income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust
If one is applying for a loan or a visa
If an NRI derives any or all of his/her income through sources in India, that income is liable to be taxable in India, and income tax returns for the same will be necessary.
With the implementation of e-filing of Income Tax Returns, the following cases will require an e-filing of Income Tax:
In case a refund is required
In case the gross total annual income exceeds Rs. 5,00,000
In case an income tax refund is required
ITR-3, 4,5,6,7 have to be mandatorily e-filed
