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Income Tax Return filing Online in 3 easy steps

Income Tax Return filing Online in 3 easy steps

Income Tax Return Filing Online

Income Tax Return filing online all inclusive price ₹ 2,000/- ₹ 1,000/-

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What is Income Tax Return Filing Online?

Income Tax Return is an official form that mentions all details related to taxpayer’s income earned for a specific period. Taxpayer is liable to fill in with details about his income that he receive from carrying out business transaction. So, that his income tax liability can be calculated.

Who should file Income Tax Return Online?​

It is mandatory to file Income Tax Return in India if any of the conditions mentioned below is applicable to taxpayer:

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Penalties for late Income Tax Return Filing Online​

Penalty for late Income Tax Return Filing is Rs.5000/-, for filing ITR before 31.12.2020

Penalty for late Income Tax Return Filing is Rs. 10,000/- for filing after 31.12.2020

Note:  Penalty for late income Tax Return Filing is Rs. 1000/- for Income less than 5 Lacs. Nil Income tax penalty for income less than 2.50 Lacs.

Income Tax Return Filing Online Process ​

Logon to the GST online portal on www.incometaxindiaefiling.gov.in

Select the form on www.incometaxindiaefiling.gov.in

Read the instructions carefully & Fill up the form  and submit the same.

You can what’s app us your details for your error free Income Tax Return filing online

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What documents require for Income Tax Return Filing Online?​​

The taxpayer requires the following documents for filing the income tax return online  of concerned period:

Income Tax Rates for AY 2020-21

  Resident or Non-resident

Section 115BAC inserted – granting an option to the Individual or HUF

Option 1 – pay taxes as per the existing tax rate slab as under: –

Net income range Income-Tax rate
Up to Rs. 2,50,000* Nil
Rs. 2,50,001- Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Plus: –
Surcharge: –

Health and Education cess: – 4% of (Income Tax + Surcharge)

Note: –

Option II – Section 115BAC A- new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act– pay taxes as per the new regime as under: –

Net income range Income-Tax rate
Up to Rs. 2,50,000* Nil
Rs. 2,50,001- Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 7,50,000 10%
Rs. 7,50,001- Rs. 10,00,000 15%
Rs. 10,00,001- Rs. 12,50,000 20%
Rs. 12,50,001- Rs. 15,00,000 25%
Above Rs. 15,00,000 30%
Income tax rate = Partnership firm = 30% + E.cess Surcharge = 12% of Income Tax, in case taxable income is above Rs. 1 crore Health & Education Cess = 4% of (Income Tax + Surcharge) Interest on Capital = Up to 12% allowed
Partner Remuneration 

 

Book profit of Business / ProfessionAmount Deductable
Loss to 3,00,000 books profitRs.1,50,000  or 90% of book profit whichever is more
On balance book profit60% of book profit
How to compute book profit

Step 1 : Find out net profit of firm
Step 2 : Make following three adjustments:

Less :

1. Income from house property, capital gain & income from other sources
2. Brought forward business losses will not deduct from book profit
3. Deduction 80c to 80 U not add to book profit

Step 3: Add remuneration to partners if debited to the profit & Loss account

Notes: Income received from partnership firm (in form of Salary, interest & profit) is treated as business income of partners return.

Meaning of Co-operative Society?

A co-operative society is a voluntary association of people having common needs who join hands for the achievement of common economic interest. A co-operative society aim is to serve the interest of the poorer sections of society. A co-operative society main objective is to provide support to the members. Nobody joins it to earn profit. People come forward as a group, pool their individual resources, utilize them in the best possible manner, and derive some common benefit out of it.

Income Tax Slab Rate for AY 2020-21 for Co-operative Society:
Net income range Income-Tax rate
Up to Rs. 10,000 10%
Rs. 10,000- Rs. 20,000 20%
Above Rs. 20,000 30%

Plus Surcharge: – 12% (If taxable income > ₹ 1 Crore)

Health and Education cess: – 4% of (Income Tax + Surcharge)

Marginal relief: – in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable

Income Tax Slab for AY 2021-22 for Co-operative Society
Old Regime
Net income range Income-Tax rate
Up to Rs. 10,000 10%
Rs. 10,000- Rs. 20,000 20%
Above Rs. 20,000 30%

Plus Surcharge: – 12% (If taxable income > ₹ 1 Crore)

Health and Education cess: – 4% of (Income Tax + Surcharge)

Marginal relief: – in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable

Income Tax Slab for AY 2021-22 for Co-operative Society
New Regime

Flat rate of 22% provided it forgoes specified deductions and exemptions and computes its income in accordance with the provisions of the new inserted section.

Plus Surcharge:- 10% of income tax. 

Health and Education cess: 4% of income tax plus surcharge.

Income Tax Rate for Companies (AY 2020-21)

A co-operative society is a voluntary association of people having common needs who join hands for the achievement of common economic interest. A co-operative society aim is to serve the interest of the poorer sections of society. A co-operative society main objective is to provide support to the members. Nobody joins it to earn profit. People come forward as a group, pool their individual resources, utilize them in the best possible manner, and derive some common benefit out of it.

Domestic Companies
 Particulars Tax rates
Where its total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore  25%
 Where it opted for Section 115BAA 22%
Where it opted for Section 115BAB 15%
Other domestic companies 30%
Foreign companies

Income tax rate for foreign company is 40%.

Plus Surcharge:-

Company Net income> 1cr – 10 cr Net income> 10 cr
Domestic company 7% 12%
Foreign company 2% 5%

Health and Education cess: 4% of income tax plus surcharge