Answers to Frequent Tax Questions
Advance tax needs to be paid by all those who have income other than salary and having tax liability of more than Rs. 10,000. When a person has income only from salary then he is not required to pay any Advance Tax as his employer deducts TDS from his payments. However in case his TDS is deducted less than what is required to be deducted, then there will be an Advance Tax liability that needs to be paid.
Return of income can be filed either at the local office of H&R Block or can be electronically filed at https://www.hrblock.in .We provide self e-filing services where you may file your return of income yourself with chat support for 100% FREE. Alternatively, you can also file your tax return using our assisted online tax e-filing service where qualified and trained tax experts will prepare and e-file your returns.
Voluntarily one can file a maximum of 2 prior year of returns. For e.g. : if one is filing their returns in July 2015, they can file for financial year 2014-15 and 2013-14.
ITR-V needs to be sent to Bengaluru Centralised processing Centre within 120 days of filing the return online as a proof of return filed as a part of the verification process that the ITR filing is complete. The tax department has now introduced Electronic Verification Code whereby you may electronically verify your tax returns using any one of the 4 methods given by government.
Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised.
Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.
E.g., In case of income earned during FY 2014-15, the due date of filing the return of income (considering no audit) is 31st July, 2015 (this was extended to 31st August this year). If the return of income is filed on or before 31st July (31st August in this case), 2015 then the return can be revised upto 31st March, 2017 (assuming assessment is not completed by that date). However, if return is filed after 31st July (31st August in this case), 2015, then it will be a belated return and a belated return cannot be revised.
Once your tax expert has e-filed your Income tax returns, the acknowledgement ITR-V will be ready for download from your account. We will be keep the document available in your account, whenever and wherever you need it. Alternatively you may also now electronically verify your returns using the EVC Electronic Verification Code.
Please send one print out of ITR-V, signed by you directly to the Income Tax Department within 120 Days of E-filing at below mentioned address through ordinary or speed post:
Centralized Processing Center (CPC),
Income Tax Department
Post Box No.1,
Electronic City Post Office,
Bengaluru – 560100, Karnataka.
Your username is always your registered e-mail id. If you have forgotten your password then please click here and follow the instructions. On this link you need to enter your secret question and we will send you the link to generate a new password.
Yes. You can file your taxes with us by providing us Form 16 from all the employers. Our intelligent application will calculate the taxes for you. In case you want assistance of an expert you may also use our Assisted service where a tax expert helps you file taxes online.
You can e-file using our “Free Online Tax E-filing” application which is an intuitive, secure, simple online platform through which taxes are filed. Just submit your basic details, upload your Form 16 and our application will pre-populate the return for you. Check the return and file it yourself.
You can alternatively do this by logging in to the https://incometaxindiaefiling.gov.in
To get experts prepare and e-file your returns just register with our Assisted Online Tax e-filing and we will assign you a tax expert. This expert will prepare your tax return and file it for you.
You may pay these online through a payment gateway for payment of taxes on the Income Tax website of the government.
1. Select challan 280 to pay taxes which is an option to pay income tax or corporation tax.
2. Select the assessment year for which you are paying taxes and fill in all details like PAN, Address, phone number, email address etc. Here you need to select the option Self-Assessment Tax if you are paying tax due for the FY that has just ended.
3. Here you will be re-directed to the net banking page where you need to pay tax. There are spaces for surcharge, interest and education cess that need to be kept blank.
4. On payment of tax you should receive your challan 280 that contains details of tax paid by you.
Generally for salaried individuals taxes are deducted at source and hence no taxes are due on the return filing date. However, you may be liable to pay taxes when you have income from sources other than salary e.g. from house property income, income from capital gains, sale of shares, income from other sources etc. In this case you may still have to pay taxes on the income earned from these transactions.
These taxes may be paid at the time of filing your return of income i.e. on or before 31st July.
You do not need to pay inheritance taxes in India . You need to pay taxes only when you sell the property in India as capital gains tax.
The government offers an array of schemes in which you may invest your money and the amount invested is deductible from your taxable income as well as offer you a very good return on money invested.
The various tax saving schemes that save you money and are allowed as a deduction under section 80C are
1. Provident fund
2. Voluntary provident fund
3. Life insurance premium
4. Equity linked saving scheme
5. National savings certificate
6. Mutual fund/ SIP
7. Unit linked insurance plans (ULIP)
8. Fixed deposit/ Post office time deposit schemes
These are the most popular schemes of tax savings. Apart from this there are certain schemes under different sections like 80D for investment in medical insurance premium, 80CCC for investment in certain specified pension funds, 80CCD for investment in central government pension schemes by government employees. Apart from the above if you invest in the National Pension scheme (NPS) then you are eligible for a deduction from your total income.
While claiming these deductions one must remember that the total deduction available under sections 80C, 80 CCC, 80 CCD and the NPS is Rs. 1,50,000 in total.