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TaxCaliber FAQs

Do you have questions about Tax Filing ? We have answers. This is the list of frequently-asked questions. It has answers to most of the common questions people ask.

1. What is PAN?

PAN stands for Permanent Account Number. All tax deduction details of an Individual are updated in his/her PAN database. Hence PAN is required to file Income-tax return.

2. What is correct format of PAN?
  1. A PAN is of 10 characters
  2. A correct format for an Individual has 'P' or 'H' character in the 4th place
  3. First five characters are alphabetic and the next four numeric and then the last (tenth) character is alphabetic
  4. Examples :   AAAPA1234A or AAAHA1234A
3.Can I change the PAN that I have used to create my account with?

No you cannot change the PAN that was used to create your account with. You may create a separate account with another PAN and Email Id if you wish to do so.

4. Is it mandatory for me to file an Income Tax Return?

No. You need to file an Income Tax Return if your total taxable income exceeds the basic exemption limit before taking into account deductions.
For the financial year 2016-2017, the basic exemption limit is Rs.2,50,000. For women, the limit is Rs.2,50,000, while for Senior Citizens it is Rs.3,00,000.
You do not need to file an income tax return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN. Here is a table describing the Income Tax Slabs.

India Income tax slabs 2013 - 2014 for General tax payers and Women:

Income Tax Slab (in Rs.)Tax
0 to 2,50,000No Tax
2,50,001 to 3,00,00010 %
3,00,001 to 5,00,00020 %
Above 50,00,00030 %
India Income tax slabs 2013-2014 for Senior citizens (Aged 60 years but less than 80 years)

Income Tax Slab (in Rs.)Tax
0 to 3,00,000No Tax
3,00,001 to 5,00,00010 %
5,00,001 to 10,00,00020 %
Above 10,00,00030 %
India Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above)

Income Tax Slab (in Rs.)Tax
0 to 5,00,000No Tax
5,00,001 to 10,00,00020 %
Above 10,00,00030 %
- In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs.
- Income above 1 crore to attract 10% tax surcharge.

5. What is the penalty for delaying or not filing a tax return?

A penalty of Rs 5,000 will be levied if the return is not filed by 31 March 2016. But, if there is a reasonable cause for delay, the penalty may be waived.
You can also be prosecuted if the tax payable (net of advance tax and TDS) is above Rs 3,000.You can also be imprisoned for three months to three years, besides being fine.
So, it pays to start preparing tax returns early.

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

The last date to file your Income Tax Return is 31st July. For financial year ended on 31st March, 2016, the last date of filing return is 31st July, 2016.

7. What happens if a return is filed late?

If you miss the deadline, you can file a belated tax return by 31 March 2016. But, if there is balance tax payable, you will have to pay interest on the balance at the rate of 1 per cent per month. This can go up to 2 per cent if you have not paid the required advance tax. If you are entitled to a refund, you don’t have to pay any interest if you file late.

8. What is Revised Return and can I file a Revised Return using TaxCaliber?

If you discover any omission or any wrong statement in the return filed within due date of filing, you may file a revised return at any time before 31-03-2014 or before the completion of the assessment, whichever is earlier.

9. Who is eligible to file an IT Return using TaxCaliber?
Any Individual having the following types of income can opt for TaxCaliber's services:

  • Income from Salary
  • Income from House Property
  • Income from Sale of Investments (Shares, Mutual Fund units, Bonds) or Property
  • Income by way of Interest, Dividend, Gifts, Family Pension, Agricultural Income
  • Brought Forward Losses (Except Loss from Activity of owning and maintaining Race Horses)
  • Clubbing of Income
10. What are the different methods to file my tax return using TaxCaliber?
Taxcaliber can help you e-File your return using 2 filing methods:

1. E-filing using a Digital Signature – Steps involved:

  • Prepare your return on Taxcaliber
  • Review your Tax Calculation
  • Get your Income tax Return generated in electronic format
  • Attach Digital Signature (if you don't have a digital signature, subscribe for Taxcaliber-Advanced and get one)
  • Authorize Taxcaliber to e-File your Return
  • Get acknowledgment from Income Tax Department in your mailbox. That concludes your efiling.

2. E-filing without a Digital Signature – Steps involved:

  • Prepare your return on Taxcaliber
  • Review your Tax Calculation
  • Get your Income tax Return generated in electronic format
  • Authorize Taxcaliber to e-File your Return
  • Get ITR-V from Income Tax Department in your mail box
  • Download and print ITR-V, available under your Taxcaliber account
  • Sign with "Blue" ink, enclose it in an A-4 size envelope. Send this envelope by ordinary or speed post to "Income Tax Department – CPC, Post Box No.1, Electronic City Post Office, Bangalore – 560100, Karnataka" within 120 days
of e-Filing.
    Receive e-mail from Income Tax Department, acknowledging the receipt of ITR-V. That is your final acknowledgement. That concludes your efiling.
11. What is an ITR-V?

ITR-V stands for 'Income Tax Return – Verification' form. This form is received when you e-File without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.

12. Can I submit ITR-V anywhere else in India?

No, you cannot. You have to compulsorily mail your ITR-V in a sealed A-4 envelope to the address mentioned above.

13. Is there any time limit for submitting ITR-V to Income Tax Department?

Yes, you should mail your ITR-V within 120 days of e-Filing your return.

14. Whom should I contact in case I have queries / difficulties?

TaxCaliber's Customer Support team will be happy to help resolve all your doubts and queries. You can write to us at support@taxcaliber.com.

15. How secure is my data with TaxCaliber?

 

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