Easy return filing

Hi Friends,

This is the season of financial year closing and return filing. This blog is written to provide some insight into individual return filing and to ease this process for salaried people of India.

I have provided a step by step guide to file return for FY 2016-17 in ITR 1. The due date for filing return is 31st July, 2017.
Individuals having income from salary, one house property and income from other sources and having total income up to Rs 50 lakhs need to file ITR 1.

There are 2 ways to file the return, a) download the form, fill details and upload , or b) enter details directly on the website. The easiest way is to file it directly on the website and the process is explained below.

1. Go to https://incometaxindiaefiling.gov.in/
2. Click on quick filing of returns on the left hand corner of the page. This will take you to the login page.

3. USER ID is your PAN. If you are filing online return for the first time please click on Register now. In case someone else has been filing return on your behalf, you may reset your password with the help of your email id and mobile number.

4. After login in Click on e-file and select the option "prepare and submit online ITR".

5. Select assessment year as 2017-18 for return filing.

6. ITR Form name - ITR 1

7. Prefill address option can be selected based on your current/permanent address. For first timer, you can extract details from your PAN.

8. Read instructions carefully.

9. Go to personal information tab. This will ask you for your basic information like address, email and mobile number, employer type and residential status. For people staying and working in India, residential status will be "Resident". Review  and update the details. Do not forget to save the page.

10. Click on next tab - Income details.

11. Income from salary needs to be entered as per form 16 after all deduction u/s 10.

12. Select the type of house property. For simplicity we consider that the assesse has one self occupied house property. In this case the interest paid on housing loan for the year up to a maximum of Rs 2 lakhs, will be considered as loss from house property and needs to be entered as negative. For this purpose you can log in into your loan account and download the Income tax certificate from the bank which will provide the break up of interest and principal payment made.This should be left blank for assesse staying in a rented house.

13. Income from other sources - typically interest on bank deposits, can be calculated from your bank statement. Interest on savings bank deposit can be claimed as deduction u/s 80TTA up to Rs 10,000.

14. Under the deduction U/S 80C, we need to enter the amount of investment made in mutual funds, 5 year FD, PPF, PF, NSC etc to a maximum of Rs 1.5 lakhs. This amount is generally given in Form 16 obtained from the employer after verification of proofs submitted with the employer.

15. Premium paid on medical health insurance can be claimed U/S 80D.

16. Note if any deduction for medical allowance, insurance premium, leave travel allowance or any other deduction was not claimed with the employer, the same can be claimed while filing the return. In this case the total taxable income and tax liability will not tally with the Form 16.

17.Any other deduction if claimed can be entered as per Form 16.

18. The total tax liability will be calculated automatically. Please save and move to the next tab.

19. Tax Details - This tab will show the salary TDS deducted by the employer and the TDS on interest, if any, deducted by the bank. Please verify the same with the TDS certificate (Form 16 for salary TDS and Form 16A for others).

20. Taxes paid and verification - All fields will be picked up automatically here. Please verify. Final tax payable/refund amount will reflect.

21. Below in part D14, the details of all bank accounts held in the financial year needs to be provided.

22. Enter declaration details in the verification column.

23. 80G tab is relevant for people who have made donations in the financial year which is eligible for deduction. Deduction certificate is provided by donee is such cases.

24. Save and submit.

25. Return can be e verified through internet banking or by linking your return to the Adhaar card.

The above process is very simple and generic for those who need to file return simply on the basis of Form 16 obtained by the employer. Might seem a little difficult and scary at first but trust me its not.

You can get in touch with me on rakshaagarwal89@gmail.com to help with your return filing at a very nominal fee.

Signing off

CA Raksha Agarwal

Unemployed to Self Employed

Hello Guys,

Carrying on from my last post, I have listed down few things that a woman can take up part time to either simply pursue her hobbies or to make money:

1. Online selling/reselling - There are numerous sites available where you can simply register yourself and start selling. There are sites where you can actually build your network. Create your own page on social media or post your items for sale on various groups available. These days you do not have to keep stock with you. There is plenty of opportunity available where you can actually purchase when you have a confirmed order. This minimizes the risk completely and all you need is to do a little advertising/networking. One website which is really helpful and I recommend strongly is  Local Queen.

2. Freelancing - If you are a specialist in a certain field and hold a degree but cannot work in a 9-6 job, then freelancing is for you. Just surf online and you will find websites where you can register, showcase your skill and generate business from all over the world. This may be a little tricky to get first few clients but once started the whole world is open.

3. Tiffin service - Ladies out there good in cooking can definitely start their small tiffin service in near by areas. Marketing can be done by putting posters and emails in apartments. Word of mouth also plays an important role here. If you can invest a little money initially, you may also open a small food outlet. This is mostly relevant is big cities where lot of students and working professionals are looking out for home made healthy food.

4. Story Telling - This unique concept is gaining a lot of popularity and yes you can earn decent money. If you are expressive and can handle kids then this is for you. This is not much time consuming and you can have only one story telling session to start with for an hour. You can add props to make it more interesting and fun. Mrs Shruti Pathak, a resident on Navi Mumbai had started her story telling sessions last year with 8 kids. She plans to take this up during session breaks or summer vacations. After gaining experience you may conduct these sessions in playschools and day care.

5. Blogging - Expressing your views online can actually help you earn. Just choose a topic of your interest and if you have decent writing skills you can either start your own blog or work as content writer for websites and yes they pay well.

6. If writing is not your cup of tea, you may consider recording videos and uploading it on social media/Youtube. These videos can be informative, or small workshops in your area of interest. However, the content needs to strong to generate views and followers.

7. Teaching - Start coaching classes at home. Start with a very nominal fee with one or two students. Online teaching options are also available. If you are well educated or a degree holder then you can consider tying up with local institutes to impart education.

8. Event Planning - If you have a niche for creativity and is always up to organize birthday parties and other family events, then you may definitely consider taking this up professionally. Start with birthday parties or cradle ceremonies in your own family.

9. Day care/Playschool - Open a day care at home if you love children. Or consider becoming a teacher at a playschool.

10. If art and craft was your favorite subject at school or you have an urge to create useful stuff from waste material, you may consider making handmade and cost effective home decor items. Start giving them out to near ones as free samples or gifts.

11. Fitness freaks - Ladies who are fitness experts or enjoy yoga, aerobics or Zumba can undertake these classes in their apartment or even at schools after obtaining proper certifications.

12. Baking - This is again a very good option to start at home. Baking cakes and cupcakes for birthday parties and slowly taking it up to the next level.

13. Last but not the least, women who just wanna do some social service with a non profit motive can join hands with NGO's and groups on social media to provide free education to the deprived ones in their free time.

These are few things that I came across and found interesting. Will try taking these up in detail in my next posts.

 Let me know if this helps and also if I missed on anything important.

Go Ladies.. We all have a wonder women inside us:)

Unemployment Blues

Hi Guys,

Like the name says, the very purpose of starting this blog is that I am unemployed.. totally nothing to do..I know people would say its not a big deal for a woman but for me it is as I am used to working since last 5 years.. I am married with no kids, have a maid to clean the house, cook to prepare meals and a husband to pay for the bills. What am I supposed to do now???

Its not that I was always unemployed, being a chartered accountant and a company secretary, I have always been lucky (read intelligent) with marks and exams and then with job. But this was not what I wanted. After working continuously for almost five years, I left my job with an IT giant to do something I always wanted to. People said I am a fool to do so. But I knew what I wanted.
Or wait, do I really know what I want?? As a child I wanted to be a journalist, as i grew up I found my interest in fashion designing and then slowly in event management ( also got an opportunity to start my own event company with friends). Post marriage I found my new interest in cooking and want to set up a fast food chain. Some sleepless nights remind me about my long lost love for dancing and how I wish I would have done something better in that field.

We have heard elders say that once we grow up, we gradually understand our goal in life and choose our career accordingly. But is this true? Like seriously? Or is it just that we are so much under pressure to study and land a good job to survive? I am 28 years old and still trying to figure out what I actually want. Many of you would think I am a fool to leave a high paid job and I am lucky enough to clear my chartered accountancy exams (even my parents and relatives think the same). But yes I am lucky enough to have parents who are always supportive of my decisions.

Anyways, so the point is what should I actually do. I tried surfing online to figure out ways to fulfill my desire and earn some money in the course of it. While doing so I came across various options but I also realized that there are so many more ladies out there who might have similar concerns.. So I decided to list down all the ways in which a woman can indulge in her hobbies and also make some money.

Stay Tuned to my next post for the details!! Till then please comment and let me know if you are the one similar concerns.

Cheers