Income Tax filing

Although e-filing is compulsory only for income above Rs. 5,00,000 it is always an easier option to e-file taxes as it is safer, more convenient and quick.

Benefits of IT filing

Proof of Income

Get VISA Stamped

Get your Income Tax Refund if Tax Deducted above your Tax Limit

Avoid Paying Penalties

WHICH ITR?
ITR-1 OR SAHAJ

This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:-

 Income from Salary/ Pension; or

 Income from One House Property (excluding cases where loss is brought forward from previous years); or

 Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

Who cannot use this Return Form?

This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

If you have foreign assets, you cannot use ITR-1.

ITR-2A

If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.

This tax return form is to be used by:

 Taxpayers who have salary income and own more than one house property and DO NOT have any capital gains.

 Those who have long-term capital gains from transactions on which Securities Transaction Tax is paid (which are exempt) from tax can still use this form.

NRIs can file ITR-2A, if applicable, however residents who have a foreign asset or foreign income CANNOT file this form.

Who cannot use this Return Form?

This income tax return ITR -2A CANNOT be filed by those who have:

 Income from Capital Gains

 Income from Business or Profession

 Any claim of relief/deduction under section 90, 90A or 91

 Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India

 Any resident having income from any source outside India.

ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-

 Income from Salary/Pension; or

 Income from House Property; or

 Income from Capital Gains; or

 Income from Other Sources (including Winnings from Lottery and Income from Race Horses).

Further, in a case where the income of another person like one's spouse, child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use this Return Form

This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP.

ITR-3

For declaring these types of Income, you may have to use ITR-3 or ITR-4 or ITR-4S.

This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head “Profits or gains of business or professional” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.

In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.

Who cannot use this Return Form

This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession under any proprietorship

ITR-4

For individuals and HUFs having income from a proprietory business or profession.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

This return has to be filed electronically only.

ITR-7

For persons including companies required to furnish return under Section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

 Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

 Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

 Return under section 139(4C) is required to be filed by every -

 scientific research association;

 news agency ;

 association or institution referred to in section 10(23A);

 institution referred to in section 10(23B);

 fund or institution or university or other educational institution or any hospital or other medical institution.

 Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Service Tax Return 

Persons or entities liable to pay service tax or having service tax registration must file service tax returns half Yearly

Due Date

April to September

Oct to March

Cost = 1500 /-

VAT Return Filing and VAT Return Due Date

Persons or entities liable to pay sale tax or having registration must file returns every month on or before 20 th

Due Date - 20th of Next Month

Cost = 1000/-

Central Excise

WHO CAN FILE?

Form E.R.-1

All central excise registered manufacturers other than those who are entitled to file ER2 and ER3.

Form E.R.-2

"Manufacturers who are 100 % EOUs (Export Oriented Units) and are removing goods into the domestic tariff area".

Form E.R.-3

Filed by manufacturers who have exercised option for annual value based exemption and alsofiled by manufacturers of processed yarn, unprocessed fabrics falling under chapters 50 through 55, 58 or 60 of the Central Excise Tariff and who are manufacturers of readymade garments.

Form E.R.-4

"Annual Financial Information Statement of assesses paying annual PLA duty of more than Rs. One crore. "

Form E.R.-5

Annual return of principal inputs filed by assessee paying duty of Rs. One crore or more per annum through PLA.

Form E.R.-6

Monthly return of receipt and consumption of each of Principal Inputs.

Form E.R.-7

Return for declaring the annual installation capacity of a manufacturer for the previous financial year.

The Central Excise Returns ER4, ER5, ER6 and ER7 are not required to be filed w.e.f 1st April 2016 (refer notification No.8/2016 CE(NT) dtd 1.3.2016 & 13/2016-CE(NT) dtd 1.3.2016 ). Assessees can continue to file these returns in ACES for the past period.

A new Annual Return, is prescribed under Rule 12 (2) (a) of Central Excise Rules, 2002 read with Rule 9A of Cenvat Credit Rules, 2004. The new format will be notified by the Board. The same has to be filed by 30th November 2016.

Form E.R.-8

Returns filed by units producing goods leviable to duty as per notification no.1/2011 as amended.

Form CEC

Return to by filed by mines paying Clean Energy Cess every second succeeding month of the clearances

Dealer return

Filed by registered first stage and second stage dealers giving details of invoices

What is e-TDS Return/Statement?

TDS Return/statement is a summary of all the transaction made during Quarter filed in the form of 26Q, 24Q, 27Q by computer readable media on CD ROM/PIN Drive as format described under Income Tax Act.

Who are liable to submit e-TDS Return/Statement?"

" The person who deducts TDS is liable to furnish eTDS Return. It is mandatory to file TDS Return within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TDS Return. The following persons are required to file e-TDS return quarterly. Person Who Hold TAN Company Persons whose accounts Audited (See limit for Audit of Accounts) Govt. Officers"

ESI

Employees State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948

Benefits

"For all employees earning ₹15,000 or less per month as wages, the employer contributes 4.75 percent and employee contributes 1.75 percent, total share 6.5 percent. This fund is managed by the ESI Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family. ESI scheme is a type of social security scheme for employees in the organized sector"

Return Due Annual Return - 25th April

 21st of every month respectively

PF

The Employees Provident Fund Organisation (abbreviated to EPFO), is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis

Return Due The last date for contribution is 10 th of every month