Income tax return filing used to be a lengthy and time consuming process in the past. But as the technology has developed the need for online tax filing was felt and we at Tax Baniya uses the income tax return preparation software. Preparation and E-filing of income tax return was never so easy.
Online or E-filing was enabled by the Income Tax Department a couple of years back. It is an improved and hassle-free method of filing returns electronically on the website – through the comfort of one’s home or office. In fact, e-filing has been accepted by the IT department as a trusted means of filing IT returns.
The benefits of e-filing income tax returns also are many:
- You get your refunds much faster.
- You could also check the status of your refund online. No standing in long queues to file in your returns.
- Assessments would be faster.
*Extra Rs. 1,999 /- for Capital Gain Income
Checklist of Documents required before Filing Online Income Tax Return
The following are a list of documents categorized on the sources of income which you might require to prepare your online income tax returns in India.
Income from Salary
- All Salary Certificate(s) or Form 16 received from your employer
- If you are a pensioner your pension certificate from the bank or the bank statement where your pension is received
Income from Residential Property
- Housing Loan repayment certificate
- Municipal Corporation tax receipt
- TDS certificate of rent OR the bank Statement where you have deposited all the rent you have received
Income from Other Sources
- Individual details of all income from other sources (e.g. interest, dividend, income from sources not included above) and TDS certificates relating to it
- Bank statement indicating the amounts earned from agricultural sources
- Amount contributed to Public Provident Fund
- Amount of donations made during the current year
- Amount of NSC purchased
- Amount paid for premium towards life insurance policies for your self or your dependents.
- Contribution to recognized pension plan under section 80CCC
- Medical insurance premium paid
- Tuition Fees
Response to the Notice from IT Department
Getting notices from IT Department is one of the worst news any Individual can expect. IT department can issue legal notices an assesses in default for an outstanding tax liability or various other tax related matters.
Many times taxpayers receives notice which is typically an intimation u/s 143(1) (Summary Assessment) sent by the I.T Department. It specify the sum payable or refundable and such intimation is a deemed notice of demand. Notices can be sent for other tax related matters too.
Our dedicated team of CAs will help you prepare and submit the response to the Notice as issued by the department and will follow up the matter till the time it is resolved.
We can also handle Scrutiny Notices u/s 142 (1) and Income Escaping Assessment Notice under Section 147
We also Handle Appeals Before CIT (A) and ITAT
Tax Bachat with Tax Laws
“So what are you waiting for; Avail our exclusive Tax Bachat Plan now and optimize your tax savings to the fullest.”
Do you know that there are more than 30+ tax saving options as available under Income Tax Act?
It has been observed that many times people end up paying more taxes than they are obligated to; While lack of sufficient time to conduct the tax-planning exercise is a reason, largely, this can be attributed to lack of awareness about different incentives, allowances, deductions and rebates under the Income Tax Act.
Restructure Your Salary: Life Beyond 80C
Restructuring the salary and including certain components can go a long way in reducing the tax liability.
Unlike eligible investments which lead to an additional cash outflow, restructuring the salary is a more ‘efficient’ means of claiming tax benefits. The following can form a part of one’s salary structure:
Our experts would help you to optimize your tax savings by evaluating and analyzing your CTC and suggest you multiple ways to allocate or re-allocate salary components. Some of the areas wherein you can restructure your salary (there are many others too):-
- Food coupons like Sodexo and Ticket Restaurant;
- Medical expenses;
- House Rent Allowance (HRA);
- Leave Travel Allowance (LTA);
- Home loan ;
- Medical insurance;
- Donations ;
- How joint home loan can increase your tax savings;
- Creation of HUF also helps to save taxes
- Use section 54 to claim exemption from capital gains
- If you are a salaried individual enjoying House Rent Allowances (HRA) from your employer and also own a residential house at other than work place , then you can avail the deduction of both (a) HRA and (b) Housing Loan repayment & Interest deduction