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About This service

The salaried individuals can get the advantage of this plan, who have a house property on a home loan or earn rental income from one or more properties. The same plan can be bought if you have multiple form 16 from different employers in a particular financial year. Further, there are tax saving options like eligible investments under SEC 80C, donations made etc. Consult MyTax provides one-to-one personalized online income tax return filing service, wherein each tax return is reviewed and e-filed by our Tax Experts after discussing with you. Under this plan our experts will file your tax returns, making sure you there is an accurate disclosure and you get benefit of all available tax deductions.

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Includes/exclude

in service

  • Tax filing for salaried individuals with single or multiple Form 16
  • Tax filing for salaried individuals with house property
  • Claiming deductions under Section 80
  • Tax Due/Refund Status and Filing Confirmation

Whom

it’s beneficial

  • Employees with Only Salaried / Interest Income
  • Salaried Employees with single or multiple Form 16
  • Salaried Employees with ownership of single or multiple properties
  • New joiners / Fresher’s

Process

  • Purchase Plan
  • Provide Documents
  • Review Computation
  • Get ITR-V after e-filing

Information/Documents

needed

  • KYC Information
  • Name, Father’s Name, DOB, Bank Account No., IFSC Code, PAN Number,Aadhaar card, Address
  • Form 16 from your company
  • Form 16 (Part A and Part B (If separate))
  • Additional Form 16
  • Additional Form 16 or If you have Form 16 Part B
  • Form 26AS Tax Credit Statement
  • From 26AS can be downloaded from net banking or Income tax Website
  • Capital Gain Statement
  • Income Proof from Mutual Funds/Trading/Sale of Property

Other Information

The income tax department has issued a warning that any attempt by salaried employees to under-report their income or inflate deductions will result in a serious action. The advisory states that such offenses will be punishable under various penal and prosecution provisions of the Income Tax Act.
The Income Tax warnings have been issued, following the notification of new income tax return (ITR) forms by the department

Who is required to file income tax returns?

If your income for the financial year 2016-17 has been more Rs 2.5 lakhs in India excluding the deductions from Section 80C and 80U, you have to file income tax returns (ITR). Even if you are an NRI, your income in India needs to be filed for ITR. If you are over 60 years old but less than 80 years, you are you required to file ITR if your income for 2016-17 is over Rs 3 lakhs before deductions. If you are over 80 years of age, then you have to file ITR if your income is over Rs 5 lakhs before deductions. If you want an income tax refund or want to carry forward your losses under any head of income (like loss from sale of equity shares). If you have had any long term capital gains during the financial year, you need to file tax even if your income is tax-free. If you are planning to apply for a loan or visa, you may be asked for proof of income tax filing.

What is the Verification of income tax returns filing?

If your Aadhar is linked already, you can digitally verify the returns using Aadhar OTP. It is the easiest method. You will receive the OTP on your Aadhar linked mobile number and you need to enter this in the space provided. You will get an acknowledgment form of verification (ITR-V) which you can download for your reference. If you choose to verify offline, you can download the form and send it to: Centralized Processing Center, Income Tax Department, Post Bag No. 1, Electronic City Post Office, Bangalore, 560 100, Karnataka. The letter needs to reach the IT department within 120 days of filing the return online.

What are the Important Points to remember before filing your income tax returns?

Your tax deducted at source in form 26AS should match the amount in Form 16. Form 16 will be provided to you by your employer. It is important that the two match, because you will receive an income tax notice if they do not match. So you need to rectify if there are any errors. Claim your deductions under section 80. Keep your premium receipts at your side to fill the form. Keep your bank interest statement handy as you are allowed a deduction of up to Rs 10,000 on interest earned on your savings account. If your last year’s return for reference, your Form 16, your pay slips and rent receipts to help you file your tax returns faster.

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