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e-Filing of Income Tax Returns

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Income Tax


We work day and night, enduring pain, discomfort, failures, and what not, throughout the month to finally receive the fruit of our labor as salary.

And then finally comes the day when you have to pay Income Tax.

However sad and unjust as it may feel, Income Taxes are a living breathing reality.

There's no escaping not paying Income Tax without facing legal consequences.

But not everything is as dark and unfair with Income Taxes.

These Taxes collected from individuals are spent towards building a better economy and a better Nation, thus returning you the value of your Tax money in an amplified manner.

Besides, if one knows the tea around these Taxes, one can considerably reduce the amount to be paid as Income Tax.

We, at Tax Robo, consist of a team of Tax experts and Financial consultants.

Let us help you calculate and significantly cut down the amount you pay as Income Tax, and let you direct your saved money towards high-yielding investments.

CALL US TODAY to book your free consultation.

Every second wasted takes more money from your pocket & into the hands of the Income Tax department.

Save your money RIGHT NOW!

BOOK YOUR APPOINTMENT TODAY!

Income Tax Filing Packages 

Salary Income

Tax Robo Basic

₹749 .00

* All Exclusive fees

  • Single Form 16 -  Income upto 10 Lakhs
  • Salary
  • House Property
  • Interest Income
  • Pension Income
  • Donation

Business Income – Proprietor / Trader Income

Tax Robo Basic

₹2499 .00

* All Exclusive tax

  • Income less than 10 Lakhs
  • Business Income – small business
  • Preparation of Computation, Income Tax Return, 26AS, P&L and Balance Sheet. 
  • House Property
  • Interest Income
  • Salary

Professional Income - Doctors, Engineers, Architects etc

Tax Robo Basic

₹4499 .00

* All Exclusive tax

  • Income less than 10 Lakhs
  • Profession Income
  • Preparation of Computation, Income Tax Return, 26AS, P&L and Balance Sheet.
  • Salary
  • House Property
  • Interest Income

Capital Gain

Tax Robo Basic

₹2999 .00

* All Exclusive tax

  • Income less than 5 Lakhs 
  • Capital Gain from sale of Shares & MF 
  • Preparation of Capital Computation, Income Tax Return and 26AS. 
  • Salary
  • House Property 

Five Main Heads of Income 

Income from Salary

  1. Salary is defined as the remuneration that a person receives periodically for rendering services based on an implied or express contract.
  2. The Salary for the purpose of calculation of income from Salary includes:
  • Wages
  • Pension
  • Annuity
  • Gratuity
  • Advance Salary paid
  • Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
  • Annual accretion to the balance of Recognized Provident Fund
  • Leave Encashment
  • Transferred balance in Recognized Provident Fund
  • Contribution by Central Govt. or any other Employer to Employees Pension A/c as referred in Sec. 80CCD.


Income from House Property

i. Basis of Charge [Section 22]:

  • Income from house property shall be Taxable the house property should consist of any building or land.

ii. The Gross Annual Value of the house property shall be higher of following:

  • Expected rent
  • Rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy

iii. Deductions

Municipal Taxes

Standard Deduction [Section 24(a)]

30% of net annual value of the house property is allowed as deduction

Interest on Borrowed Capital [Section 24(b)]

Let-out property - Actual interest incurred on capital borrowed

Self-occupied property - Interest incurred on capital borrowed allowed as deduction upto Rs. 2 lakhs. The deduction shall be allowed acquisition or construction of house property is completed within 5 years.

Maximum loss set off allowed in a Financial Products year is limited upto Rs. 2 lakhs, remaining loss can be carried forward to future years, 8 years in total



Income from Capital Gains

Any Income derived from a Capital asset movable or immovable is Taxable under the head Capital Gains under Income Tax Act, 1961.
Short Term Capital Gains:
  • Sold a Capital asset within 36 months and Shares or securities within 12 months of its purchase then the gain arising out of its sales after deducting there from the expenses of sale (Commission etc) and the cost of acquisition and improvement is treated as short term capital gain and is included in the income of the Taxpayer.

Taxability of short term capital gains:

  • Section 111A of the Income Tax Act provides that those equity shares or equity oriented funds which have been sold in a stock exchange and securities transaction Tax is chargeable on such transaction of sale then the short term capital gain arising from such transaction will be chargeable to Tax @10% upto assessment year 2008-09 and 15% from assessment year 2009-10 onwards.
Long Term Capital Gain
  • A Capital Asset held for more than 36 months and 12 months in case of shares or securities is a long term capital asset and the gain arising there from is a long term capital gain. Long term capital gains are arrived at after deducting from the net sale consideration of the long term capital asset the indexed cost of acquisition and the indexed cost of improvement of the asset.

Taxation of Long term capital gains

  • The long term capital gains are Taxed @ 20% after the benefit of indexation as discussed above. No deduction is allowed from the long term capital gains from Section 80C to 80U. But in case of individual and HUF where the Income is below the basic exempted limit the shortage in basic exemption limit is adjusted against the long term capital gains.



Income from Profits and Gains of Business or Profession

Under Section 28, the following income is chargeable to Tax under the head "Profits and Gains of Business or Profession":

  • Profits and Gains of any Business or Profession.
  • Any compensation or other payments due to or received by any person specified in Section 28(ii).
  • Income derived by a trade, professional or similar association from specific services performed for its members.
  • The value of any benefit or perquisite, whether convertible into money or not, arising from Business or the exercise of a Profession.
  • Any interest, salary, bonus, commission or remuneration received by a partner from firm .
  • Fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner.
  • Income from speculative transaction.

Income from Other Sources

"Income From Other Sources" is any income which is not specifically Taxed under any other head of income will be

  • Taxed under this head.
  • Section 56(2)(i), Dividends
  • Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form whatsoever, are always Taxed under this head.
  • Interest Income
  • Gifts received by an individual

Advantages of Filing Income Tax (IT) Returns

Eligibility

  • No Benefits In Future For Mere Filing Of NIL Income Tax Return.
  • Tax Returns Are Now Eligible Documents.

Tax Planning

  • Plan & Save Your Income Tax Payment

Risk

  • Carry Forward Loss Only The Return Filed Before The Due Date
  • Do Not Claim Wrong Income Tax Refunds

Compliance

  • Compare The Services Not Cost Of Filing Income Tax Returns.
  • First Of Wholeheartedly Plan For Taxes, Pay Taxes and Enjoying Without Non Compliances.

Document Required for E-Filing Income Tax Return

Proof of Income

  • Form 16 Copy – Part A & Part B
  • Fixed Deposits
  • Capital Gain Statement Share Broking
  • FD Interest Certificate
  • Invoice Copy
  • Contract Copy

Proof of Deduction

  • Life Insurance Premium
  • Medical Insurance Premium
  • School Fees Receipts
  • House Property Tax
  • Interest Certificate Housing Loan
  • Tax Savings Documents
  • Additional Deduction Documents

This may come as a surprise but you don't need any documents or proofs to attach with your Income Tax Returns.

All you need is your Aadhar ID linked with your PAN.

You need documents ONLY IF YOU SEEK TO CLAIM DEDUCTIONS while filing Income Tax.

You DO NOT NEED TO ATTACH ANY DOCUMENTS in your IT return application. Fill your Income Tax return honestly and claim deductions that genuinely apply to your application.

You may need documents only if an Income Tax assessing officer sends you a notice asking you to present those documents before them. Till then, procure all the documents that may be needed and keep them safe.

Advantages & Benefits of E-Filing Income Tax Returns With Tax Robo

Guaranteed

  • Guaranteed Accurate Tax Calculations.
  • Internal Expert Check Before Filing Tax Returns.
  • Draft IT Computation Sent To Client For Confirmation
  • Filing Tax Return After Client Confirmation.
Maximum Refund

  • Fastest Refund Process.
  • Free D-mat Account Opening
  • Claim Your Eligible Tax Deductions.

Error Free

  • Total Elimination Of Clerical Error / Error - Free Return
  • Tax Robo Recommends/Suggests Tax Savings Plan & Products To Clients


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