Who should file income tax return online?

 

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 Income Tax Act, 1961. The process of electronically filing Income Tax through internet is known as E-filing of returns. This offers convenience of time and place to tax payer. This facility is available round the clock. Return can be made from any place in the world. It eliminates interface between individual and tax officials.

E-Filing mandatory for -  Income Tax department made it mandatory to e-file returns if any of the following case apply:-

  • If you are below 80 years of age and satisfy the below conditions
    1. When total income assessable during the previous year of the person exceed five lakhs rupees.
    2. Any refund is claimed in the return of income.
    3. Accounts are required to be audited under section 44AB of the Act.
    4. Audit report is required to be furnished electronically.
    5. If deductions under section 90, 90A, 91 claimed in return.
    6. A person, being a resident has asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • If you were 80 years or moreat any time during the previous year
    1. If you are filing ITR- 3, 4, 5, 6, 7
    2. Accounts are required to be audited under section 44AB of the Act.
    3. Audit report is required to be furnished electronically.
    4. If deductions under section 90, 90A, 91 claimed in return.
    5. A person, being a resident has asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • If you are filing ITR- 3, 4, 5, 6, 7 then tax return has to be mandatorily e-filed.

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This article is brought to you by onlineITreturn.com

For a detailed advise, you can contact info@onlineitreturn.com or visit www.onlineitreturn.comOnlineITreturn.com is an online portal for efiling your income tax return and advise, consultancy on taxation matters including Service Tax, TDS. All taxation matters are handled by Chartered Accountants.

 

Income Tax Slab rates

Income Tax Slab Rates (AY 2015-16)

(For assessment year 2015-2016)

 

  • In case of an Individual (Resident or non- resident) below 60 years of age or HUF

 

Taxable Income

Tax rates

Up to Rs.2,50,000

Nil

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Above Rs.10,00,000

30%

 

  • In case of senior citizens (above 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

 

Taxable income

Tax rates

Up to Rs.3,00,000

Nil

Rs.3,00,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Above Rs.10,00,000

30%

 

  • In case of super senior citizens (above 80 years or more at any time during the previous year)
Taxable Income

Tax rates

Up to Rs.5,00,000

Nil

Rs.5,00,000 to Rs.10,00,000

20%

Above Rs.10,00,000

30%

 

  • Cess/ Surcharge for all the above :
  1. Surcharge:  10% of the income tax, where taxable income is more than 1 crore.
  2. Education Cess: 2% of the income tax and surcharge.
  3. Secondary and Higher Education Cess: 1% of the income tax and surcharge.

_________________________________________________________________________________________

This article is brought to you by onlineITreturn.com

For a detailed advise, you can contact info@onlineitreturn.com or visit www.onlineitreturn.comOnlineITreturn.com is an online portal for efiling your income tax return and advise, consultancy on taxation matters including Service Tax, TDS. All taxation matters are handled by Chartered Accountants.