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Online Income Tax Payment - E Filing of Income Tax Return

Income tax is a significant amount of money that the central government charges on the income earned during a financial year by individuals and businesses. Taxes form an important source of revenue for the government through which they provide infrastructure and various facilities to the citizens of India. There are mainly two types of taxes in India, i.e. direct taxes and indirect taxes. The tax which is directly levied on the income of the payer is known as direct taxes, and income tax falls under this category. The tax calculation for this type of tax is based on the income slab rates stated by the Indian income tax laws, applicable during that financial year.

ITR is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department. Each taxpayer is supposed to file ITR on or before the specified due date by the Government of India. The law of the Govt. has set it up as mandatory that only the following taxpayers are required to compulsorily pay their taxes online:

  • Companies
  • Taxpayers apart from the companies who are subject to audit, as per Section 44AB

The rest of the taxpayers can also pay their taxes in the physical form simply by submitting their challan at the banks as designated. Though, one can still opt for the option to make the payment online since it’s much easier and faster.

What is Income Tax Return?

ITR is an important form that contains information about a person’s earned income and the taxes to be paid on it during that financial year. The applicability of the ITR forms differs based on the sources of income of the taxpayers, the amount of the income earned, and the category the taxpayer belongs to. The IT department verifies these declarations of income and refunds the excess amount, if any, to the assesses’ bank account. All entities are required to file the taxes on time to avoid penalty.

Who Must File an ITR?

Every person who earns or get an income in India is subject to income tax. Each taxpayer is taxed differently as per their earning and various liabilities. Under the Indian income tax laws, the firms and Indian companies follow a fixed rate of tax calculated on their tax profits, the individuals, HUP, AOP, and BOI taxpayers are taxed based on the income tax slab they belong to. (The blocks into which people’s income are grouped are known as tax brackets or tax slabs). Alankit Limited has made it easy and comfortable for people to file ITR within the confines of their home or office without having to stand in long queues.

The Income Tax Act, 1961 makes return filing compulsory for anyone who falls under states categories:

  • Anyone less than 60 years old and earn more than INR 2.5 lakh.
  • Any senior citizen (above the age of 60 years and below the age of 80 years) and earns more than INR 3 lakh.
  • Super senior citizens whose income has not exceeded INR 5 lakh in the present financial year.

Types of Income Tax Return to file?

The IT Department of India has various forms listed. Filing an income tax return is mandatory to claim tax deductions under 80C, 80D, etc. and numerous other eligible exemptions.

  • ITR 1: This return form is for a resident individual who:
    • Earn income through salary or pension
    • Earn income from one housing property
    • Earn income through investments such as fixed deposit
    • Do not earn capital gains
    • Do not hold a property abroad
    • Earn only domestic income
    • Earn agriculture income less than INR 5000
  • ITR 2: This form is filled if you have earned an income by selling the property or other assets or you earn an international income. The ITR 2 form is also meant for HUF taxpayers.
  • ITR 3: This form applies to an individual as well as HUF taxpayers. If you earn income under the gains and profits from the profession or business category, you may use this form to file the ITR.
  • ITR 4:This form is used by individuals, HUFs, or partnership firms whose income includes:
    • Business earnings under provisions of section 44AD and 44AE
    • Professional income as per special provisions of section 44ADA
    • Income from a single house property except where loss is carried forward
    • Pension or salary
    • Income from other sources baring lottery or horse race winnings
  • ITR 5:This form is used by firms, local authorities, artificial judicial persons, Body of Individuals, co-operative societies, Limited Liability Partnerships, and Association of Persons.
  • ITR 6:All the companies, except the ones that claim exemptions under Section 11 of the Income Tax Act, 1961, are required to file income tax returns using Form ITR 6. Companies that receive income from property used for religious or charitable purposes are eligible to claim exemptions under section 11. ITR 6 need to be filed online.
  • ITR 7:Individuals or companies listed below must file returns using this form.
    • Section 139(4A): Individuals earning income derived from property that is held under trust or any other legal obligation
    • Section 139(4B): Political parties whose total income exceeds the maximum non-taxable amount.
    • Section 139(4C): An institution or association under section 10(23A), medical or educational institution, scientific research association, news agency, an institution under section 10(23B).
    • Section 139(4D): Universities or colleges which are not required to furnish returns or losses under any other provision of this section must file returns using Form ITR 7.
    • Section 139(4E): Must be filed by every business or trust that is not required to provide a return of income or loss under other provisions of this section.
    • Section 139(4F): Investment funds referred to in section 115UB must file returns under this section.

Process of Income Tax Return Filing Online

The complete process of filing ITR includes:

  • Register yourself: To e-file your income tax, you need to go to the website of IT department’s website. There you need to submit your PAN details, date of birth and choose a password. Your PAN will work as your User ID.
  • Select the mode of e-filing:There are two ways of filing the ITR online. You can either download the form, fill it offline and upload it back onto the site. Or you can also fill the form online through the “Quick e-file” option.
  • Select the form: You need to select the requisite form.
  • Keep the documents handy:For a hassle-free income tax return filing online, all the documents should be kept handy, and the form is filled in with the required details without user session time-out.
  • Upload the filled form: After submitting all the details, one must submit the form.
  • Verify ITR V: : After successful submission of your ITR, an acknowledgement number is generated. In case the ITR was submitted without employing a digital signature, an ITR-V is generated and sent to you on your registered email ID.

A confirmation is received from the Income Tax Department, after successful uploading of the ITR, in the form of an automatically generated e-mail sent by the Income Tax department on the individual’s registered e-mail ID. An SMS is also sent to the individual’s registered contact number. Alternatively, individuals can also check the ITR-V status through their e-filing account.

Advantages of E-filing of Income Tax

Individuals whose annual income exceeds the basic exemption limit of Rs 2.5 lakh must mandatory file their income tax returns. Even in case of no tax liability, an ITR must be filed if the total income exceeds the above-mentioned threshold. Filing ITR on time is beneficial in various aspects.

  • Filing ITR avoids penalty: Filing ITR on time avoids unnecessary penalties. Effective from FY 2017-18, the Income Tax Department imposes a penalty of Rs 10,000 under section 234F on individuals who fail to file their income tax return.
  • It acts as an important document: ITR receipts are needed to be preserved carefully as they contain your total income details and has details of your income from other sources. They are important proof of your income and payment of the taxes.
  • It helps in the easy processing of bank loans: Most banks in India asks for ITR receipts of previous years in the process of granting loans. It acts as an authentic document supporting an individual’s income.
  • Carry forward the losses: Individuals cannot carry forward losses of the current financial year to the next financial year until an ITR is filed. ITR receipts help you to carry forward losses against house property and depreciation conveniently.
  • To claim tax refunds: One can claim tax refunds, and these documents help the IT department to access the records and return the excess amount paid to the assesses bank account.

Detailed Breakdown of Tax Slabs For Individuals:

  • Income Tax Slabs for Individuals (less than 60 years of age)
  • Income Tax Slabs for Senior Citizens (60 years and above but less than 80 years of age)
  • Income Tax Slabs for Super Senior Citizens (Age - 80 years and more)

Documents required for Income Tax Filing in India

Various documents you need to keep handy while filing an ITR are:

  • PAN card number
  • Form 16
  • Form 16A
  • Form 26AS
  • Bank Passbook
  • Proof of investment under section 80C
  • House rent receipt for HRA
  • Medical expense receipts
  • Tickets for LTA
  • Documentary Evidence of Home Loan Interest
  • Documentary Evidence investment under Section 80E
  • Documentary Evidence of Investment under Section 80D

Due Dates for Filing Income Tax Return

As per the updates, individuals can now file their tax returns for income earned during the financial year 2020-21 by September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies to November 30.

Why Income Tax Return Filing With Alankit

Alankit Limited is a registered e-return intermediary that renders professional e-filing services for income tax returns through an easy, convenient and secure scheme for taxpayers. The Government’s Electronic Furnishing of Return of Income Scheme 2007 enables Alankit to electronically file income tax returns on behalf of taxpayers. The process also includes submitting KYC information such as Form-16, PAN, Aadhaar Number, investments made, taxes paid, all bank account details and home loan for processing of the ITR.

This saves lots of time and effort for the taxpayer, making the complete ITR filing process hassle-free and instant. Through the online payment of taxes, the credit is sent to the government on an immediate basis. Through their services, Alankit ensures:

  • Assesse quotes valid permanent account numbers or tax deduction account numbers.
  • Particulars of advance tax, self-assessment tax and tax deducted at source (TDS) are in accordance with taxpayer’s documents.
  • Accurate data entries are shown during transcription and transmission of return on income.
  • Assesse receives a hard copy and acknowledgement of e-Returns submitted.
  • Confidentiality of assesse information is maintained throughout the process, and any information shared externally is with prior permissions of the assesse or assessing officer.

Frequently Asked Questions About ITR-INCOME-TAX-RETURN-FILING

The filing of income tax returns is mandatory if a person’s total income exceeds Rs. 2.5 lakhs in a financial year. The income tax slab is Rs. 3 lakhs and Rs. 5 lakhs and above for senior citizens and those more than 80 years of age respectively.
Returns need to be filed for the previous financial year before the due date of July 31st of the current financial year. For example, returns for FY 2017-18 must be filed by July 31, 2018. Due penalty is charged in case of non-adherence of the deadline.
To file IT returns, persons are required to individually approach an Assesse. The process also includes submitting KYC information such as Form-16, PAN, Aadhaar Number, investments made, taxes paid, all bank account details and home loan for processing of the ITR.
After submitting the KYC, an individual requires to fill the income tax form with personal, professional and financial details as stated in the form. The completed form should be uploaded on the Income Tax e-filing portal, post which an ITR-V will be received from the Income Tax Department as receipt/acknowledgement by the individual. The duly signed ITR-V receipt should be submitted via speed post to the Income Tax Department’s Bangalore Office. The ITR-V takes 120 days for validation. Charges are fixed for different assesse categories such as, salaried, business class, company or firm.
Interested people may contact Alankit for e-filing of IT returns at the Customer Care Number: 011-42541739 or send an e-mail to itr@alankit.com.
Processing of IT Returns takes 2-3 working days and depends on the details provided by the assesse.
A confirmation is received from the Income Tax Department, after successful uploading of the ITR, in the form of an automatically generated e-mail sent by the Income Tax department on the individual’s registered e-mail ID. An SMS is also sent to the individual’s registered contact number. Alternatively, individuals can also check the ITR-V status through their e-filing account.

Once an individual reaches at their income taxes due by summing up all their income, availing all the deductions applicable, assessing their taxable income amount and then, computing their taxes at the applicable rates to the particular income slab that they are coming under.

Next, if the income of an individual is between Rs. 50 lakhs to Rs. 1 crore, a 10% surcharge is applied and in case the income is more than Rs 1 crore, a 15% surcharge is applicable on the taxes due. Moreover, 4% of the amount of taxes due (plus the surcharge amount, if any) is required to be added in terms of health and education cess.

In case the income of the person during a year is not more than Rs 3.5 lakhs, then the person is entitled to claim a rebate amount, according to the Section 87A, of Rs 2,500 or less or the taxes due, whichever is lower.

The law of the Govt. has set it up as mandatory that only the following taxpayers are required to compulsorily pay their taxes online:

a. Companies

b. Taxpayers apart from the companies who are subject to audit, as per the Section 44AB

The rest of the taxpayers can then pay their taxes in the physical form, simply by submitting their challan at the banks as designated. Though, one can still opt for the option to make the payment online since it’s much easier and faster.

Thanks to the advancement of technology and the advent of internet, there definitely a number of benefits of making the e-payment of taxes as it saves a lot of time and effort of the taxpayer, making the process much more hassle free and instant at just a few clicks from within the comfort of their homes/ office at ease. Moreover, unlike the conventional ways of making payment physically where the credit of the paid taxes is sent to the Government at least after a day, in the online mode of payment, the credit is sent to the government on an immediate basis.
In order to make the payment of taxes online when one has opted for online income tax return filing, one must ensure that they have good internet connectivity and also, must have access to net banking enabled in any of the authorized banks. In case, one does not have access to a net banking enabled account, then one may make the payment by the use of anyone else’s net banking account as well but it is important to make sure that the taxes are then discharged in the person’s name itself and against one’s PAN only, for one to get the credit.

Nowadays, the facility to make the payment of taxes online has been enabled for almost all types of taxes. Some of these taxes that can be made payment for online include the following:

a. Income tax

b. Corporate tax

c. TDS (Tax Deducted at Source)

d. TCS (Tax Collected at Source)

e. Securities Transaction Tax (STT)

f. Equalization levy

At the time of paying the taxes online, if one faces any problem at the NSDL website, one can contact the TIN call center for assistance. Also, if one faces any problem at the gateway of payment of one’s bank, then, one may get in touch with their respective bank for assistance.
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