Why resort to E-filing of my Income Tax Returns?
Income Tax Filing seems like a tiring job! Finish this burdensome chore at the earliest so that you do not get into the desperate last minute mode and make a mess of your income tax return.
You also end up saving a lot of time and hassle, as now you wouldn’t have to join the queue at your local post office nor go through the tiring exercise of tracking it.
There is a little spot of bother here.
Income Tax E-filing has been notified to be mandatory for salaried taxpayers earning more than Rs 5 Lakh taxable income.
Hence, if you fall in the Rs 5-10 Lakh tax slab, you will have to compulsorily file your income tax returns online.
It is well-documented that with e-filing, the entire process of granting refunds becomes easier for the government to carry out as all transactions get stored in a central database.
This way revenue allocation also becomes more effective and transparent as does the development of the nation.
Income Tax Filing: How do I go about it?
- All you have to do is fill a simple form on the website and give us some essential information of your type of income/salary.
- We will prepare an authorization letter which you need to sign.
- From thereon, we will submit your duly filled-in application to the Income Tax Department online and upon successful application, will mail you the ITR-Verification acknowledgment form to your registered email address.
- We will also make sure that your attested ITR acknowledgment form is sent to the Income Tax Department by post and you receive acknowledgment for the same.
- We guarantee that your application will be successful
Not filing your tax returns in time attracts a penalty of Rs 5,000 and thus in order to ensure a smooth running of your business affairs, you should file it without delay.
Income Tax Filing: Benefits of filing one on time
Your record of timely filing tax returns is viewed positively and this may prove to be advantageous for you in the future. For example, your tax history is always considered when you avail loans from banks, apply for VISA etc as they prove that you have a valid source of income.
Last but certainly not the least, they testify you being an honest, upright and dutiful citizen of the country who is doing his bit for the country’s progress .
Income Tax Filing, when done on time, is a win-win situation for both!
|TDS Rate Chart Financial Year 2014-15|
|Nature of Payment Made To Residents||Threshold(Rs.)||Company / Firm / Co-operative Society / Local Authority||Individual / HUF||If No / Invalid PAN|
|Section – Description||Rate (%)||Rate (%)||Rate (%)|
|192 – Salaries||-||NA||Average rates||30|
|193 – Interest on securities||-||10||10||20|
|194 – Dividends||-||10||10||20|
|194A – Interest other than interest on securities – Others||5000||10||10||20|
|194A – Banks||10000||10||10||20|
|194B – Winning from Lotteries||10000||30||30||30|
|194BB – Winnings from Horse Race||5000||30||30||30|
|194 C – Payment to Contractors|
|- Payment to Contractor – Single Transaction||30000||2||1||20|
|- Payment to Contractor – Aggregate During the F.Y.||75000||2||1||20|
|- Contract – Transporter who has provided valid PAN||-||-||-||20|
|194D – Insurance Commission||20000||10||10||20|
|194DA-Pament of Taxable Life Insurance Policy wef 01.10.2014||100000||2||2||20|
|194E – Payment to Non-Resident Sportsmen or Sports Association|
|- Applicable up to June 30, 2012||-||10||10||20|
|- Applicable from July 1, 2012||-||20||20||20|
|194EE – Payments out of deposits under NSS||2500||20||-||20|
|194F – Repurchase Units by MFs||1000||20||20||20|
|194G – Commission – Lottery||1000||10||10||20|
|194H – Commission / Brokerage||5000||10||10||20|
|194I – Rent – Land and Building||180000||10||10||20|
|194I – Rent – Plant / Machinery||180000||2||2||20|
|194J – Professional Fees||30000||10||10||20|
|194LA – Immovable Property||100000||10||10||20|
|194LB – Income by way of interest from infrastructure debt fund (non-resident)||-||5||5||20|
|194LBA Income paid Under section 115UA we f 01.10.2014|
|Sec 194 LC – Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (applicable from July 1, 2012)||-||5||5||20|
|195 – Other Sums||-||Average rates||-||20|
|196B – Income from units||10||10||20|
|196C-Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)||-||10||10||20|
|196D – Income of FIIs from securities||20||20||20||20|
- No TDS on service Tax :As per circular 01/2014 dated 13.01.2014 TDS is not applicable on service tax part if service tax is shown separately.
- TDS at higher rate ie., 20% has to be deducted if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
- No TDS on Goods Transport :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
- Surcharge on tax is not deductible/collectible at source in case of resident individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
- Surcharge on TDS is applicable on payment made to non resident other than company ,if payment is in excess of one crore.(10 %)
- Surcharge on TDS on salary is applicable if taxable salary is more than one crore @ 10 %
- In the case of Company other than Domestic Company,
- (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees;
- (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees.
- No Cess on payment made to resident: Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.