1. When should I file my Income tax return?
If you are an individual having the following heads of income, you need to file your annual income tax return before 31st July.
- Salaries
- Income from House Property
- Capital Gains
- Other income (interest etc.)
2. Can I file my return after due date?
Yes. Some penal clauses may be applicable if return is not filed before due date depending on your income, tax paid, tax due etc.
3. How can I file my return?
Individuals can either file a paper return or file an electronic return.
4. What are the steps involved in filing a tax return?
For people having income from salaries/ house property/ capital gains/ other income and not having income from
business and profession:
- If you are a salaried employee, get your Form-16 from your employer.
- If you are a pensioner, collect your pension certificate from your Bank.
- Collect interest certificates, Form-16-A (if tax is deducted on interest) from your Bankers and financial Institutions.
- If you own a house property, and are repaying housing loan, get a certificate from the lender. If the property is let our collect
details of lease.
- If you have sold a property during the year, gather information relating to purchase, improvements and sale of the property.
- If you have dealt in shares or mutual funds during the year, collect information regarding purchase and sale of corresponding
shares/mutual Funds.
- Collect receipts of all investments made for tax saving purposes during the year.
- Compute your Gross Total Income by adding all the income received during the year.
- Calculate your Net total Income by deducting all the investments made for tax saving purposes u/s 80C and any other donations
or deductions under various other sections in Chapter-VI of Income Tax Act.
- Compute your tax liability and see if any tax is due.
- Pay your taxes, if due.
- Fill your return form - ITR-1 for salaries and Interest Income; ITR-2 for Salaries, House property, Capital Gains and Other Incomes.
- Submit your form online (e-filing) or at the nearest Income Tax Office (physical filing).
- In case of e-filing, you would be required sign DIGITALLY or if you do not have Digital Signature, ITR-V will be generated, which
will have to be signed and sent within thirty days of e-filing at the Income Tax Office.
For people having income from business and profession:
In addition to above mentioned steps, you need to collect information regarding your business/ profession and prepare a profit
and loss account and balance sheet. You may need to get your accounts audited if your gross total income exceeds RS.Ten
lakhs. Contact us for further information and help on this: tax@lekrish.com.
5. What are the various heads of Income?
- Income from Salaries
- Income from House property (even if it is self-occupied)
- Income from Business and Profession
- Income from Capital gains
- Other Incomes
6. Which return form should I choose?
- If you have salary/pension and Interest income alone, choose - ITR-1
- If you have Salary/pension, House property (even when self-occupied and not let out), Capital gains, other income, choose - ITR-2
- If you are an individual with all the five heads of income stated above, choose - ITR-4
- For all other form types refer to http://incometaxofindia.gov.in .
7. Can Lekha and Co. help me file my return?
Yes. We can definitely help you file your return. We would be undertaking only electronic filing of return from this year, unless the
situation demands otherwise. You could submit the relevant income details to us. We would e-file your return with the Income Tax
Department. Lekha and Co. is powered by a team of experienced Chartered accountants who are well versed in Income Tax laws.
We can give you expert guidance, compute your total income, fill the Income Tax Return forms and upload your e-return.
8. Can I file my Tax Return directly through Income Tax Website without anybody's help?
Yes, you can file your Income Tax Return directly (URL: https://incometaxindiaefiling.gov.in/portal/index.jsp ). Look at our
"DO IT YOURSELF" page for free instructions and form downloads. But, you may not understand all the terminologies used in
Income tax Laws and it may prove to be difficult and tiresome filling the complicated tax return forms. Sometimes you may not
understand which Return Form to be used and when. Also, you may have income from multiple sources, where you would need to
compute your total income. Therefore, it might prove useful to leave the job to the experts and relax.
9. I can file return directly. I need help only in computing my total income and calculating my tax liability. Can I avail this
service alone from Lekha and Co.?
Yes. You can avail this service alone. You can choose this from the service category.
10. If I use Lekha and Co.'s help for filing my return, will they deposit my ITR-V?
After e-return is uploaded, an acknowledgement in ITR-V will be generated by the system which shall be e-mailed to you by Lekha
and Co. All the ITR-Vs must be duly signed by assessee and sent within thirty days through normal postal services to the Central
Processing Centre at “Income Tax Department – CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100,
Karnataka". Yes, Lekha and Co. would help post the ITR-Vs for people living outside India for packages "TYPE-1" and above.
11. In which locations are these services available?
These services can be utilized from anywhere in the globe for filing Indian Income Tax return.
12. Is Digital Signature a must?
No. As said earlier, if Digital Signature is not available, ITR-V can be printed, signed and sent to Income Tax Department within
thirty days of filing return. Digital Signature only makes it simpler.
13. How long does it take to get a Digital Signature?
It may take one day to one week depending on your location and availability of documents.
14. I worked for two employers during the last financial year. What do I do?
You can choose "computation only" or "computation and return filing" option (see service menu) for filing your
information with us. We will make a computation and if any tax becomes due, we will inform you accordingly.
15. What do I have to do to file tax returns through Lekha and Co.?
If you wish to file your tax returns through us, you need to follow the following steps or visit Instructions page.
- Fill-up the "Personal details form" and "Annual Information Report".
- Send us your Form-16/Form-16A/Any other investment or income proof through e-mail (scan) or courier (office address).
- Go to the payment gateway and make payment of our fees.
16. What procedure shall be followed by Lekha and Co.?
Lekha and Co. on receipt of the information/documents and requisite fees, will
- Electronically fill-up the relevant forms.
- If no tax is due and all information received is correct, e-file with Income Tax Department.
- Send an intimation for payment of tax to the individual in case tax becomes due.
- Shall e-file return with Income tax Department on receipt of tax payment challan from the individual.
- After e-filing with Income Tax Department, send electronic return acknowledgement (ITR-V) to the individual.
- E-return acknowledgement (ITR-V) shall be printed and signed by the individual and sent through normal posatal services to the
Central Processing Centre at “Income Tax Department – CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100,
Karnataka" within thirty days of e-filing.
17. Will the information sent to Lekha and Co. be kept confidential?
Yes. Any information you send to Lekha and co. for the purpose of filing your return shall be securely directly sent to the tax
department of Lekha and Co. All Lekha and Co. personnel shall maintain strict confidentiality with respect to client information at
all times.
18. What is the fee structure?
- Please take a look at our "Service Menu". We offer ready made services for individuals having all sources of income except
Income from Business and Profession.
- If you had extensive share trading (exceeding 50 transactions) during the year or if you have Income from Business and
Profession exceeding RS. ten lakhs, please contact us directly.
19. What are the various payment options?
20. I need some more clarifications regarding Income Tax rules and procedures.
21. I require some clarification from Lekha and Co.
Please feel free to e-mail us to tax@lekrish.com or call us @+91-(0)44-65188470 for any further clarifications.
Working hours: Monday to Friday; 10.00 A.M to 6.00 P.M.
Please read TERMS AND CONDITIONS carefully before you proceed. Once you click "Buy now" button in the Tax Services
page, to proceed further, it would be deemed as agreeing to the terms and conditions.
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