Income Tax Filing in Chennai

Recording of Income Tax Return is the way toward pronouncing one's salary and pay charge paid subsequently by the assessee to the evaluating officer. Salary expense form contains points of interest of wage earned by an assessee from various sources, subtle elements of duties paid or deducted, for example, Advance Tax, TDS or TCS and points of interest of wage impose refundable to the assessee by the division assuming any.

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What is Income Tax Filing?

Recording of Income Tax Return in Chennai is the way toward pronouncing one’s salary and pay charge paid subsequently by the assessee to the evaluating officer. Salary expense form contains points of interest of wage earned by an assessee from various sources, subtle elements of duties paid or deducted, for example, Advance Tax, TDS or TCS and points of interest of wage impose refundable to the assessee by the division assuming any.

What are the Documents required for Income Tax Filing?

Copy of PAN card of Tax payer

Issued by your employer for salaried employees

Bank statement/passbook for interest on savings account. Interest income statement for fixed deposits. TDS certificate issued by banks and others.

Summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department.

Section 80C investment documents. Investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C.

Your contribution to Provident Fund Your children’s school tuition fees,Life insurance

Process for Income Tax Filing in Chennai?

Ascertain the salary earned in the significant budgetary year from every one of the sources
Ascertain the assessment payable on the earned pay subsequent to deducting any expense acknowledges, for example, TDS, TCS or Advance Tax.
Any assessment payable ought to be paid before recording the arrival of wage.
Important ITR ought to be loaded with all the essential subtle elements.
Present the appropriately filled ITR to the concerned Assessign Officer.

Income Tax Rate for Individuals – AY 2019-20

Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.

Income Tax Rate for Individuals – AY (Current Year) 2019-20

Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals less than 60 years
TAXABLE INCOME TAX RATE
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to 5,00,000 5 %
Rs. 5,00,000 to 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals betwen 60 years and 80 years
TAXABLE INCOME TAX RATE
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to 5,00,000 5 %
Rs. 5,00,000 to 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Rate
AY 2019-20 | FY 2018-19
Individuals above 80 years
TAXABLE INCOME TAX RATE
Up to 5,00,000 Nil
Rs. 5,00,000 to 10,00,000 20%
Above Rs. 10,00,000 30%
Above Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)