Filing of Income Tax Returns

  • Income Tax Returns
  • Income Tax Returns with Tax Audit Report
  • Income Tax Returns with Transfer Pricing Reports
  • TDS Returns
  • TCS Returns
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Filing of Income Tax Returns

Easethebiz.com provide hassle free service of e-filing of Income tax Returns of any person whether it is Individual / HUF / firms / Limited Liability partnership firms / Companies / Trust / Society / AOP's, / BOI etc..

Income tax return must be filed by everyone (whether person is Resident in India or Non Resident in India ) who earns or gets an income in India which is subject to income tax as per the Income tax Act, 1961. Easethebiz.com offers a simplified process for filing of your income tax return in an effective and efficient way by helping you in claiming the deductions you are eligible for and through legitimate tax planning.

As per the Income tax Act, 1961 and prevailing tax laws, there are different types of Income ( say Income from salary / pension, Income from house property, Income from sale of tangible / non tangible assets / financial assets, Income from Business or Profession, Income from any other source) which are chargeable to income tax. Although, Return filing is not mandatory if the Income is below the tax exemption limit as applicable to the relevant financial year. However, in certain cases timely disclosure of Income in Income tax Return is required even if the income is below the tax below exemption in order to avoid future litigation / Income tax Notices.

In the current era of governance, where tax avoidance is not possible / difficult , then in such circumstances it is necessary that one should obtained Income tax Consultancy from professionals for future betterment / saving and to have a peaceful life.

As per the Income tax Act, 1961, there are various types of Return which are required to be filed in the prescribed forms and in the prescribed manner on or before the due date specified under the relevant provisions of the Income tax Act, 1961. The details as regards to type of returns, due date of filing and consequences in case of non filing is tabulated as under:

Type of Returns Applicable Forms Due Dates falling in the immediately following F. Y. Consequences Description
Income Tax Returns (ITR)        
ITR of persons (Company or non - company) required to get its accounts audited under this law or any other law.
ITR of working partner of a firm who is required to get its accounts audited under this law or any other law
ITR of persons required to get Transfer Pricing audit
ITR of Company not required to get any audit
 
ITR of all Other persons
 
ITR -3 / 5/ 6/ 7 with Tax Audit Report in Form 3CA-3CB/CD or Audit report in Form 10B
 
 
 
ITR - 3
 
 
 
 
 
ITR -3 / 5/ 6 / 7 with TP Audit Report in Form 3CEB
 
ITR - 6
 
 
 
ITR - 1 / 2 /3 / 4
 
30th September
 
 
 
 
30th September
 
 
 
 
30th Novemebr
 
30th September
 
 
31st July
 
Non Compliance would fetch :

Interest under section 234A / 234B / 234C @ 1% on the tax due

Fee for default in furnishing return of income.
-
INR 5,000/- -if return filed upto 31st December of the immediately following financial year -

INR 10,000/- - In any other case [Note- INR 1,000/- - if total income is upto INR 5 Lacs]
Every person whose total income in respect of which said person is assessable under this Act during the previous year, without giving effect to the provisions deductions available u/s 10 ot u/c VI-A exceeded the maximum amount which is not chargeable to income-tax, shall furnish a return of income on or before the due date. Provided, that every company or a firm shall mandatorily furnish on or before the due date the return in respect of its income or loss in every previous year :
TDS Returns
 
 
 
 
 
 
TCS Returns
 
 
 
 
 
 
Every person shall deduct the tax deducted at source (TDS) under various provisions of the Income tax Act, 1961.Quarterly Statement of TDS on salaries and on other payments shall be filed in prescribed forms
Every person shall collect the tax collected at source (TCS) under various provisions of the Income tax Act, 1961.Quarterly Statement of Tax Collected at Source shall be filed in prescribed forms
24Q / 26Q / 27Q
 
 
 
 
 
27EQ
 
 
 
 
 
 
Non Compliance would fetch :-

Late Filing fees for default in furnishing statements. - INR 200/- for every day of default but will not exceed the amount of tax deductible.-

+

Interest for non / late payment under section 201A @ 1% / 1.5% on the amount of tax deductible / deducted.

+

Penalty under section 271H for non filing of TDS statements - minimum INR.10,000/- - maximum INR 1,00,000/-.

+

Prosecution under section 276B - Imprisonment of Min 3 months upto 7 years with fine
Every company (other then Govt. Co.) shall deposit the TDS / TCS on or before 7 days from the end of the month in which tax is deducted except upto 30th April for the tax deducted in the month of March. Quaterly statements should be filed Upto end day of month immediately following the quarter except upto 31st May for the quarter ending 31st march.
Income Tax Slab Rate for AY 2018-19
Income Tax Rates for Individuals
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Taxable income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Taxable income
Tax Rate
Up to Rs. 3,00,000
Nil
Rs. 3,00,000 - Rs. 5,00,000
5%
Rs. 5,00,000 - Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Taxable income
Tax Rate
Up to Rs. 5,00,000
Nil
Rs. 5,00,000 - Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Plus : Surcharge: 10% of tax where total income exceeds Rs. 50 lakh, 15% of tax where total income exceeds Rs. 1 crore and Education cess: 3% of tax plus surcharge
Income Tax Rates for Others
TYPE OF PERSONS INCOME TAX RATES SURCHARGE CESS
HUF/AOP/BOI/Any other Artificial Juridical Person
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
10% of tax where total income exceeds Rs. 50 lakh, 15% of
tax where total income exceeds Rs. 1 crore
3% of tax plus surcharge
Partnership Firm (Including LLP) Local Authority 30% 12% of tax where total income exceeds Rs. 1 crore 3% of tax plus surcharge
Local Authority 30% 12% of tax where total income exceeds Rs. 1 crore 3% of tax plus surcharge
Domestic Company 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore in FY 2015-16 7% of tax where total income exceeds Rs. 1 crore but 12% of tax where total income exceeds Rs. 10 crore 3% of tax plus surcharge
Foreign Company 40% 2% of tax where total income exceeds Rs. 1 crore bSut 5% of tax where total income exceeds Rs. 10 crore 3% of tax plus surcharge
Co-operative Society
Up to Rs. 10,000
10%
Rs. 10,000 to Rs. 20,000
20%
Above Rs. 20,000
30%
12% of tax where total income exceeds Rs. 1 crore 3% of tax plus surcharge