free e filing of income tax return in india

free e filing of income tax return in india

And Part B consists of details related to other income, deductions allowed, etc. You could use your valuable knowledge and experience. LegalRaasta offers the highest commission, accompanied by the lowest processing fee. You just need Form — 16, if you are a salaried individual. Still, you must keep them handy, as you may need to submit to authorities if they ask for it. Previous Year is the same as the Financial Year in which the income is earned.

Tax is payable on the income earned during this Previous Year. And this tax is payable in Assessment Year, which is the year next to the Financial or Previous Year. For example, for the Income earned in Financial Year Previous Year April 1, , to March 31, , the liability to pay tax will fall in , known as the Assessment Year. Payment is to be made in Challan in both cases. The Challan must be filed accurately for further processing.

If some exemptions or deductions got left out from Form, you can claim the same in ITR. For e-filing download the government utility from the Income Tax portal in excel format or java utility.

Complete all the fields with the information required. Pay the taxes due and generate the XML. You can upload this XML on the government portal by logging into your account. ITR-7 is a form filed by those individuals and associations that fall under: 1. Section 4A 2. Section 4B 3. Section 4C 4. Section 4D.

The following individuals and companies are eligible to file the ITR-7 form: a Who obtain income from property if the said property is in the name of a trust, b All individuals receiving income for the sole purpose of charity or religious offering, c Any political party earning a net income which is more than the ceiling limit that is exempt from income tax, d Associations carrying out scientific research, e News organizations and companies, f Organizations mentioned in Section 10 23A and Section 10 23B , g Educational institutions like school, colleges or universities, h Medical institutions such as clinics, hospitals, etc.

LegalRaasta clearly provided the best service and fast. Their team helped me protect my brand with trademark registration. The service was swift and delivered at half the cost. I will highly recommend LegalRaasta for startups given its quality support and speed. And all this comes at a economical price. View Demo. CA Plans. Type of Returns. Free E-filing Select from the free E-filing methods.

Fill in Simple Form Yourself E-file your returns directly. Start Filing. Have Form? Upload Form Income Tax Direct Tax Anyone earning an income above a certain amount is subject to income tax. Why use LegalRaasta? The perks of using our free ITR-Filing service. It may be from capital gain, lottery or foreign assets, etc. ITR — 6 — All companies except those that claim tax exemption as per Section ITR — 7 — Persons incl.

Benefits of Filing Income Tax Returns Many investors have very low or zero tax liability and therefore this section does not have to file returns mandatorily. Advantages of tax filing are, but not limited to:. The capital losses can be carried forward for 8 consecutive years, as per the IT Act.

This helps to establish the income of the person to arrive at appropriate compensation. Penalties Different penalties have been directed for various defaults committed by the taxpayer, under the Income Tax Act. Under-reporting If it is found that the actual income exceeds the income declared by the person. That is: if ITR is filed on or before 31 December of the assessment year.

Not reporting all sources of income A common mistake taxpayers make is failing to disclose all the sources of their income.

Not reporting such incomes might attract a notice from the income tax department. Entering the details manually There is a set format for filing returns. Loss can be carried forward only if you have filed the return claiming such loss before the due date.

As per section 1 of the Income Tax Act, in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns ITR. Individuals who only have Salary income b. Individuals who have switched jobs Multiple Form 16 c.

Is it mandatory for me to do the ITR efiling or can someone else do it on my behalf? You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud. Also you can always take assistance from CA to file IT returns.

With ClearTax you can get an Expert to calculate your taxes and e-file your tax return on your behalf. See Prices here. Also note that the due date to e-file your income tax returns for the assessment year is on or before November 30, Economic Times ranks No.

Income Tax For Self-Employed Self-employed workers like freelancers, agents and consultants can claim costs directly related to the business as a tax-deductible expense.

Income Tax for Homeowners Self-employed workers like freelancers, agents and consultants can claim costs directly related to the business as a tax-deductible expense. Income Tax for the salaried PF withdrawal before 5 years of continuous service is subject to tax. Section 80 deductions Tax deductions under Section 80 are expenses and investments that help lower your taxable income.

Capital Gains Tax in India Capital gains tax depend on the type of asset and the period of holding. Compare ClearTax vs. Skip all the data entry Just upload your Form and Cleartax will automatically capture the information and fill your tax return. File for many people from one account. Support for Queries. Fantastic support when you need help. We're serious about security Our bit SSL encryption and bank-grade security keeps your data safe. Economic Times ranks ClearTax as the best tax website in India.

Excellent Support Find an answer to any tax problems. Expert assistance. ClearTax has s of tax guides, videos, experts who answer your queries all day long. Data security is our top priority as a tax company. ISO Data Centers. Upload your Form ClearTax reads it automatically. Just review and e-File. In 7 minutes or less. Over tax experts to help you. World-class support for resolution of your questions.

ClearTax serves 2. Just upload your form 16, claim your deductions and get your acknowledgment number online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP.

Download ClearTax App to file returns from your mobile phone. I would like to e-Verify later. The team provided quick, thorough and friendly support. One only needs to upload Form 16 in pdf and the software takes care of everything else.

Despite I was in USA, they are able to accommodate the communication and coordination. We choose EZTax. Over the time, we realized the advantages of their technology platform from EZTax.

Now, we are in the process of transitioning other businesses to EZTax. GST Accounting Software. Online TDS Preparation. Single Salary. Multiple Salaries. An employer is required to deduct tax at source therefore the name TDS - Tax Deducted at Source when the employer pays salary to the employee you.

The employer deducts this tax on behalf of the Government and after deducting deposits the tax to the Government. The employer is then required to give a certificate to the employee giving the details of tax deducted.

This certificate is called the Form In case no TDS has been deducted by the employer they may not issue you a Form You will require your Form 16 from your employer to file your tax return.

You can directly upload your Form 16 and file your income tax return quickly. An income tax IT return is an income tax form which you need to fill and submit it electroncially to the Income tax Department. In this form you need to give details of your income and taxes taxes - that you may have paid or other people who may have deducted your tax. Each form depicts a separate category of Income tax payers. You need not worry of your category as myITreturn handles it for you automatically.

Remember, Income tax is a Direct tax and you need to only report Direct Income salary, pension, interest etc and taxes paid on that Income. The tax returns must be filed every year and must be filed by a specific date. Many think that filing tax returns is optional and therefore dismiss it as unnecessary and burdensome.

Filing tax returns is an annual event and is a moral and social duty of every responsible citizen. The government mandates that individuals who earn a specified amount of annual income must file a tax return.

Failure to pay income tax and file the income tax return will invite penalties from the Income Tax Department. Those who earn less than the prescribed level of income can file their income tax return voluntarily.

If you plan to apply for a home loan in future it is a good idea to maintain a steady record of filing income tax returns as the home loan company will most likely insist on it as a proof of steady income. Even a credit card company may insist on proof of income tax return before issuing a credit card.

Financial institutions may insist on seeing your returns over the past few years before transacting with you. Various losses incurred by an individual or a business cannot be shown for exemption in subsequent years for the purpose of tax calculation if your return is not filed. These losses could be both speculative as well as non-speculative, short term as well as long term capital losses and various other types of losses not recorded in the income tax return in a financial year.

In case the assessee has not filed the original return, he cannot later file a revised return. Under the Income Tax Act, non-filing of returns can attract a penalty of Rs 5, In case you do not file, the Income tax Department will send you a notice asking you to file your return and may ask you to pay a penalty for not filing your income tax return.

Income Tax Return is essential for making any investment and goes to prove that you have a valid source of income to make such investment. Failure to file Income Tax Return within one year from the end of the relevant financial year, attracts penalty of Rs.

ClearTax automatically adjusts your TDS, advance tax paid and losses against your income and calculates taxes accordingly. You can file up to three tax returns for free from a single account. E-file income tax returns for your family members and have everyone's free e filing of income tax return in india records in one place. ClearTax automatically selects the relevant ITR form and helps you e-file seamlessly. Filint reads and automatically fills the details of the taxes paid from your 26AS. It gets downloaded in a PDF format. Avoid a maximum penalty of Rs 10, if free e filing of income tax return in india total income exceeds Rs 5 lakh. Your Tax Return documents are proof of your financial investments and will be useful when indiaa apply for a loan or a visa. You can carry forward losses against house property and depreciation. You can claim tax refund; the earlier you file the sooner you will get the refund. Most embassies and consulates require you to submit IT returns for the last 3 years. For FYif your income exceeds Rs 2. You must also file a tax return if excess TDS has been deducted and you want to claim a refund. Paper return or e-filing of free download charlie wilson my love is all i have tax? If your income is greater than Rs 5 lakh, or you are seeking a refund, you must file your income tax return online. An free e filing of income tax return in india is made when the individual taxpayer is 80 years or older. free e filing of income tax return in india File Income Tax Returns for FY (AY ) online with ClearTax. ClearTax is fast, safe and easy for ITR E-Filing. ClearTax handles all cases of. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. To e-File the ITR using the upload XML method, the. % Free Online Income Tax Filing in India. Upload Form & eFile your ITR. EZTax® ('Easy Tax') is Highest Rated, Best Reviewed Portal, providing Software​. File Income tax return form online quickly and accurately on India's largest tax filing platform. We help with notices and refunds post tax filing. Table of Contents: Top Income Tax e-Filing Options in India; How to e-File ITR on Income Tax Department Website? What are the ITR Forms. Really amazed to experience and the way IT return and tax filing have been made easy on the website. Many thanks to the department for making this possible. We're sorry, the page you requested was not found. smile, Click to Login or Register. Website Policies | Accessibility Statement | Site Map. Taxsmile is an efiling portal to prepare and efile income tax return Online. Taxsmile helps individuals to file their income tax return in an easy, convenient and. We have two types of taxes in India – Direct Tax and Indirect tax. Direct Tax is a tax that is calculated directly on your Income e.g. tax on salary etc. Click here to join our channel and stay updated with the latest Biz news and updates. It makes tax filing a breeze by auto-reading the uploaded Form Also, Rs 20, crore subordinate debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses. This free income tax software has it all. TaxAct is an American income tax software, suitable for individual tax registers and professional affiliates. As an employer, when your accounts team has to be loaded with such detailed taxation of every employee, also with paying monthly salaries and taking care of other expenditures; then you must equip your workforce with state of the art, intuitive and seamless payroll software. Their fees start from Rs. News Hunt. To sail through your first income tax as an employee or an employer you must consider these following categories:. Like us on Facebook and follow us on Twitter. Filing is absolutely FREE 2. Go to your own Dashboard and just chat with us! free e filing of income tax return in india