Frequently asked questions

Q.

What is form 16?

A.

1. Form 16 is a certificate issued by an employer evidencing the TDS which is deducted from your salary and deposited with the authorities. It contains the information you need to prepare and file your income tax return.
2. It is issued annually, on or before 15th June of the next year, immediately following the financial year in which tax is deducted.

Q.

The company has already deducted tax from my salary. Do I still need to file tax returns?

A.

Even if the tax is deducted at source (TDS), and you’re not liable to pay any more tax to the government, it is compulsory to file returns if your income exceeds the basic exemption limit. Filing tax returns is a way to declare to the government that you have earned income only from the sources revealed by you.

Q.

What is the Last Date for filing an Income Tax Return for individuals?

A.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018.
However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

Q.

What is Form 26AS?

A.

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the I-T Department’s records. The tax credit will include all the different taxes like TDS, self-assessment tax, advance tax etc.

Q.

Can I file a revised return to correct mistakes made that I make in the original return?

A.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.

IT Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.

Q.

What is ITR V (Acknowledgement) Verification?

A.

Once Income Tax Returns are filed, you need to verify it. It is not treated as valid until it is verified by the taxpayer. There are different ways of verification such as:
1. It can be printed, signed and sent to Centralised Processing Centre, Bengaluru.
2. It can be e-verified using an electronic verification code (EVC), Aadhar, ATMS, netbanking or bank account based validation.

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ITR Filing-Individuals (Friends & Family Package – Upto 5 returns)

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  • Assistance on income tax queries like issues relating to deduction, tax saving etc
  • Filing of Income Tax return (Maximum 5 returns)
  • Assist in payment of challan for discharging tax liability
  • Review of Computation of tax and file return once approved by you
  • In case of more than 5 returns, you can mail us at info@taxgoal.in or contact us on 888888888 for better offers
  • Not eligible for income from business or profession and capital gains
  • Friends or Individuals and their family members having income from salary, House property, other sources, presumptive income u/s 44AD or 44 ADA only
  • Form 16 (one or multiple)
  • Details such as PAN card no, AADHAAR CARD
  • Bank details such as account no, IFSC code
  • Bank account statement
  • Proofs of Investments such as LIC premium paid, fees of children etc
  • Details of any Advance Tax deposited
  • Any other detail as required
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Goods & Services Tax (GST)900
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Q.

What is form 16?

A.

1. Form 16 is a certificate issued by an employer evidencing the TDS which is deducted from your salary and deposited with the authorities. It contains the information you need to prepare and file your income tax return.
2. It is issued annually, on or before 15th June of the next year, immediately following the financial year in which tax is deducted.

Q.

The company has already deducted tax from my salary. Do I still need to file tax returns?

A.

Even if the tax is deducted at source (TDS), and you’re not liable to pay any more tax to the government, it is compulsory to file returns if your income exceeds the basic exemption limit. Filing tax returns is a way to declare to the government that you have earned income only from the sources revealed by you.

Q.

What is the Last Date for filing an Income Tax Return for individuals?

A.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018.
However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

Q.

What is Form 26AS?

A.

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the I-T Department’s records. The tax credit will include all the different taxes like TDS, self-assessment tax, advance tax etc.

Q.

Can I file a revised return to correct mistakes made that I make in the original return?

A.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.

IT Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.

Q.

What is ITR V (Acknowledgement) Verification?

A.

Once Income Tax Returns are filed, you need to verify it. It is not treated as valid until it is verified by the taxpayer. There are different ways of verification such as:
1. It can be printed, signed and sent to Centralised Processing Centre, Bengaluru.
2. It can be e-verified using an electronic verification code (EVC), Aadhar, ATMS, netbanking or bank account based validation.

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