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IT RETURNS

Leading Wholesale Supplier of form 16 filing service, it returns for pensioner, it returns for house property, it returns for other sources income, it returns for senior citizens and super senior citizens and it returns for business person and professionals from Chennai.

Form 16 Filing Service

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1. Form 16- Basics

Form 16 is a certificate issued by an employer evidencing the TDS which is deducted from your salary and deposited with the authorities. It contains the information you need to prepare and file your income tax return.

It is issued annually, on or before 15th June of the next year, it immediately follows the financial year in which tax is deducted. Form 16, essentially has two components to it- Part A and Part B. In case you lose your Form 16, a duplicate can be issued by your employer.

2. Part A of Form 16

This part of Form 16 is generated and downloaded through the TRACES portal, by the employer. Prior to issuing the certificate, it will be authenticated for the correctness of its contents by the employer. It is important to note that if you change your job in one financial year, every employer will issue a separate Part A of Form 16, for the period of employment.

Some of the components of Part A are:
a. Name and address of the employer
b. TAN & PAN of employer
c. PAN of the employee
d. Summary of tax deducted & deposited quarterly, which is certified by the employer

3. Part B of Form 16

Part B of Form 16 is an annexure to Part A. If you change your job in one financial year, then it is for you to decide if you would want Part B of the Form from both the employers or from the last employer.

Some of the components of Part B are:
a. Detailed breakup of salary
b. Deductions allowed under the income tax act (under chapter VIA)
c. Relief under section 89

4. Details required from Form 16 while filing your return

With reference to the image below, here is where you will be able to locate certain information for filing your annual return.
1. Taxable Salary
2. Breakup of Section 80C Deductions
3. Aggregate of Section 80C Deductions(Gross & Deductible Amount)
4. TDS (Tax Deducted at Source)
5. Tax Payable or Refund Due

Additional information, which you will require from your Form 16 while filing your annual return are:
a. TDS Deducted by Employer
b. TAN of Employer
c. PAN of Employer
d. Name and Address of Employer
e. Current Assessment Year
f. Your (Taxpayer’s) Name and Address
g. Your PAN
file before july 31, ater this fine RS.5000/-

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IT RETURNS FOR PENSIONER

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Pension

Pension is taxable under the head salaries in the income tax return. Pension is paid out periodically on a monthly basis usually. You may also choose to take pension as a lump sum (also called commuted pension) instead of a periodical payment. At the time of retirement, you may choose to receive a certain percentage of your pension in advance. Such pension received in advance is called commuted pension.

Commuted and Uncommuted Pension

Commuted pension or lump sum received may be exempt in certain cases. For a government employee, commuted pension is fully exempt. Uncommuted pension or any periodical payment of pension is fully taxable as salary. In the above case Rs 9,000 received by you is fully taxable. Rs 10,000 starting the age of 70 yrs are fully taxable as well.

For a non-government employee, it is partially exempt. If gratuity is also received with a pension – 1/3rd of the amount of pension that would have been received if 100% of the pension was commuted is exempt from commuted pension and remaining is taxed as salary. If only the pension is received, gratuity is not received – ½ of the amount of pension that would have been received if 100% of the pension was commuted is exempt.

Pension received by a family member though is taxed under income from other sources in the income tax return. If this pension is commuted or is a lump sum payment it is not taxable. Uncommuted pension received by a family member is exempt to a certain extent. Rs 15,000 or 1/3rd of the uncommuted pension received – whichever is less is exempt from tax.

Pension that is received from UNO by its employees or their family is exempt from tax. Pension received by family members of Armed Forces is also exempt.

Gratuity

Gratuity is a retirement benefit that employers provide for their employees. The employee is entitled to receive gratuity when he completes five years of service at that company. It is, however, only paid on retirement or resignation. Gratuity received on retirement or death by a central, state or local government employee is fully exempt from tax for the employee or his family. The tax treatment of your gratuity is different, depending on whether your employer is covered by the Payment of Gratuity Act. Check with your company about its status, and then proceed to calculate.

If your employer is covered by the Payment of Gratuity Act, then the least of the following three is tax-exempt.

  1. 15 days salary based on the salary last drawn for every completed year of service or part thereof in excess of 6 months. For simplicity sake, this is calculated as last drawn salary x number of years in employment x 15/26 (where last drawn salary is Basic salary and DA and number of years in service is rounded off to the nearest full year)
  2. Rs 20,00,000
  3. Gratuity actually received

If your employer is not covered under the Payment of Gratuity Act, the least of the following three is tax-exempt.

  1. Half month’s salary for each completed year of service. While calculating completed years, any fraction of a year shall be ignored.

For example – if you have worked in an organization for 14 years and 9 months, the number of years of employment shall be considered to be 14 years. Here salary is taken as the average salary of the 10 months immediately before the month in which the person retires.

1. Rs 20,00,000

2. Gratuity actually received

 


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IT Returns For House Property

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IT Returns For House Property
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House property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming part of the building. But such land is to be distinguished from an open plot of land, which is not charged under this head but under the head „Income from Other sources‟ or „Business Income‟, as the case may be. Besides, „house property‟ includes flats, shops, office space, factory sheds, agricultural land and farm houses.

Essential conditions for taxing income under this head Income from house property is taxable in the hands of its legal owner in whose name the property stands. „Owner‟ for this purpose means a person who can exercise the rights of the owner not on behalf of the owner but in his own right. A person entitled to receive income from a property in his own right is to be treated as its owner, even if no registered document is executed in his name. The following three conditions must be satisfied before the income of the property can be taxed under the head “Income from House Property”: · The property must consist of buildings and lands appurtenant thereto; · The assessee must be the owner of such house property; · The property may be used for any purpose, but it should not be used by the owner for the purpose of any business or profession carried on by him, the profit of which is chargeable to tax. If the property is used for own business or profession, it shall not be chargeable to tax. Ownership includes both free-hold and lease-hold rights and also includes deemed ownership Tax Chargeability [Sec. 22] The annual value of property consisting of any building or lands appurtenant thereto of which the assessee is the owner shall be subject to Income-tax under the head „Income from House Property‟ after claiming deduction under Sec. 24, provided such property or any portion of such property is not used by the assessee for the purpose of any business or profession, carried on by him, the profits of which are chargeable to Income-tax.

i)                    Standard deductions:- From the net annual value computed, the assessee shall be allowed a standard deduction of a sum equal to 30% of the net annual value.
ii)               Interest on borrowed capital:- Where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital is allowed as a deduction.

Special provisions for arrears of rent received [Sec. 25B] Where the assessee:

a) is the owner of an property consisting of any buildings or lands appurtenant thereto which has been let out to a tenant; and b) has received any amount, by way of arrears of rent from such property, not charged to income-tax for any previous year; the amount so received, after deducting a sum equal to 30% of such amount, shall be deemed to be the income chargeable under the head income from house property. Further, it will be charged to income-tax as the income of that previous year in which such rent is received, whether the assessee is the owner of that property in that year or not.

 


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    IT Returns For Other Sources Income

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    Interest that gets accumulated in your savings bank account must be declared in your tax return under income from other sources. Do note that bank does not deduct TDS on savings bank interest.

    Interest from both fixed deposit and recurring deposits is taxable while interest from savings bank account and post office deposits are tax-deductible to a certain extent. But they are shown under income from other sources.

     

    Interest income from a savings bank account or a fixed deposit or from a post office savings account

     

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    IT Returns For Senior Citizens And Super Senior Citizens

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    IT Returns For Senior Citizens And Super Senior Citizens
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    Resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

    Assessment Year 2018-19

    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%

    Less: Rebate under Section 87A

    Add: Surcharge and Education Cess

    In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

    Assessment Year 2018-19

    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%

    Add: Surcharge and Education Cess

     


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    It Returns For Business Person And Professionals

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    Income Tax Slabs Rates for FY 2017-18(AY 2018-19)

    Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I

    Income Tax Slabs

    Tax Rate

    Health and Education Cess

    Income up to Rs 2,50,000*

    No tax

     

    Income from Rs 2,50,000 – Rs 5,00,000

    5%

    3% of Income Tax

    Income from Rs 5,00,000 – 10,00,000

    20%

    3% of Income Tax

    Income more than Rs 10,00,000

    30%

    3% of Income Tax

    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

    *Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

    Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

    Income Tax Slabs

    Tax Rate

    Health and Education Cess

    Income up to Rs 3,00,000*

    No tax

     

    Income from Rs 3,00,000 – Rs 5,00,000

    5%

    3% of Income Tax

    Income from Rs 5,00,000 – 10,00,000

    20%

    3% of Income Tax

    Income more than Rs 10,00,000

    30%

    3% of Income Tax

    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

    *Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

    Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

    Income Tax Slabs

    Tax Rate

    Health and Education Cess

    Income up to Rs 5,00,000*

    No tax

     

    Income from Rs 5,00,000 – 10,00,000

    20%

    3% of Income Tax

    Income more than Rs 10,00,000

    30%

    3% of Income Tax

    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

    *Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

    Income Tax Slabs for Domestic Companies for FY 2017-18 – Part IV

    Turnover Particulars

    Tax Rate

    Gross turnover upto 50 Cr. in the previous year 2015-16

    25%

    Gross turnover exceeding 50 Cr. in the previous year 2015-16

    30%

    In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%


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    It Returns For Salaried Person

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    It Returns For Salaried Person
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    1. Basic Salary

    This is a fixed component in your paycheck and forms the basis of other portions of your salary, hence the name. For instance, HRA is defined as a percentage (as per the company’s discretion) of this basic salary. Your PF is deducted at 12% of your basic salary. It is usually a large portion of your total salary.

    2. House Rent Allowance

    Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax outgo. This can be partially or completely exempt from taxes. The income tax laws have prescribed a method for computing the HRA that can be claimed as an exemption.

    Also do note that, if you receive HRA and don’t live on rent your HRA shall be fully taxable.

    3. Leave Travel Allowance

    Salaried employees can avail exemption for a trip within India under LTA. The exemption is only for the shortest distance on a trip. This allowance can only be claimed for a trip taken with your spouse, children, and parents, but not with other relatives. This particular exemption is up to the actual expenses, therefore unless you actually take the trip and incur these expenses, you cannot claim it. Submit the bills to your employer to claim this exemption.

    4. Bonus

    The bonus is usually paid once or twice a year. Bonus, performance incentive, whatever may be its name, is 100% taxable. Performance bonus is usually linked to your appraisal ratings or your performance during a period and is based on the company policy.

    5. Employee Contribution to Provident Fund (PF)

    Both employer and employee contribute a 12% equivalent of the employee’s basic salary every month toward employee’s pension and provident fund. An interest of about 8.5% gets accrued on it. This is a retirement benefit that companies with over 20 employees must provide as per the EPF Act, 1952.

    6. Standard Deduction

    Standard Deduction has been reintroduced in the 2018 budget. This deduction has replaced the conveyance allowance and medical allowance. The employee can now claim a flat Rs. 40,000 deduction from the total income, thereby reducing the tax outgo.

    7. Professional Tax

    Professional tax or tax on employment is a tax levied by a state, just like income tax which is levied by the central government. The maximum amount of professional tax that can be levied by a state is Rs 2,500. It is usually deducted by the employer and deposited with the state government. In your income tax return, professional tax is allowed as a deduction from your salary income.

    Broadly your CTC will include:

    a. Salary received each month.

    b. Retirement benefits such as PF and gratuity.

    c. Non-monetary benefits such as an office cab service, medical insurance paid for by the company, or free meals at the office, a phone provided to you and bills reimbursed by your company.

    Your take-home salary will include:

    a. Gross salary received each month.

    b. Minus allowable exemptions such as HRA, LTA, etc.

     

    c. Minus income taxes payable (calculated after considering Section 80 deductions).

     

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    DIGITAL SIGNATURE CERTIFICATE

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    Digital Signature Certificates or DSC or Digital Signature are being adopted by various government agencies and now is a statutory requirement in various applications.

    Capricorn offers different class of certificates to help organization and individuals secure online transactions with legal validity as per the Indian IT Act, 2000.

    Capricorn certificates conform to x.509 standard of Public Key Infrastructure (PKI) in India where in additionally these are issued as per IVG and IOG guidelines issued by the office of Controller of Certifying Authorities.

    There are various Type and Class of DSC, the information below would help you to arrive to the right certificate for your needs.

    Type of Certificates
    • Sign

      The DSC could only be used for Signing a document. (The most popular Certificate)

      The most popular usage is signing the PDF file for Tax Returns, MCA and other websites.

    • Encrypt

      The DSC would be used to Encrypt a document, it is popularly used in tender portal, to help your company encrypt the documents and upload.

      You could also use the certificate to encrypt and send classified information.

      We are selling Encrypt certificate as a standalone product as well.

    • Sign & Encrypt

      You could buy both Sign & Encrypt DSC by using this category.

    Validity of the Certificate

    You could buy certificates with a validity upto three years. (The validity is controlled by law, and you cannot buy certificates more than three years and less than One year validity)

    Classes of Certificates

    The IT law allows us three Classes of DSC, however we only sell Class 2 and Class 3 certificates. We are not selling Class 1 Certificates.

    The difference between Class 2 and Class 3 is verification guidelines.

    • Class 2

      This is most popular class of certificates, and most applications would recognize this class of certificates.

    • Class 3

      This level of assurance is required generally by Tender portals and some highly sensitive websites.

      If you opt for class 3 certificate, all applications which are created for Class 2, should be able to recognize your certificates.


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    Deductions - 80C

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    An individual or a Hindu Undivided Family (HUF) is eligible for claiming tax deduction u/s 80C.

    80C Investments Eligible for Tax Deductions

    The below mentioned investments are eligible for deductions u/s 80C. An investor can choose to either invest in all the available tax-saving instruments or in some of them.

     

    i)                     Public Provident Fund (PPF)

     

    ii)                   Employee Provident Fund (EPF)

     

    iii)                  National Savings Certificate (NSC)

     

    iv)                  Equity Linked Savings Scheme (ELSS)

     

    v)                   Sukanya Samriddhi Scheme

     

    vi)                  Senior Citizens Savings Scheme (SCSS)

     

    vii)                Bank Fixed Deposits (FD)

     

    viii)               Post Office Time Deposit

     

    ix)                  Unit Linked Insurance Plan (ULIP)

    Senior Citizens Savings Scheme (SCSS)

    As the name suggests, this scheme is for senior citizens.

    §  Eligibility: An individual aged 60 years or more is allowed to open the account. An individual of the age of 55 years or more but less than 60 years, who has retired under VRS (Voluntary Retirement Scheme) is also permitted to open account if he/she satisfies 2 conditions. First, the account is opened within 1 month of receipt of retirement benefits. Second, investment amount should not exceed the amount of retirement benefits.

    §  Liquidity: Maturity period is 5 years The account can be extended for 3 more years after maturity. Premature withdrawal after 1 year is allowed on deduction of an amount equal to 1.5% of the deposit and after 2 years by deducting 1% of the deposit.

    §  Rate of Interest (ROI): Interest rate offered is 8.4% per annum which is paid on quarterly basis.

    §  Investment Limit: Minimum and maximum investment limit is Rs 1,000 and Rs 15 lakh respectively.

    §  Tax Treatment: Interest income is taxable and taxes will be deducted at source if it is more than Rs 10,000 p.a. Maturity amount is exempt from tax.

     


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    Income Chargeable to Tax

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     Income Chargeable to Tax

    . You could earn income from several other sources other than your salary income. Your total income, according to the Income Tax Department, could be from house property, profit or loss from selling stocks or from interest on a savings account or on fixed deposits.

    All these numbers get added up to become your gross income.

    Income from Salary

    All the money you receive while rendering your job as a result of an employment contract

    Income from house property

    Income from house property you own; property can be self-occupied or rented out.

    Income from other sources

    Income accrued from fixed deposits and savings account come under this head.

    Income from capital gains

    Income earned from the sale of a capital asset (mutual funds or house property).

    Income from business and profession

    Income/loss arising as a result of carrying on a business or profession. Freelancers income come under this head.

     Tax Rates

    Add up all your income from the heads listed above. This is your gross total income. From your gross total income, deductions under Section 80 are allowed to be claimed. The resulting number is the income on which you have to pay tax.

    ClearTax’s app lets you determine your tax refund or dues for the year. Download the app here.

    Your tax is calculated as per the slabs mentioned below.

    Income Tax Rates for taxpayers under 60 years of age in FY 2018-19, FY 2017-18 and FY 2016-17.

    Tax Slab

    FY 2018-19

    FY 2017-18

    Tax Rate

    Tax Slab

    FY 2016-17

    Tax Rate

    Up to Rs 2,50,000

    No tax

    Up to Rs 2,50,000

    No tax

    Rs 2,50,000 – Rs 5,00,000

    5%

    Rs 2,50,000 – Rs 5,00,000

    10%

    Rs 5,00,000 – Rs 10,00,000

    20%

    Rs 5,00,000 – Rs 10,00,000

    20%

    Rs 10,00,000 and beyond

    30%

    Rs 10,00,000 and beyond

    30%

    Cess:

    • For FY 2018-19 – Health and education cess is 4% on the sum of total income tax and surcharge.
    • For FY 2017-18 and 2016-17 Higher education and secondary cess is 3% on the sum of total income tax and surcharge.

    Exemption for senior citizens (age of 60 years or more but upto 80 years)

    • For FY 2018-19 2017-18 and 2016-17 is Rs. 3,00,000

    Exemption for super senior citizens (age of 80 years or more)

    • For FY 2018-19 2017-18 is Rs. 5,00,000

     

    Deductions

    The lower your taxable income, the lower taxes you ought to pay. So be sure to claim all the tax deductions and benefits that apply to you. Section 80C of the Income Tax Act can reduce your gross income by Rs 1.5 lakhs. There are a bunch of other deductions under Section 80 such as 80D, 80E, 80GG, 80U etc. that reduce your tax liability.


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