Income Tax Filing for Traders

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  • All Form 16
  • Bank Statements of all Bank Accounts
  • Investment Declaration Proof – LIC, PPF, Tax Saving FD etc.
  • Form 26AS
  • PAN & AADHAR CARD Copy
  • Demat Statement for Trading Income
  • Sale and Purchase Deed Details for Capital Gain Income
  • Profit & Loss Account and Balance Sheet for Business Income

For this FY, there are two options available to the taxpayers to choose.

New Tax slab:

Total Income (Rs.)Tax Rate (%)
<2.5 lakh0
2.50,000-5,00,0005
5,00,001- 7,50,00010
7,50,001-10,00,00015
10,00,001-12,50,00020
12,50,001- 15,00,00025
>15,00,00030

If one is following this new tax slab, one shall not be entitled to enjoy any of the deduction benefits under the Income Tax Act 1961. However, who are of opinion that the deductions were more beneficial, they can still follow the tax slab of the FY 2019-20 to pay their tax.

Which one you want to follow, is totally dependent on your income and investments you have made.

Let us explain to you with an example:-

Income tax payable as per old regime:

ParticularsAmount (Rs.)
Gross Salary10,00,000
Standard Deduction37700
Income under the head salary962300
Interest on home loan2,00,000
Net Income762300
Deduction u/s 80C-1,50,000
Health insurance deduction u/s 80D-75000
Deduction u/s 80CCD for NPS contribution-47000
Taxable Income4,90,300
Rate of tax levied0% for <= 2,50,000 and 5% 2,50,001 to 5,00,000
Amount of tax24515
Health and education cess 4%980.6
Tax Total25,131.6
Tax rebate u/s 87A12,500
Tax payable12,631.6

Income tax payable as per the new regime:

Income (Rs.)Tax rate(%)Tax (Rs.)
2,50,00000
2,50,001- 5,00,000512,500
5,00,001-7,50,0001025,000
7,50,001- 10,00,0001537,500
Total Tax 75,000
Health and education cess43000
Tax Payable 78000

There are then benefits if you file for ITR under NIL:

  • ITR receipt as an important document: For several financial, and Government jobs, the receipt of ITR is considered as an important document.
  • Address Proof: ITR receipt can be used as valid address proof for yourself.
  • Useful for Bank documentation: For any loan or investment purpose, ITR receipt is a document on the priority list.
  • Be ready for next FY: If you do not file for ITR, it is not possible to get the losses in the previous FY. Therefore, If you face any loss in one FY, but have filed your ITR on time, you can get it compensated in the next FY at the time of filing the ITR.
  • Avoid Any Extra Charges: If you fail to file ITR, it may lead to a higher rate of interest to be deducted. For example, if you do not file for ITR, then a certain amount may get deducted from the interest amount you receive from your investment and FD.
  • Avoid penalties: Missing out to file ITR may cost you a huge amount of penalties if you try to file ITR post the assigned last date.
  • Credit Card Processing: Even for proceeding with the credit card application or increase the limit of the existing one, you have to furnish with the ITR documents.
  • Visa Application: Along with the application form, you need to submit the document of ITR return of the immediate past 3 years.
  • Insurance Policy with a Higher Cover: If you want to buy an insurance policy with a high cover, you need to submit the last filed ITR document, for smooth transactional proceedings.
  • Freelancer and independent professionals: These professionals do not have a form 16 with them, therefore the only document they are left with is the receipt of ITR as evidence of their annual income.

For the procedure of filing the ITR yourself, follow this official website of the Indian Tax Authority – https://www.incometaxindiaefiling.gov.in/home

However, if you want professional assistance, hire your tax expert just in one click.

Definitely, filing NIL ITR is important, and to know the reasons, please refer to question no. 3

The due date for ITR filing this year is yet to be declared.

The deadline to file an income tax return (ITR) had been extended to August 31, 2019, for FY 2018-19. If you file your return after midnight tonight then you would have to pay a late fee of up to Rs 10,000. However, if your income is below the taxable limit then you won’t have to pay it even if you file after the deadline. Here’s why:

The penalty you will have to pay

An income taxpayer is liable to pay late ITR filing fees of:

  • Rs 5,000 if the tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).
  • Rs 10,000 if tax return is filed after December 31 but before the end of the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2020).

If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.

When your business is suffering from a loss, you must file the ITR, as the loss you suffer makes you eligible to get a tax exemption, in order to get the loss amount compensated to a certain level.

Yes, you can file the ITR post the last date of filing, but later you file, higher the penalty amount you end up paying.

You can file a revised return correcting the error to avoid any penalty. Income tax laws allow taxpayers an opportunity to correct the error or omission in their returns by submitting a revised tax return under Section 139(5) of the IT Act.

Yes, you can file the ITR for FY 18-19 but with a huge penalty.

Form 16 is an Income tax form. Form 16 is a certificate provided by your employer which certifies details regarding the salary you have earned during the year and how much TDS has been deducted. It consists of two parts i.e. Part A and Part B, where part A consists of information of the employer & employee, like the PAN and TAN details, name and address, TDS deducted & deposited, etc.

It is used by the companies to provide their salaried individuals information on the tax deducted. Alternatively, you can consider Form 16 as your Salary TDS certificate.

Suppose the income from your salary for the financial year is more than the basic exemption limit of Rs. 2, 50, 000. Then, in this case, your employer is required to deduct TDS on your salary and deposit it with the government. When From 16 is provided to an employee by their employer, it is considered as a source of proof of filing their Income Tax Returns. And if your income does not fit the basic exemption limit, the employer does not deduct any TDS in that case.

Form 26AS is an annual consolidation credit statement issued under section 203AA of the Income Tax 1961 which mentions all the tax deductions by the employer, banks or someone else as defined under the Act.

To download Form 26AS you can log into the income tax filing account on the Income Tax Departments e filing website either directly or through the Net Banking facility of authorised banks.

The refund is usually issued within 120 days of filing the ITR.

To download Form 26AS you can log into the income tax filing account on the Income Tax Departments e filing website either directly or through the Net Banking facility of authorised banks.

Filing ITR for freelancer:

FormsSectionsExemptions
Form ITR 4Sec. 44AB
  • Sec. 80C – Deduction u to INR 1.5 lakhs for payments made towards the life insurance policies, PF, superannuation, tuition fees, construction/purchase of residential property FD etc.
  • Sec. 80 CCC – Tax Deductions for investment made towards the pension plans upto INR 1.5 lakhs.
  • Sec. 80 CCD – Exemptions towards investments made in the Central Government Pension Scheme. Both the employer and employee contribution are exempted.
  • Sec 80CCF- The exemptions are provided for investments made in the infrastructure bonds (long term) that are notified by the Government of India. The section offers a maximum exemption of Rs 20,000
  • Sec 80CCG- The section provides a maximum deduction of Rs 25,000 for the investments made in the government Equity Saving Schemes, to certain specified Indian citizens and residents.
  • SEC. 80D- Under this section, expenses made towards the payment of premiums of the health insurance policies are exempted. The freelancer can also buy the policy for spouse or child, and claim the deductions
  • Sec. 80DD- The section provides deductions towards treatment of normal and severe disabilities, which may go up Rs 1.25 lakhs
  • Sec. 80DDB- Exemptions towards treatment of certain specified diseases
  • Sec. 80E- Deductions towards loan taken for education purposes
  • Sec. 80 EE- The Section is exclusively for individuals, and exempts the payments made towards a loan, for buying a property for residential purposes
  • Sec. 80G- The Section offers up to a 100% deduction for the donations made to the charitable funds, including the Prime Minister Relief Fund, and the National Defense Fund among others
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