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Introduction
The income earned by the individual is subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation form is called Income Tax Return.
Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The categorization in taxpayers has been done to ease the compliances. Each category of a taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.
Benefits of Income Tax Return for Salaried Person
To get a loan or a credit card
Payroll processing inside your business is a time-consuming process. Keeping track of benefit deductions, garnishments, new hires, and terminations paid time off as well as federal and state regulatory changes can be frustrating tasks. Outsourcing payroll to Our Startup India allows you to concentrate on your core business and frees up the human resources, or accounting personnel to work more on strategic tasks that could ultimately affect your bottom line. Employers only need to make contact with their outsourced payroll specialists by approving time once each pay period.
Claim tax deductions
To claim deductions under various sections of the Income Tax Act it is important that you have filed your Income Tax returns every year.
Claim tax refund
Filing your returns is crucial if you want to eligible for a refund and want to claim it.”
Adjust your capital gains and losses
Capital losses can be adjusted against capital gains. Also as a taxpayer, you can ensure that in case you have any capital loss, you can carry it forward for the next eight consecutive financial years if you file your Income Tax returns regularly.
Visa processing
If you are applying for a Visa, the foreign consulate would require proof of your income, and Income Tax receipts are required.”
Claim refund of TDS paid from salary
Salaried personnel receives the income after the deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
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Income Tax For Salaried Person Process Flow
1-2 HOURS
2-3 WORKING DAYS
3-4 WORKING DAYS
7-8 WORKING DAYS
Select Package
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Obtain Information and Documentation
Our Startup India professionals will collect the information and required documents from the taxpayer manually.
Computation of payable Income Tax
Our Startup India professionals will compute the payable tax based on the information provided by the applicant or taxpayer.
Submission and Acknowledgement
Our Startup India professionals will fill the ITR1 form online and will share its acknowledgment.”
Documents Required
Pre-requisites
- Title of the invention
- Form-16
- Salary Slips
- Interest certificates from Post Offices & Banks
- Form 16A/16B/16C
- Form 26AS
- Tax-Savings Investment Proofs
- Deductions under Section 80D to 80U
- Home Loan statement from NBFC/Bank
- Capital Gains
- Aadhar Card
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Basic Package
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- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
Growth Package
Save upto-20% cost on this package
9,999
(inclusive All)
- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
Premium
Save upto-30% cost on this package
16,999
(inclusive All)
- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Trademark Registration
- 1month free GST filing
- NDA
- Guideline for Startup India Registration.
- Stamp and Company Seal
- Bank – Current Account Opening
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FAQ's
Yes, as long as agricultural income does not exceed INR 5,000, Form ITR-1 can be filed.
Yes, Form ITR-1 can be filed if you have a house loan.
XML is a type of file format. Income details entered in the XML file get easily auto-entered in the online Form ITR-1.
There is no requirement of attaching documents with Form ITR-1. However, the taxpayer should always retain the documents on the basis of which he/she fills the return. The tax authorities can ask for the taxpayer to present these documents to them at any time.
The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)
Up to 31st July of next year (31st July 2018) – Individuals, HUF, BOI, and AOP (who does not fall under the audit provisions)
Up to 30th September of next year (30th September 2018) – Companies including other entities on which Audit provisions are applicable
Up to 31st July of next year (31st July 2018) – Individuals, HUF, BOI, and AOP (who does not fall under the audit provisions)
Up to 30th September of next year (30th September 2018) – Companies including other entities on which Audit provisions are applicable
A late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:
1. For return filed after the due date but till December – late filing fees of ₹ 5,000 will be charged
2. For return filed after 31st December – late filing fees of ₹10,000 will be charged
However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.
1. For return filed after the due date but till December – late filing fees of ₹ 5,000 will be charged
2. For return filed after 31st December – late filing fees of ₹10,000 will be charged
However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.
In case you fail to file the return on a due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means for F.Y. 2017-18, belated returns can be filed till 31st March 2019.
No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.