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ABOUT IT Return Filing and Advisory Services

Income tax refers to direct tax paid on income to the government within a given financial year. A person or any sovereign entity has to file an income tax return when his total income from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government and with amendment in section 139(1) of Income Tax Act person being the owner of vehicle, immovable property, telephone, credit card, or member of a club or incurs expenditure on foreign-travel are also required to file return.


Non Resident Indian (NRI) earning below mentioned income shall be liable to file returns in India, irrespective of their Total Income being less than the Basic Exemption limit:

  • Income from Short Term Capital Gains on equity shares or units of equity oriented mutual fund.
  • Income from Long Term Capital Gains, which are chargeable to tax.

Required Documents

The documents needed vary from case to case. Let FINMART understand your needs and assist you in documents requirement.



The due date of submission of return shall be ascertained according to section 139(1) of the Act as under:-

30 September of the Assessment Year (AY)

If the assessee is a company (not having any inter-national transaction), or
If the assessee is any person other than a company whose books of accounts are required to be audited under any law, or
If the assessee is a working partner in a firm whose books of accounts are required to be audited under any law.

31 July of the AY

In any other case.

If the Income of a Salaried Individual is less than 500,000 and he has earned income through salary or Interest or both, such Individuals are exempted from filing their Income Tax return provided that such payment has been received after the deduction of TDS and this person has not earned interest more than 10,000 from all source combined. Such a person should not have changed jobs in the financial year.

The Tax rates applicability depends on the category of tax payers. The various categories of tax payers are Individuals, NRI, Hindu Undivided Family, Association of Persons, Body of Individuals, Artificial Juridicial Person, Firms, Company, Cooperative Society, Local Authority. FINMART team will help you in knowing the applicable Tax Rates.

Every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if such estimated income is less than 10000, then no advance tax is payable. The due dates of payment of advance tax are:-


In case of corporate assessee


On or before 15 June of the previous year

Up to 15% of advance tax payable


On or before 15 September of the previous year

Up to 45% of advance tax payable

Up to 30% of advance tax payable

On or before 15 December of the previous year

Up to 75% of advance tax payable

Up to 60% of advance tax payable

On or before 15 March of the previous year

Up to 100% of advance tax payable

Up to 100% of advance tax payable

Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C.

Income Tax Returns by filling the requisite forms ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8 and ITRV. The details of the same are as follows:

ITR Forms



Individuals having Income from Salary/ Pension/ family pension & Interest


Individuals and HUFs not having Income from Business or Profession


Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship,


Individuals & HUFs having income from a proprietary business or profession.


Firms, AOP’s and BOI’s.


Companies other than those claiming exemption under section 11.


Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

Keeping track of various incomes such as Salary Income, Income from House Property, Income from Business or Profession, Capital gains, Income from Other Sources , which are tend to be overlooked while filing returns. FINMART ensures that the reporting requirements under the tax laws are met and any future litigation is avoided.

If the assessee does not file his return of income on due date as per Section 139(1) of the Income Tax Act, 1956, he can still file his belated income under Section 139(4) of the said Act. The details of the same are as follows:

Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

But, where the assessee has some capital loss or loss from business or profession to be carried forward he should file his return of income within the due date as prescribed u/s 139(1). As per section 139(3), no loss shall be allowed to be carried forward under the head Business or Profession or under the head Capital Gain unless the return is filed within the due date as per section 139(1).

Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax has been deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax then no interest is levied u/s 234A for filing the return after the due date.

A penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year.

Also, where a belated return is filed, no revised return can be filed.

Deduction under this section is available only to an individual or an HUF.

Section 80C of the Income Tax Act allows certain investments and expenditure to be deducted from total income up to the maximum of Rs 100,000.

  1. Contribution to approved superannuation fund/public provident fund/recognized provident fund/statutory provident fund. Provident fund contribution should not exceed 1/5 of salary & public provident fund.
  2. Payment of  life insurance  premium. It is allowed on premium paid on self, spouse and children even if they are not dependent on father or mother (subject to a maximum of 20% of sum assured up to FY 2012-13, from FY 2013-14 20% has been reduced to 10%).
  3. Payment in respect of non-commutable deferred annuity.
  4. Unit linked Insurance policy of UTI/LIC Mutual fund Dhanraksha.
  5. Subscriptions to  National Savings Certificates  VIII issues.
  6. Deposits with National Housing Bank.
  7. Principal part of loan taken for acquiring Residential House Property; provided that the house should not be transferred within 5 years Loan for land cost for residential house is also qualified.
  8. Subscriptions to schemes of PSU's providing long term finance for housing, or of housing boards constituted in India for infrastructural development of cities/towns.
  9. Notified annuity plan of LIC or of any other approved insurer.
  10. Units of Mutual Fund or UTI.
  11. Notified pension fund by UTI or approved mutual fund.
  12. Tuition fees (not including donation or development fees) towards full-time education including play-school activities, pre-nursery & nursery classes, of any 2 children of an individual, paid to University, College or School in India.
  13. Investments in shares or debentures with a lock-in-period of 3 years, of approved public company exclusively engaged in infrastructure facility or power sector.
  14. Subscription to the bonds issued by NABARD as specified by Central Government.
  15. Any sum deposited as 5 years time deposit under Post Office Term Deposit.
  16. Any sum deposited in Senior Citizen Savings Scheme.
  17. Any sum deducted from salary of Government employee (subject to maximum 20% of salary) towards deferred annuity plan for benefit of self, spouse or any children.
  18. Term deposit with scheduled bank for a period of not less than 5 years as per scheme notified by Central Government.
  19. Investing in units of notified mutual fund investing in approved public companies engaged in infrastructure facility or power sector.

Section 80CCC (Pension):

Payments made to LIC or to any other approved insurer under an approved pension plan are admissible for deduction under this section. Then pension plan policy should be for individual himself out of his taxable income. The deduction is least of the amount paid or Rs. 1,00,000.

Section 80CCD:

Contribution made by the assessee and by employer to New Pension Scheme is admissible for deduction under this section. The assessee should be an individual who is employed on or after 1 January 2004. The deduction shall be equal to the amount contributed by the assessee and/or by the employer, not exceeding 10% of his salary (basic+dearness allowance). Even a self-employed person can claim this deduction which will be restricted to 10% of gross total income.

The total deduction available to an assessee under sections 80C, 80CCC & 80CCD is restricted to Rs. 100,000 per annum. However, employer's contribution to Notified Pension Scheme under section 80CCD is not a part of the limit of Rs. 100,000.

Section 80D: Medical insurance premiums:

Health insurance, popularly known as Mediclaim Policies, provides a deduction of up to 35,000.00 ( Rs. 15,000.00 for premium payments towards policies on self, spouse and children and Rs. 15,000.00 for premium payment towards non-senior citizen dependent parents or Rs. 20,000.00 for premium payment towards senior citizen dependent). This deduction is in addition to Rs. 100,000 savings under IT deductions clause 80C. For consideration under a senior citizen category, the incumbent's age should be 60 years during any part of the current fiscal, e.g. for the fiscal year 2010-11, the incumbent should already be 60 as on 31 March 2011), This deduction is also applicable to the cheques paid by proprietor firm.

Section 80DDB: Deduction in respect of medical treatment, etc:

Deduction is allowed to resident individual or HUF in respect of expenditure actually during the PY incurred for the medical treatment of specified disease or ailment as specified in the rules 11DD for himself or a dependent relative or a member of a HUF

Section 80CCG: RGESS

Deduction of 50% is allowed on investments up to Rs. 50,000 under the Rajiv Gandhi Equity Savings Scheme on select securities.

Section 80E: Education loan interest

Interest payment on education loan for education in India or abroad gets deduction under this section. Education loan should be for self, spouse, child or the one whose legal guardian the assessee is.

Section 80TTA: Interest on Savings Account

Up to Rs 10,000 earned as interest from savings account in bank, post office or a co-operative society can be claimed for deduction under this section. This rebate is applicable for individuals and HUF's.

Section 80U: Disability

Disabled persons can get a flat deduction on Income Tax on producing their disability certificate. If disability is severe Rs. 1 lakh can be claimed else Rs 50,000.

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