
Importance of TAX Filing
Filing returns is a sign you are responsible. The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual.
Steps for filing your ITR with us as mentioned below:
Step1: Click on below Apply Online button to enter your basic and required details and get your Service Request (SR) on your E-mail instantly.
Step2: Please click the below to pay your ITR filing fees. Please mentioned your PAN or above-provided SR number while paying the applicable ITR fees (Without Applicable Taxes):
Salaried / Pensioners =
Rs.1,000Salaried / Pensioners with LTCG+STCG =
Rs.1,500Self Employed Professional (SEP) =
Rs.2,000 & aboveSelf Employed Non-Professionals (SENP) =
As per financials, books and profile.


Step3: Go to your e-mail and send all applicable documents in revert (Do not change the Subject Line).
*Note:
1. Above fees is applicable for online ITR submission only. Team TDS will connect you over the phone for all required discussions to file your ITR.
2. For an in-person ITR discussion, Kindly pay Rs.1,000 (For 45 Mins) in addition to the above applicable fees.
3. Kindly CLICK HERE to book your in-person appointment.4. We do file ITR on the basis of the information, and documents received by the applicant and do confirm the same before final submission and Team TDS is not responsible for any Notices from IT Department due to lack of information, document or delay in ITR filing and its processes. Respond to such Notices are also not the part of above applicable fees and the same may apply again as per all required future work. However, Team TDS do take care of all required formalities, and compliances as per the IT department and their guidelines before ITR submission and is committed to its customer for utmost satisfaction through our services.A list of a few mandatory documents for filing ITR are:
. Above ITR Application Form - Same is required for logical discussion around ITR filing for maximum benefit.
.
Form 16 (Part A and Part B both) - Do have all the important details.
. PAN Card - For PAN Verification
.
Annual Information Statement (AIS) form from the Income Tax website.
Click Here to see
How to Download AIS from.
. LTCG & STCG statement.
. Complete P&L Trading Statement for FY (if applicable) from the broker i.e. 5Paisa, Zerodha, UpStox etc.
. Aadhar Card Copy - For address proof and if not linked with PAN Card on income tax site.
. Cancel Chq Copy - For Bank Details to process Return in your Account if any.
. All Life and Health Insurance Premium receipts for the Financial Year, if any.
. All Children's Tuition Fees receipts for the Financial Year, if any.
. All Investments (Mutual Fund, FD etc) Statements for the Financial Year if any.
. All Loans (Home Loan, Company Loans etc.) Statements for the Financial Year if any.
. Interest Income or any Other Income Proof, wherever applicable.
*
Note- Documents play a vital role in ITR filing to avoid any possible error and applicable penalties in case of wrong information.
TAX STRUCTURE UNDER NEW SIMPLIFIED TAX REGIME
a. No tax up to Rs 2,50,000
b. Income tax at 5 % from Rs 2,51,000 to Rs 5 .00 Lakhs
c. Income tax at 10 % from Rs 5,00,001 to Rs 7.5 Lakhs
d. Income tax at 15 % from Rs 7,50,001 to RS 10 .00 Lakhs
e. Income tax at 20 % from Rs 10,00,001 to Rs 12 .50 Lakhs
f. Income tax at 25 % from Rs 12,50,001 to Rs 15 .00 Lakhs
g. Income tax at 30 % above Rs 15 .00 Lakhs
Here are 10 benefits of early filing of ITR (Income Tax Returns).
1) Avoid the hassles of late return filing: Filing a return is not like shopping for a commodity online. It requires a strategy and a certain amount of care while filling up the form. So, filing it before the due date will save you tonnes of trouble later. You may need to rectify and revise your return later if you do it at the last minute.
2) Carry forward of losses: The losses incurred by an individual or a firm, belonging to the financial year of the return filed, under the head “profits and gains of business and profession” both speculative and non-speculative as well as capital losses under the head “income from capital gains” can be carried forward. However, one can claim this benefit only if they have filed their income tax return before the due date prescribed. Filing your tax return before the due date will eliminate the chances of losses not being carried forward.
3) Earlier e-verification of your return filed: The Income Tax Department has brought many much-needed modifications. One such advancement is the e-verification of the Filed ITR. The earlier you file your return, the sooner you get the verification done.
4) Faster processing of refund: The income tax refund process happens on a first come first serve basis. If you file your return now, before the due date, you will gain an early refund.
5) Save yourself some interest: If you fail to file your income tax return before the due date(,) then you will be obliged to pay interest u/s 234A at the rate of 1 per cent for every month or a part thereof.
6) Avoid the defective return notice: To error is a human tendency. Chances of mistake may increase if you file your return just before the due date. Taxman may issue a defective return notice under section 139(9) of the Income-Tax Act, asking for proof/ justification for the mistake and mismatch. The failure to respond can result in heavy penalties.
7) Avoidance of dreadful fee: Under section 234F of the Income-Tax Act, if a person required to furnish a return of income by July 31 fails to do so, then a fee of Rs. 5000 shall be levied if a return is furnished before 31st December. However, the fee shall be Rs. 10,000 if it is filed after 31st December. Moreover, if the total income of the person doesn’t exceed Rs. 5 lakhs, then the fee payable shall not exceed Rs. 1000.
8) Advantages in the processing of a loan: Banks and other non-banking financial institutions require your income tax returns to process home, educational and other types of loans. It is also mandatory to have income tax returns for the processing of any visa. Also, some credit card companies demand proof of tax returns before issuing a card.
9)
Registration of immovable property: Some states require your income-tax return of the last three years for registration of immovable property. Also, a legal sanction to income whether taxable or not helps you pad up subsequently to account for the wealth of the property owned.
10)
The last-minute surge can be avoided: Remember what happens when everyone tries to book a cab at the same time. Yes, there is a surge in fares. Similarly, high traffic on a website can often lead the site to face a temporary breakdown. In such a scenario, you may not be able to file your return in time. In order to avoid this last-minute unorganized chaos and compliance hazard, file your return by taking a suitable buffer in hand Failure to pay tax will invite penalties from the Income Tax Department.
REBATES TO BE FORGONE:
1. Standard Deduction of Rs.50,000 allowed for salaried persons/pensioners.
2. Cumulative deduction of Rs.1,50,000 allowed under Section 80C, 80CCC, and Section 80 CCD for savings/investments, the premium for annuity/pension fund.
3. Deductions allowed for Rs.50,000 / 1,50,000 under Section 80 EE / 80 EEA for the Interest on Housing loans with certain conditions.
4. Deduction allowed under 80 E for interest on education loan taken for pursuing Higher Education.
5. Deductions allowed for Rs.2,00,000 lakhs under Section 24 for the Interest on Housing loans.
6.
Deductions allowed for Rs.1,50,000 under Section 80EEB for the Interest on loans taken for the purchase of electric vehicles.
7. Interest on savings bank accounts allowed up to Rs.10,000 under Section 80TTA and for senior citizens only if they have not claimed under section 80TTB.
8. Interest received by a senior citizen on deposits with banks/co-operative societies/post offices up to Rs 50,000 under section 80TTB.
?9. Deduction allowed for Health insurance Policies under 80D up to Rs.50,000/- for senior citizens and up to Rs.25,000/- for others.# The income tax department has expanded the list of financial transactions to include the following items (List includes existing transaction list also) under SFT:1. Payment of education fee / Donation above Rs.1,00,000
2. Electricity consumption above Rs.1,00,000 per annum
3. Domestic business class air travel / foreign travel
4. Payment of hotel bills above Rs.20,000
5. Purchase of Jewelry, painting, marble or white goods above Rs.1,00,000
6. Deposits/credit above Rs.50 lakhs in current accounts.
7. Deposits/credit above Rs.25 lakhs in non-current accounts.
8. Payment of Property Tax above Rs.20,000
9. Payment of Life Insurance premium above Rs.50,000
10. Payment of Health Insurance premium above Rs.20,000
11. Share / Mutual Fund transactions, Demat Accounts, Hiring of lockers etc.
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