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Tax FAQs

With Taxpert, Being Expert In Tax….

Is it mandatory for me to file an Income Tax Return if I have a PAN?

No. The following points explain this clearly:

·         You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments.

·         The basic exemption limit for financial year 2014-2015 is as under: -

Gender, Age & Residential Status

Basic Exemption Limit

Resident Female & Others

Rs.2,50,000

Resident Senior Citizen 
(Age > = 60 yrs and < 80 yrs as on 31st March of Financial year)

Rs.3,00,000

Resident Very Senior Citizen 
(Age > = 80 yrs as on 31st March of Financial year)

Rs.5,00,000

·          

·         You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.

Who can file an Income Tax Return using Taxpert?

 

Any Individual having the following types of income can opt for Taxpert's services:

·         Income from Salary

·         Income from House Property

·         Income from Sale of Investments (Shares, Mutual Fund units, Bonds) or Property

·         Income by way of Interest, Dividend, Gifts, Family Pension, Agricultural Income

·         Brought Forward Losses (Except Loss from Activity of owning and maintaining Race Horses)

·         Clubbing of Income

Why is filing an Income Tax Return using Taxpert a unique experience?

Taxpert offers you a unique experience when filing your tax return. Find out how:

·         You do not need to know Income Tax Laws.

·         The tax computation is done absolutely FREE. You can also view it for free. You pay only when ready to file.

·         Taxpert is a Registered e-Return Intermediary by the Income Tax Department. So we can file your return with the IT Department on your behalf.

·         Taxpert uses 128-bit encryption Secure Sockets Layer (SSL) technology, used by banks around the world. Our servers are the safest home for your data!

·         No advertisements or pop-ups on the Taxpert website.

·         You can prepare and file your return for all types of Income. Taxpert does not place restriction on income types in its plan.

What are the steps for filing an Income Tax Return using Taxpert?

·         Sign up with Taxpert.

·         Enter the relevant details or upload your form16. Taxpert generates your return based on this data.

·         View your tax computation absolutely FREE!

·         Make a payment to Taxpert based on the Filing Plan you chose.

·         Authorise Taxpert to efile your Income Tax Return.

·         Receive via email the Acknowledgement (if return is signed digitally) or the ITR-V (if not)

Does Taxpert support manual preparation and filing of Income Tax Returns?

No. Taxpert does not support manual preparation and filing of income tax returns. All returns are e-Filed by Taxpert with the Income Tax Department

Does Taxpert calculate the Tax Refunds that I am eligible for?

Yes. In fact, as you enter your details in the relevant sections, our system updates and remembers your taxable income and tax payable figures.

Once you have entered all the required information, the tax payable by you or refund due to you will be displayed onscreen. So rest assured - the Taxpert website is not just a tax estimating tool, but a complete return preparation and filing portal!

What are the methods of e-Filing an Income Tax Return using Taxpert?

Taxpert can help you e-File your return using 2 filing methods:

Efiling using a Digital Signature – Steps involved:

·         Prepare your return on Taxpert.

·         Review your Tax Calculation.

·         Get your Income tax Return generated in electronic format

·         Attach Digital Signature.

·         Authorize Taxpert to e-File your Return.

·         Get acknowledgment from Income Tax Department in your mail box. That concludes your efiling.

Efiling without a Digital Signature – Steps involved:

·         Prepare your return on Taxpert.

·         Review your Tax Calculation.

·         Get your Income tax Return generated in electronic format.

·         Authorize Taxpert to e-File your Return.

·         Get ITR-V from Income Tax Department in your mail box.

·         Download and print ITR-V, available under your Taxpert account.

·         Sign with "Blue" ink, enclose it in an A-4 size envelope. Send this envelope by ordinary or speed post to "Income Tax Department – CPC, Post Box No.1, Electronic City Post Office, Bangalore – 560100, Karnataka" within 120 days
of e-Filing.

·         Receive e-mail from Income Tax Department, acknowledging the receipt of ITR-V. That is your final acknowledgement. That concludes your efiling.

What steps are to be followed when I e-File without using a Digital Signature?

When you e-File without using a Digital Signature, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps -

·         Print and sign ITR-V.

·         Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.

·         Mail the envelope within 120 days of e-Filing to –

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.

·         Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.

·         Your filing is now complete..

What is an ITR-V?

·         ITR-V stands for 'Income Tax Return – Verification' form.

·         This form is received when you e-File without using a digital signature.

·         Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.

·         On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.

Can I submit ITR-V anywhere else in India?

No, you cannot. You have to compulsorily mail your ITR-V in a sealed A-4 envelope to the address mentioned above.

Is there any time limit for submitting ITR-V to Income Tax Department?

Yes, you should mail your ITR-V within 120 days of e-Filing your return.

What is the Last Date for filing an Income Tax Return?

The Due Date of filing your Income Tax Return for a financial year is 31st July after the end of the financial year. Thus, for financial year ended on 31st March, 2015, the due date of filing Income Tax Return is 31st July, 2016.

Does that mean that I cannot file return after the last date mentioned?

You can file return after the last date also. However, in such case you will have to pay penal interest @ 1% per month for late filing. In case you have not filed your Income Tax Return for the financial year ended on 31st March, 2015 till 31st July, 2015, still you can file the same till 31st March, 2016. You may be required to pay Interest. Further, in c