INCOMETAX RETURN BY SMALL BUSINESSMAN : DOCUMENTS / INFORMATION REQUIRED

 

All small businessmen should submit following minimum documents and information for filing their online income-tax return (ITR) to www.incometaxonline.co.in or any other service provider or consultant :-

A. Documents (soft or photo copies as the case may be)

1. All Form 16 (TDS Certificates).

2. PAN Card

3. Any latest ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Amounts of Total Turnover, Gross Profit, Net Profit, Sundry Debtors, Closing Stock, Cash in Hand and Sundry Creditors.

4. Details of interest in all saving bank accounts and on FDs.

5. Details of other income such as Interest Income, Rent Income etc. apart from salaries.

6. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

7. Present Postal Address (Complete) with PIN Code.

C. Small Businessman means a businessman having turnover of less than Rs. 1.00 Crore and ready to pay income-tax on business income calculated @ 8% of his turnover.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Source : www.incometaxonline.co.in Author : Karishma Moondra

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ONLINE ITR BY SMALL BUSINESSMAN – DOCUMENTS / INFORMATION REQUIRED

ONLINE ITR BY SMALL BUSINESSMAN : DOCUMENTS / INFORMATION REQUIRED

All small businessmen should submit following minimum documents and information for filing their online income-tax return (ITR) to www.incometaxonline.co.in or any other service provider or consultant :-

A. Documents (soft or photo copies as the case may be)

1. All Form 16 (TDS Certificates).

2. PAN Card

3. Any latest ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Amounts of Total Turnover, Gross Profit, Net Profit, Sundry Debtors, Closing Stock, Cash in Hand and Sundry Creditors.

4. Details of interest in all saving bank accounts and on FDs.

5. Details of other income such as Interest Income, Rent Income etc. apart from salaries.

6. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

7. Present Postal Address (Complete) with PIN Code.

C. Small Businessman means a businessman having turnover of less than Rs. 1.00 Crore and ready to pay income-tax on business income calculated @ 8% of his turnover.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Source : www.incometaxonline.co.in Author : Karishma Moondra

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

SAVE AND AVOID TDS (TAX DEDUCTED AT SOURCE) ON INTEREST

TDS is a tedious procedure and activity of income-tax Department. It is tension creator both for deductor as well as for deductee and therefore, deductee should try to save and avoid TDS at least on Interest. A deductee can save and avoid TDS by following ways of planning :-

1. Don’t make FDR more than Rs. 70,000/- with any one branch of any bank and spread over your FDRs in many branches and in the name of many family members.

2. Make maximum deposits with local co-operative banks (if reliable) as a regular member of that co-operative Bank (Co-operative society other than Multi-state Co-operative Society).

3. Submit timely Form 15G or 15H (as applicable) to bank if your expected interest is more than Rs. 10,000/- and to private parties if expected interest is more than Rs. 5,000/- in a year.

4. Get allotted PAN Number (Pan Card) and intimate the same to interest payer (Income payer) otherwise TDS will be deducted @ 20% in place of 10% and that 20% may be non-refundable.

5. Check your TDS credit in Form 26AS well in advance to verify whether deductor has filed his TDS return timely and correctly or not ?

6. In case TDS has been deducted, submit your return of income timely for claiming the TDS credit / Refund and you can also use services of www.incometaxonline.co.in .

Source : www.incometaxonline.co.in Author : Karishma Moondra

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File Incometax Return Online

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ONLINE ITR BY SALARIED PERSON – DOCUMENTS REQUIRED

All salaried persons should submit following minimum documents and information for filing their online income-tax return (ITR) to www.incometaxonline.co.in or any other service provider or consultant :-

A. Documents (soft or photo copies as the case may be)
1. Form 16 (TDS Certificates).

2. PAN Card

3. Any ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Details of interest in all saving bank accounts and on FDs.

4. Details of other income such as Interest Income, Rent Income etc. apart from salaries.

5. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

6. Present Postal Address (Complete) with PIN Code.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Source : www.incometaxonline.co.in Author : Karishma Moondra

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

Incometax Return by Salaried Persons – Documents Required

All salaried persons should submit following minimum documents and information for filing their online income-tax return (ITR) to www.incometaxonline.co.in or any other service provider or consultant :-

A. Documents (soft or photo copies as the case may be)
1. Form 16 (TDS Certificates).

2. PAN Card

3. Any ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Details of interest in all saving bank accounts and on FDs.

4. Details of other income such as Interest Income, Rent Income etc. apart from salaries.

5. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

6. Present Postal Address (Complete) with PIN Code.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Source : www.incometaxonline.co.in Author : Karishma Moondra

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

ITR BY LIFE INSURANCE AGENT – Documents Required

All life insurance agents including agents of Life Insurance Corporation (LIC) and all private insurance companies should submit following documents and information for filing their online income-tax return (ITR) the service provider or consultant :-

A. Documents (soft or photo copies as the case may be)

1. Form 16A (TDS Certificates).

2. PAN Card

3. Any ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Details of interest in all saving bank accounts and on FDs.

4. Details of other income such as Interest Income, Rent Income etc. apart from Insurance commission.

5. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

6. Present Postal Address (Complete) with PIN Code.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Author : Karishma Moondra Source : www.incometaxonline.co.in

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

INCOMETAX RETURN BY LIFE INSURANCE AGENT- Documents Required

All life insurance agents including agents of Life Insurance Corporation (LIC) and all private insurance companies should submit following documents and information for filing their online income-tax return (ITR) the service provider or consultant :-

A. Documents (soft or photo copies as the case may be)

1. Form 16A (TDS Certificates).

2. PAN Card

3. Any ITR-V (ITR Acknowledgement) if/as available.

B. Information

1. Pass word for e-filing of ITR (If available) OR Acknowledgement No. of ITR-V (ITR Acknowledgement) if pass word for e-filing of ITR is not available.

2. Account No., Name of Bank, IFSC Code and MICR Code of your bank (Bank Details).

3. Details of interest in all saving bank accounts and on FDs.

4. Details of other income such as Interest Income, Rent Income etc. apart from Insurance commission.

5. Details of deductible amounts of LIP, Repayment of Housing Loan (Principal & Interest separately), Tuition Fee of Children and Medi Claim Insurance premium u/s 80C and 80D etc if any.

6. Present Postal Address (Complete) with PIN Code.

If your ITR is to be prepared and filed online by www.incometaxonline.co.in, all the documents / information may be furnished online or by e-mail or by post and payment may be made online.

Author : Karishma Moondra Source : www.incometaxonline.co.in

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

COMPULSORY INCOMETAX RETURN IN INDIA

In India, all the citizens are not required to file their income tax return but following persons are compulsorily required to file the Income Tax return:-

S.No.

Category of Persons

Remarks/Conditions

All Individuals (Resident) except salaried employees whose returns are submitted by their employers u/s 139(1A) of the Income-tax Act,1961

Any individual having his total income exceeds the maximum amount not chargeable to tax ( i.e. Rs. 200000/- for A.Y. 2014-15 )
Any Senior Citizen (individual above 60 years ) having his total income exceeds the maximum amount not chargeable to tax ( i.e. Rs. 250000/- for A.Y. 2014-15 ).
Any Super Senior Citizen (individual above 80 years) having his total income exceeds the maximum amount not chargeable to tax (i.e. Rs. 500000/- for A.Y.2014-15).
In case of individuals who claim deductions u/s 10A, 10B, 10BA and chapter- VIA of the Income-tax Act, 1961, above said limits ( mentioned in clause A, B and C) will be considered for the income before claiming these deductions.
Any individual and any other person subject to audit u/s 44AB of the Income-tax Act, 1961.

Individual Resident (Other than Not ordinarily Resident)

Any such person has any asset (including any financial interest in any entity) located outside India.
Any Such person having signing authority in any account located outside India.

HUF

Any HUF having his total income exceeds the maximum amount not chargeable to tax ( i.e. Rs. 200000/- for A.Y. 2014-15 )

AOP / BOI / AJP

Any AOP / BOI / AJP having his total income exceeds the maximum amount not chargeable to tax ( i.e. Rs. 200000/- for A.Y. 2014-15 )

Partnership Firm/ LLP

Compulsory irrespective of income of the firm.

Company

Compulsory irrespective of income of the Company.

Persons Sustained losses

Any person claims the losses and carry forward the losses under the head “profit and gains of Business or Profession” or “Capital Gains”.

Trusts & Charitable Institutions (AOP)

In case of Trusts & Charitable Institutions who claim the exemptions u/s 11 and 12 of the Income Tax Act, 1961, above said limits (mentioned in Item No. 3) will be considered for the income before claiming these exemptions.

Others

All persons to whom notice u/s 142(1) or 148 of the Income-tax Act, 1961 is issued to furnish the Incometax Return.

Source : www.Incometaxonline.co.in Author : Karishma Moondra

Apply New / Correction / Duplicate Pan Card

Get Company  / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online