Filing income tax return online: The process

Filing income tax return online

    • E-file online. It is a more complete and better alternative to filing on the income tax website. Also, it is for more than just e-filing your income tax return.

 

    • Send ITR V or e-verify your tax return

 

    • Get income tax refund

 

  • The deadline to e-file your income tax return is 31 July.
  • There’s income tax return form ranging from ITR 1 to ITR 7 for different types of income. Some income tax forms are longer than the others and they may need additional disclosures such as balance sheet and a profit and loss statement.
  • The documents you are going to need to file your tax return are largely going to depend on your source of income. The only documents you are going to need is your Form 26AS and Form 16 if you are salaried.

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Income Tax Deductions

There are broad themes for what the government is stimulating. They are covered under Section 80 of the Income Tax Act. here they are:

  • House ownership
  • Stamping and registration under Section 80C
  • Home Loan Home Interest
  • The first time homeowner benefits from 50,000 rupees under the 80EE section
  • A tax deduction on home buying with a home loan in fiscal year 2017-1

Income Tax Deductions

Rent a house

  • Homework or HRA (for wages only) Given the number of Indians moving to cities for work, this is a commonplace that most paid individuals can find in their vouchers. If you rent an apartment, make sure to claim it in your tax return.
  • Section 80GG (If you are a tenant and do not get an HRA) If you are not a salary or are still in a salary but do not get an HRA, you can claim a rent deduction under the 80GG section. I know more.

Health

  • Life insurance under Section 80C
  • Medical insurance under Section 80D
  • Preventive health checks
  • Medical bills (for wages only)
  • Tax deductions for health insurance under Section 80D in fiscal year 2017-1

Insured Pension

Long-term savings

Employee Savings Fund (Wage Only) Companies reduce 12% of your basic salary and place it in a fund managed by EPFO. Public Savings Fund Individuals can open a PPF account from a post office or a public sector bank such as the Indian State Bank and ICICI Bank. Pension under Section 80CCD (1B).

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About Saving Income Tax

All You Need to Know About Saving Income Tax

Recommended ways to save taxes under Sec 80C & 80D

  • Make an investment of Rs 1.5 Lakh under Sec 80C to reduce your taxable income
  • Buy medical insurance and claim a discount up to Rs. 25,000 (50,000 rupees for seniors) for medical insurance premiums under Section 80D
  • Claim a discount of up to Rs 50,000 on interest on a housing loan under Section 80EE

Investment options under Sec 80C

The most tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act. Section 80C includes many investments and expenses that can be used to claim discounts. The maximum section of 80 ° C is 1.50 in the fiscal year, which means that you can use this amount in full to reduce taxable income.

Investment options under Sec 80C

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Other options for saving taxes outside Sec 80C

Apart from the discounts available under Section 80C, there are many other deductions under Section 80 which can also be claimed to provide income tax. These deductions include health insurance premiums and tax benefits on mortgages

  • Buy medical insurance and claim a discount up to Rs. 25000 (50,000 rupees for seniors) for medical insurance premium
  • Claim a discount of up to Rs 50,000 on interest on a housing loan under Section 80EE
  • A home loan also helps you reduce your taxable income. The main part of the home loan can be claimed under Section 80C up to Rs. 1.5 crore. The interest portion can be claimed as a deduction from the homeowner’s income

How to plan your investments to provide taxes for the year

The best time to start planning your investments to provide tax is at the beginning of the fiscal year. Most taxpayers stall until the last quarter of the year and end up making quick decisions. Instead, if you plan at the beginning of the year, you can make investments that can also help you achieve your long-term goals. Tax-saving investments should be used to build wealth as well, not only to provide taxes.

Use the following indicators to plan your tax savings for the year:

  • Check the tax savings you are already making and can claim. This includes expenses, such as premium, tuition fees for children, Contribution of EPF, repayment of housing loans, etc.
  • This amount is deducted from $ 1.5 lakh to find out the amount of investment. There is no need to invest the full amount if the expenses are covered.
  • Choose your tax savings investments based on your goals and profile. ELSS, PPF, NPS, and fixed deposits are among the common options.

That way, you can figure out how much you need to invest to save taxes. It is best to start investing in the first quarter of the financial year so that you can distribute investments throughout the year. This will not affect you at the end of the year, and will also allow you to make informed investment decisions.

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Govt may offer more income tax deductions

Govt may offer more income tax deductions to those who invest in its infra projects

The present limit of income tax concessions is 2 lakhs. This can be raised. 2.5 lakhs, only those who invest in government infrastructure projects.
The finance ministry says it is offering income tax exemption to investors who fund funding for government infrastructure projects. The current limit is Rs. 2 lakh. This will be discussed.

At least Rs. 2.5 lakhs but additional deductions will be available for investments in government infrastructure projects.

Negotiations are being made to raise tax havens for higher taxes. Additional amounts are to be invested in the form of bonds or equity-linked savings schemes to invest in infrastructure projects.

 Higher tax benefits being good for all

This is the last full budget of the Narendra Modi government, which cuts the general election in 2019, with higher tax benefits being good for all. About 7.5 million taxpayers will be affected. At present, 80 cc, 80 cc of CCC, C Income Tax Act By Taxpayers will be given relief.

Provident Fund, Public Provident Fund, Offer to invest in life insurance premiums. Tuition fees, children, and their home tickets will be tax deductible. The National Pension System (NPS) has been allocated Rs 50,000 for investment.

The tax exemptions are aimed at maximizing taxes, but excessive disposable income is lost, so the exact energy of consolation will depend on the government’s finances.

The impact of the global economic crisis is the government’s fiscal commission, in the first year, the cost collection of goods and service taxes and the need to increase government expenditure for infrastructure development. Maintain popular action if the path of finance capital is through.

The government will give more money to these schemes and capital markets for higher tax concessions on government infrastructure projects and if an additional income of Rs 75 lakhs is to be paid, an additional Rs 7,500 crore will be created by an additional Rs 10,500 crore.

In the 2017 budget, the government reduced the tax rate to 10 per cent to 5 per cent and provided relief to those with income from Rs 2 lakh to Rs 5 lakh.

In 2014-15, the government increased tax deductions from Rs 1 lakh to Rs 1 lakh for NPS deposits.
The government is also keen on removing the interests of angelic church investors to raise funds initially. The government is trying to liberalize the criteria for lowering of investors in tax havens early on.

In the first few years, there was an urgent need for income tax returns for imperial investors in the startup sales, let’s see what you can do.

If Angel Investors initially invest in seed capital and evaluate the shares of the company and exceed the fair market valuation, this tax attracts a taxable income of 56 (2, VII B). During this time, Vendor Capitalists are exempt from this system. Startups that meet government definitions as a notification are likely to have their three year tax holidays in the first seven years.

It is necessary to avoid disputes and legal proceedings, provide a favorable investment environment, and make an exclusion from tax issues coming from validation.