Before filing
Do I Need to file the Income tax return?
Every person Resident of India have to file if His Gross Annual income above (2,50,000)Current financial slab rates
Ex: AY 2019-20 (2,50,000)
FORMS
ITR -1 Salaried Income below Less than 50 lakhs
ITR Income from salary & House Property above 50 lakhs
ITR -3: Employee with(without) (everything from ITR -2) Business & profession
ITR -4 (Only for Presumptive scheme) Self-employed(Individual, HUF, partnership FRIm) Business /Profession /Transporters Below Turnover 2Crore, 50 lakhs, 7K Month transporter
ITR -5 FIRMS (LLP, AOP, BOP)
ITR -6 Companies (not claiming under section 11)
ITR -7 persons & Companies under section 139(4(a,b,c,d)* refer more..
Only Salaried & self-employed persons can file ITR Online Incometaxfileindiagov.in
other Assesses can download ITR Forms excel UTIlity and generate XML to uploads as ITR. or
Professional Use Software to the computer file, Generate (financial statements like PL, Balance sheet, Income statement very Fast.
AY 2019 -20 Benefits
Rebate full up to 5 Lakhs Net Taxable Income. if more than that 12,500.
Standard Deduction up to 40,000 from (gross salary)
FIling ITR 4 From
Visit Income https://www.incometaxindiaefiling.gov.in/home
Register with Your PAN Number and Login with Your Pan card Number & password.
Registering Aaadhaar card, Bank Account details, Phone Number, email, Address are Necessary.
- Once You logged into the Click on file e FILE.\
- select Assortment year ex: 2019-20 (for filing income 2018-19)
- Select from ITR 4
- Filling type original (1st time)/revised (in case of any defects in 1st time)
- Submission Mode Online / Upload XML (select Online)
Fill the basic details in case of any missing.
Select Fill Return Type
- Nil (no need to pay anything if your income below income slab rate),
- tax Payable (1st you have calculated tax then pay the same online,
- Tax refundable (in case of TDS Deducted more than you pay tax)
Business details:
Select Business code Important to Avoid Defective returns 139/9 notice check ITR Businecode List AY 2019-20 here.
CA Advise required if necessary.
There are sections
44 AD Business >> 8% of total Turnover if your business 1 lakhs then 8% of it 80,000 (then no tax current slab rates are 2,50000
if you turn over 30 lakhs Then 8% of it 3000000*8=24000000/100= 2,40,000 still no tax
50 lakhs Turn over 5000000*8=40000000/100= 4 Lakhs
according current AY 2019-2.5 to 5 lakhs 5% of the taxable income
so 5% of 4 lakhs would be 10% 40K 5% = 20000
20,000 you have to pay if your business turnover is 50 lakhs (without tax planning)
But Here are the Key deductions under 80C Up to 1,50,000
80D 25-5000
80G Donation 50-100%
Donation to Political party gives 100% deduction from taxable income but above 1000 you need to pay electronically or cheque.
above case, if you are Paying Insurance about 20000 a year then you claim 20000
then it would be nil balance.
44 ADA
50% presumptive income up to 50 lakhs.
44 AE
how to file income tax return online for salaried employee 2019 -20
FORM 1 Income up to 50 lakhs
- income from salary /pensions,
- income from one house property,
- income from other sources (bank FD, saving Interests, excluding lottery & race horses)
- Agriculture income below 5000
Who cannot file ITR 1 for AY 2019-20
Income above 50 lakhs, Agricultural income more than 5000, More than one House Property, taxable capital gains, income from business or profession, lottery, Racehorses, Legal Gambling,
claiming double taxation(foreign) relief under section 90/90A/91.
- Once You logged into the Click on file e FILE.\
- select Assortment year ex: 2019-20 (for filing income 2018-19)
- Select from ITR 1
- Filling type original (1st time)/revised (in case of any defects in 1st time)
- Submission Mode Online / Upload XML (select Online)
ITR 1 FORM Structure
General Instructions
part A basic details
nature f employment
Pvt/ Public /Pension /others
Part B Computation and tax
B1 Gross total Salary
Deductions:
Allowances under 10 us
entertainment allowances
standard deduction section 16/us
professional tax
B2 Income from House Property (enter if any)
B3 Income from other sources
Gross Total Income from (B1+b2+B3)\
C Deductions and Taxable income
Exemption income (for reporting purpose section 10 describes it)
Tax details
TDS TAN Of employer Form 16
TDS FORM 16 A Bank/ Insurance
TDF 16C
TCS 27D
SCH FInal part (taxes Pais by you)
After Paying taxes Online with net banking
You have furnished the receipt details otherwise you cannot retrieve and you have to pay again(there is some procedure to get forgotten BSR Code & tax paid details)
- BSR CODE
- Date
- Serial /challan No
- Amount of tax
(This will be used if you choose return type payable and it has to be paid before you file the return my case I paid after filing income thought it will be automatically populated in the form But not)
taxes paid & verification
Donations 80G
80GGA
D Computation Tax payable
rebate us 87/A (annual income up to Rs. 5 lakh rupees to get full tax rebate Rs. 12,500 )
Tax after rebate
Relief us 89/1 (advance salary/pension annual income up to Rs. 5 lakh rupees to get full tax relief Rs. 500000 submitting 10 E mandatory before filing )
