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Income Tax Filling - RI
Today it is very simple online process for filling Income Tax. You just need to create your registration online at
Govt. of India Income Tax website .
We help you in terms of filling your returns online and providing you complete handholding by way of Tax Calculations, TDS Adjustments, applying Tax Rebates as applicable.
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Key Points to remember:
- As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and income from other Sources. You may require experts help in calculation.
- For a Salaried Employee, Form 16 from his Employer is a must. A Salaried Employee can file Income Tax Return by using Form 16 and adding other Income. Here i am assuming that there is no other source of income
- A Standard deduction of 30% is available on Income from House Property. Second House Property is always considered as deemed let out. You have to consider the Income from House Property even if it is vacant. In case of Home Loan, you can claim Loss from the Let Out Property.
- Long Term Capital Gain will arise if the holding period of an Asset is more than 3 years. In case of Equity, if the holding period is more than 1 year then there is no tax on the capital gains.
- Gifts received from the non-blood relatives which exceed Rs. 50,000 is taxable in the hands of recipient.Gifts received at the time of Marriage, inherited through Will or Succession and from blood relatives are tax free.
- Maximum deduction allowed u/s 80C, 80CCC and 80 CCD is Rs.1,50,000. Tax deduction on Health Insurance Premium is available up to Rs. 25,000. Tax deduction on Health Insurance Premium is available up to Rs. 20,000 for parents. Deduction limit of Interest earned on Savings Account is up to Rs.10, 000.
- It is mandatory to file Income Tax Return if the Income exceeds Basic Exemption Limit. It is mandatory to provide details of all the Bank Accounts in Income Tax return. It is mandatory to provide Passport number in the Income Tax return. It is mandatory to provide detail of Fixed Assets held abroad in the Income Tax return.
- If you have Aadhaar then you need not send ITR V acknowledgment through Ordinary Post or Speed Post to IT department. You can opt for Aadhaar based authentication to file Income Tax Return.
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Income Tax Filling - NRI
The income tax rules and perks allowed to a Non-Residential Indian is drastically different from those applicable to resident Indians. NRI taxation in India is a constant matter of concern for the vast number of Indians living all over the world who have to send money to home and make investment planning for themselves and their family. In this article I have pointed out the key points related to NRI taxation. | Resident | Global income | Taxable |
|---|---|---|
| NRIs | Income earned/accrued in India | Taxable |
| Income from House properties in India | Taxable | |
| Capital Gain on the transfer of assets situated in India | Taxable | |
| Income from the fixed deposits/Interest on savings bank account in India | Taxable | |
| Income Earned outside India | Not Taxable |
- NRIs sholud file Income Tax Returns in any of these circumtances-
When he wants to claim a refund, Facing a loss of transaction in any asset or investment that you want to carry forward, Taxable income in India exceed the limit to file the return, LT/ST gain on the sale of investment.
- NRIs sholud not file Income Tax Returns these circumtances -
If total income during the concerned F.Y comprises only investment income and TDS has been deducted then it is not required to file your return, Apart from this if the TDS has already taken place at the income source then NRIs may not file the IT return, Special investment Income is the only Income which the NRI has during the financial year and the TDS has been deducted on that then such NRI is not required to file income tax return.
- When NRI invest in a certain Indian asset, it is taxed @20%. It is not that every type of income of NRIs is entitled to the uniform rate of Income tax@ 20%. Section 115c(b) Foreign exchange assets would mean any specified asset which the asseesse has acquired or purchased or subscribed in a convertible foreign exchange.
- These 5 types of assets acquired/purchased out of convertible foreign exchange can be termed as specified assets.
- Shares in an Indian company
- Debenture issued by the Indian Public company
- Deposit with an Indian public company
- Any security of Central Government as defined.
- Such assets as the Central Government may specify on the behalf of notification in Official Gazette
- No deduction under Section 80 is allowed while calculating investment income.
If NRIs is making Long term capital gain on the sale of transfer of foreign assets, he cannot avail the benefit of indexation. But he can claim exemption on profit under section115F
- NRIs recently moved back to India:
Returning NRIs is assumed as a Resident Not Ordinary Resident if they fulfill the below criteria
- You have been an NRI in 9 out of 10 financial year preceding the year of your return
- You have lived in India for 2 years or less in the last 7 financial year.
- Documents needed to file the return
There are a couple of things you need to pay attention to when filing your IT returns.
- Passport of residence: To get the total number of days spent outside India
- Demat Account: Required for the knowledge of their bank account and transaction held in India
- TDS Certificates from the parties
- Investment not allowed to NRIs:
- Investment in PPF is not allowed. (NRIs are not allowed to open PPF accounts, however PPF accounts which are opened while they are resident are allowed to be maintained.)
- Investment in NSCs
- Post office 5-year deposit scheme.
- Senior citizen savings scheme.
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Income Tax Filling - Business
The government slashed basic corporate rate tax to 22% from 30% for domestic companies that don't avail any exemption/incentive.
The effective tax rate for these companies shall be 25.17% inclusive of surcharge and cess. Also, such companies shall not be required to pay Minimum Alternate Tax or MAT.
To boost manufacturing and the ‘Make-in-India’ initiative, the government has slashed corporate tax rate to 15%, from 25%, for domestic companies incorporated on or after 1st October 2019 making fresh investment in manufacturing. The option to pay income tax at the rate of 15% is available to companies which do not avail any exemption/incentive and commence their production on or before 31st March, 2023. The effective tax rate for these companies shall be 17.01% inclusive of surcharge & cess. Also, such companies shall not be required to pay Minimum Alternate Tax.
To provide relief to companies which continue to avail exemptions/incentives, the government has reduced the rate of Minimum Alternate Tax or MAT to 15%, from 18.5%.
- In case of a Business, Tax Audit is compulsory if sales turnover exceeds Rs.1 Cr.
- In case of self employed professionals, Tax Audit is compulsory if the Gross Receipts exceeds Rs.25 lac.
- Maximum Cash payment to any individual in a single day should not exceed Rs.20,000. For Loans, deposits and Properties transactions, maximum cash limit is Rs.20,000 for the transaction. In property transaction, this limit is for paying token money.
- Any loss from Business can be carried forward for next 8 financial years.
- TDS is due at the time of making Payment. TDS payment should be made on or before the 7th day of next month in which it is deducted.
- Dividend distributed by the domestic companies is exempted from Tax.
- Advance Tax should be paid if the Tax Liability during the financial year exceeds Rs. 10,000. A Surcharge of 12% is applicable if the Income Exceeds Rs. 1 Crore.
