Who is eligible for a tax audit?

A tax audit is required by: a) Business taxpayers with a turnover of more than Rs. 1 crore b) Professionals with gross receipts of more than Rs. 50 lakh

Can a tax audit report be revised?

Yes, a tax audit report can be revised under certain circumstances. An experienced chartered accountant can help you revise your audit report.

What is the purpose of a tax audit?

The purpose of a tax audit is to ensure that taxpayers maintain proper books of accounts and comply with the Income Tax Act provisions.

How to file a tax audit report?

The tax audit report needs to be filed electronically using the Income Tax Department's online portal.

What is the Due Date for Tax Audit as per Section 44AB?

The due date for filing the tax audit report as per Section 44AB is September 30th of the relevant assessment year.

What is the penalty for a tax audit?

If taxpayers fail to get their accounts audited or submit the tax audit report by the due date, they may be liable to pay the penalty. The penalty equals 0.5% of the taxpayer's turnover or gross receipts.

Income Tax E-Filing Must Know Steps: Complete Process of ITR Filing Online

Do you wish to file your income tax return online? Our website offers a complete guide to the process of ITR filing online. From registration to submission, we've got you covered. Trust us to make your tax filing experience hassle-free and accurate. We will also help you with services related to transfer pricing.

Introduction:

Income tax e-filing is the electronic filing of income tax returns using the Internet. ITR return filing is a convenient way to file your tax return as it can be done anywhere with an internet connection. You don't have to visit the Income Tax Department or wait in long queues to submit your return by opting for income tax e-filing.

Documents Required for E-Filing

PAN Card
Aadhaar Card
Bank Account Details
Form 16/16A
Investment Details

Steps for E-Filing ITR Online

There are seven types of ITR forms in India: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-712345. The applicability of these forms will completely depend on the nature and income of the taxpayer. Only ITR-1, ITR-2, ITR-3, and ITR-4 are applicable for individuals. ITR-5 and ITR-6 are applicable only for companies and firms. Here is what you need to do for E-Filing ITR online:

Register yourself on the Income Tax E-Filing Portal
Login to the Income Tax E-Filing Portal for income tax e-filing.
Select the Appropriate ITR Form
Fill in the Required Details
Validate and Submit the Form
E-Verify the ITR

Tips for Smooth ITR E-Filing

There are a lot of tips and tricks that you can follow in order to ensure that your entire ITR E-Filing process becomes a streamlined one:

Keep all the documents handy.
Double-check the details before going for ITR filing online.
Use the latest version of the browser for better performance
Verify the ITR using Aadhaar OTP or Net Banking
Remain aware of the steps to follow in case you miss to file the returns.
Get to know the different ways in which you can pay less taxes like house loans, education loans, pension plans, medical insurance, etc.

By keeping all these tips and tricks in mind, you will be able to ensure that your ITR E-Filing process becomes a smooth one. You will also be able to avoid getting a notice from the Income Tax Department.

How BC Shetty & Co Can Assist You In the Income Tax Return Filing Process?

With over 37 years of experience serving clients, our team has the expertise and credibility to assist you with filing income tax returns.

We have a clear and well-established process for tax filing. Our tax filing process has been defined keeping in mind the unique requirements of all categories of taxpayers. Our team is also quite tech-savvy and will make use of Information Technology to offer you the services in a highly streamlined manner.

From tax advisory, tax computation and tax filing services to asset and liability tax computation services, we have got it all covered for you. We will also provide you with tax-saving tips and tax litigation support so that you can end up saving yourself quite a lot of money.

The data collection process is done safely and securely through WhatsApp. We will send you personalised emails so that the entire tax filing process can be carried out in a smooth and hassle-free manner.

Current Income Tax Slabs in India

The current income tax slabs in India for individuals (resident and non-resident) below 60 years of age are as follows:

For taxable income up to Rs. 3 lakhs: No tax is applicable.
For taxable income between Rs. 3 lakhs to Rs. 6 lakhs: The tax rate is 5%.
For taxable income between Rs. 6 lakhs to Rs. 9 lakhs: The tax rate is 10%.
For taxable income between Rs. 9 lakhs to Rs. 12 lakhs: The tax rate is 15%.
For taxable income between Rs. 12 lakhs to Rs. 15 lakhs: The tax rate is 20%.
For taxable income above Rs. 15 lakhs: The tax rate is 30%.

The above income tax slabs are applicable for every individual irrespective of their age. Unlike the old tax regime, the new income tax regime does not differentiate individuals on the basis of their age. The income tax on real estate business is also calculated based on the overall taxable income.

FAQ

What is the manual procedure to file ITR offline?

The manual procedure to file ITR offline involves filling up the physical ITR form and submitting it to the designated Income Tax office.

Can I file my ITR myself?

Yes, you can file your ITR yourself. The Income Tax Department provides an online portal for the e-filing of ITR. You can register on the portal, fill in your details, upload the necessary documents and submit your return.

What Happens if ITR is not Filed? What are the consequences?

If ITR is not filed, the taxpayer may face multiple consequences including penalties, higher tax rate, prosecution or loss of refund.

How can I correct my income tax return online?

You can correct your income tax return online by following the below steps:

Login to the Income Tax e-filing portal.
Click on "My Account" and select "View e-Filed Returns/Forms".
Select the relevant assessment year and ITR form.
Click on the "Rectify" button.
Make the necessary changes in the return.
Click on "Submit" and then "Preview and Submit".

How to check Income Tax E Filing Status?

You can check the Income Tax e-filing status by logging in to the Income Tax e-filing portal.

Copy of Form 16 :

Copy of PAN Card :

Email ID :

Contact Number :

Corresponding Address :

All Bank Account Details :

ITR Account Log in Password :

Interest received from Bank :

Tax saving Components

Provident Fund paid :

LIC Permium Paid :

Medical Insurance :

Housing loan Interest and Principal Paid :

Children Tuition fees :

Education loan paid :

Other Tax Saving Components ( to be specified) :

Next Step:

After sending to our mail id you have to pay through online banking/net banking
After payment we will file your ITR within short span of time
You will receive ITR acknowledgement to your mail ID
For any queries kindly feel free to contact us by mail to taxexpert@bcshettyco.com

Income Tax E-Filing: Complete Process of ITR Filing Online