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.
- 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
- 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, House property 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). Please note e-filing is mandatory for those whose income
exceeds RS.5 lakhs in a year.
- 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.Fifty lakhs. Contact us for further information
and help on this: firstname.lastname@example.org.
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, 1 House property (self-occupied or let out) and Interest income alone, choose - ITR-1
- If you have Salary/pension, House property (self-occupied or let out), Capital gains, other income, choose - ITR-2
- 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 e-mail email@example.com for help.
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". No, Lekha and Co cannot post the ITR-Vs for you.
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?
Digital signature is must for assessees who need to get tax audit done mandatorily and for business assessees whose total income exceeds RS.10
lakhs. For all others, 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?
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:
- Fill-up the "Personal details form".
- 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
- If you had extensive share trading (exceeding 50 transactions) during the year or if you have Income from Business and Profession,
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 firstname.lastname@example.org for any further clarifications.
Working hours: Monday to Friday; 10.00 A.M to 6.00 P.M.
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further, it would be deemed as agreeing to the terms and conditions.