Income Tax Compliances
Starting at INR 499 onwards

Income Tax

Any citizen, be it resident or not, who earns or gets an income in India is subject to income tax. The Government of India has levied the tax on the income of a person as per the provisions contained in the Income Tax Act 1961. The income earned during the year from 1st April to 31st March is subjected to Income Tax. Income Tax Return (ITR) is a proof of the citizen’s tax payment. It contains details about your annual income and the amount of tax you have paid. Any Indian Citizen whose income comes under the tax bracket is required to file Income Tax Returns (ITR). Filing an Income Tax Return (ITR) helps you to claim the refund for the excess of the amount paid as Income Tax by the Income Taxpayer. Failing to file Income Tax Return (ITR) leads to a heavy penalty and face legal consequences.

How Can You Save Tax in 2019

Standard Deduction
(On Salary)

Maximum Claimable Deduction
40,000 INR

Eligibility Criteria:
Having Income from Salary

Section 80C Series
(80C, 80CCC, 80CCD)

Maximum Claimable Deduction
1,50,000 INR

Eligibility Criteria:
Amount spent during the financial year

Section 80C is a wide section and covers various types of expenses which can be claimed as a deduction for saving taxes.

Payment Towards Life Insurance Policy Of Assesse , the wife or husband or child of such assesse.
Payment Towards Tuition Fees (Excluding any kind of donation) of Assesse, the wife or husband or child of such assesse.
Subscription towards Equity Linked Savings Scheme or Tax Savings Mutual Funds by the assesse.
Contribution Towards Provided Fund.
Contribution Towards Superannuation Fund.
Repayment of Loan which was taken for the purposes of construction or purchase of a residential house property.

Section 80CCC allows any contribution made towards few recognizes pension funds, since these schemes give lower return than a basic bank saving scheme its not recommended, but anyways if you have been paying under such scheme you can claim such amount as a deduction under section 80CCC.

Section 80CCD allows amount spent by assesses towards EPS(Employee Pension Scheme) or NPS (National Pension Scheme) during the previous year as a deduction.

Medical Insurance
(Section 80D)

Maximum Claimable Deduction
1,00,000 INR

Eligibility Criteria:
Amount spent during the previous year

This section allows any payment towards medical insurance of the assesse, the wife or husband, child or parents of such assesse.

Interest On Education Loan
(Section 80E)

Maximum Claimable Deduction
No Limit

Eligibility Criteria:
Amount spent during the previous year

This section allows any interest paid towards an education loan(Only Loans From Banks/Financial Institutes are eligible) of the assesse, the wife or husband, child of the person of whom the assesse is a legal guardian as a deduction while computing your tax liability.

Payment of Rent in case of No HRA
(Section 80GG)

Maximum Claimable Deduction
No Limit

Eligibility Criteria:
Amount spent during the previous year

Any amount paid towards rent for any residential accommodation including furnished will be allowed as a deduction. Deduction to be allowed least of the following:

Rent Paid In Excess Of 10% Of Total Income
20% of Total Income
INR 5000 Per Month

Be informed that the Total income as mentioned above has a different meaning, we recommend you contact a professional on that regard.

Deduction On House Property
(Section 24)

Maximum Claimable Deduction
30% of NAV

Eligibility Criteria:
Such property is let out or deemed to be let out and is not a self-occupied property nor used for Business and Profession

A Standard deduction of flat 30% of net annual value is allowed as a deduction.

Interest on Loan:

Maximum Deduction: Upto 2,00,000 For Construction Of New & 30,000 For Improvement

Eligibility Criteria: Interest Due on Loan from Financial Institution or Banks for House Property

Any Interest paid for a loan which was used to build, acquire or reconstruct a house property such interest is allowed as a deduction. Pre-Construction interest is allowed in five installments at 20% p.a basis on completion of construction.

Various Donations
(80G,80GGA,80GGC)

Maximum Claimable Deduction
No Limit
Max INR 2000 if made in cash

Eligibility Criteria:
Amount Spent During the Previous year

Section 80G: Donation made to Charitable Organization’s, not all donations to charitable organizations are allowed as deductions. So kindly check if such donations carry any tax benefit before making such payment if you wish to avail such deductions. Maximum deduction at the rate of 100% or 50% is allowed based on the kind of donation made under this scheme.

Section 80GGA: Donation made towards Scientific Research or Rural Development.

Section 80GGC: Donation made to Political Parties.

Interest On Savings Ac
(80TTA)

Maximum Claimable Deduction
INR 10,000

Eligibility Criteria:
Earned/Accrued During the year

Any Interest Earned on deposits from saving account would be allowed as a deduction. The Interest accrued could be from deposits at a Bank, Post office or a financial co-operative society.

Section 80TTB: Interest for senior and super senior citizens

Maximum Deduction: 50,000 INR

Eligibility Criteria: Earned/Accrued During the year

Any Interest Earned on deposits from saving account by a super senior assesse would be allowed as a deduction. The Interest accrued could be from deposits at a Bank, Post office or a financial co-operative society.
Super Senior Citizen would mean any person aged 60 Years and above during the previous year.

Section 80GGA: Donation made towards Scientific Research or Rural Development.

Section 80GGC: Donation made to Political Parties.

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Businesses Required To Maintain Books Of Accounts
Business Turnover Upto 5 Cr
Professional Income under 2 Crores
Doesnot Include Income Tax Audit Report
Intra-Day and Derivative Traders
Advance tax Provisions Applicable
TDS Provisions Applicable

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How long will it take?

Upload Required Documents

One Day

Preparing Your Return

One – Two Days

Payment of Tax

One Day

Filing Your Return

Same Day

Frequently asked Questions

Is it necessary to attach any documents along with the return of income?

ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

If I fail to furnish my return within the due date, will I be fined or penalized?

Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F . [No penalty section 271F would be levied w.e.f. Assessment Year 2018-19]

Note: W.e.f. assessment year 2018-19, fee as per section 234F is required to be paid if return is furnished after due date. Fee for default in furnishing return of income will be as follows:

Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
Rs. 10,000 in any other case

However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.

Can a return be filed after the due date?

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty .

E.g., In case of income earned during FY 2016-17, the belated return can be filed up to 31st March, 2018.

If I have paid excess tax how will it be refunded to me?

The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.

What are the benefits of filing my return of income?

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.

Why is return filing mandatory, even though all my taxes and interests have been paid and there is no refund due to me?

Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract levy of penalty.

What is Form 26AS?

A taxpayer may pay tax in any of the following forms:
(1) Tax Deducted at Source (TDS)
(2) Tax Collected at Source (TCS)
(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the Income-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.

Will non payment of tax attract any penalties ?

Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment could be 6 months to 7 years).

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Income Tax

How Can You Save Tax in 2019

Standard Deduction (On Salary)

Maximum Claimable Deduction 40,000 INR

Section 80C Series (80C, 80CCC, 80CCD)

Maximum Claimable Deduction 1,50,000 INR

Medical Insurance (Section 80D)

Maximum Claimable Deduction 1,00,000 INR

Interest On Education Loan (Section 80E)

Maximum Claimable Deduction No Limit

Payment of Rent in case of No HRA (Section 80GG)

Maximum Claimable Deduction No Limit

Deduction On House Property (Section 24)

Maximum Claimable Deduction 30% of NAV

Various Donations (80G,80GGA,80GGC)

Maximum Claimable Deduction No Limit Max INR 2000 if made in cash

Interest On Savings Ac (80TTA)

Maximum Claimable Deduction INR 10,000

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Individual Plans

Starter

INR 999+GST

Basic

INR 1499+GST

Advanced

INR 2499+GST

Business Plans

Starter

INR 2999+GST

Basic

INR 3499+GST

Advanced

INR 5999+GST

How long will it take?

Upload Required Documents

One Day

Preparing Your Return

One – Two Days

Payment of Tax

One Day

Filing Your Return

Same Day

Frequently asked Questions

Standard Deduction
(On Salary)

Maximum Claimable Deduction
40,000 INR

Section 80C Series
(80C, 80CCC, 80CCD)

Maximum Claimable Deduction
1,50,000 INR

Medical Insurance
(Section 80D)

Maximum Claimable Deduction
1,00,000 INR

Interest On Education Loan
(Section 80E)

Maximum Claimable Deduction
No Limit

Payment of Rent in case of No HRA
(Section 80GG)

Maximum Claimable Deduction
No Limit

Deduction On House Property
(Section 24)

Maximum Claimable Deduction
30% of NAV

Various Donations
(80G,80GGA,80GGC)

Maximum Claimable Deduction
No Limit
Max INR 2000 if made in cash

Interest On Savings Ac
(80TTA)

Maximum Claimable Deduction
INR 10,000