E-filing Income Tax Return

What exactly Income Tax efiling is?

When we file Income Tax Return electronically by the means of Internet, then we call this process as Income Tax efiling. And, if you unable to file it individually, then you can consult to EtaxAdvisor for correct filling of form.

What is efiling intermediary?

This is basically the intermediate (i.e. third party) service which works between the two parties i.e. between the taxpayer and ITD, to assist taxpayers. Income Tax department authorized some intermediaries to electronically file Income tax Returns on behalf of the Tax payers. This works under Electronic Furnishing of Return of Income Scheme, 2007.

What is Physical Filing?

In case of the physical filing of Income Tax Return, one should have to fill the printed form and send it to the nearest ITO (Income Tax Office) and get the acknowledgement.

Plusses of Income Tax efiling

•  This is a 24*7 service, you can do this anytime and from anywhere.
•  Free, easy, fast and secure.
•  You can track your Refund status and will get the e-mail or message alert.
•  You will also get some services like viewing Form 26AS.

Compulsory for?

•  Whose Total income is 5 lakhs or above.
•  HUF (Hindu Undivided Family) whose Total income is above 10 lakhs or above.
•  All companies.

And what about ITR-V?

ITR-V means Income Tax Return Verification Form. Income Tax efiling is not complete until ITR-V is sent.

When you send this verification form to the head office which handles the efiling (i.e. Bangalore Branch) then only your returns are processed.

Still have problems in Income Tax efiling and for other income Tax related Queries, contact us at contact@etaxadvisor.com.

How to Apply for a PAN card

Permanent Account Number (PAN)?

 It is also known as identity no. because, by this an individual can be identified. Income Tax Department (India) allot this no. to the people of India and Some place it is used in place of Identity card for a person. It is 10 digit number and is unique for everyone.

Now-a-days it become necessary to have PAN no. if you want to claim your income tax Return

It is required to mention you're PAN when:

•         If you have any work related to Income Tax Department. 
•         For paying Tax.
•         If you are investing in Stock Marketing.
•         If you are applying for a visa.
•         If you are applying for a bank loan.
•         Or if you want to do heavy transaction of money in India. 

How we get it?

There is a Form called 49A should be filled up under the guidance of you CA and if you don’t have any CA then contact EtaxAdvisor. They have full panel of Experienced CA which can help you with each and every step regarding with know your PAN card.

We can assist for applying PAN card for Ordinary Residents, Non-Ordinary Residents and Non-Residents.

EtaxAdvisor assist you in many different ways:

•         We will provide you form and you can give them back after it’s filled up.
•         We help to in filling out the applications correctly.
•        We will check all your document related to PAN card Application.
•         We will help you in changing the information written in PAN card.
•         We will help you if your PAN card lost.

Know More about ITR (Income Tax Return)

Income Tax Return (ITR)

A person whose income exceeds maximum taxable limit (i.e. Rs 2,50,000) is required to submit ITR before the due date. Individual running their own business, getting salary or working as freelancers are required to file tax return on or before 31^st July.

Who are eligible to file ITR?

One is required to fill Income Tax Return, if total Income exceeds from                      Rs. 2,50,000. Total income is calculated by adding up income from all the source. And this 2,50,000 is the gross income without any deductions. Non-filing of income tax return can turn into some penalties by IT department.

 

First Calculate your Total Income

Total Income of a person is the sum of the following:

•         Income from housing property.
•         Income from Salaries.
•         Income through Capital gains.
•         Other sources.

Source	Elucidation
Income From Housing Property	Salary, HRA and other allowances.
Income From Salary	Income from the house that you have rented. In case, if you have taken loan then the loss can be adjusted against incomes from other heads.
Income through Capital Gains	Income from the sale of a capital asset, i.e. mutual funds etc.
Other Sources	Fixed deposits, family pension or gifts received.

Still having problem in calculating your income for a financial year? Then consult your CA (Chartered Accountant) or you can also contact EtaxAdvisor for Income Tax Return related problems. Contact EtaxAdvisor at contact@etaxadvisor.com.