Capital Gain Tax Return Means Any Statement of profit or gain or Loss that arises from the sale of a ‘capital asset Like House, Shops, Jewelery or Other Investment. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place. Every Salaried person or the Business Person has to file income tax return who has income more than Below taxable limit i.e Rs 250000 in Financial Year. Salaried Person, Retired Pensioner, Women Who earns only from the Interest, Army Person, The person who does the job and earns more the Basics exemption limit U/s 250000.
Salaried people get Form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc. You are required to upload these documents within hours of plan purchase to help us assign a CA and file your returns on time.
SERVICE INCLUDES
Tax Filing For
Salaried individuals with single or multiple Form 16
Individuals with house property and Salaried Individual or both
Tax filing for salaried individuals with Other Sources like interest Income Casual income etc
Capital Gain Tax Return
Basic Share Trading Not regular
Tax Due/Refund Status and Filing Confirmation
Expert Assisted Tax Filing
Business Hours CA Support – Email & Phone
DOCUMENTS REQUIRED
Form 16 from your company
Additional Form 16
Form 26AS Tax Credit Statement
Aadhar card
Bank statement
Details of House Property
Other Documents
FAQ
All the money you receive while rendering your job as a result of an employment contract. Or Any Pension on retirement from the job.
All the Money that you receive from the Property that any Individual own by way of Self Occupied Property Or Let Out / Rented Out Property
Generally Income accrued from Fixed Deposits and Savings Account , Lottery Earnings, Dividends etc come under this head.
Your employer deducts tax from your salary and pays it to the I-T Department on your behalf. It’s called TDS. TDS is tax deducted at source. Your employer cuts a portion of your salary every month and pays it to the Income Tax Department on your behalf. based on your total salary for the whole year and your investments in tax-saving products, your employer determines how much TDS has to be cut from your salary each month. For a salaried employee, TDS forms a major portion of an employee’s income tax payment. Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month.
This is a fixed component in your pay check and forms the basis of other portions of your salary and hence the name. It is usually a large portion of your total salary. HRA is also defined a percentage of this Basic Salary. Your PF is deducted at 12% of your Basic Salary.
House Rent Allowance: Salaried individuals who live in a rented house/apartment can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. Note: If you receive HRA and don’t live on rent your HRA shall be fully taxable.
Individuals need to file their return by 31st July of next year, i.e for income earned in Financial Year 2018-19, the return has to be filed by 31st July 2019
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
Audit & preparation of financial statements is not part of the plan.
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
Income from House Property is possible in these cases – Rental Income on a let out property Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property) Annual Value of the property which is self occupied, which is Nil Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.
You can pay taxes Online . If comes to due you can pay taxes online. We will help you in that payment.
No, all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place.
Capital Gain Tax Return helps you in filing the calulations and tax planning.
A capital asset held for not more than 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset. For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months. It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated. Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.The assets are: Equity or preference shares in a company listed on a recognized stock exchange in India Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India Units of UTI, whether quoted or not Units of equity oriented mutual fund, whether quoted or not Zero coupon bonds, whether quoted or not. When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset
Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier.
But incase of the Loss in the Business or Sale of property or assets you should file Capital Gain Tax Return on time
For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
When an asset is sold, the profit arising from such transaction is taxed as Capital Gain. Such gain can be long term or short term and the taxability differs accordingly. In General gain on sale of assets held for more than 36 months are called Long Term Capital Gain(LTCG taxed at 20%)and when assets is held for lesser period then Short Term Capital Gain( taxed according to normal tax slab rates) arises. In case of shares and securities the period is 12 months in place of 36 months.
