However, the date will be 31^st October, if :-

• the business /profession is liable to tax audit; OR
• the business person/ professional is a partner in a firm which is tax audited.
  

No, filing of ITR is a completely online process involving the exchange of information & documents, after which we will process the same and prepare your ITR for filling online.

ITR filing is a mandatory requirement for every Individual who has a financial year and a gross total income of more than Rs. 2.5 Lakh.

Further, even if gross total income is less than or up to Rs. 2.5 Lakh, ITR filing by an individual will be mandatory if the Individual during the financial year has: -

• any asset outside India
• any financial interest in any entity outside India 
  
• signing authority in any Bank account outside India
•   paid electricity bill of Rs. 1 Lakh or more 
  
• deposited in Current Account Rs. 1 Crore or more
•   spend Rs. 2 Lakh or more in foreign travel  

Income Tax has divided incomes into 5 heads (Salary, House Property, Profits from Business / Profession, Capital Gain & Other Income). Gross Total Income (GTI) is the total of all these heads of income.

Yes, registration at the income tax e-filing portal is mandatory for availing online services. Once registered, you don’t have to go through this process again. It is a one-time registration.

A person who is into any business or profession must maintain books of accounts as per the requirements of section 44AA of the Income Tax Act, 1961. For small businesses/professions, the income tax act has a concept of presumptive taxation. If adopted, the taxpayer can declare income at a prescribed rate and, in turn, is relieved from maintaining books of account.

For small taxpayers, under the Income-tax Act,1961 , there are the following 3 Presumptive taxation Schemes:-

• For Business Persons - under Section 44AD.
• For Professional - under Section 44ADA.
• For Business of Good Carriages - under Section 44AE.
  

• The person should be Resident Individual, Resident Hindu Undivided Family or Partnership Firm(not LLPs)
  
• The person should not have brokerage / commission income or agency business. 
  
• The turnover / gross receipts of the business should be up to Rs. 2 crores.
• The business should not be of plying, hiring or leasing goods carriages. 
  
• The taxpayer should not claim any deduction under section 10A/10AA/10B/10BA or Section 80HH to 80RRB.
• The taxpayer should not have opted out of the presumptive scheme in the last 5 years before completing a block of 5 years  
  

If the person's receipts are through electronic mode/cheque/NEFT/RTGS/UPI, then a minimum of 6% of gross receipts/turnover must be disclosed as presumptive income.

If the receipts are from non-digital modes, then a minimum of 8% of gross receipts/turnover must be disclosed as presumptive income.

• The person should beResident Individual, Resident Hindu Undivided Family.
• The turnover / gross receipts from the profession should be up to Rs. 50 lakhs.
• The person should be engaged in the following eligible professions:-
  

1. Legal
   
2. Medical
3. Engineering or architectural
   
4. Accountancy
5. Technical Consultancy
6. Interior Decoration
7. Professions which CBDT notifies ( Company Secretary, Film Artists, Information Technology Professional)
   

A minimum of 50% of gross receipts/turnover is required to be disclosed as presumptive income.

At least 50% of gross receipts of the profession is presumed as income under section 44ADA. No deduction is not allowed to be claimed after declaring profit @ 50% as professional income.

Yes, if  the person is freelancing for any of the Categories of profession covered under section 44ADA, that the person can take the benefit of the Same. 

The presumptive tax scheme under section 44AE can be adopted by a person who is into the business of plying, hiring or leasing goods carriages and doesn't own more than 10 goods vehicles at any time during the year.

The important factor is not to own more than 10 goods vehicles at any time, thereby giving benefit to small transporters. Anyone with more than 10 vehicles at any time during the FY cannot take benefit of this scheme.

A person who opts for Section 44AE has to minimum declare the following declare the following amount for each goods carraige vehicles:

• For heavy goods Vehicle (gross weight -12 tonnes ) - Rs. 1,000 per ton of gross vehicle weight per month (part of the month would be considered as a full month)
• For other vehicles - Rs. 7,500 per month (part of the month would be considered as a full month)
  

Every individual carrying on business or profession to whom Section 44AA applies has to maintain books of accounts. The summary of the criteria laid out in Section 44AA is as under:- 

It is a process carried which can be only carried out by a chartered accountant in practice to verify whether the books of accounts prepared by the taxpayer complies with generally accepted accounting principles and the Income Tax Act, 1961. It is also carried to check whether the books of account and other records are properly maintained or not and whether the computation of the taxpayer’s income has been done correctly as per the Income Tax Act, rules and ICDS (income computation and disclosure standards)

Every person carrying on business/profession to whom Section 44AD applies has to get books of accounts audited. The summary of the criteria laid out in Section 44AD is as under:- 

Income from the transfer of a capital asset is charged to capital gains.

Yes, in certain cased capital gains can be saved by claiming exemptions under certain eligible investments / re-investments as provided in the Income Tax Act, 1961 under the chapter of capital gains.

Yes. You need to pay long-term capital gain on the same as it has exceeded 24 months. The computation method is according to the method given for computing long-term capital assets.

Yes. If you sell listed equity shares from a recognized stock exchange after payment of STT (securities transaction tax), the tax rate is flat 15% on short-term capital gain for scrips held for less than 12 months. In case, one sells the same after holding it for 12 months, the tax rate is 10% after availing exemption up to long-term capital gain of one lakh rupees.

The government notified around 28 banks under the capital gains accounts scheme, most of which are PSUs and certain private banks.

The income tax payment has to be made to the income tax department by doing a self-assessment of tax and paying the same before the due date of filing the return.

Advance tax is a concept of paying the taxes in advance or on pay as you earn basis rather than lump-sum payment at the time of self-assessment.

Every person (Individual, firm, company, etc.) whose estimated tax liability for a financial after TDS deductions is Rs. 10,000 or more has to pay advance tax.

• A senior citizen aged 60 or more, being a resindent without business or professional income, is not liable to pay advance tax.

Advance tax is computed based on the expected tax liability of the year. The estimation has to be done by the taxpayer. The payment of advance tax has to be made in instalments prescribed under the Income Tax law.

Suppose the taxpayer, after paying the first/second instalment of advance tax, is of the opinion that his estimated total income is increasing and his estimated tax liability is going to increase. He can increase the payments in the remaining instalments and pay the advance tax accordingly. However, the taxpayer will be charged interest on short-fall in the already paid instalments.

Since it is practically not possible to estimate the income from capital gain and casual income in advance, therefore, for capital gains, it is provided that if any such income arises after the due date of any instalment, then tax calculated on capital gain shall be paid in remaining instalments of advance tax which are due. If the entire amount of tax is so paid, then no interest for late payment is levied.

For taxpayers opting for the presumptive scheme of business/profession (not goods carriage) – 100% up to 15^th March

For others -

i) up to 15% of tax liability – by 15^th June

ii) up to 45% of tax liability – by 15^th September

iii) up to 75% of tax liability – by 15^th December?

iv) 100% of tax liability – by 15^th March

Note: Any tax paid till 31^st March is also treated as advance tax paid during the same financial year.