INCOME TAX FUNDAMENTALS

Intorduction to Income Tax

Direct Tax

Income tax Slabs

Filing u/s 139(1) on or due date, u/s 139(4) Belated, 139(5) Revised

New regime(115BAC) & Old regime(Form10-IEA) of Income tax

Income tax exemption limit

Income Tax calculation

Self assesment tax

Financial year & Assessment year

Income tax form & Acknowledgement

Original return, Revised return, Belated return

Income from Business Profession

Gross receipt,6% & 8% of gross receipts

Business Code

Deductions under 80C, 80D, 80DDB, 80E, 80EE, 80GG, 80TTA

REBATE ON 87A

Tax payable, Tax refundable

Income tax challan & payment, Challan no,Challan date. BSR code

TDS deducter, TDS deductee

What is TAN

How to register PAN in income tax portal

How to set password, How to login at income tax portal

Bank account update

ITR 1 , ITR 4 online & offline form

Deductions u/s 10 House Rent Allowance Travelling Allowance

Deductions u/s 16(ia) Standard deduction for transport allowance & misc. medical expenses

Income from other source

Interest from deposit in bank, post office, cooperative society

ITR 1 FILING

Filing process, choosing assessment year, selecting online or offline mode of return filing

Selection of status like Individual, HUF , Others

selection of form to file like ITR1 or ITR4 to proceed

Selection of reason of filing Filing of Personal Information

Giving the details of Aadhar, PAN, Contact & Bank details

Nature of employment, Filing section 139 (1), 139 (4), 139 (5)

Selecting New or Old Tax regime

Adding Bank Account and Validation of bank account to enable EVC

Filing of Gross Total Income

Income from salary, Gross salary, House Rent Allowances, Leave Travel Concession Standard deductions

Income from house property Self Occupied property & Letout House property

Income from other source

Interest from income tax refund

Interest Income from saving bank account

Interest Income from deposit in bank, post office

Deductions under chapter VIA

Deduction U/s 80C, 80CCD, 80D, 80E, 80TTA Tax Paid Details

Details of Tax Deducted at Source (TDS) other than salary

Form 16 issued by employer,TAN no. of deducter, Name of Deducter, Total TDS deducted

Total Tax Liability

Computatioin of Income

Computatioin of Tax

Rebate U/s 87A

Health & Education cess

Interest U/s 234A, 234B, 234C

Tax Payment challan, BSR code, Challan number, Date of deposit,Tax paid

ITR 4 FILING

Filing process, choosing assessment year, selecting online or offline mode of return filing

Selection of status like Individual, HUF , Others selection of form to file like ITR1 or ITR4 to proceed

Selection of reason of filing

Filing of Personal Information

Giving the details of Aadhar, PAN, Contact & Bank details

Nature of employment, Filing section 139 (1), 139 (4), 139 (5)

Selecting New or Old Tax regime

Adding Bank Account and Validation of bank account to enable EVC

Filing of Gross Total Income

Income from Business & Profession

Income from house property

Self Occupied property & Letout House property

Income from other source

Interest from income tax refund

Interest Income from saving bank account

Interest Income from deposit in bank, post office

Deductions under chapter VIA

Deduction U/s 80C, 80GG, 80CCD, 80D, 80E, 80EE, 80TTA, 80DD, 80DDB, 80EEB

Schedule BP

Computation of Presumptive income U/s 44AD

Computation of Presumptive income U/s 44ADA for medical services, Legal services,Film Artist,CA

Financial particulars of business Assets,Liabilities, Capital investment details

Details of Tax Deducted at Source (TDS) on Salary Income

Form 16 issued by employer,TAN no. of deducter, Name of Deducter, Total TDS deducted

Total Tax Liability

Computatioin of Income

Computatioin of Tax

Tax liability after Rebate U/s 87A

Health & Education cess

Interest U/s 234A, 234B, 234C

Tax Payment challan, BSR code, Challan number, Date of deposit,Tax paid