Income Tax

Income Tax

Dear All,

​You are aware that 31 Jul 2016 (slightly extended to 5th Aug 2016) was the due date for filing ITR for the FY 2015-16 (AY 2016-17). Notwithstanding that, we would like to tell you that ITR for the FY 2015-16 (AY 2016-17) can still be filed till 31 Mar 2017. If you do not file the ITR by 31 July 2016 but any time between 01 Aug 2016 and 31 Mar 2017, it would have the following effects:-

  • You would not be able to Revise your ITR once filed.
  • If you have any capital gains or losses that need to be ​carried forward, you would not be able to do that.​
  • There would be an interest levied on your tax that is still due.​

Other than these two issues, there is no problem if you file your ITR any time between 01 Aug 2016 and 31 Mar 2017 for the subject period. In fact, you can file the ITRs for FY 2014-15 (AY 2015-16) also till 31 March 2017, though Income Tax Dept may levy a small penalty on you if you have any tax due as on date.

You must have received your Form 16 from your employers / PCDA (O) which will give you the details of your income and taxes paid from your employer. Income Tax return cannot be filed without your Form 16 if you are salaried.
Following are the important aspects to be kept in mind while subscribing to this service through us:-

  • The email ID for correspondence with us for ITR filing will be incometax@humfauji.com.
  • We request you to send complete documents to us at one go, not in bits & pieces, and at the very earliest. We file ITRs on first-come-first-served basis only. Also, we will process your ITR filing only after we have received your filing fee.
  • Income Tax Dept also processes ITRs and refunds on first-come-first-served basis only. Hence, the need to send us your documents at the earliest.
  • We prefer all information through email and documents in scanned form. Please send us physical documents ONLY if it is wholly unavoidable.
  • Please correspond with us through emails only. Please remember that ITR filing period is a very busy period for us with a large number of ITRs to be processed in a limited time. Please contact us on phone or physically visit us for ITRs only if it is absolutely unavoidable.
  • Form 16 is compulsory to be sent for Income Tax Return (ITR) Filing, if you are salaried. ITR cannot be filed without Form 16, if you are salaried.
  • If you are filing ITR through us for the first time, we would compulsorily require your Income Tax website password if you have already created your account on IT website.
  • If your total income during FY 2015-16 is more than Rs 50 Lakhs, there would be a need to file your Asset-Liability report also. We will let you know if it is required in your case.

Personal Details

Please send us the following details about you:-

Particulars

Details

Rank, Full Name (as in PAN card), Sex (M/F)

Date of birth

PAN No.

Father’s Name

Home Address (with District, State and Pin code). 56 / 99 APO address is not acceptable in e-filing.

Email ID

Mobile No

Your Aadhar Number

E-filing Password if ITR filed online in the past or created the password ever on Income Tax Dept Website

Bank Details (Bank Name, Branch address, Account No, MICR Code)

Are you getting any Technical Allowance / Technical Pay? If yes, how much total did you get in FY 2015-16?

Have you undertaken any expenditure on account of preventive health check-up for self, spouse, dependent children and parents (see Note below)

Note: Under IT Section 80D, an amount of Rs 5000 per year is eligible for deduction from gross salary provided you have the requisite receipts if required to be produced later to IT Dept.
You are compulsorily required to provide details of all Bank accounts held in India by you (including in joint names even if you are not the first Joint Account holder in the account) at any time during financial year 2015-16 including details of those which were closed during the year. Please provide them in the format below:-

Account 1

Account 2

Account 3

Account 4

Number of bank accounts held by you at any time (including opened/closed during FY 2015-16

Account Numbers

IFS Code of the Banks

Name of the Banks

Name of Joint holder(s), if any –

Indicate the account in which you would prefer to get IT refund.

Income & Investment Details required to be sent by you

Please send us the following details. Scanned (or physical) proof is required for items marked with asterisk (**)

For others only the details are required and not the proof

The details below are applicable if the iTR being filed is for FY 2015-16. If it is for 2014-15, please amend the applicable periods in the table below accordingly​:-

Form 16 or TDS Certificate
Income not Included in Form 16: Nature & Details of Income not included in Form 16 (Income from any other Salary, Pension, House property, capital gains, agricultural income etc during the period, separately categorizing each such income).
Bank Interest: Interest on Bank FD or SB a/c (Bank statement) during the year. Please mention both separately.
Computation of Capital Gains or Loss from Stocks / Mutual Funds:
1-Details of securities / shares held as on 31.3.2016 (at 5.30 pm) and as on 01.04.2015 (at 9.00 AM) – Name of script, dates of purchase, quantity & amount paid for each purchase is required.
2- Complete details of securities / shares purchased or sold between 1.4.2015 and 31.3.2016. Details to include dates of sale / purchase, quantities sold / purchased, amount paid / received and additional amount paid are required.
3- Details of carried forward losses as per last tax return for FY 2015-16Please send complete details. If you send only selected transactions, return will be kept pending till complete details are received. Also, please do not send information other than what is required.Computation of Capital Gains from Sale of a Property: Complete details of the property sold between 1.4.2015 and 31.3.2016 – date and amount of purchase, improvements done over time with cost and dates, date and amount of sale. If Capital Gains invested somewhere so far.
Home loan details with Principal & interest amount: Scan of Loan Certificate required from Loaning Agency) along with address of the property on which loan taken. Please remember that the deduction of house loan Interest (even for period prior to year of possession) is available only to the owner(s) and only after taking physical possession of the concerned house.
If the house is given on rent – send the details of Name & PAN of tenant (if available), Rent (direct to bank or cheque) received, details of municipal taxes paid & society maintenance charges paid during the FY 2015-16.
Savings/Premium details under IT Section 80C: Life Insurance/ AGIF / NGIS / AFGIS, PPF/EPF/ DSOPF, ELSS, Tuition Fees for children, Infrastructure bonds, Medical Insurance, etc. Maximum rebate allowed is Rs 1.5 lakh.
The above details have to be given separately, ie, how much contribution made to each of Life Insurance, AGIF / NGIS / AFGIS, PPF, EPF, DSOPF, ELSS, Tuition Fees etc.
Advance Tax: Details of any Advance tax or self assessment tax paid during the year other than what is already reflected in your Form 16 (Send the challan copy or Form 26AS or the details of BSR Code, date of deposit, where deposited, serial no of challan and amount).
Miscellaneous:

1- Any Donations made (with name of the charitable institution)
2- Education loan details (when taken, from whom, for whom, how much, break-up of interest & principal part for the FY 2015-16).

 

We would be filing the Income Tax Returns online for our customers and the charges would be as below. The charges are only indicative and may be increased if we find that there is much more work required on your ITR filing than generally visualized in charges below. Also, the charges indicated below are only for filing the ITR. There may be separate charges in case you would want us to undertake subsequent rectifications or any other ITR related work:-

Category of IT ReturnCharges
ndividuals with income from Salary/Pension only, normal HRA calculations and rentals from a maximum of one property [ITR-1]Rs 1000/-
Armed Forces JCOs/OR (Personnel Below Officer Rank, PBOR) with income from Salary/Pension only and rentals from maximum one property [ITR-1]Rs 500/-
For Individuals having house property income from more than one house and/or capital gains computation from stocks, mutual funds, property sale etc. (We assume moderate calculations of Capital Gains. If calculations are very time-consuming, charges may be higher) [ITR-2]Rs 1500/-
Professional Income (With Income Expenditure statement) Rs 2500/-
Professional Income (With Income Expenditure statement, Capital account statement and Balance Sheet)Rs 5000/-
For NRIs (for Indian Income, simple tax return)Rs 2500/-

 

How to go ahead with your Income Tax Filing

Very simply, follow the steps as given below:-

1- Collate your documents as per the list given above.
2- Make the payment for our Professional Fee as applicable to you by any of the following methods. We would be able to start work on your ITR only after confirmation of receipt of our fee:-
(a) By depositing a local cheque OR cash in a local ICICI Bank branch account No 057105000790 nearby to your location in our Account Number favouring ‘Hum Fauji Initiatives’. The cheque should be local to the branch of the Bank where it is deposited. In case an out station cheque is being deposited, Rs 150/- as outstation charges should be added to the cheque amount.

(b) A direct money transfer through ECS/RTGS into our account. Our account details for that purpose are as follows:
Account No 057105000790
Payable to : Hum Fauji Initiatives
MICR Code: 110229068; IFSC Code: ICIC0000571
(c) By a demand draft (DD) payable at Delhi / crossed Delhi or NCR cheque / Multicity Banking cheque favouring ‘Hum Fauji Initiatives’ for the amount to be sent to our office address by COMMERCIAL COURIER or BY HAND (PL DO NOT SEND BY POST OFFICE – POST / SPEED POST / REGD POST). Our office address is as follows:-
Hum Fauji Initiatives
E-595, 1st Floor, Above Andhra Bank, Baani Plaza,
Ramphal Chowk, Sector 7,
Dwarka, New Delhi – 110077
Tele: 011-42402032 / 40545977 / 49036836, Mob: +91-9999053522 (Only for SMS & Whatsapp)

After the payment is made, please inform us your payment details by an e-mail to incometax@humfauji.com so as to be able to link the payment to you.

3. Send the required documents and information by email to us on incometax@humfauji.com and proof of deposit of cheque/DD or cheque for our Professional Fee as above to us at the earliest for us to start work immediately.

Disclaimer

The Income Tax Return (ITR) is being filed by us on your behalf solely on the basis of the data supplied by you. It will be assumed by us that you have the supporting documents in original or as required by the Income Tax authorities for all the data (income, investments, savings, tax payments etc) that you send to us for filing your IT Return. Its correctness also remains your sole responsibility. In case of any enquiry from Income Tax Dept, you would be required to produce such proofs as no attachments are allowed with IT Returns filed online.

We are fully responsible for correct filing of your ITR on the basis of your given data and our role is limited to that function. We have no role or influence in getting your refunds timely, early or at any stage since the ITRs are being filed online. In fact, the timeliness of refunds, if any, largely depends on your ITR Verification (ITR-V) reaching Central Processing Centre (CPC), Bangalore early after being signed by you.

IMPORTANT: Please not send us incomplete documents OR simply all the financial documents that you have. . It is very difficult for us to link up documents coming to us in bits and pieces. Please remember – if there is any tax due from you, there would be a penalty at the rate of 1% per month or part thereof if you file your IT Return after 31 Jul 2016. Also, late returns cannot be revised, once filed. Therefore, please try to send your documents to us at the earliest along with the payment so that returns can be filed by us in time.

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