Frequently Asked Questions
TO’s prime objective is to maximize tax savings. In fact, it helps you to decide the right tax saving investments for you keeping in view the tax efficiency.
How Tax Optimizer Helps You?
- Understand and restructure salary components
- Additional tax savings in current financial year
- Taxpayer specific financial products and process to invest in them
- Lack of authentic and relevant Tax education/information
- Absence of personalized service
- No information on job change implications, advance tax implications
- Not knowing the status of past years tax returns
- Incorrect information on PAN Card not known to taxpayer
- Action to be taken when notice is received from ITD
- Refund tracking/follow up
Tax E-Filing – FAQs
All the reasons for making a wise decision for opting for E-filing at TaxSpanner.com:
What is a return of income?
What are the benefits of filing my return of income?
Will I be put to any disadvantage by filing my return?
What is the due date for filing returns of income/loss?
Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?
When is it mandatory for an individual to file return of income?
So far, I have never paid any tax. If I file a return this year will the IT department ask me about my earlier year’s income?
Is it necessary to file return of income when I do not have any positive income?
My taxable income is above 5 lakh, do I need to file return of income electronically?
From where can I get a return form?
Which return form is applicable for me on the basis of my Total Income or Sources of income?
Where and how am I supposed to file my return?
Who is an Assessing officer?
I am going out of India. Who will file my income tax return for this period?
If I fail to furnish my return within the due date of filing, will I be fined or penalized?
[Applicable for ITR 1 to 7]
Up to Assessment Year 2017-18, if assessee fails to file the return of income before the end of the assessment year, penalty under Section 271F may be imposed by the Assessing Officer. This penalty provision was omitted by the Finance Act, 2017.
In lieu of such penalty, the Finance Act, 2017 levies a new fees if assessee does not furnish the return of income on the due dates prescribed under Section 139(1).
The amount of such late filing fees shall be:
A. Rs. 5,000 if return is furnished after the due date but before December 31 of the assessment year [Rs. 1,000 if total income is up to Rs. 5 lakhs].
B. Rs. 10,000, in any other case.
After introducing this new provision, the assessees shall now be required to pay the late filing fees under section 234F along with interest under section 234A, 234B and 234C before filing of return of income. The Income-tax Dept. shall not be required to initiate the penalty proceedings separately to levy such fees on late filers.
Relevant changes have been incorporated in the new ITR forms wherein a new row is added to enable the assessee to fill the details of late filing fees.
Can a return be filed after the due date?
If I have paid excess tax how and when will it be refunded?
There are various deductions that have not been reflected in the Form 16 issued by my employer. Can I claim them in my return?
If I have committed any mistake in my original return, am I permitted to file a revise return?
How many times can I revise the return?
Am I required to keep a copy of the return filed as proof and for how long?
Am I liable for any criminal prosecution [arrest/imprisonment etc.] if I don’t file my income tax return even though my income is taxable?
Who should pay advance tax and why?
How do I pay tax to the government?
- Visit the link: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
- Select Challan No 280
- Select code 0021 for tax applicable, relevant assessment year (mention current year filing), and Type of payment as ‘300’ for self assessment tax or ‘100’ for advance tax
- Enter the whole amount of the tax due under the head Basic Tax, leaving all other entries blank
- Save the soft copy of the challan generated by your bank on your PC
Why should I choose TaxSpanner for Filing My ITR?
- Always there for your support
- Awesome UX
- It’s Fast
- Leaves nothing on chance
- All you may need in one place
- Data Privacy & Confidentiality
- Your data is always secure
- Complete solutions
- No mis-selling
- No hidden fees