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Talk:Income tax in India

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Contents

Things You'll Need

  • Your PAN Card
  • Your Form 16
  • Computer with Adobe reader installed


Steps

  • Registration: Go to Registration page and register yourself by providing your PAN number and other details Login Go to Login page and login into your account registered above. User name would be the PAN number.
  • Download the PDF. ( It is assumed that you are a salaried professional Next click on Return Preparation Software If you are a salaried professional click, then click on PDF Utility Next to ITR-1 and download the PDF file for the ITR form to your local system You can also download the corresponding help ITR-1 with Instructions ).
  • Fill the ITR Form: Open the ITR form downloaded above and start filling it. As you can see it is a simple 2 page PDF form which you can fill. You can also read instructions (downloaded above) which contains useful tips to fill in the ITR form. Your personal details are easy to fill. Then rest of the sections are mostly a copy paste from your Form 16.
  • Check Form: Once you have completed filling all the mandatory fields in the two pages, Click on the ‘Check Form’ button at the bottom of the second page.If you have missed out any fields, then it will alert you when you click this button.
  • Generate Bar Code: Once you have completed filling all the fields, the "Generate BarCode" and "Export To XML" buttons will be enabled, till then they will be disabled.So now click on Generate Bar Code button.
  • Export To XML: Now click on Export To XML button and it will prompt you to save an XML file. Do not change the name of the XML file, just save it as it is to some location in your system.
  • Upload the XML: Again go to Login page and login into your account. On the left hand side, there is a Submit return link. Click on it. The page displayed now will provide you an option to Upload the XML file. Upload the XML file generated in the earlier step and Click ‘Upload’ Button.
  • Download the Verification Form: Receive a message saying ‘Your returns have been successfully uploaded.’ with a link at the bottom “Click Here to download ITR-V”. Click that link and download your ITR-V form. That will complete the I Tax filling.


Question

  • What is the last date of Filling the income tax returns for different assess?
  • What are the types of ITR forms to be filled by different type of assesess?


  • Question: What charges do I have to pay to get help?

Answer : The charges are nominal . Typically for a simple question, it will cost Rs. 100 .


  • I have borrowed Rs. one lakh from the bank and invested in the stock market. I have booked enough Short term Profit can I adjust the interest on the borrowed loan against the profit ?

Answer: Yes you can claim the expense in your trading activity of share

  • Long term capital gains stands at 20% (for gold, real estate, etc.) with indexation benefits provided for inflation adjustments.


  • For sales of shares in recognized stock exchanges, long term capital gains are not taxed,

and short term gains are charged 10% tax (less than 1 year of holding). All other short term gains are clubbed with income in the year the gains occur.

External links

Our thanks to these advisors in helping us answer your queries.

  • CA S. S. Agarwal (M. Com., L. LB., F.C.A) Mumbai +91 98702 43410 - ssunderagarwal@sify.com
  • CA Satish Kapoor , B.Sc.,D.T.M.,F.C.A , SSKapoor@rediffmail.com
  • CA Bhavik Parikh BhavikParikh@edeskonline.com
  • CA Sanjiv Swarup LLB, M.Com. Sanjiv@Swarup.info
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