What is e-Filing of Income Tax Returns?

Filing of Income Tax returns is a legal obligation for every person whose total income for the previous year has exceeded the maximum amount that is not chargeable to Income Tax under the provisions of the I.T Act, 1961. The process of electronically filing your Income tax returns through the Internet is known as e-filing of returns. We will help you for doing the same.

If I have paid excess tax, how and when will it be refunded to me?

To claim the excess paid tax, the assessee has to be file Income Tax Return, irrespective of the fact whether the income is taxable or not. The amount of refund will be remitted to the assessee either through cheque or directly to the bank account as mentioned in the ITR form after the processing of the return.

Can a LEGAL HEIR e-File the Income Tax Return of the deceased assessee?

Yes. A Legal Heir can file Income Tax Return, View Status of Income Tax Return, ITR-V Acknowledgment and other filing status in respect of the Income Tax Return of the deceased person for the e-Filed Assessment Year.

How can taxpayer find his Assessing Officer (AO) Code?

GO TO “ Know your Jurisdictional A.O. ” under “ Services ” menu on the home page of ITD e-filing website. Enter your PAN and know your Jurisdictional AO.

How can I come to know about TAN of my deductor?

Kindly refer to Form 16 or Form 16A issued by the employer for the TAN. You can also see the details of deductor in the 26AS Tax credit statement made available by the NSDL in its website, which can be easily accessed through ITD e-filing website.

How do I know whether my e-Return is being processed at CPC Bangalore or the Assessing Officer?

The taxpayer is advised to LOGIN to the website and GO TO 'My Account' ? 'My Returns/Forms' and check the status of Income Tax Return for a given Assessment Year.

Is it mandatory to file return of income after getting PAN?

No. The liability to file return of income is governed by different set of parameters laid down in the Income Tax Act 1961.

Who can file the return for a deceased assessee?

A legal heir can file the return in such case.

What is Advance Tax and who needs to pay Advance Tax?

Advance tax needs to be paid by all those who have income other than salary and having tax liability of more than Rs. 10,000. When a person has income only from salary then he is not required to pay any Advance Tax as his employer deducts TDS from his payments. However in case his TDS is deducted less than what is required to be deducted, then there will be an Advance Tax liability that needs to be paid.

Where and how am I supposed to file my return?

One can file electronically at Website address of our company or to our office address by submitting physically all the documents relating to filing of return.

How many years of Income Tax Return can I file in one year?

Voluntarily one can file a maximum of 2 prior years of returns.

How can I find out if I am eligible for a refund?

Refund is the amount of difference if any between the tax liability as per the ITR and the TDS deducted from your salary/receipts. You are eligible for claiming a refund from the IT department only when you file the return of income. This is also known as claiming your TDS credits from the government. We will help you to compute your actual tax liability and refund the excess tax deposited to government.

Is it necessary to send a signed copy of ITR-V to Income tax department?

ITR-V needs to be sent to Bangaluru Centralised processing Centre within 120 days of filing the return online as a proof of return filed as a part of the verification process that the ITR filing is complete. The tax department has now introduced Electronic Verification Code whereby you may electronically verify your tax returns using any one of the 4 methods given by government.

I have not received my refund, what should i do for the same?

If you have not received refund till date, it could be due to the following reasons:

1. Your Income Tax Return has not been processed yet. Once the return is processed you may receive a Refund (if determined). To check the status of your e-Filed IT Return, LOGIN and GO TO 'My Account' ? 'My Returns/Forms'.

2. Your Income Tax Return has been processed but no refund is determined.

3. Your Income Tax Return has been processed, a refund has been determined, but the Cheque/ ECS credit could not reach you. This could be because of wrong address, not being available at home (door locked), wrong Bank Account number for ECS credit. To check if your Refund has returned back to us, LOGIN and GO TO 'My Account' ? 'My Returns/Forms' and check the status.

I checked the status of my IT Return and it is displayed as 'Refund Returned'. How can I apply for it again?

LOGIN and GO TO 'My Account' ? 'Refund Re-issue request'. Select the mode of re- receiving refund- ECS or Cheque, Provide Bank Account number (if changed) and Provide Address details.

My Bank Account Number has changed. I want to change the Bank Account Number which I mentioned in my Income Tax Return.

You can only change your Bank Account Number if you had a refund failure i.e your IT Return is processed and a refund is generated for you but you did not receive it. If you wish to change the Bank Account Number for Refund failure case, then LOGIN and GO TO 'My Account' ? 'Refund re-issue request'. Select the mode through which you wish to receive the refund- ECS or Cheque. Enter the new Bank Account Number and provide address details. Submit the request. Once the request is submitted, your Bank Account Number is updated with us.

My refund failed to reach me as my Address has changed. I want to raise a request for refund re-issue with my new Address.

You can only raise a request of refund re-issue if your refund failed to reach you and returned to us. In that case, LOGIN and GO TO 'My Account' ? 'Refund re-issue request'. Select the mode through which you wish to receive the refund- ECS or Cheque. Provide the new Bank Account Number (if to be changed) and provide the new Address. Submit the request. Once the request is submitted, your new Address is updated with us.

What precautions should be taken while filing the return of income?

Following is the list of few important steps/points/precautions to be kept in mind while filing the return of income.

The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income:

Loss (other than house property loss) cannot be carried forward.

Levy of interest under section 234A.

The penalty of Rs. 5,000 under section 271F can be levied.

Exemptions/deductions under section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE are not available.

Belated return cannot be revised under section 139(5).

Apart from this the tax payer should do the following
Download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.

Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P&L A/c (if applicable), etc. No documents are to be attached along with the return of income.

Identify the correct ITR Form applicable to him.

Carefully provide all the information in the ITR form.

Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.

If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise, return would be treated as a defective return.

Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.

After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.

In case the return is filed electronically without digital signature do not forget to post the acknowledgment of filing the return of income at CPC Bengaluru (as discussed earlier).

For details on e-filing please login to http://www.taxblock.venture-care.com/

My Address has changed. I want to change the Address/ e-mail ID/ Mobile Number which I mentioned in my Income Tax Return.

LOGIN and GO TO 'My Profile Settings ? 'Change in ITR Form Particulars'. Provide the new Address/ e-mail ID/ Mobile Number and SUBMIT. Once submitted, the Address/ e-mail ID/ Mobile number is updated in your profile and also sent to CPC (Central Processing Center) to update on the Income Tax Return.This has to be done within 7 days of filing the Return.

How many times I can file the revised return?

Legally, a return can be revised any number of times before the expiry of one year from the end of the Assessment Year OR before the completion of the assessment by the Department; whichever event takes place earlier.

In case of refund, the information desired is MICR/IFSC, bank a/c number and type of account. The assessee is not required to mention the name of the bank. However, this may be necessary to ensure that the refund is not credited to a wrong account due to quoting of incorrect MICR/IFSC code.

As per prevalent standard banking practice, it is MICR/IFSC code and the Bank account number which uniquely determines the destination account. In case of wrong MICR/IFSC code, the refund credit will fail but would not be credited to the wrong account at all.

Consequences for non-payment of tax demand?

Non payment of tax demand attracts penalty and prosecution as per the provisions of the Income tax Act,1961 along with proceedings for recovery listed in Chapter XVII-D of the Incometax Act, 1961. You are also liable to pay simple interest at the rate of one per cent for every month or part of a month for the period of default in accordance with section 220(2) of Income Tax Act, 1961.

I need my ITR-V, how do I get it?

Once your tax expert has e-filed your Income tax returns, the acknowledgement ITR-V will be ready for download from your account by login at https://incometaxindiaefiling.gov.in/eFiling. Also we will send you the Acknowledgment copy on your mail so that you will able to download it whenever you want it.

who will help me while filing taxes using VC TaxReturn “ File Taxes Yourself ”, as I am filing my taxes for the first time?

We have dedicated staff having good knowledge of income tax can be available via chat or phone to help with the filing process, once you register and login to http://www.taxblock.venture-care.com/
Is there any Tax information repository where I can find articles related to taxes?

Yes, you can read our blog for articles on different Income Tax topics. We also have a Guides section where we have included information on important tax filing and tax savings topics to ease the tax filing process for you. 25. Where does Venture care have offices?

Where does Venture care have offices?

We have Office in Pune and Mumbai for more information please click here.

I have changed jobs in last year or current year. Can I file my return via Venture Care?

Yes. You can file your taxes with us by providing us Form 16 from all the employers. We will help you to compute your correct tax liability and filling your Income Tax Return.
How to e-file Income Tax?

You can do this by logging in to the https://incometaxindiaefiling.gov.in

To get experts prepare and e-file your returns just register with tax block and we will assign you a tax expert. This expert will prepare your tax return and file it for you.

Do I need to pay taxes on inheritance property owned?

You do not need to pay inheritance taxes in India . You need to pay taxes only when you sell the property in India as capital gains tax.

Whether E-filing is Mandatory?

Paper returns are not accepted for Person earning income of more than Rs. 500,000 in a financial year( Previous Year) are compulsorily required to e-file their Income Tax Returns.

What is TDS?

TDS means Tax Deducted at Source. TDS on income from salaries are deducted on an estimation made at the start of the financial year. The employer is responsible for deducting taxes every month in equal instalments. In case the deductee has switched jobs during the fiscal year, the employer will deduct taxes on the basis of all accrued income in the financal year.

What is the minimum salary one should have for TDS to be deducted by the employer?

Salary needs to be subject to TDS only if the employee falls under the income tax slab. This means that an individual earning less than Rs. 2.5 lakh, senior citizens with a salary of less than Rs. 3 lakh and super seniors (above the age of 80) earning less than Rs. 5 lakh, do not need to pay tax and hence no TDS has to be deducted from their remuneration.

How to pay amount due for taxes?

Generally for salaried individuals taxes are deducted at source and hence no taxes are due on the return filing date. However, you may be liable to pay taxes when you have income from sources other than salary e.g. from house property income, income from capital gains, sale of shares, income from other sources etc. In this case you may still have to pay taxes on the income earned from these transactions. These taxes may be paid at the time of filing your return of income i.e. on or before 31st July.

You may pay these online through a payment gateway for payment of taxes on the Income Tax website of the government.

1. For paying taxes select challan 280.

2. Select the Assessment Year for which you are paying taxes and fill in all details like PAN, Address, phone number, email address etc. Here you need to select the option Self-Assessment Tax if you are paying tax due for the FY that has just ended.

3. Here you will be re-directed to the net banking page where you need to pay tax. There are spaces for surcharge, interest and education cess that need to be kept blank.

4. On payment of tax you should receive your challan 280 that contains details of tax paid by you.

If original return is misstated can i file a revised return to correct the mistake?

Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised. Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.

E.g., In case of income earned during FY 2014-15, the due date of filing the return of income (considering no audit) is 31st July, 2015 (this was extended to 31st August this year). If the return of income is filed on or before 31st July (31st August in this case), 2015 then the return can be revised upto 31st March, 2017 (assuming assessment is not completed by that date). However, if return is filed after 31st July (31st August in this case), 2015, then it will be a belated return and a belated return cannot be revised.

What are the steps in brief to upload the Income Tax Return on this website?

You can e-file using our “ Free Online Tax E-filing ” application which is an intuitive, secure, simple online platform through which taxes are filed. Just submit your basic details, upload your Form 16 and our application will pre-populate the return for you. Check the return and file it yourself.

You can alternatively do this by Visiting to the ITD e-filing website https:\\incometaxindiaefiling.gov.in

On homepage, GO TO 'Downloads' section and select applicable Income Tax Return Form of the relevant Assessment Year OR Login to e-Filing application and GO TO 'Downloads'?'Income Tax Return Forms' and select applicable Income Tax Return Form of the relevant Assessment Year.

Download the excel utility of the Income Tax Return (ITR).

Fill the excel utility and Validate.

Generate an XML file and save in desired path/destination in your desktop/system.

LOGIN to e-Filing application and GO TO ? e-File ? Upload Return.

Select the Income Tax Return Form and the Assessment Year.

Browse and Select the XML file

Upload Digital Signature Certificate, if available and applicable.

Click 'SUBMIT'.

On successful upload, Acknowledgement details would be displayed. Click the link to view or generate a printout of Acknowledgement/ITR-V Form.

To get experts prepare and e-file your returns just register with our Assisted Online Tax e-filing and we will assign you a tax expert. This expert will prepare your tax return and file it for you.

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