India's leading Authorized
Income Tax-Filer

As per law, an individual whose annual income is more than the basic exemption limit of Rs 2.5 lakh should file an ITR. The basic exemption limit for senior citizens (60 years onwards and less than 80 years) is Rs 3 lakh, and for super senior citizens is Rs 5 lakh.

• Required by law if your income exceeds basic exemption limit
• To Avail Home Loan, Personal Loan or any other type of Loan
• For Visa & Immigration Processing
• It is admissible as Income Proof in Compensation Case.
• For claiming Income tax deducted refund which may be deducted on certain investment like Bank FD, Rent received etc.

Note: The income tax slab rates under the new tax regime is applicable to all the individuals and senior citizens. There is no exception available to senior citizens in the income tax slab 2020 under the new tax regime.

There are different due dates under the Act for filing income tax return depending upon Audit applicability.

• For individuals/ Body of Individuals (BOI)/ Hindu Undivided Family (HUF)/ Association of Person (AOP) where audit is not applicable due date is 31st July.
• In case of businesses where audit is also applicable due date is 31st October.Above Due dates are subject to extension by income tax department from time to time

• Form 16 is a TDS Certificate issued by the employer to the employee showing the calculations of tax deducted at source of salary payment made to employee for financial year.
• Form 16A is also a TDS Certificate, but its issued by any party who deducts TDS for showing the calculations of tax deducted at source of any payment made for financial year. (Other than salary payment)
• Form 26 AS shows all the tax credits that is deposited with the income tax department

Tax Computation Sheet is the calculation for the year showing the gross income generated under various income heads deducting the allowable expenses, exemptions, deductions as per the income tax act showing net taxable income and the amount of net tax payable for the particular year.

Presumptive Taxation Scheme is the scheme by the government for certain categories of individuals, businesses and professions. Those individuals, businesses and professions who opt for this scheme can declare the income as per prescribed rate of the turnover, pay tax on the same and avoid maintaining records, books of accounts.

Below is the general requirement list of documents and information for filing income tax return;

• Form-16. If you are a salaried person, this is one of the most important documents for you to file your ITR and Salary slips (If Form 16 Not Available)
• Copy of PAN Card, Aadhar Card and Passport
• Interest certificates from banks and post office (if applicable)
• Tax-saving investment proofs. (If not claimed in Form 16)
• Deductions under section 80D to 80U (If not claimed in Form 16)
• Home loan statement from bank/NBFC, if any
• All Bank Account Front Page Details (Such as Bank Name, Bank Account Number, IFSC Code & Branch Address etc.) (if applicable)
• Other Income such share market capital gain & sale of property, if any.
• Income Tax Login id & Password, if any.

ITR has to be e-verified within 120 days from the date of filing. E-verification can be done using net banking account or Aadhar based OTP. If E-verification is not done in time ITR will be marked as Defective.

If tax payer discovers any omission or any wrong statement in the return filed within due date of filing, then he may file a revised return at any time before 31st March of that relevant financial year or before the completion of the assessment, whichever is earlier.

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below;

In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :

• Atleast to 15 per cent – On or before 15th June
• to 45 per cent – On or before 15th September
• Atleast to 75 per cent – On or before 15th December
• Atleast to 100 per cent –On or before 15th March

In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :

While making payment of tax, apart from other things, one should clearly mention following:

• Head of payment, i.e., Corporation Tax/Income-tax (other than companies)
• Amount and mode of payment of tax
• Type of payment [i.e., Advance tax/Self-AssessmentTax/Tax on Regular Assessment/Tax on Dividend/Tax on Distributed Income to Unit holders/Surtax]
• Assessment year
• The unique identification number called as PAN [Permanent Account Number] allotted by the IT Department.

An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.

Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purpose.

For every source of income, you have to maintain proof of earning and the records specified under the Income-tax Act. In case no such records are prescribed, you should maintain reasonable records with which you can support the claim of income. Income Computation Sheet provided by us is also important and lists out income sources and deductions claimed while filing tax return.