What is good about eTaxadvisor.com?

We believe in providing personalized services. Our team of tax experts and Chartered Accountants will prepare and review your income tax return personally. We ensure that income tax return filed by our team is accurate.

How is e-Filing different from the regular filing of returns?

E-filing offers convenience of time and place to tax payers. This facility is available round the clock and returns could be filed from any place in the world. It also eliminates/ reduces interface between assessee and tax officials.

How do I file my income tax return through your website?

Our website offers peace of mind. You don’t have to go through tedious process of filling income tax forms themselves.. There are just 5 simple steps that need to be followed:

1st Step         Make the payment

2nd Step       Mail us your form 16 to [email protected]

3rd Step         Our team will prepare your return and electronically file with Income tax department

4th Step         Acknowledgement (ITRV) would be sent at your email address provided by you

5th Step        On receipt of ITR – V you need to sign the copy and send it by normal / speed post to the income tax department at: “Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka,”

What is ITR-V?

ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using the digital signature. Income Tax Department needs to verify the authencity of income tax return when filed online without using the digital signature. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department – CPC, Bangalore to complete the filling process.

Is there any time limit for submitting ITR-V to Income Tax Department?

Yes, you have to mail your ITR-V within 120 days of e-filing of your return.

What if I do not submit ITR-V within 120 days

If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case you will have to file revised return, get a new ITR-V and submit the same within 120 days.

What is the password to open ITR-V?

The password is a combination of PAN (in lower case) and DOB in Ddmmyyyy format for e.g. for PAN: BCMPS1106B and dob: 02/10/1980, the password should be entered as “bcmps1106b02101980”.

What is a return of income?

It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the financial year. Different forms are prescribed for filing of returns for different Status and Nature of income.

How can I know which form is applicable for my income?

You should choose a return form according to your status and nature of income from the following:

Form Type Nature Of Income
ITR1 For Individuals having Income from Salary/ Pension/ family pension & Interest
ITR2 For Individuals and HUFs not having Income from Business or Profession
ITR3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR4 For individuals & HUFs having income from a proprietary business or profession
ITR5 For firms, AOPs and BOIs
ITR6 For Companies other than companies claiming exemption under section 11
ITR7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITRV Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature
What are the benefits available on Housing Loan in Income Tax?

Interest paid on a housing loan is eligible for tax deduction for self occupied house. The loan must have been used for purchase / construction of house / flat.

  1. If the loan is taken after April 1, 1999, then one can claim upto Rs. 1,50,000 as tax deduction on interest paid every year.
  2. If the loan is taken before April 1, 1999, then one can claim upto Rs. 30,000 as tax deduction on interest paid every year.
  3. Principal Paid upto Rs. 1,00,000/- on Housing Loan is eligible for rebate u/s 80 C
What is PAN?

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department. This serves as a unique identifying number.

Is it compulsory to quote Pan Card Number on return of income? 

Yes, it is compulsory to quote Pan Card Number on return of income.

I have been allotted more than one PAN. What do I do?

It is illegal to have more than one Permanent Account Number (PAN). In case you have been allotted multiple PANs by the Income Tax Department, surrender the additional PANs to the Department.

What are the due dates for filing returns of income/loss? 

The due dates are as follows:

Companies & their Directors 30th September
Other business entities, other than companies, if their accounts are auditable and their working partners. 30th September
In all other cases 31st July

If I fail to furnish my return within the due date of filing, will I be fined Or penalized?

Yes. This may take the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty may also be levied.

Who can claim HRA exemption?

Any taxpayer who is getting HRA allowance from the employer and is paying rent for his residential purposes can claim HRA exemption as least of the following 3 amounts:

  1. HRA Received
  2. Rent paid over 10% of salary
  3. 50 %( in case of Metro Cities) /40% (other cities) of salary
What is Assessment year and financial year?

Financial year starts from 1st April and ends on 31st March (wherein there is income pertaining to the whole year or part of the year). Assessment Year is the year immediately following the financial year wherein the income of the F.Y. is assessed.

Which are the Investments qualified for deduction u/s 80C?

An Individual can claim total exemption of Rs 100,000 (Rupees One Lakh) under Section 80C, 80CCC and 80CCD.

Deduction u/s 80C is available for following Investments:

  1. Premium paid for Life Insurance (restricted to 20% of sum assured)
  2. Notified Pension fund of UTI or Mutual Funds
  3. Provident Fund, Superannuation Fund, Public Provident Fund
  4. Tuition fees towards full time education of any 2 children of Individual paid to any University, college or school etc. in India.
  5. Provident Fund, Superannuation Fund, Public Provident Fund
  6. Amount deposited under Senior Citizen Saving Schemes.
  7. Deposit in Post office saving account
  8. Subscription to any notified bonds of National Bank for Agriculture and Rural Development (NABARD)
  9. Tax Saving Mutual Fund
  10. Five Years term deposit with Scheduled Banks.
  11. Subscription to NSC VIII
  12. Principal repayment towards Housing Loan (including stamp duty for purchase of house)
  13. Deposit with National Housing Bank
What is Section 80D of Income Tax Act?

Section 80D provides for deduction of medical insurance premium paid during the current year by an individual or HUF.

  1. Where the assessee is an individual, the whole of the amount of premium  paid on health insurance of assessee or his family subject to amount does not exceeds Rs 15,000/-; and
  2. The whole of the amount paid to effect or to keep in force an insurance on the health of the parent or parents of the assessee as does not exceeds 15,000/-.
  3. Where the assessee is a HUF, the whole of the amount of premium paid to keep in force an insurance on the health of any member of that Hindu undivided family as does not exceeds 15,000/-.

Family means spouse and dependent children of the assessee. Where any sum is paid for insurance on health of any person specified therein, and who is Senior Citizen, the amount of Rs 15,000/- has been substituted with Rs. 20,000/- .