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Income Tax

Overview
Who should fill ITR
Documents Required
General FAQ

General FAQ

  • What are the tax rates

It keeps on changing. Read here for latest rates



  • Who should opt for the new regime of rates

Any individual who does not have many investments to exploit the limits prescribed should opt for a new regime. 


  • How does the government trace if someone is not paying taxes

Nowadays everything is connected to a central server. It is very easy for the government to trace if someone is not paying correct taxes. 

We strongly advise to pay the due taxes and not to evade anything. Paying tax is our moral duty not to the government but towards those who are paying for us and our country.  


  • Form 16

Form 16 is a tax statement provided by an employer to employees showing salaried income and taxes due thereon and deductions made thereon. 


  • Form 26AS

Form 26AS is a statement in which all the TDS deductions made on your account are shown. 


  • My income is taxed in India as well as abroad. Is there any relaxation?

Yes, you can claim relief in respect of income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions of double taxation avoidance agreement entered into with that country (if any) by the Government of India or by allowing relief as per section 91 of the Act in respect of tax paid in the foreign country.


  • Tax on agricultural income

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.


  • Tax on lottery income

Such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.


  • What is TDS

Tax deducted at source is your income tax which has been deducted at the specified rates at the time when income was arisen. 

Overview

Return means statement. 

Income tax return means Statement of Income Tax. 

It is a document in which a person declares all his income earned throughout the year along with investments made. 

For declaring income, investments and tax thereon the Income Tax Department has provided with 7 types of ITR that can be filled. They are the following


  • ITR 1 : For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).


  • ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession


  • ITR 3: For individuals and HUFs having income from profits and gains of business or profession


  • ITR 4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)


  • ITR 5: For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7


  • ITR 6: For Companies other than companies claiming exemption under section 11


  • ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)


In this section, pieces of information are focussed only on individual who earns through salary or rent from house property or other minor sources like bank interest, etc. 


For people doing business should move to the Business tax filing section. 

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