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Income Tax E Filing

Welcome to E-Filing of Income Tax Return

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Adv. D. P. Jindal

This site is for your help for any type of query related to income tax. This site is managed by Advocate D. P. Jindal, a practicing Advocate in Disctrict and Session Court, Sector-12, Faridabad. He is an experienced Banker who served the State Bank of India for 32 years and retired as Dy. Manager. He is Law Graduate from Delhi University. You may post your query at advdpjindal@gmail.com or contact him at his mobile No. 9717007044. He may be contacted at his office at Chamber No. 662, 6th Floor, Lawyers' Chamber Building, District and Session Court, Sector-12, Faridabad.

What is Income

The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. In fact the Income Tax Act does not differentiate between legal and illegal income for purpose of taxation. Under the Act, all incomes earned by persons are classified into 5 different heads

Benefits of Filing Return Electronically

It is safe and convenient. Record is saved for ever. It is cheap and fast. The retrun is processed quickly by the Department and if any refund is to be received back, it is recevied back quickly and without any physical efforts. This refund may be credited in your account directly and you do not have to visit your bank branch to deposit the refund. No chanced of loss in transit.

Heads of Income

  1. Income from Salary
  2. Income from House property
  3. Income from Business or Profession
  4. Income from capital gains
  5. Income from other sources

What inclues in Income

As per Sec.-24 of Income Tax Act, the income includes - (i) Profits and Gains (ii) Dividend (iia) Voluntary contributions recieved by a trust (iii) The value of perquisite or proft in lieu of salary etc.

What is Income Tax?

Income Tax is charged on the Income. It is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India in 1961. The job of monitoring the Income-tax collection by the government is entrusted to a Department called ncome-Tax. This department functions under the Department of Revenue, Ministry of Finance, Government of India.

What is E-Filing of Income Tax Retrun?

A return which is filed electronically is called the E-Return. Is is a soft copy of return. As one receive a message in its mobile or picutre, message and song etc throug whats app, these are electronic forum of those items. This return is not in physical form, which can't be touched and carried physically. It can only be sent electronically using the internet or any other electronic media as connection of two instruments, one in which the electronic form ot retrun is saved and second, in which this return is be send.

Types of Income

All receipts are not income. Receipts can be classified into two kinds. A) Revenue receipt B) Capital receipt.
The general rule under the Income tax Act is that, all revenue receipt are taxable unless a receipt is specifically exempted and all capital receipts are exempt from taxation unless there is a provision to tax it. Gifts and loans etc are in the nature of capital receipts not attracting tax.
All that one derives from a source is called revenue receipt. For example: Salary from employment, Rent from property, Interest or Divided from Investments, Profits from business. When an income is earned on account of transacting the source itself, it is called Capital receipt. For example: Sale of land and building, business, investment etc.

What is the period for whitch a person's income is taken into account for purpose of Income Tax?

Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year (FY) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a Previous year. The period of twelve-month from 1st April to 31st March immediately following the previous year is called Assessment year. A person files his return for the income earned in the previous year and his income tax liability is assessed in Assessment Year. For example for FY:2013-14 (the year in which the income is earned) the AY is 2014-15.