Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type of deductions/investments.

E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed.

You can yourself e-file your return with us for free by using our website. It is a simple, secure, and fully automated platform for you to file your Income Tax Return.

E-filing your income tax return is faster, secure and simpler than filing offline. As the returns are filed online, they are processed by the systems automatically and, therefore, the refunds are issued faster. Moreover, it is now mandatory to file your income tax return online if your income exceeds Rs. 5,00,000 in a financial year or if you want to claim the refund.

Form 26AS is a statement maintained and generated by the Income Tax Department for each individual assesse (person). Form 26AS contains the details of your:

• TDS
• TCS
• Advance Tax or Self-assessment tax
• 15G/H details
• Details of paid refund

Full form of TDS is Tax Deducted at Source. Under Income Tax Act, there are certain payments including salary, interest etc. in which the one who makes such payment is liable to deduct tax. TDS is finally adjusted with the final tax payable at the time of computation of income tax return.

Your employer gives you Form-16 as a certificate of total TDS deducted from salary. Details of TDS deducted and the details of salary, allowances & deductions are mentioned in Form-16.However the details of deductions mentioned are subject to the proof of deductions submitted by you to your employer. Hence real computation may change from the computation mentioned in Form-16.

It is given at the end of year and helps you file your income tax return. Remember Form-16 is not an alternative for Income Tax Return. Filing Income tax return is mandatory even if correct TDS has been deducted as per Form—16.

Full form of PAN is Permanent Account Number which is a 10 digit alpha numeric identification which is issued to each tax payer by the Income Tax Department.

Full form of TAN is Tax Deduction Number which is a 10 digit alpha numeric number allotted to those who are liable to deduct TDS by the Income Tax Department.

This is a fixed component in your paycheck and forms the basis of other portions of your salary and hence the name. It is usually a large portion of your total salary. HRA is also defined a percentage of this Basic Salary. Your PF is deducted at 12% of your Basic Salary.

House Rent Allowance: Salaried individuals who live in a rented house/apartment can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation.

Yes, a belated return can be filed before the end of the assessment year or before the completion of the assessment year, whichever is earlier. For example, in the case of income earned during FY 2019-20, the belated return can be filed up to 31st March 2021. â??

Goods and Services Tax(GST) is a comprehensive tax levied on manufacture, trade and services across India. From 1st July, 2017 GST has replaced most of Centre and State imposed indirect taxes like VAT, Service Tax , Excise etc. Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.

GST regulations are applicable if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand,Jammu & Kashmir and Sikkim, the threshold limit is Rs. 10 lakh.

The registration is mandatory on crossing the limit of Rs.19,00,000 in previous financial year( for special category states it is Rs. 9,00,000).

Note: If you are selling your goods through online platforms like amazon, Flipkart etc, GST registration is mandatory.

An existing taxpayer is an entity currently registered under any State or Central laws, like Value Added Tax Act, Central Excise Act and Service Tax Act.
Existing taxpayers include taxpayers already registered under :-

• Central Excise


• Service Tax


• State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)


• Entry Tax


• Luxury Tax


• Entertainment Tax (except levied by the local bodies)

PAN is mandatory to apply for GST registration (except for non-resident person who can get GST registration on the basis of other documents)