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Welcome to the Web Online CA
  • Authorized by Income Tax Department "e-Return Intermediary (ERI)" are entities who are authorized to e-file Income Tax Returns on behalf of taxpayers.
  • Registered with Startup India is duly certified under GOI's Startup India scheme.
  • Supported by iStart (Government of Rajasthan. Initiative for startups).
  • Supporting Government Making India Digital.
  • Assistance in e-Verification of the Filed Returns.

Pricing Summary

  • Web Online CA Fee
    Rs. 398/-
  • Complete By*
    31-May-2024

Documents Required

  • itr filing Form 16
  • Online ITR Filing Bank Statement
  • itr filing online Details of Other Income

Income : What is income, Types and Taxable income

What is Income?

Income refers to the amount of money earned by an individual or a business and from various sources. A salaried person, then all that is received from an employer whether in cash or cheque, kind or as a facility is considered as income. For a businessman, his business profits will constitute income. Every the temporary income or one time income is taxable. All incomes are subjected to taxes in India.

Income Types

Tax Act has classified incomes earned by persons into 5 different parts:-

Income from Salary: Income from salary refers to the earnings that an individual receives in exchange for their work as an employee. Salary income is usually paid on a regular basis, such as weekly, bi-weekly, or monthly. Salary includes wages, basic, dearness allowance, annuity, gratuity, advance of salary, allowances, commission, perquisites in lieu of or in addition to salary and retirement benefits and any other forms of compensation provided by an employer to the employee for their services. The aggregate of the above incomes, after exemptions available, is known as Gross Salary and this is charged under the head income from salary.

Income from House property: This type of income typically includes rental payments received from tenants who occupy the property. The calculation of income from house property usually involves deducting certain expenses related to the property from the rental income received. These expenses may include property taxes, repairs and maintenance, insurance premiums, and interest on loans taken for the property's purchase or improvement.

Income from Business or Profession: This income category encompasses a wide range of sources, including profits from trading, manufacturing, consultancy fees, freelance work, professional services such as legal or medical practices, and any other commercial endeavors. Tax liabilities associated with income from business or profession may vary depending on factors such as the nature of the business, applicable tax laws, allowable deductions, and tax credits available in the jurisdiction where the income is earned.

Income from capital gains: Income from capital gains refers to the profit earned from the sale of capital assets, such as house, Jewellery, stocks, bonds, real estate, or other investments. The gain can be on account of short- and long-term gains.

- Short-term capital gains: These are profits earned from the sale of assets held for one year or less.

- Long-term capital gains: These are profits earned from the sale of assets held for more than one year.

Income from other sources: Any income that does not fall under the categories of salary, business or profession income, or capital gains under the head income from other sources. For eg. Dividend income, interest received from bank deposits, Income from investments, Rental income etc.

What Is Taxable Income?

Taxable income is the total of all income includes from all sources of income earned or received during a specific tax year, after accounting for allowable deductions, exemptions, and credits. and in any form, minus any tax-exempt amounts or allowable deductions. This is the amount that is subject to income taxation. For income tax purposes, the tax code attempts to define income to reflect taxpayers' actual economic position.

FAQ's

What are the advantages of e-filing?

E-filing is a fast, convenient, secure, and sometimes free way to file taxes. E-filing is processed quickly, even if you wait until the last submission date.

If you file electronically and direct deposit your refund, the funds will be transferred to your bank account within a few days of receiving and processing your return. If you have a balance, you can pay by direct debit. And with e-filing, you don't have to worry about making mistakes, as errors are corrected immediately.

How does Online Income Tax Return Filing work in India?

Taxes imposed on the income of individuals, corporations, and other legal entities are formally called income taxes. There is no uniform tax rate for all income ranges, and it varies by industry and region, and in some cases, lower incomes are eligible to pay income tax.

There are two types of taxes: direct and indirect. A direct tax is a tax that is collected directly from the taxpayer, whereas an indirect tax is a third-party tax such as a value-added tax.

An Indian Income Tax Return (ITR) is a form for filing income and tax details with the Income Tax Authority. The tax eligibility of the taxpayer is calculated based on income. Sometimes, taxpayers are bound to get refunds from the Income Tax Department if their income tax returns show excess tax paid during the previous year.

All registered taxpayers with taxable income must file their Income Tax Returns online. However, people over 80 who do not have income from regular business or profession can also file paper returns.

 What is a GST return, and how many GST returns are filed?

GST Return is a document giving details of income that a registered GST dealer must submit to the Government of India's tax authorities. This return confirms the payment of the registered GST dealer and calculates the tax liability.

GST returns are filed monthly or quarterly, or annually by GST-registered dealers depending on the nature of the business and whether there is an option to file returns monthly or quarterly. 25 GST returns should be filed in a year.

Taxpayers who have opted for Quarterly Return and Monthly Payment Plan (QRMP) must file eight quarterly returns and one annual return. Hence, 9 GST returns are to be filed in a year.

What is the role of a Digital Signature Certificate?

A certificate serves as proof of a person's identity for a specific purpose. For example, a driving license identifies someone legally driving in a particular country. Similarly, a digital certificate may be presented electronically to identify a person, access information and services online, or digitally sign certain documents.

A licensed Certificate Authority (CA) may issue a digitally signed certificate. Certificate Authority (CA) means a person licensed under section 24 of the Information Technology Act, 2000 of India to issue Digitally Signed Certificates.

How do I register for MSME Udyam Online in India?

MSME stands for Micro, Small, and Medium Enterprises. There was no clear definition of MSME till the Atma Nirvana package was announced by the Finance Minister in May 2020. These companies were classified based on manufacturing and service industries. But after the Atmanirbhar package, this distinction between manufacturing and service industries has disappeared. The classification of these companies is currently based on investment and sales. Earlier, this process was known as Aadhar Udyog Registration.

MSMEs can register through MSME Govt Portal only. Users can register for a new MSME through this portal or re-register an already registered Udyami Aadhaar Memorandum Part II (EM-II) or Udyog Aadhaar Memorandum. The Ministry of Small and Medium Enterprises manages and operates this portal, so it is safe and reliable.

What are the benefits of having a FOSCOS/FSSAI License/Registration?

Consumers are becoming more aware of food quality, standards, and hygiene in this information age. It is more convenient for online grocery stores to be personally FSSAI certified before buying anything from outside, as it provides better assurance of food quality without contamination or foreign ingredients.

Legal Benefits: Most people still believe that getting a food license is a slow and challenging process with lots of paperwork and paperwork. There is also a need for clarification that getting a food license costs much money.

Use of FSSAI Logo: FSSAI licenses only those businesses that meet minimum hygiene standards. If you have a food sales license, you can display it on menu cards, pamphlets, packaging bags, etc. The FSSAI logo on the food will show the products in the competition.

Business expansion: All newly established companies want to expand their operations to all other places and explore new markets and consumer bases.

Customers should feel comfortable buying new products as they set up their business in recent locations. A valid food license also makes expanding your business to new places or opening new stores easier.

Quality upgrade: An FSSAI License/Registration facilitates the provision of high-quality food products and improves the overall performance of your food business.

What is a Store or Establishment License?

A shop and establishment license is a legal document issued by a state government that allows a business owner to operate legally. This license indicates that the owner has complied with the labor laws, welfare rules, and safety rules related to the store or establishment. Employers can also avail of benefits provided by the government, such as employee wages, insurance, and sick leave.

Who should apply for a Stores and Facilities License?

A store and convenience license is a mandatory registration that all businesses operating at a physical location must obtain. The specific requirements for obtaining a license may vary depending on the state in which your business is located. Generally, companies such as stores, restaurants, hotels, cafes, theaters, and other commercial establishments operating in physical locations must apply for a store and establishment license. Businesses that work from home offices or coworking spaces may also require this license. Standard documents required to obtain a store and facility license include proof of address, identity, and PAN card. Getting a license usually involves completing an application and submitting the required documents to your local municipal or state labor office.

Why is it essential to obtain a trademark registration?

Public Notice of Trademark: A registered trademark is a visible expression of ownership of a brand. Trademark registration also establishes a brand's reputation and lets consumers know that the products or services associated with the trademark meet the brand's quality and control standards. It is an acronym that helps consumers make purchasing decisions by quickly identifying and differentiating their products and services from those of their competitors.

National Validity and Ownership Estimates: Trademark registration applies nationwide and provides a presumption of trademark validity and trademark ownership. Under federal trademark law, all registered trademarks are deemed to meet all critical USPTO registration requirements and have actual requests with the trademark registration owner.

Resistance Against Trademark Infringement: Trademark registration allows us to stop competitors from infringing our trademarks and tells the police how our brands are being used. You can ask the infringer to stop using your marks or use the social media provider or online marketplace to remove the infringing content.

What is company registration?

Before filing for company registration, let us understand the concept of a company. What is a company? A company is a business entity having at least two directors and employees/shareholders. It is a legal business entity established under the Companies Registration Online Rules established under the Companies Act 2013.

So how do you register a company in India? Although the process is simple, it requires the assistance of a company registration service provider. Web Online CA provides end-to-end support, guiding you through every step required to register your company in India.

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