Showing posts with label efiling. Show all posts
Showing posts with label efiling. Show all posts

Monday 18 July 2016

Major Changes in filing Income Tax Returns in Budget 2016



The Finance Minister named Arun Jaitley has changed the Union Budget of India for the financial year 2016-17, Upholding that the current Indian economy is going in a right track. In the Budget for the fiscal year 2016-17, few changes have been introduced in the rules and guidelines concerned to the Income Tax Department and the E-filing Income Tax Returns. Here are the significant changes made by the Finance Minister and how these changes will be applicable in filing income tax returns. The changes are mentioned below:



1.       For whom Filing Income Tax Return is Mandatory?
Previous Budget: According to the rule of previous financial year 2015-16, the tax payers must file their income tax return if the gross taxable income of tax payer is greater than the basic limitations of tax that are applicable for all the tax payers without incurring any sort of tax saving deduction,
Changes to Current Budget 2016: According to the rules of current Budget 2016, the tax payers must file their IT Returns if their gross income is greater than the basic tax limit applicable for the tax payer without incurring any sort of tax saving deduction. The gross income as mentioned above would also comprise the long term capital gains grossed on sale of shares or parity based mutual funds where the tax free STT or Securities Transaction Tax has been paid under the section of Income Tax 10(38).
The exceeding capital gains that must be shown as exempted income in the Income Tax Returns form until previous year has been changed in the current budget 2016. This significant change has been made as a rule in the new Budget 2016 in order to cover people who have grossed considerable long term assets but do not file IT returns. This would also applicable to the people who ought not to any taxable income but their long term assets go beyond their normal tax income limit.
The basic tax income limit for the current fiscal year 2016-17 is mentioned below:
·         For tax payers below the age of 60 years – Rs 2.5 Lakhs
·         For the tax payers having age in between 60 and 80 years (Considered as Senior Citizens) – Rs 3 Lakhs
·         For the tax payers having the age above 80 years (Considered as Very Senior Citizens) – Rs 5 Lakhs



2.       Time limit or Validity for filing Belated IT Returns
Previous Budget: Earlier, as per the rule in filing the Income Tax returns, the tax payer could file their belated or delayed income tax returns within 2 years from the corresponding financial year till its end.
Changes to Current Budget 2016: As per the latest changes made in the Budget 2016, if the tax payers do not file their Income Tax Returns before the due date i.e., 31st July, then it is called as belated return and the tax payer could file their belated Income Tax returns only within one year from the end of financial year 2016-17.

3.       Right to revise belated Income Tax Returns
Previous Budget: According to the existing rule in the previous fiscal year, the tax payer cannot revise their IT returns if it has been filed after the completion of the deadline of July 31.
Changes to Current Budget 2016: According to the new changes introduced in current Budget 2016, the tax payer can file revised return multiple times within a period of 1 year from the end of financial year.
In any of the case, if the tax payers do not file his/her Income Tax Returns within the due date, the tax payer would drop his/her right to carry onward damages.

4.       Defective Return

Previous Budget: According to the existing rules in the previous budget of Income Tax, ITR can be considered as defective by assessing officer under specific conditions. In such a condition, a period of 15 days will be provided to the tax payer so as to correct the mistake. If the mistake is not rectified by the tax payer, the filed ITR will be regarded as invalid. Such returns are considered as defective return.
Changes to Current Budget 2016: The new changes in the Budget 2016 eliminates the above mentioned condition for calling it as ITR defective. As per the latest rule, the ITR can be filed without the need of paying complete taxes and it would be regarded as valid return. However, the tax payer must pay the due amounts alongside the interest for filing ITR after the due date.
The new changes which have been introduced in the current Budget of the financial year 2016-17 are almost beneficial for all the tax payers. It is strongly advised to begin filing your ITR right now before July 31 i.e., the due date for filing IT Returns.
If you have queries about Income Tax efiling visit to EtaxAdvisor. We have full panel of Experienced CAs, they will help you with each and every step in Income Tax efiling Process.

Wednesday 13 July 2016

watch out changes in Income Tax efiling and thier Advantages

Precisely Notice Updated Changes In ITR!

With the most recent day for Tax Filling on July 31, I-T dept. has viably made new Income Tax return (ITR) frames. It will help you in completing the activities viably.
Various individuals barely finish their venture announcement to get IT Return, and it is now being considered for Income Tax efiling government forms. 

In this year, natives should go for another income tax form structure. The IT division exhorted the new Income Tax Return (ITR) structures a month ago. Salaried agents will start getting their Form 16 from their bosses in the accompanying couple of weeks. They should start the way toward recording returns, says expert.

If you already documented your returns and now instead of holding up till July, the potential outcome of your expense discount, if any, being changed will be higher. Furthermore, the Income Tax efilling site's servers tend to be involved towards the end of Tax filing season, which could bring about delays. ITR structures are updated constantly. Salaried individuals can use structures ITR-1 or ITR-2.

Advantage of Income Tax efiling

E-Filing of Income Tax Returns is the procedure of electronically presenting the points of interest of your pay and ventures to the Income Tax Department (ITD). These subtle elements should be transferred in an endorsed group which is perceived by the ITD, henceforth your Tax Return should be precisely arranged and effectively transferred.
E-documenting of Income Tax Returns is simple, quick, and the most dependable and secure technique and has the accompanying advantages: 

Speedier Processing 
At the point when an ITR is e-documented, the wage charge division in a flash issues an affirmation in electronic organization. Likewise the appraisal request and discounts are handled speedier for E-Filed returns. 

More Accurate
Pay government forms recorded online are precise as everything is being done electronically through software. There is no possibility of any administrative or numerical mistake. 

No Time or Place Constraint
We can record online returns whenever and from anyplace. We don't need to remain in any line for accommodation of Income Tax Return. 

More Secure than Paper Based Returns
E-documenting is more secure than paper based recording. With paper based recording your private personal data is lying in documents and can be passed from individual to individual. 

An Eco-friendly process
E-filing pays to save the environment as it reduces the usage & wastage of paper.

To know more about Income Tax efiling you can read more blogs from EtaxAdvisor and for other income tax services.

Monday 11 July 2016

What is E-filing and how can we get benefitted by this?




What is E-filing?

The process of electronically filing the Income Tax Return is known as Income Tax E-filing. It is done by the mean of Internet. One can file return directly by going to the income tax official website but it is suggested to file it with the help of intermediary like Income tax advisors to prevent error in filing.

Income Tax e-filing is compulsory nowadays to prevent yourself from the deduction penalties from the IT department.

E-filing of salary expense is a technique for presenting the subtle elements of your pay and different points of interest through electronic media. This strategy is extremely well known because of its comfort. Presently a large portion of the workplaces and a large portion of the occupations are facilitated by desktops and tablets with quality web associations. 


The advantages of e-filing your Income Tax are as per the following:

1. Error Free Accommodation: Real time mistake check is conceivable through salary charge powers. Approvals are useful to guarantee that the returns are successfully claimed.

2. Quick Discount: Online recording empowers the office to prepare the arrival with least time and along these lines discount turn out to be simple.

3. Affirmation Receipt: Online recording took after by an affirmation receipt with outline of wage & expense bearing a serial number turn into a validated report before any power. It can be downloaded from the record whenever.

4. History & Database: Any time accessible database for any documented years is an additional favorable position. Initially an assesse can allude the points of interest of the salary charge history.

5. Easy and Productive: Controlled and directed entry set by the utility or software pave the way to proper and fast completion of IT return. Filling in paper return dependably brings disarray & blunder, yet a flawless & clean return can be given through internet recording.

6. Dodge Delays: Paper documenting of return consistently depends upon the season of office, lines, spot self-rectification, occasions, nearness of officer, and so forth. Despite these matters any individual can document their salary any time and from any place.

7. Helpful Record: The report can be utilized to demonstrate your budgetary believability, backing to get advances, fundamental to process VISA, and so on.

8. Conceivable Approaches to Decrease Charge: Real time directions of online utilities of wage assessment recording will help us to source all conceivable ways and intends to benefit conceivable findings & exceptions. Regular man is uninformed of the procurement segment 80C or somewhere in the vicinity.

Still having Problem with Income Tax efiling then you can contact to EtaxAdvisor for all your queries related to income tax via email contact@etaxadvisor.com