Thursday, August 8, 2013

Documents Required and Charges For Income Tax Return Filing

Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.There is a misconception among some salaried individuals that because the employer has deduced tax at source they are not required to file tax returns. Even though tax has been deduced and there is no other source of income, or liability to pay tax, employees have to file income tax returns. Every individual has to necessarily file the returns if the total income, before allowing any deduction, exceeds the exemption limit. 

Perfection is something which pertains only to the dictionary. While filing returns, we might miss out on something. We would love to have a second chance for this. Good news is that we can file revised returns up to 31st March 2015. However, Income tax department gives that chance only to those who file within the ‘D’ day i.e. 31st July. In case you make a mistake while filing taxes after this date, you cannot file a revised return for that particular assessment year.Income 
Tax Rates/Slabs Rate (%) (applicable for assessment year 2014-15

Net income range
(For resident woman
below 60 years on the
last day of the
previous year)
Net income range (For resident senior citizen
Net income range (For super senior citizen
Net income range (For any other person excluding companies and co-operative societies)
Income Tax rates
Up to Rs. 200,000
Up to Rs.  250,000
Up to Rs. 500,000
Up to Rs. 200,000
NIL%
Rs.  200,001–500,000
Rs.  250,001–500,000
Rs.  200,001–500,000
10%
Rs. 500,001–1,000,000
Rs.  500,001–1,000,000
Rs.  500,001–1,000,000
Rs. 500,001–1,000,000
20%
Above Rs.  1,000,000
Above Rs.  1,000,000
Above Rs.  1,000,000
Above Rs. 1,000,000
30%


 Income From Salaries

Charges : RS.200/- to Rs.400/- (Based on range of salary)

Documents Required :
  • Pan card
  • Address Proof
  • Form 16
  • Bank Statement
  • Deduction Documents (if any)
    ·  LIC’s
    ·  Medical insurance
    ·  Tuition Fees ( Children’s School Fees)
    ·  Provident Fund
    ·  Fixed Deposits
Income From Business

Charges: Rs.1500/-

Documents Required :
  • Pan card
  • Address Proof
  • Sales  & Purchase Documents
  • Fixed Assets Details
  • Bank Statement
  • Deduction Documents (if any)
    LIC’s
    Medical insurance
    Tuition Fees ( Children’s School Fees)
    Provident Fund
    Fixed Deposits
    Secured & Unsecured Loan Details
    Gifts Given/ Received (if any)
Income From House Property

Charges: Rs.1500/-

Documents Required :
  • Pan card
  • Address Proof
  • Property Document
  • Rental Agreement
  • Municipal Tax Details
  • Home Loan Details
  • Bank Statement
  • Deduction Documents (if any)
    LIC’s
    Medical insurance
    Tuition Fees ( Children’s School Fees)
    Provident Fund
    Fixed Deposits
Income From Capital Gains

Charges: Rs.2000/-

Documents Required :
  • Pan card
  • Address Proof
  • Capital Gain Income Source Details
  • Bank Statement
  •  Deduction Documents (if any)
    LIC’s
    Medical insurance
    Tuition Fees ( Children’s School Fees)
    Provident Fund
    Fixed Deposits
Income From Other Sources
 
Charges: Rs.1500/-

Documents Required :  
  • Pan card
  • Address Proof 
  • Bank Statement
  • Details of Other Income Source
  • Deduction Documents (if any)
    LIC’s
    Medical insurance
    Tuition Fees ( Children’s School Fees)
    Provident Fund
    Fixed Deposits
Click her to Get Quotation for the above services



2 comments:

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  2. Nice blog. If you are applying for PAN card, then you have to get a general rundown of the considerable number of reports required for applying for a PAN card. The application for PAN card needs a particular rundown of archives. Submitting fitting reports will make the preparing of your application speedier. To know Documents Required for PAN Card after marriage visit this site.

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