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INCOME TAX RETURN

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Services Covered

ITR filing for Description About this plan Who should buy How it's done Service covered Documents required Price Action
Individual/ HUF (Salary ITR) Plan for 80C with us & file return Salaried with Form 16 with information on salary earned and advance taxes paid. 1. Employees with Only Salaried / Interest Income 2. Salaried Employees with single or multiple Form 16 3. Salaried Employees with ownership of single or multiple properties 4. New joiners / Freshers 1. Share documents with us 2. Review Computation Sheet 3. Get ITR-V after e-filing 1. Tax filing 2. Tax Due/Refund Status 1. KYC Information 2. Form 16 from your company 3. Additional Form 16 4. Form 26AS Tax Credit Statement 5. Aadhaar card 499Pay
Individual/ HUF (CG/ relief us 89 + Salary ITR) Have Capital Gains from sale of property/ or need to claim tax relief (u/s 89) 1. Incurred P/L from sale of stocks or mutual funds or house property in addition to salary income. 2. For intra-day or derivative traders. 1. Salaried Employees with ESOP in domestic companies 2. Salaried Employees/non salaried individuals with Capital Gains from Property/Stock 3. PSU Employees with salary arrears under OROP, 6th Pay Commission 1. Share documents with us 2. Review Computation Sheet 3. Get ITR-V after e-filing 1. ITR for individuals with capital gains, ESOP, salary arrears 2. E-filing of form 10e 1. Form 16 from your company 2. Additional Form 16 3. Form 26AS Tax Credit Statement 4. Aadhaar card 5. KYC Information 6. Capital Gain Statement 3,000Pay
Individual (NRI tax return) For Non-Resident Indian and Indians living abroad. Every NRI earned income in India to pay taxes on it. 1. Indian citizens working on-site, at client locations outside India 2. Indian citizens who own a bank account or any other asset abroad 3. Foreign nationals who work in India, who earn salary in India or have Indian assets 1. Share documents with us 2. Review computation sheet 3. Return filed & acknowledgement generated 1. File ITR as per tax in multiple countries 2. Includes foreign & domestic income/ liability 3. Availing benefits of double taxation avoidance agreements (DTAA) 1. KYC Information 2. Form 16 from your company 3. Form 26AS Tax Credit Statement 4. Bank a/c -NRE/NRO A/C statement(if any) 5. Details of any Income earned in India 2,998Pay
Individual/ HUF (Resident with foreign Income) Indian residents with foreign income. Indian residents with foreign income or income from stock options in foreign entities are required to pay taxes in India. 1. Indian citizens working on-site, at client locations outside India 2. Indian citizens who own a bank account or any other asset abroad 3. Foreign nationals who work in India, who earn salary in India or have Indian assets 4. Indian Residents 1. Share documents with us 2. Review computation sheet 3. Return filed & acknowledgement generated 1. File ITR as per tax in multiple countries 2. Includes foreign & domestic income/ liability 3. Availing benefits of double taxation avoidance agreements (DTAA) 1. KYC Information 2. Form 16 from your company 3. Form 26AS Tax Credit Statement 4. Details of any Income earned in India 5. Details of Income earned Outside India Contact us for price
Security Traders & Share Market Traders Account summary preparation and returns filed 1. Maximum tax Savings for people with trading income. 2. Intraday and F&O trading considered 3. Miss-filing or non-filing corrected 1. Salaried Individual having income or loss from F&O Trading or intraday equity trading. 2. Self Employed traders who have income or loss from F&O Trading or intra-day equity trading 1. Purchase of Plan 2. Upload documents 3. Review computation sheet 4. Return filed & acknowledgement generated 1. ITR for individual trading in derivatives 2. ITR for individual in intraday trading 3. Prepare P&L, Balance Sheet, Trading a/c (up to 100 entries) 1. Form 16 from your company 2. Form 26AS Tax Credit Statement 3. Trading account statement from your broker Contact us for price
TDS return filing TDS return filing (form 26QB) is mandatory on sale of house property. Immovable property purchased (i.e. a building or a land) costing > Rs 50 Lac, TDS @ 1% on the payment be deducted. File TDS return. 1. Any person who is an Indian Resident and has purchased immovable property 2. Any business entity operating in India and has purchased immovable property 1. Purchase of Plan 2. Case overview with expert 3. Upload documents 4. Filing of Form 26QB 5. Generation of Form 16B 1. Registration on TRACES 2. Filing of Form 26QB (4 nos.) 3. Generation of Form 16B 1. PAN of buyer(s) and seller(s) 2. Address and Phone number of buyer(s) and seller(s) 3. Property sale deed 4. Bank statement for months where EMI payments are made TDS Return filing starting from INR 250 per quarter** (Contact us for pricing)
Business ITR on Presumptive books (no books of accounts maintained) Freelancer/ Own business? Reporting business income during return filing is critical 1. Any business entity required to maintain books of accounts 2. Small Businesses and Professionals requiring books of account 3. Small businesses requiring Tax Audit including Derivative & intraday traders TCA Experts help you file your return 1. Purchase of Plan 2. Upload documents 3. Financial Statements Preparation 4. Review computation sheet 5. Return filed & acknowledgement generated 1. Prepare P&L, Balance Sheet, Trading a/c (up to 250 entries) 2. Advance Tax Payment (4 nos.) 3. Tax savings & planning advice 4. Excludes Tax audit fees (if applicable) 1. Bank statements for the financial year 2. Income and Expense statements 3. Auditor reports 2,499Pay
Company & LLP ITR Account summary preparation and returns filed Please contact us to discuss Please contact us to discuss Please contact us to discuss Please contact us to discuss Please contact us to discuss Contact us for price

FAQs

A. Salaried Individual/ HUF Tax Filing

What income am I taxed for?

Your income is not equal to your salary. You could earn income from several other sources other than your salary income. Your total income, according to the Income Tax Department, could be from house property, profit or loss from selling stocks or from interest on a savings account or on fixed deposits. All these numbers get added up to become your gross income.

  • Income from Salary: All the money you receive while rendering your job as a result of an employment contract. 
  • Income from House Property: Income from house property you own; property can be self-occupied or rented out.
  • Income from other sources: Income accrued from Fixed Deposits and Savings Account come under this head.
  • Income from Capital Gains: Income earned from sale of a capital asset, say mutual funds or house property.
  • Income from business and profession: Income/loss arising as a result of carrying on a business or profession. Freelancers income come under this head.

What is TDS shown in my pay slip?

  • 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.

What is Form 16?

  • Form 16 is a TDS certificate. Your employer is required by the I-T Department to deduct TDS on your salary and deposit it with the government.
  • The Form 16 certificate contains details about the salary you have earned during the year and the TDS amount deducted.
  • It has two parts -- Part A with details about employer and employee name, address, PAN and TAN details and TDS deductions.
  • Part B includes details of salary paid, other incomes, deductions allowed, tax payable.

What is Form 26AS?

Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. It shows details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received in the financial year. This form can be accessed from the I-T Department's website.

What is Basic Salary?

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.

What is HRA?

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. To understand about the other components in your Pay Slip read here

What is the due date for return filing for individuals?

Individuals need to file their return by 31st July of next year, i.e. for income earned in Financial Year 2017-18, the return has to be filed by 31st July, 2018.

What is income from house property and how is it taxed?

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. 

Can I file a revised return to correct a mistake in original return filed?

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.

Can a return be filed after the due date?

Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018. ?

Am I required to keep a copy of the return filed as proof and for how long?

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.

Do I need to attach details of TDS deducted, proof of investments etc.?

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.

Are Audit and Financial statements preparation covered in the plan?

Audit & preparation of financial statements is not part of the plan.

Is revised return covered under the plan?

Revised return filing on account of incorrect information provided by the assesse during the original return filing shall not form part of the plan.

What is Cancellation / refund policy?

Refund is applicable only if no CA has been assigned on Case, for detailed policy please visit our terms of use

B. Individual Tax Filing (Income from Capital Gains or Tax Relief under Section 89)

What is a capital gain?

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 Capital asset takes place.

No capital gains is applicable when an asset is inherited because there is no 'sale', only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.

What is a capital asset?

  • Here are some examples of capital assets: land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, jewellery.
  • This includes rights in or in relation to an Indian company, including rights of management or control or any other right. The following are not considered capital assets:
  • Any stocks or consumables or raw material held for the purpose of Business or Profession
  • Personal goods such as clothes, furniture held for personal use.
  • Agricultural land in India in a rural area

What are long-term and short-term capital assets?

  • 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 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

How are short-term and long-term capital gains  taxed?

  • Tax on long-term capital gain: Long-term capital gain is taxable at 20% + surcharge and education cess.
  • Tax on short-term capital gain when securities transaction tax is not applicable: If securities transaction tax is not applicable, short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
  • Note: Tax on short-term capital gain if securities transaction tax is applicable: If securities transaction tax is applicable, short-term capital gain is taxable at the rate of 15% +surcharge and education cess.

What is relief under section 89(1)?

Tax is calculated on your total income earned or received during the year. If your total income includes any past dues paid in the current year, you may be worried about paying a higher tax on such arrears (usually tax rates have gone up over the years).

To save you from any additional burden of tax due to delay in receiving income, the tax laws allow a relief under section 89(1). If you have received any portion of your salary in arrears or in advance, or your have received family pension in arrears, you are allowed some tax relief under section 89(1) read along with Rule 21A.

What is form 10e and when is it filed?

  • Starting income tax returns for financial year 2014-15 (assessment year 2015-16), the income tax department has made it mandatory to file Form 10E if you want to claim relief under section 89(1). .
  • Taxpayers who have claimed relief under section 89(1) but have not filed Form 10E have received an income tax notice from the tax department with the following lines –
  • The relief u/s 89 has not been allowed in your case, as the online form 10E has not been filed by you. The furnishing of Online form 10E is required as per sec.89 of the Income Tax Act. 

What is the due date for return filing for individuals?

Individuals need to file their return by 30th September of next year, i.e. for income earned in Financial Year 2015-16, the return has to be filed by 30th September, 2016.

What is income from house property and how is it taxed?

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. 

What is Capital Gain and how is it taxed?

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 tax-ability 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.

Can I file a revised return to correct a mistake in original return filed?

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.

Can a return be filed after the due date?

Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018. ?

Am I required to keep a copy of the return filed as proof and for how long?

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.

Do I need to attach details of TDS deducted, proof of investments etc.?

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.

Are Audit and Financial statements preparation covered in the plan?

Audit & preparation of financial statements is not part of the plan.

Is revised return covered under the plan?

Revised return filing on account of incorrect information provided by the assesse during the original return filing shall not form part of the plan.

What is Cancellation / refund policy?

Refund is applicable only if no CA has been assigned on Case, for detailed policy please visit our terms of use

C. Non-Resident Indian (NRI) Tax Returns Filing

How do CA-Assisted Plans work?

Handling complex cases where foreign income is involved requires expert assistance. TCA assigns a chartered accountant to you after payment. TCA contacts you and prepares your return. Finally, TCA e-files the income tax return after your review.

Do you offer phone support in this plan?

Most of the support and assistance is offered over email. You can always schedule a Skype call with TCA at a time that’s convenient to you as per your time zone.

How do I determine my residential status?

Your residential status for Income Tax purposes is based on the number of days you spend within India. If you are a foreign national living within India, you may be considered a ‘Resident Indian’ for tax purposes, and similarly if you are an Indian living abroad, you might be considered a Non-Resident Indian (NRI).

Typically, if you are in India for 182 days or more during that financial year, you will be considered a resident. There are a few more conditions associated with this.

I hold stock of a foreign company as RSU/ ESOPs. Which plan should I opt for?

This plan is the right plan for you. In this plan, a CA will prepare and submit your tax return to the IT Department. He will also fill out foreign income-specific schedules and check relevant compliance with regard to Double Taxation Avoidance Agreement.

D. Residents with foreign Income Tax Returns Filing

How do CA-Assisted Plans work?

Handling complex cases where foreign income is involved requires expert assistance. TCA assigns a chartered accountant to you after payment. TCA contacts you and prepares your return. Finally, TCA e-files the income tax return after your review.

Do you offer phone support in this plan?

Most of the support and assistance is offered over email. You can always schedule a phone call / Skype call with TCA at a time that’s convenient to you as per your time zone.

How do I determine my residential status?

Your residential status for Income Tax purposes is based on the number of days you spend within India. If you are a foreign national living within India, you may be considered a ‘Resident Indian’ for tax purposes, and similarly if you are an Indian living abroad, you might be considered a Non-Resident Indian (NRI).

Typically, if you are in India for 182 days or more during that financial year, you will be considered a resident. There are a few more conditions associated with this.

Who are TCAs who’ll be filing my return?

TCA taps into its CA network and puts you in touch with a qualified CA. These CAs bring a combined experience of 40 years in foreign taxation.

I hold stock of a foreign company as RSU/ ESOPs. Which plan should I opt for?

This plan is the right plan for you. In this plan, a CA will prepare and submit your tax return to the IT Department. He will also fill out foreign income-specific schedules and check relevant compliance with regard to Double Taxation Avoidance Agreement.

What is Cancellation / refund policy?

Refund is applicable only if no CA has been assigned on Case, for detailed policy please visit our terms of use

E. Long Term Capital Gains (LTCG) Filing

What is a capital gain?

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 Capital asset takes place.

No capital gains is applicable when an asset is inherited because there is no 'sale', only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.

What is a capital asset?

  • Here are some examples of capital assets: land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, jewellery.
  • This includes rights in or in relation to an Indian company, including rights of management or control or any other right. The following are not considered capital assets:
  • Any stocks or consumables or raw material held for the purpose of Business or Profession
  • Personal goods such as clothes, furniture held for personal use.
  • Agricultural land in India in a rural area 

What are long-term and short-term capital assets?

  • 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 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 recognised stock exchange in India
  • Securities (like debentures, bonds, Govt securities etc.) listed on a recognised 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

How are short-term and long-term capital gains  taxed?

  • Tax on long-term capital gain: Long-term capital gain is taxable at 20% + surcharge and education cess.
  • Tax on short-term capital gain when securities transaction tax is not applicable: If securities transaction tax is not applicable, short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
  • Note: Tax on short-term capital gain if securities transaction tax is applicable: If securities transaction tax is applicable, short-term capital gain is taxable at the rate of 15% +surcharge and education cess.

What is relief under section 89(1)?

  • Tax is calculated on your total income earned or received during the year. If your total income includes any past dues paid in the current year, you may be worried about paying a higher tax on such arrears (usually tax rates have gone up over the years).
  • To save you from any additional burden of tax due to delay in receiving income, the tax laws allow a relief under section 89(1). If you have received any portion of your salary in arrears or in advance, or your have received family pension in arrears, you are allowed some tax relief under section 89(1) read along with Rule 21A. 

What is form 10E and when is it filed?

  • Starting income tax returns for financial year 2014-15 (assessment year 2015-16), the income tax department has made it mandatory to file Form 10E if you want to claim relief under section 89(1).
  • Taxpayers who have claimed relief under section 89(1) but have not filed Form 10E have received an income tax notice from the tax department with the following lines –
  • The relief u/s 89 has not been allowed in your case, as the online form 10E has not been filed by you. The furnishing of Online form 10E is required as per sec.89 of the Income Tax Act. 

What is the due date for return filing for individuals?

Individuals need to file their return by 30th September of next year, i.e. for income earned in Financial Year 2015-16, the return has to be filed by 30th September, 2016.

What is income from house property and how is it taxed?

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.

What is Capital Gain and how is it taxed?

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 tax-ability 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.

Can I file a revised return to correct a mistake in original return filed?

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.

Can a return be filed after the due date?

Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018. ?

Am I required to keep a copy of the return filed as proof and for how long?

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.

Do I need to attach details of TDS deducted, proof of investments etc.?

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.

Are Audit and Financial statements preparation covered in the plan?

Audit & preparation of financial statements is not part of the plan.

Is revised return covered under 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.

F. Tax Notice Management

I received a notice from department under section 143(1). What should i do?

Under Section 143(1) the tax department completes the assessment based on the return filed by you. It is an Income Tax Intimation telling you how your income tax return has been processed by the CPC, Bangalore.

Such intimation usually contains the following:

  • a notice of demand (or)
  • a refund notice(or)
  • a statement showing a no refund – no liability state where all your income reported is equal to the income assessed by the Income Tax Department.

The department here checks

  • The arithmetical errors in the return or
  • Any incorrect claim made.
  • If there is any error found by the system, you need to respond accordingly. Our experts will help you understand the issue raised by department and respond to notices under other sections too such as 139(9),143(1),143(2), 154, 156 etc. of the Income Tax Act.

I received a notice from the department under section 139(9).How to respond to the intimation?

After having filed ITR many people receive notice from the department saying , Defective return u/s 139(9).This happens when some information is missing, there is a mistake. This means that the return filed is defective. Our experts will help you understand the issue raised and advise you on right course of action.

NOTE: IF ANY RETURN/RECTIFIED RETURN IS TO BE FILED AS PART OF RESPONSE TO THE NOTICE THE SAME SHALL NOT BE COVERED UNDER THE PLAN. OUR CUSTOMER SUPPORT WILL ADVISE YOU ON BUYING CA ASSISTED FILING PLAN BASED ON YOUR CASE.

My CA has advised me to file rectified return as response to notice issued by the department? How to file the return?

This plan is designed to help you understand the issue in the notice raised by the tax department. The expert will help you validate the notice and advise you on next step to be taken. In case if you need to file any return or rectified return as response to notice received, our customer support will help you choose the right CA assisted tax return filing plan based on your case.

Do I need to pay additional tax as demanded?

In most cases the notice is raised on account of mismatch between tax payable as per department and tax actually paid. Our experts will help you compute the correct tax liability and pay(if any) or claim refund as applicable.

Do I need to be present during the process?

The notice management is a fully online process. The advisory on response to the notice will be carried out online without you having to be physically present during the process.

In certain assessment cases you need to be present in front of the Assessing officer. Our experts will only guide you how to go about such cases and shall not be present on your behalf. In case you need local assistance then we shall try to connect you to one of our elite member tax expert upon his availability. The Charges shall be paid to the consultant and shall not form part of the plan .

Who are the tax experts who will be looking after my case?

TCA has been ranked as the best tax website and trusted by over 1 million+ Indians who have been doing their taxes on the platform. TCA taps into its wide network of over 2000 Chartered Accountants who bring years of experience in handling tax assessment cases and helping become tax compliant. Once you upload the notice, an expert will be assigned to your case. Share the documents as communicated and get your dedicated CA who will provide you online support on steps to be undertaken or actionable.

For Notice received for Financial year 2015-16, what documents should i keep ready to avail the service?

Apart from the documents listed above, following information needs to be shared:

  • All Bank Balance as at March 31 2016
  • Estimated Cash as on March 31 2016
  • Details of Assets as on March 31 2016
  • Details of Investments (Cost ) as on March 31 2016
  • Details of Outstanding Loans granted as on March 31 2016
  • Details of Outstanding Loans received as on March 31 2016
  • Details on any liability existing as on March 31 2016

How is TCA Notice Management service better than service provided by other online/offline support available?

TCA has been ranked as the best tax website because of its services. The aim is to simplify the financial lives of people. Key features:

  • CA assistance
  • Wide Network of Expert Tax Advisors

G. Tax Filing for Securities Traders

Who are TCAs who’ll be filing my return?

TCA taps into its CA network and puts you in touch with a qualified CA. These CAs bring a combined experience of 40 years in foreign taxation

How to calculate Trading Turnover?

Turnover for Future and Options is the absolute value of each Profit and Loss trade during the year. For example, if you have a Profit of Rs.1000 and Loss of ?500 from F&O, the turnover is ?1,500.

What are other requirements if I am under a tax audit?

Apart from regular documents and the tax audit report you would require Class 2 Digital Signature for submitting your tax return.

What are the types of transactions under share trading and where are they reflected in the tax return?

Short Term and Long Term Capital Gains form part of Income under the Head Capital Gains while trading in intra-day markets, F&O, Commodity, etc. fall under Income from Business and Profession

What happens to the loss incurred in Share Market?

Losses from shares in speculation business can be carried forward for 4 years, while all the other losses can be carried forward for 8 years provided the tax return is filed within the due date of the original tax return

H. TDS Return on Sale of Property (Form 26QB)

I have bought a property for residential purpose. Do i also need to deduct TDS? If yes then on what value?

TDS has to be deducted by every buyer on purchase of an immovable property being building/land other than agriculture land if the purchase value exceeds Rs. 50 lakh.

TDS is to be deducted from whole amount to be paid. For eg. if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.

I am a property buyer. What should I do if I don’t have the PAN of the seller(s)?

PAN of the seller is mandatory for deducting TDS and filing Form 26QB. It is buyer’s responsibility to acquire the PAN from the seller(s) before effecting the transaction. Neither the buyer, nor the seller is required to procure the TAN. Only PAN of both the parties is to be quoted.

I have purchased the property which was jointly owned by my friend and his spouse. How many forms do I need to fill?

The Form 26QB challan has to be filled by each buyer for every unique buyer-seller combination for their respective share. In this case, you will need to fill two form 26QB - one between you and your friend and another between you and your friend’s spouse.

I purchased a property in 2014. Do I need to deduct TDS?

From June 1st 2013, when a buyer (Indian Resident) buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs, he has to deduct TDS when he pays the seller. So, TDS is required to be deducted and you will also have to pay late fee and interest.

I purchased a property in September 2015 but forgot to deduct the TDS. What is the interest and penalty for non or late filing of Form 26QB?

TDS has to be deducted at the time of making the payment, whether in lump sum or instalments. TDS has to be deducted and deposited within 7 days of the next month in which payment is made. For eg. for a payment that is made in the month of September, the return has to be filed by 7th of October.

*In case TDS is not deducted, interest is payable at 1% per month *In case TDS is deducted but not paid interest is payable at 1.5% per month *There is late fee of Rs. 200 per day till the failure to file TDS statement continues

I have 6 Challans to submit. What will be the value of the package?

We cover upto 4 Challans in our package. For every additional Challan the service charge shall be Rs. 499 plus service tax.

I. Presumptive Income Tax Filing

Who can opt for the presumptive taxation scheme?

Only proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.

What are the benefits under Presumptive Taxation Scheme?

The benefits include:

  • No requirement to maintain books of accounts
  • No requirement to get accounts audited

No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note: Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assesse who is an individual, HUF, partnership but not limited liability partnership

I am a shopkeeper and wish to declare income less than 8% of my gross turnover. How can i do that?

If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB.

If your case falls under above category, you should opt for our Business ITR(Regular) plan.

I am an insurance agent and my gross receipts are Rs. 40 lakh. Am i eligible under presumptive taxation scheme?

There are certain businesses which are explicitly not allowed to claim the benefits under the scheme. They include:

  • Any business involved in the renting, hire or plying of goods carriages
  • Any business related to agencies
  • Individuals who receive commission or income related to brokerage
  • Any individual who is involved in any profession mentioned under section 44AA(1)
  • Insurance agents, since any income they receive is via commission

Can I file a revised return to correct a mistake in original return filed?

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.

Am I required to keep a copy of the return filed as proof and for how long?

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.

J. Business Tax Returns

What is the due date to file business returns?

In case tax audit is applicable the due date is 30th September otherwise it is 31st July.

I am running a business. I wish to know what is advance tax and when do i need to pay it?

The assessment of income of an year can be made only after year has passed, advance tax is pre payment of your tax liability in the year it is earned. If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assesse. The due dates are

  • 15th June(15%)
  • 15th September(45%)
  • 15th December (75%)
  • 15th March (100%)

Under this plan TCA experts will help you access your advance tax liability and assist you in its timely payment.

Can I file a revised return to correct a mistake in original return filed?

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.

Am I required to keep a copy of the return filed as proof and for how long?

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.

Are Audit and Financial statements preparation covered in the plan?

Prior to return filing, a summary consolidating all financial transactions is prepared. Day to day bookkeeping and audit does not form part of the plan. However on request TCA team can assist with appointing a qualified Chartered Accountant eligible for providing audit services.

K. TDS Return on Sale of Property (Form 26QB)

I have bought a property for residential purpose. Do i also need to deduct TDS? If yes then on what value?

  • TDS has to be deducted by every buyer on purchase of an immovable property being building/land other than agriculture land if the purchase value exceeds Rs. 50 lakh.
  • TDS is to be deducted from whole amount to be paid. For eg. if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.

I am a property buyer. What should I do if I don’t have the PAN of the seller(s)?

PAN of the seller is mandatory for deducting TDS and filing Form 26QB. It is buyer’s responsibility to acquire the PAN from the seller(s) before effecting the transaction. Neither the buyer, nor the seller is required to procure the TAN. Only PAN of both the parties is to be quoted.

I have purchased the property which was jointly owned by my friend and his spouse. How many forms do I need to fill?

The Form 26QB challan has to be filled by each buyer for every unique buyer-seller combination for their respective share. In this case, you will need to fill two form 26QB - one between you and your friend and another between you and your friend’s spouse.

I purchased a property in 2014. Do I need to deduct TDS?

From June 1st 2013, when a buyer (Indian Resident) buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs, he has to deduct TDS when he pays the seller. So, TDS is required to be deducted and you will also have to pay late fee and interest.

I purchased a property in September 2015 but forgot to deduct the TDS. What is the interest and penalty for non or late filing of Form 26QB?

TDS has to be deducted at the time of making the payment, whether in lump sum or instalments. TDS has to be deducted and deposited within 7 days of the next month in which payment is made. For eg. for a payment that is made in the month of September, the return has to be filed by 7th of October.

*In case TDS is not deducted, interest is payable at 1% per month *In case TDS is deducted but not paid interest is payable at 1.5% per month *There is late fee of Rs. 200 per day till the failure to file TDS statement continues

I have 6 Challans to submit. What will be the value of the package?

We cover up to 4 Challans in our package. For every additional Challan the service charge shall be Rs. 499 plus service tax.