For those earning income only from Salary or Interest on Bank Deposits.
If you earn income from salary alone and/or interest from a Bank Savings account, Fixed or Recurring Deposits, there are no hassles you need be worried about. No matter the complex breakdowns of salary components, our tax expert pro-actively chooses the right deductions to apply, giving you maximum savings and minimum tax outgo.
Plan Description
Your salary is a composite of many parts including the Basic, Dearness allowance, Conveyance allowance, Medical Reimbursements, Leave Travel allowance (LTA), House Rent Allowance (HRA) and other assorted perquisites or perks.
While Basic and DA are fully taxable, for the AY 2018-19, Medical Reimbursements and Travel Allowance are also taxable, other components such as the HRA form part of tax deductions.
Salaried individuals with income from interest earned from any fixed or recurring deposits may subscribe to this plan. Interest income is taxable when it exceeds Rupees 10,000 in a year for those less than 60 years of age.
Who is this Plan for?
- Individuals with only salary income.
- Salaried individuals who additionally earn income from interest accrued on a fixed or recurring deposit account with a financial institution such as a bank.
- Individuals or Hindu Joint families who require filing a single Form 16.
- Individuals or Hindu Joint Families with income from interest earned on Fixed or Recurring Deposits exceeding Rupees 10,000 regardless of whether you’ve filed Form 15G or Form 15H.
What Do I Get?
- Call-back from a tax expert and advice on documents to be submitted.
- Tax scrutiny and double checking for discrepancies in figures.
- Validation by a professional CA.
- Identification and Computation of tax liability.
- Preparation of summary sheet.
- E-filing of income tax return.
Why Choose Us?
- You get the benefits of comparative advantage obtained through specialization.
- Obtain top-of-the-line tech-enabled tax preparation services from one of the leading government certified e-return intermediaries in the country.
- Unmatched affordability across the industry.
- Highly experienced tax experts dedicated to your success.
How to Proceed?
- Sign up with us or call our Toll-Free number. We’ll create a record of your tax implications.
- Buy one of our subscriptions based on your tax profile.
- Receive a call back from the CA assigned to you.
- Depending on your completed profile you would be asked to submit documents to enable the CA to process your returns, apply deductions, income tax slabs, and tax exemptions or e-file form 10E.
- The tax expert prepares your return, verifies it with you and submits it to the tax department.
FAQ
What income am I taxed for?
Income is not just salary but includes all income that you earn from all other sources. Other sources include house property, profit/loss from selling stocks, interest earned on a savings account/fixed deposits. All the income generated from these sources is your gross income and is taxable.
What income tax rates are applicable to salaried individuals?
Given below are the income tax slabs applicable to different categories of taxpayers by age:
| Rates of income-tax for those under 60 years of age | ||
|---|---|---|
| 1 | where the total income does not exceed Rs. 2,50,000 | Nil |
| 2 | where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | 5% |
| 3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
| 4 | where the total income exceeds Rs. 10,00,000 | 30% |
| Rates of income-tax for Senior Citizens between 60 and 80 years | ||
|---|---|---|
| 1 | where the total income does not exceed Rs. 3,00,000 | Nil |
| 2 | where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 | 5% |
| 3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
| 4 | where the total income exceeds Rs. 10,00,000 | 30% |
| Rates of income-tax for Senior Citizens over 80 years | ||
|---|---|---|
| 1 | where the total income does not exceed Rs. 3,00,000 | Nil |
| 2 | where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 | Nil |
| 3 | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20% |
| 4 | where the total income exceeds Rs. 10,00,000 | 30% |
Aren’t my taxes deducted by my employer? Why do I need to file returns as well?
Your employer deducts Tax Deducted at Source (TDS) every month and files TDS returns every quarter. But that doesn’t end your tax obligations. You are responsible for declaring your income and taxes paid on them at the end of the year. This is known as your income tax return for the relevant financial year.
From the year 2018, tax returns must be filed for those earning more than Rupees 2,50,000 in a year. Otherwise, there might be levied penalties to the tune of Rupees 10,000.
What is interest income?
Income from sources other than salary, house property, capital gains (sale of shares, house etc.), business or profession is classified under the head, “Income from Other Sources”. Income from interest earned on deposits with banks, post offices, FDs, Recurring Deposit schemes appear under this head.
