What is Income Tax Return Services?

An Income Tax Return is a form needed to file income tax with the IT Department. Income tax for salaried individuals is calculated on the percentage of income earned by an individual. According the rules, there are different tax slabs, based on the income, this can be from 10 % to as high as 30%.

The Income Tax Return Services come into the picture after your Chartered Accountant has done all the deductions and has done all the depositing to Income Tax Department. The tax laws can be a bit complicated, so you would want the best advice on how to file your returns, this is why companies outsource filing of income tax returns to companies like Vakilsearch.

Documents needed to file Income Tax Returns

While filling up your Income Tax Returns, the following documents are required.

  • Form 16 issued by Employer
  • Home loan or HRA receipts
  • Form 26AS which shows tax credits to your account
  • Proof of investments for tax savings
  • Aadhar Card OTP for downloading ITR receipt
  • Income Tax Return Form ITR 1
  • Bank account details
  • Rent receipts for claiming HRA

What are the Income Tax Slab Rates for 2017-2018, assessment year 2018-19

  • For salaried individuals earning up to Rs.2,50,000 - NIL
  • For salaried individuals earning between Rs.2,50,000 and up to Rs.5,00,000 - 5 %
  • For salaried individuals earning between Rs.5,00,000 and up to Rs.10,00,000 - 10 %
  • For salaried individuals earning above Rs.10,00,000 – 10 %

Procedure for Filing IT Returns

Filing of IT Returns can be done by e-filing, this means filing the returns on the IT Department’s website. The steps are pretty simple, but calculations can be a bit taxing, you need to follow the below mentioned steps to e-file your IT returns.

Filling The Form

Using the documents mentioned above, we will complete the IT forms.

Complete Payment

We will assist your employees in making payment of their taxes.

Provide Challan

We will provide the challans and the acknowledgement file, ITR Verification (ITR-V).

The Vakilsearch Corporate IT Returns for Employees Services package includes
  • 100% Assistance with filing employee IT Returns
  • We suggest ways in which your employees can reduce their tax liability
  • 24/7 customer service to assist in all your queries
  • Assurance of complete data security
  • Expertise in tax calculations
  • Submission of all forms and validations to the IT Department

FAQs on Corporate IT Returns

You could, but the tax laws are a little difficult to understand for a lay person. Our experts help you reduce your tax liability by filling in all the relevant details needed. We also help you pick the right forms to fill based on the income group you belong do.
The tax laws state that it is compulsory for all tax filers to e-verify their returns. Each employee must do this by post or do it online using the Aadhar OTP system. If they fail to e-verify the returns, the return filing process is invalid.
The Form-16 must be prepared by the accounts team based on tax deducted at source during the year.
No, they do not need to file income tax if they earn less than Rs. 2.5 lakh as the tax slab for such earning is NIL.

Why Vakilsearch

3 Working days

Just tell us a few details about your brand and we'll process your application. In three working days, you'll be ready to use the symbol alongside your brand name.

9.1 Customer Score

We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

160 Strong Team

Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.

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