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File your Income tax returns in Saltlake Sector-V Kolkata

Valuable Tips about Income Tax Consultancy

Income Tax is the tax which the government takes from income on income of the people. Income tax applies to the financial income generated by all institutions located within the jurisdiction of governments. According to the law, every business and individual are eligible for tax or a tax refund, and they must file an income tax return each year. Income tax is an important source of wealth which the government uses to fund its activities and serve the public.

If you want to know about income tax consultant in Salt Lake Sector-V, Kolkata, then in our opinion: -

Fundscoop Advisors is a group of people with the best talent and they are pure professionals in the field of tax filing. We help in GST and income tax matters in Kolkata, Salt Lake Sector-V, from such a professional perspective that our clients keep coming back to us. During GST migration we made a lot of support to the people and accordingly Fundscoop Advisors will be doing the best work in Salt Lake Sector-V, Kolkata.

Income tax filing before 31st March 2018: -

The last date for filing income tax return has come close. You can file returns by March 31 for the Financial Year 2015-16 & Financial Year 2016-17. Due to some changes this time we will not be able to file ITR beyond 31st March 2018 for these to years.

There is a need to be careful in filing returns (ITR) this year. Filing of ITR is also slightly different than the other years due to the compulsory linking of the PAN with of all the Aadhar and all your bank accounts. This time, while filing an ITR, you need to keep in mind that your income from the Income Tax Department is not at all hidden. In this case, one of your wrong claims can put you in trouble.


Who is filing returns and who does not: -

The relaxation limit for the Financial Year 2016-17 is Rs. 2.5 lakhs for men and women below 60 years. For the elderly (60 years or more) this limit is Rs 3 lakh and for the senior citizens of 80 years and above, income up to 5 lakhs is tax-free.

If your income is more than this limit before the transfer of VIA investment, you will have to file a return. This means that if the taxable income is falling below this limit after the deduction on investment, then the returns needs to be filed.

Suppose your gross income is Rs. 3 lakhs and the age is below 60 years. You invested 60 thousand rupees in PPF and insurance policy in 80C. This made your taxable income at Rs 2 lakh 40 thousand. Now it is less than the limit of 2.5 lakh, but the return will be required as the income before deduction is three lakhs.


Some special changes that have been implemented for the fiscal year 2016-17: -

1. ITR1 can be filed with all salaries, whose income is up to Rs 50 lakh annually.  ITR 2, whose annual income from Salary and interest is more than 50 lakhs.

2. This time, in the ITR form, a special column has been given in which you have to give details of the amount deposited in your account between November 8 and December 30 during the demonetization. For this you must give your account number, the bank's IFSC code, and the amount of the amount that has been deposited.

3. It is also mandatory to link your 12-digit Aadhar number to your PAN.

4. Now the column of property and liability details has been removed from ITR1. So far in ITR1, people gave details of their assets and liabilities, but this time, ITR1 will be used only Upto Rs 50 lakh income, so this column has been removed and put in ITR 2, which is for people with income of more than 50 lakhs.

5. This time the number of forms has also been reduced. There were 9 types of forms first, this time only 7 forms remained.

31 March 2018 - If your TDS has been deducted by your company and you do not have any liability for tax, then you can fill income tax returns without any penalty till March 31, 2018.

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