Taxapps.in

Getting Started with Taxapps

How to Sign Up for Taxapps ?

1.  Open up your internet browser and log on to taxapps.in
2.  Taxapps home page will be displayed.Here, click START NOW FOR FREE.
3.  You will see a sign up form. Fill out your name, contact no, client type,      username and password.
4.  If the username you requested is not available , you will get a message      saying that somebody already has that username. You can type another      name and check the availability once more.
5.  For password, use letters and numbers to make password more secure.      You will need to re-enter your password.
6.  Once you have completed ,Click REGISTER.
7.  Your taxapps account has been successfully created. Now you can login      using your username and password.
SEE HOW TO RESGISTER IN TAXAPPS

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How to e-file your Return

How to Add Clients ?

1.  Login to your Taxapps Account.

2.  On the top of Taxapps Home Page, Click on Add an Assessee.

3.  Fill the Particulars of the Assessee to be added and Save.

4.  After CLicking Save , the Return will automatically begin.
SEE HOW TO ADD CLIENTS

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How to e-file your Income tax return by TAXAPPS ?

List of Required Documents for e-filing of tax returns
Reporting salary income:
• Rent receipts for claiming HRA.
• Form 16.
• Pay slips.

REPORTING HOUSE PROPERTY INCOME:
• Address of the house property.
• Details of the co-owners including their share in the mentioned property and PAN details.
• Certificate for home loan interest.
• Date when the construction was completed, in case under construction property was purchased.
• Name of the tenant and the rental income, in case the property is rented.

REPORTING CAPITAL GAINS:
• Stock trading statement is required along with purchase details if there are capital gains from selling the shares.
• In case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details.
• Details of mutual fund statement, sale and purchase of equity funds, debt funds, ELSS and SIPs.

REPORTING OTHER INCOME:
• The income from interest is reported. In case of interest accumulated in savings account, bank account statements are required.
• Interest income from tax saving bonds and corporate bonds must be reported.
• The income details earned from post office deposit must be reported.

Steps To E-file
A. GET STARTED
Go to taxapps.in and log in to your account using the user id and password.

B. ADD AN ASSESSEE
When taxapps page is displayed, click add an assessee and enter the master details of assessee.

C. ENTER DETAILS
A computation will be displayed on the screen. Select the required head of income and the on clicking the head, enter the required details and save.

D. DEDUCTION DETAILS
Here you must enter the details of deductions under Chapter VI-A. Some notable deductions are:
1. 80C-EPF/PPF Contribution, LIC, home loan principal etc.
2. 80D-Premium paid for medical/health insurance.
3. 80G- Donation to specified charities.
4. 80TTA- Deduction upto Rs 10000 on interest earned on saving banks account.

E. TAXES PAID
If you have any other income enter that income and view the taxes computed in TAXES THEREON. Enter details of advance tax , tds and self assessment tax details in PREPAID TAXES.

F. VALIDATION
When you see refund or no tax due, proceed further. Remove the errors if shown any and then validate the return.

G. FINISH E-FILING
After validation ,click on E-RETURN and generate xml. Now you can upload your return.

How to calculate tax for Salary as per Form 16 ?

What is Form 16 ?
Form 16 is an Income Tax form used by companies to provide their salaried individuals . When a Form 16 is provided to an employee by their employer it’s a source of proof of filing their Income Tax returns, the form has various components such as Salary Income components of the employee.

LIST OF COMPONENTS FOR FORM 16
• The personal details of the employee, like name, Permanent Account Number (PAN) etc.
• The employer details, name, PAN, Tax deduction and collection Account Number (TAN), etc.
• An acknowledgement number of the taxes paid by the employer.
• Details of the salary; Gross salary, net salary, deductions, perks etc.
• Total income and tax deductions.
• Education cess and surcharge details.
• Taxes deducted as per sections 191A.
• Declaration of tax payments from the employer.
• Refunds in any to the employee, or balance of taxes payable by the employee.
• Receipt of the TDS paid.
• All details of the tax payment, like Challan number, cheque number, Demand Draft number

HOW TO ENTER DETAILS IN TAXAPPS
When a computation will be displayed on the screen. Select salary and other income head if any. On clicking Salary, First enter the details of the employer and salary type FORM 16 and save. Now you can enter the salary details as per FORM 16 and save them.

What is Salary Income ?

WHAT IS SALARY INCOME ?
Salary is the remuneration paid by the employer to the employee for the services rendered for a certain period of time. It is paid in fixed intervals i.e. monthly one-twelfth of the annual salary. Salary includes:
• Basic Salary or the fixed component of salary as per the terms of employment.
• Fees, Commission and Bonus that the employee gets from the employer.
• Allowances that the employer pays the employee to meet his personal expenses. Allowances are taxed either fully, partially or are exempt.

Fully taxable allowances are:
• Dearness allowance paid to the employees to meet expenses due to inflation.
• City Compensatory allowance paid to those who move to big metros like Mumbai, Delhi, Chennai, where the standard of living is higher.
• Overtime allowance paid to the employee who works over the prescribed hours.
• Deputation allowance and servant allowance.

Fully taxable allowances are:
• House Rent Allowance: If the employee stays in his own house then the allowance is fully taxable. The allowance exemption is the least of
  • The actual house rent allowance.
  • If he pays additional rent above 10% of his salary.
  • If the rent is equal to 50% of his salary (metros) or 40% (other areas).
• Entertainment allowance (except for Central and State Government employees).
• Special allowances like uniform, travel, research allowance etc.
• Special allowance to meet personal expenses like childrens education allowance, children hostel allowance etc.

Fully exempt allowances are:
• Foreign allowance given to employees posted abroad.
• Allowances of High Court and Supreme Court Judges.
• United Nations Organisation employees allowances.
• Perquisites are payments received by employees over their salaries. They are not reimbursement of expenses. Some perquisites are taxable for all employees, they are:
• Rent free accommodation.
• Concession in accommodation rent.
• Interest free loans.
• Movable assets.
• Club fee payments.
• Educational expenses.
• Insurance premium paid on behalf of employees.
Some are taxable only to specific employees like directors or those who have substantial interest in the organisation, they are taxed for:
• Free gas, electricity etc. for domestic purpose.
• Concessional educational expenses.
• Concessional transport facility.
• Payment made to gardener, sweeper and attendant.
Some perquisites are exempt from tax. The fringe benefits that are exempt from tax are:
• Medical benefits.
• Leave travel concession.
• Health Insurance Premium.
• Car, laptop etc. for personal use.
• Staff Welfare Scheme.

HOW TO ENTER DETAILS IN TAXAPPS
When a computation will be displayed on the screen. Select salary and other income head if any. On clicking Salary, First enter the details of the employer and salary type SALARY AND ALLOWANCES and save. Now you can enter the salary details, allowances and perquisites and save them.

How to calculate tax for Pension Return ?

• Retirement benefits are given to employees during their period of service or during retirement.
• Pension is given either on a monthly basis or in a lump sum. The tax is treated depending on the category of the employee.
• Gratuity is given as appreciation of past performance which is received at the time of retirement and is exempt to a certain limit.
• Leave salaries tax depends on the category of the employee. The employee may make use of the leave or encash it.
• Provident fund is contributed by both employee and employer on a monthly basis. At the retirement, employee gets the amount along with interest. Tax treatment is based on the type of provident fund maintained by the employer.

HOW TO CALCULATE INCOME TAX FOR PENSIONERS ?
Your pension is taxed as your salary income in that the pension amount is taxed under the head salary in your Income Tax Return form. While pension is paid on a monthly basis, it can also be received as a lump sum in the form of commuted pension. On the other hand, pension paid on a periodical basis, known as uncommuted pension can be fully taxed as salary.

HOW MUCH TAX DO I PAY ON MY PENSION ?
If the taxable income of an individual is above the exemption limit, he or she has to file tax returns. Pension income from an employer is taxed as salary income while interest on various investments is taxed as income from other sources. The interest income is tax-exempt when it comes to Public Provident Fund (PPF). If your (pensioner) taxable income (pension in addition to taxable interest minus investments such as PPF, health premium which are eligible for deduction) is above the exemption limit in an assessment year, you will have to file your income tax returns. The commuted pension in case of central/state government and defence services employees (central/state acts) is tax exempt while it is partially exempt for non-government employees. If non-government employees, receive gratuity along with pension, 1/3rd of the pension (provided 100% is commuted) is exempt while the remaining amount is taxable as salary. If non-government employees receive only pension, a ½ of pension amount (if 100% is commuted) will be exempt from tax.

HOW TO ENTER PENSION DETAILS IN TAXAPPS ? A computation will be displayed on the screen. Select salary and other income head if any. On clicking Salary, First enter the details of the employer and salary type Pension and save. Now enter the details of Pension as applicable and save them.

How to calculate tax for Multiple Salary ?

Multiple Form 16
1. A person can have multiple Form 16 in two cases.
2. A person switches a job in the same financial year.
3. A person is working with multiple employers simultaneously.

If an employee switches jobs in the same financial year-
In this case, the employee should either state the details of his previous form 16 to his new employer to calculate his tax liability considering his previous job details or if he wishes to maintain secrecy, he can mention the overall income of all the form 16s while filing the return.

If the employee is working with two or more employers simultaneously-
When an employee is working for more than one employer, it becomes necessary to file more than one form 16s because each employer has a different TAN number. While filing the ITR online, the employee has to calculate the total salary i.e.the salary of both the company and the result would be the total tax paid or refundable according to the condition while setting off the TDS. If an employee forgets to mention any significant detail to its employer under the Form 16 details, he/she can include it while filing the return and provide relevant documents for proof to the current employer for records. The form must be checked properly to eliminate any errors in TAN No., PAN No., address or any such details.
If Form 16 is not issued by the one employer as there was no tax deduction or for any other reason, you should yourself consider the salary received and tax deducted. You can get this information from the monthly salary slips or or salary statements. This information along with the Form 16 issued by the other employer(s) can be used to file the income tax return.

How to calculate tax for Self Occupied Property ?

What is Self Occupied Property ?
A self occupied property is one which is owned and used by you for your own residential purpose. You have to occupy the property throughout the year. Thus, a property or a house not occupied by the owner for his/her residence cannot be treated as a self-occupied property.

In case of one self-occupied house property which has not been actually let out at any time, the annual value is taken as ‘nil’. If, one is having more than one house property using all of them for self-occupation, he is entitled to exercise an option in terms of which, the value of one house property as specified by him will be taken at nil.

Can a property not used for residence by the taxpayer be treated as Self Occupied Property ?
A self-occupied property means a property which is occupied throughout the year by the owner for his residence. Thus, a property not occupied by the owner for his residence cannot be treated as a self occupied property. However, there is one exception to this rule. If the following conditions are satisfied, then the property can be treated as self-occupied and the annual value of a property will be “Nil”, even though the property is not occupied by the owner throughout the year for his residence :
(a) The taxpayer owns a property;
(b) Such property cannot actually be occupied by the him by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not owned to him;
(c) The property mentioned in (a) above (or part thereof) is not actually let out at any time during the year;
(d) No other benefit is derived from such property.

How to Calculate tax for Let Out Property ?

How to determine Annual Value of let out house properties ?
In respect of a let out house property, the rent received is usually taken as the annual lettable value. When, however, the rent is not indicative of the actual earning capacity of the house, the notional annual value will have to be found and adopted. The standard rent would be the Annual Value in the case of properties, subject to Rent Control Legislation. However, when the actual rent received or receivable is higher than the notional value as calculated above, the higher figure will be taken for the purpose of Income-tax. From the annual value as determined above, municipal taxes are to be deducted if the following conditions are fulfilled:

• The property is let out during the whole or any part of the previous year (There is no such deduction in respect of a self-occupied house property).
• The Municipal taxes must be borne by the landlord. (If the municipal taxes or any part thereof are borne by the tenant, the same will not be deductible).
• The municipal taxes must be paid during the year. (Where the municipal taxes have become due but have not been actually paid, these will not be allowed. The municipal taxes may be claimed on payment basis i.e., only in the year they were paid even if the taxes belonged to a different year). Amount left after deduction of municipal taxes is net annual value.

DEDUCTON UNDER SEC 24
As stated above there are basically two types of deductions are available under section 24, such as Standard Deduction u/s 24(a) and Interest on Borrowed Capital u/s 24(b). No deductions can be claimed in respect of any expenditure which is not specified in Sec. 24

A. Standard Deduction [Sec. 24(a)]: 30% of net annual value id deductible irrespective of any expenditure incurred by the taxpayer.
B. Interest on Borrowed Capital [Sec. 24(b)]: Interest on borrowed capital is allowable as deduction, if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the property.

How to Calculate tax for Deemed to be let out House Property ?

DEEMED LET OUT PROPERTY
If you own more than one Self Occupied Properties , you have a choice to treat any one of the properties as SELF OCCUPIED PROPERTY. The other such property which lies vacant will be treated as Deemed Let Out Property under the Act. If a property is treated as a Deemed Let Out Property , it is effectively put at par with a let out property as far as taxation is concerned. Hence, a notional rental value (method to calculate such value prescribed under the Act) is considered as the gross taxable rent for such property.

DEDUCTION FOR MUNICIPAL TAXES
The taxes paid to the local authority, generally the municipal taxes, are allowed as deduction in the financial year, in which such taxes are actually paid. This is irrespective of whether these taxes pertain to the current financial year or the earlier year. Therefore, an individual should keep a track of the municipal taxes paid and claim this deduction accordingly.

DEDUCTION FOR REPAIR & MAINTENANCE
Further, a sum equal to 30% of the annual value of the house property is allowed as deduction towards repair and maintenance charges. It is pertinent to note that this deduction of 30% is a fixed percentage, irrespective of the actual amount incurred by the individual i.e., irrespective whether an individual incurs more or less amount, he can only claim a deduction for 30% of the annual value of the house property.

INTEREST DEDUCTION
Whether the second house property is deemed to be let-out or actually let-out, the actual interest paid on the housing loan is allowed as deduction. This is contrary to the case of a self-occupied property, wherein the maximum interest on housing loan is restricted to Rs 2 Lakh from AY 2015-16, subject to certain conditions.

How to Calculate Tax for Business/ Profession u/s 44AB ?

Why is Tax Audit Required ?
The objective of Tax Audit is to ensure that the books of accounts of the company have been maintained in accordance with the provisions of the Income Tax Act. A proper audit for tax purposes would ensure that proper records are being maintained by the company and that the accounts properly reflect the income reported by the company in its tax returns. This audit effectively curbs tax evasion and ensures tax compliance.

Who needs to get a Tax Audit done ?
Audit under section 44AB is applicable to four categories of assesses
1. The first category covers any person carrying on a business whose total sales, turnover or gross receipts exceed Rs. 1 Crore during the previous year.
2. The second category covers any person who is carrying on a profession whose gross receipts exceed Rs.25 Lakhs.
3. The third category covers persons whose income is assessed on a presumptive basis under section 44AE, 44BB or 44BBB. Where such assesses declare an income lower than that presumed under the Sections 44AE, 44BB or 44BBB, they are required get their accounts audited in accordance with Section 44AB.
4. The Fourth Category covers those persons who declare a lower income than the amount presumed under section 44AD. The difference between the fourth and the third category is that, in the case of the fourth category, assesses are subject to audit under section 44AB only if their income exceeds the basic exemption limit.
Any person who is covered by the above four categories is required to get his accounts audited by a Chartered Accountant before 30th September of each year.

HOW TO FILE THE RETURN ?
In case of tax audit, taxpayer is required to provide the details regarding the particulars of business and auditors. Then all the details regarding balance sheet , profit and loss account and depreciation are to be filled and saved.
Taxpayer is required to provide other information such as-
1. Method of accounting,
2. Method of closing stock valuation,
3. Certain incomes not included in Profit & Loss A/c.
4. Certain expenses which are not allowed as deduction from incomes in Profit & Loss A/c.
5. Amount of duties payable to Government such as VAT, sales tax, excise duty at the year end.

Taxpayer is required to provide quantitative details of following for raw material & finished products-
1. Opening stock at year end,
2. Purchases during year,
3. Consumption during year,
4. Sales for the year,
5. Closing stock at year end, etc.

How to Calculate Tax for Taxpayers Adopting Presumptive Taxation Scheme ?

PRESUMPTIVE TAXATION SCHEME UNDER SECTION 44AD:
As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and 44AE.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.

Eligibility Criteria for the Presumptive Taxation Scheme Under Section 44AD:
The presumptive taxation scheme of section 44AD can be adopted by following persons : 1) Resident Individual.
2) Resident Hindu Undivided Family.
3) Resident Partnership Firm (not Limited Liability Partnership Firm).
In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm). Further, this Scheme cannot be adopted by a person who has made any claim towards deductions under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year. The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:
• Business of plying, hiring or leasing goods carriages referred to in sections 44AE.
• A person who is carrying on any agency business.
• A person who is earning income in the nature of commission or brokerage.
• Any business whose total turnover or gross receipts exceeds two crore rupees.
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) is not eligible for presumptive taxation scheme.

Calculation Of Taxable Income For Persons Availing Of The Presumptive Taxation Scheme Of Section 44AD:
Under the normal provisions of the Income-tax Law, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Actand after disallowing expenses which are not deductible as per the Income-tax Act.
In case of a person who is opting for the presumptive taxation scheme of section 44AD, the provisions of allowance/disallowances as provided under the Income-tax Law will not apply and income computed at the presumptive rate of 8% will be the final taxable income of the business covered under the presumptive taxation scheme and no further expenses will be allowed or disallowed.
While computing income as per the provisions of section 44AD, separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 is claimed and has been actually allowed.

Calculation Of Taxable Income For Persons Availing Of The Presumptive Taxation Scheme Of Section 44AD:
If the taxpayer in question is a partnership firm then the following conditions apply when adopting the presumptive taxation scheme under section 44AD
• Following the taxable income calculated at 8 percent as mentioned previously, additional deductions will be allowed to be claimed on the following
• Remuneration paid to partners of the firm.
• Interest received by the partners of the firm.
• Deductions cannot be claimed in the event of depreciation, although the value of assets owned by the business will be calculated on the basis of assumed depreciation under section 32.

How to e-file your Capital Gain ?

Documents required to file tax return
(i) Sale and Purchase deed of the property including stamp valuation of the property (for land/building).
(ii) Documents for cost of improvement on the property (if improvement is done).
(iii) Stock statement in case of trading in shares etc. (specifying sale and purchase value of shares).
(iv) In case of other capital assest the cost of purchase, sale value and cost of improvement if any.
(v) Details of expense incurred on transfer.
(vi) Re-investment purchase deed for claiming exemption from Capital Gains.
(vii) Details of investment in Capital Gains Accounts Scheme.

Steps To E-file
A. GET STARTED
Go to taxapps.in and log in to your account using the user id and password.

B. ADD AN ASSESSEE
When taxapps page is displayed, click add an assessee and enter the master details of assessee.

C. CAPITAL GAINS DETAILS
Enter the details of Capital gains on sale of property :
1. Purchase value and purchase date.
2. Expenses on home improvement.
3. Expenses on sale of property.
4. Sale value and sale date.

Enter the details of Capital gains on sale of listed shares or equity oriented mutual funds
1. Purchase value and purchase date.
2. Sale value and Sale date.
SEE HOW TO FILL CAPITAL GAIN RETURN
D. DEDUCTION DETAILS
Here you must enter the details of deductions under Chapter VI-A. Some notable deductions are:
1. 80C-EPF/PPF Contribution, LIC, home loan principal etc.
2. 80D-Premium paid for medical/health insurance.
3. 80G- Donation to specified charities.
4. 80TTA- Deduction upto Rs 10000 on interest earned on saving banks account.

E. TAXES PAID
Here, tax liability will be computed as per incomes and taxpayer can claim taxes paid by him viz. TDS, advance tax, self assessment tax, etc.

F. VALIDATION
When you see refund or no tax due, proceed further. Remove the errors if shown any and then validate the return.

G. FINISH E-FILING
After validation ,click on E-RETURN and generate xml. Now you can upload your return.

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How to e-file your Income From Other Sources ?

Documents required to file tax return
(i) Individual details of all income from other sources (e.g. interest, dividend, income from sources ).
(ii) TDS certificates.
(iii) Passbook.

Steps To E-file
A. GET STARTED
Go to taxapps.in and log in to your account using the user id and password.

B. ADD AN ASSESSEE
When taxapps page is displayed, click add an assessee and enter the master details of assessee.

C. INCOME FROM OTHER SOURCES DETAILS
Income from other sources is the last and residual head of income. A source of income that does not specifically fall under any one of the other four heads of income (viz., “Salaries ”, income from house property ”, profits and gain of business or profession ’’, Capital gain ’’) is to be computed and brought to charge under section 56 under the head ’’Income from other source’’.
To put the aforesaid matter differently, the residuary heads of income can be invoked only if all the following conditions are satisfied: -
1. Income –There is an income.
2. Income shall not be exempt – That income is not exempt from tax under section 10 to 13 A.
3. Not covered by other heads -That income is neither salary income, nor income from house property, nor income from business /profession, and neither capital gains. These four categories of income are not chargeable to tax under head ‘‘Income from other sources’’.
If the above three condition are satisfied, the income is taxable under section 56(1) under head ‘‘Income from other sources’.
After selecting the head income from other sources, Enter details of income from sources other than salary, like house property or capital gains or business profession and save.
SEE HOW TO FILL INCOME FROM OTHER SOURCES RETURN
D. DEDUCTION DETAILS
A taxpayer is entitled for certain deductions from his income as specified under section 80C to 80U (few major items are payment of life insurance premium, investment in PF/PPF, NSC, repayment of home loan principal component, investment in tax saving pension plan, investment in NPS, payment of medical insurance, payment of interest on educational loan, specified donations, etc.). While filing the return of income it should be ensured that all the deductions which are legally available to taxpayer are claimed in the return of income.

E. TAXES PAID
Here, tax liability will be computed as per incomes and taxpayer can claim taxes paid by him viz. TDS, advance tax, self assessment tax, etc.

F. VALIDATION
When you see refund or no tax due, proceed further. Remove the errors if shown any and then validate the return.

G. FINISH E-FILING
After validation ,click on E-RETURN and generate xml. Now you can upload your return.

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Advance Taxapps Features

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You can change , customize and add anything to your site. No design or coding skills required. To Visit Our Website Design Samples, Click Here

Tds Software

Taxapps provides you with complete e-TDS and e-tcs Return Preparation Software Compatible with the system specified by nsdl. The software enables eTDS & eTCS return generation for all types of Forms - 24Q, 26Q, 27Q, 27EQ. It also prints all the TDS, TCS certificates - Form 16, 16A, 27D.

Submit your Income

Submit Your Income allows the client of the CA to provide details about his income so that the client can view its tax liability and the details of the income will be automatically filled in the taxapps income tax software of the CA. This feature relieves the CA with the load of collection information and uploading in the software as the client can itself upload the information in Submit Your Income features.
To Visit Our Website Design Samples, Click Here

Printing of Tax Reports

If you wish to print tax returns , balance sheet, profit & loss account and depreciation chart , taxapps provides the facility to print the same.
Audit report and computation of income can also be printed.

FAQs on filing the return of income

What are the due dates for filing returns of income/loss ?

Due date of filing of return of income

Status of the taxpayer	Due date
Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below)	September 30 of the assessment year
Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E	November 30 of the assessment year
Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law	September 30 of the assessment year
A working partner of a firm whose accounts are required to be audited under this Act or under any other law.	September 30 of the assessment year
Any other assessee	July 31 of the assessment year .

What are slab rates for various Assessee ?

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Assessment Year 2017-18

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	10%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Assessment Year 2017-18

Taxable income	Tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 - Rs. 5,00,000	10%
Rs. 5,00,000 - Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Assessment Year 2017-18

Taxable income	Tax Rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 - Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Assessment Year 2017-18
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.
4. Partnership Firm
For the Assessment Year 2016-17 and 2017-18, a partnership firm (including LLP) is taxable at 30%.
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
5. Local Authority
For the Assessment Year 2016-17 and 2017-18, a local authority is taxable at 30%.
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
6. Domestic Company
For the Assessment Year 2016-17 and 2017-18, a domestic company is taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if turnover or gross receipt of the company does not exceed Rs. 5 crore.
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

7. Foreign Company
Assessment Year 2016-17 and Assessment Year 2017-18

Nature of Income	Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government	50%
Any other income	40%

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

8. Co-operative Society
Assessment Year 2016-17 and Assessment Year 2017-18

Taxable Income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

What are the forms of return prescribed under the Income-tax Law ?

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2016-17 (i.e., financial year 2015-16) are as follows:

Return Form	Brief Description
ITR - 1	Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR 2A	It is applicable to an individual or HUF whose total income for the assessment year 2016-17 does not include income from business or profession, capital gains. Further, an individual or HUF claiming foreign tax credit or having any asset (including financial interest in any entity) located outside India or having any signing authority in any account located outside India or having income from any source outside India cannot use this form for filing of return of income.
ITR - 2	It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR - 3	It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and where income chargeable to tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR - 4S	Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/44AE.
ITR - 4	It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR - 5	This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
ITR - 6	It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7	It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
ITR - V	It is the acknowledgement of filing the return of income.

Who can use ITR – 1 (SAHAJ) ?

Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:
(1) Income from salary/pension; or
(2) Income from one house property (excluding cases where loss is brought forward from previous years); or
(3) Income from other sources (excluding winnings from lottery and income from race horses).
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used only when such income falls in any of the above categories.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-2A ?

Return Form ITR - 2A can be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2016-17 includes:-
(1) Income from Salary / Pension; or
(2) Income from House Property; or
(3) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-2 ?

Return Form ITR - 2 can be used by an individual or a Hindu Undivided Family whose total income for the year includes:
(1) Income from Salary / Pension; or
(2) Income from House Property; or
(3) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this Return Form can be used if income to be clubbed falls in any of the above categories.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-3 ?

Return Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hand under the head "Profits or gains of business or profession" does not include any other income, except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.

In case a partner of the firm does not have any income from the firm by way of interest, salary, etc., and has only exempt income by way of share in the profit of the firm, he shall use Form ITR – 3 only and not Form ITR-2. To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-4S (SUGAM) ?

Form ITR – 4S (SUGAM) can be used by an Individual/HUF/Firm (Other than LLP) whose total income for the year includes:
(1) Business income computed as per the provisions of section 44AD or 44AE; or; or
(2) Income from salary/pension; or
(3) Income from one house property (excluding cases where loss is brought forward from previous years); or
(4) Income from other sources (excluding winnings from lottery and income from race horses).
Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used where income to be clubbed falls in any of the above categories.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-4 ?

Form ITR – 4 can be used by an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-5 ?

Form ITR – 5 can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person , cooperative society and local authority.
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-6 ?

Form ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11).
To Download ITR-1 SAHAJ Form, Click Here

Who can use ITR-7 ?

Form ITR – 7 can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4f) (i.e., trusts, political party, institutions, colleges, investment fund, etc.).
To Download ITR-1 SAHAJ Form, Click Here

What is Tds ?

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.
The provisions of deduction of tax at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and he has to deposit the tax deducted by him to the credit of the Government.

What are the duties of the person deducting tax at source ?

Following are the basic duties of the person who is liable to deduct tax at source.
• He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
• He shall deduct the tax at source at the applicable rate.
• He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
• He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
• He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*).
*Refer tax calendar for the due dates.

If TDS certificate is not received from the deductor. Can i claim TDS in my return of income ?

Yes, the tax credit in your case will be reflected in your Form 26AS and, hence, you can check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strictly as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.

At what rate the payer will deduct tax if i do not furnish my PAN to him ?

As per section 206AA, if you do not furnish your Permanent Account Number to the payer (i.e., deductor), then the deductor shall deduct tax at the higher of the following rates :
• At the rate specified in the relevant provision of the Act.
• At the rate or rates in force, i.e., the rate prescribed in the Finance Act.
• At the rate of 20%.

What is the difference between TAN and PAN ?

PAN stands for Permanent Account Number and TAN stands for Tax Deduction Account Number. TAN is to be obtained by the person responsible to deduct tax, i.e., the deductor. In all the documents relating to TDS and all the correspondence with the Income-tax Department relating to TDS one has to quote his TAN.

PAN cannot be used for TAN, hence, the deductor has to obtain TAN, even if he holds PAN. However, in case of TDS on purchase of land and building (as per section 194-IA) as discussed in previous FAQ, the deductor is not required to obtain TAN and can use PAN for remitting the TDS.

Taxapps Support

Phone Support

Taxapps Customers wait just seconds to speak with a customer support representative. Our Staff of dedicated, on-site support personnel, who have direct access to Software programmers, will promptly give you the answers you need.
Taxapps Support: (981) 880-6600

Online Support

Eamil:info@neolearnings.com - great for more complicated Taxapps Software Questions.

Support Hours
Monday - Saturday 8am - 10pm

1. Login to your Taxapps Account. 2. On the top of Taxapps Home Page, Click on Add an Assessee. 3. Fill the Particulars of the Assessee to be added and Save. 4. After CLicking Save , the Return will automatically begin.

Taxapps provides you with complete e-TDS and e-tcs Return Preparation Software Compatible with the system specified by nsdl. The software enables eTDS & eTCS return generation for all types of Forms - 24Q, 26Q, 27Q, 27EQ. It also prints all the TDS, TCS certificates - Form 16, 16A, 27D.

If you wish to print tax returns , balance sheet, profit & loss account and depreciation chart , taxapps provides the facility to print the same.Audit report and computation of income can also be printed.

Due date of filing of return of income

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year 2017-18

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year) Assessment Year 2017-18

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year) Assessment Year 2017-18

7. Foreign Company Assessment Year 2016-17 and Assessment Year 2017-18

8. Co-operative Society Assessment Year 2016-17 and Assessment Year 2017-18

​​Form ITR – 4 can be used by an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession. ​​ To Download ITR-1 SAHAJ Form, Click Here

Form ITR – 5 can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person , cooperative society and local authority. ​​ To Download ITR-1 SAHAJ Form, Click Here

​​Form ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11). To Download ITR-1 SAHAJ Form, Click Here

​​​Taxapps Customers wait just seconds to speak with a customer support representative. Our Staff of dedicated, on-site support personnel, who have direct access to Software programmers, will promptly give you the answers you need. Taxapps Support: (981) 880-6600

​​​Eamil:info@neolearnings.com - great for more complicated Taxapps Software Questions. Support Hours Monday - Saturday 8am - 10pm

1. Login to your Taxapps Account.

2. On the top of Taxapps Home Page, Click on Add an Assessee.

3. Fill the Particulars of the Assessee to be added and Save.

4. After CLicking Save , the Return will automatically begin.

If you wish to print tax returns , balance sheet, profit & loss account and depreciation chart , taxapps provides the facility to print the same.
Audit report and computation of income can also be printed.

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Assessment Year 2017-18

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Assessment Year 2017-18

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Assessment Year 2017-18

7. Foreign Company
Assessment Year 2016-17 and Assessment Year 2017-18

8. Co-operative Society
Assessment Year 2016-17 and Assessment Year 2017-18

Form ITR – 4 can be used by an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
To Download ITR-1 SAHAJ Form, Click Here

Form ITR – 5 can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person , cooperative society and local authority.
To Download ITR-1 SAHAJ Form, Click Here

Form ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11).
To Download ITR-1 SAHAJ Form, Click Here

Taxapps Customers wait just seconds to speak with a customer support representative. Our Staff of dedicated, on-site support personnel, who have direct access to Software programmers, will promptly give you the answers you need.
Taxapps Support: (981) 880-6600

Eamil:info@neolearnings.com - great for more complicated Taxapps Software Questions.

Support Hours
Monday - Saturday 8am - 10pm