FAQs

If you have a question, take a look at our list of frequently asked questions below. If you don't find the answer to your question please write us at info@taxchanakya.com.

Is it mandatory to file an Income Tax Return if I have a PAN?
No. You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments.

The basic exemption limit for financial year 2012-2013 is as under: -

Gender, Age & Residential Status Basic Exemption Limit
Resident Female & Others Rs.2,00,000
Resident Senior Citizen (Age > = 60 yrs and < 80 yrs as on
31st March of Financial year)
Rs.2,50,000
Resident Very Senior Citizen (Age > = 80 yrs as on 31st March of Financial year) Rs.5,00,000

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.
Who can file an Income Tax Return using Tax Chanakya?
Any individual having the following types of income can opt for Tax Chanakya’s services:

  • 1. Income from Salary
  • 2. Income from House Property
  • 3. Income from Sale of Investments (Shares, Mutual Fund units, Bonds) or Property
  • 4. Income by way of Interest, Dividend, Gifts, Family Pension, Agricultural Income
  • 5. Brought Forward Losses (Except Loss from Activity of owning and maintaining Race Horses)
  • 6. Clubbing of Income
What is unique about filing with Tax Chanakya?
With Tax Chanakya,

  • 1. You do not need to know Income Tax Laws.
  • 2. You pay only when you are ready to file.
  • 3. Tax Chanakya is an e-Return Intermediary, duly authorized by the Income Tax Department. So we can file your return with the IT Department on your behalf.
  • 4. Tax Chanakya uses 128-bit encryption Secure Sockets Layer (SSL) technology, ensuring safety of your data.
  • 5. No advertisements or pop-ups come up to disturb you on our site.
What are the steps for filing an Income Tax Return using Tax Chanakya?
  • 1. Sign up with Tax Chanakya.
  • 2. Enter the relevant financial details. Tax Chanakya generates your return based on this data.
  • 3. View your tax computation and then once satisfied, make a payment based on the Filing Plan you chose.
  • 4. Authorise Tax Chanakya to efile your Income Tax Return.
  • 5. Receive via email the Acknowledgement (if return is signed digitally) or the ITR-V (if not)
Does Tax Chanakya support manual preparation and filing of Income Tax Returns?
Yes. Tax Chanakya does support manual preparation and filing of income tax returns with our group of experienced tax professionals. However, even if the return is manually prepared, Tax Chanakya onlye-files it with the Income Tax Department
Does Tax Chanakya calculate the Tax Refunds that I am eligible for?
Yes. In fact, as you enter your details in the relevant sections, our system updates and remembers your taxable income and tax payable figures.

Once you have entered all the required information, the tax payable by you or refund due to you will be displayed onscreen. So rest assured – Tax Chanakya is not just a tax estimating tool, but a complete return preparation and filing portal!
What are the methods of e-Filing an Income Tax Return using Tax Chanakya?
Tax Chanakya can help you e-File your return using 2 filing methods:
Efiling without a Digital Signature – Steps involved:
  • 1. Prepare your return on Tax Chanakya.
  • 2. Review your Tax Calculation.
  • 3. Get your Income tax Return generated in electronic format.
  • 4. Authorize Tax Chanakya to e-File your Return.
  • 5. Get ITR-V from Income Tax Department in your mail box.
  • 6. Download and print ITR-V, available under your Tax Chanakya account.
  • 7. 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.
  • 8. Receive e-mail from Income Tax Department, acknowledging the receipt of ITR-V. That is your final acknowledgement. That concludes your efiling.

Efiling using a Digital Signature – Steps involved:

  • 1. Prepare your return on Tax Chanakya
  • 2. Review your Tax Calculation.
  • 3. Get your Income tax Return generated in electronic format
  • 4. Attach Digital Signature (if you don't have a digital signature, subscribe for it with Tax Chanakya and get one).
  • 5. Authorize Tax Chanakya to e-File your Return.
  • 6. Get acknowledgment from Income Tax Department in your mail box. That concludes your efiling
What steps are to be followed when I e-File without using a Digital Signature?
When you e-File without using a Digital Signature, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps -

  • 1. Print and sign ITR-V.
  • 2. Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
  • 3. Mail the envelope within 120 days of e-Filing to Income Tax Department CPC Post Box No.1, Electronic City Post Office, Bangalore 560100, Karnataka.
  • 4. Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.
  • 5. Your filing is now complete..
What is an ITR-V?
  • 1. ITR-V stands for 'Income Tax Return Verification' form.
  • 2. This form is received when you e-File without using a digital signature.
  • 3. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.
  • 4. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.
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.
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.
What is the Last Date for filing an Income Tax Return?
The Due Date of filing your Income Tax Return for a financial year is 31st July after the end of the financial year. Thus, for financial year ended on 31st March, 2013, the due date of filing Income Tax Return is 31st July, 2013.
Does that mean that I cannot file return after the last date mentioned?
You can file return after the last date also. However, in such case you will have to pay penal interest @ 1% per month for late filing. In case you have not filed your Income Tax Return for the financial year ended on 31st March, 2013 till 31st July, 2013, still you can file the same till 31st March, 2014. You may be required to pay Interest. Further, in case you have still missed to file your Income Tax Return by 31st March, 2014, you can still file the same till 31st March 2015, beyond which the return will become time barred and you would not be able to file the same. Assessing Officer may require you to pay penalty up to Rs.10,000 for late filing of Income Tax Return.
What is Revised Return and can I file a Revised Return using Tax Chanakya?
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 31-03-2015 or before the completion of the assessment, whichever is earlier.
Whom should I contact in case I have queries / difficulties?
Tax Chanakya’s Customer Support team will be happy to help resolve all your doubts and queries. You can write to us at info@taxchanakya.com
I think online filing could be more complex than physical filing. Can Tax Chanakya help me if I need it?
With Tax Chanakya, you can confidently prepare and file your Income Tax Return on your own. We believe you can, because:

  • 1. You are guided through simple interactive screens with online help available at each step.
  • 2. If you have basic queries like navigating through the website, printing your return etc., you can contact us by email.
  • 3. Your tax calculations are done by intelligent algorithms that are built into our website and incorporate the latest updates. So you do not have to bother about tax laws and updates. Our system does it all!
How secure is my data with Tax Chanakya?
Tax Chanakya protects your data in several ways

  • 1. Tax Chanakya uses globally accepted 128-bit encryption Secure Sockets Layer (SSL) technology to protect your data while being transmitted from your computer to its data servers. This technology is used by banks globally, and offers the highest level of protection against any third-party intrusion
  • 2. Tax Chanakya servers are secured with firewalls to safeguard your data from viruses and unauthorized intrusion attacks. They are monitored around-the-clock for any denial of service or intrusion attacks
  • 3. As a registered user of Tax Chanakya, you can access your data through a unique password, which you create when you register for our service. Since your password is unique to you, only you can access your data. We have implemented a stringent security policy to protect your data against unauthorized access.
What if the TDS certificates I hold does not match with the FORM 26AS I downloaded?
Most common reason due to which proper credit does not get reflected in Form 26AS is that the deductor has not quoted or has quoted incorrect PAN number (your PAN number) in TDS return. Please remember that irrespective of TDS certificates you have, credit of Tax shall be given on the basis of Form 26AS only. However, these days TDS certificates are being downloaded from TRACES portal, thus, chances of mismatch between TDS certfificates and Form 26AS are minimal.
The PAN Number on Form 16 is wrong. What do I do?
The confirmation of correctness the PAN number is the first and foremost thing. If you find it incorrect, then please ask your employer to correct it and reissue form 16. The employer should also file a revised TDS return to credit the TDS returns.
What if some details are incorrect on my Form-16?
Figures in Form 16 should be tallied with the tax declaration statement provided at the beginning of the year. Incorrect details on Form 16 will result in higher tax liability because only fewer deductions might have been shown. So, it is very important to submit the proof of documents and the bills. If it is employer’s mistake, then ask them for a revised Form 16.
My employer has not deducted the taxes on salary. Is it necessary that they should issue me Form 16?
As Form 16 is a certificate of TDS, it is not required to be issued when the taxes are not deducted from the salary. However, you employer must issue a salary statement.
What is the difference between Form 16 and Form 16 A?
Form 16 is a statement containing the TDS deducted details on salary for a employee. It is issued by an employer to the employee whereas Form 16A is a statement containing all the TDS deducted on all payments except salary. For example, TDS deduction of interest on a bank fixed deposit.
What is the difference between Form 16 and Form 16 A?
Form 16 is a statement containing the TDS deducted details on salary for a employee. It is issued by an employer to the employee whereas Form 16A is a statement containing all the TDS deducted on all payments except salary. For example, TDS deduction of interest on a bank fixed deposit.
Who can claim 80C Deduction?
An individual/HUF can claim deductions under 80C from the total income in respect of the below investments, expenditures and payments.

Investments

  • 1.Capital gain bonds.
  • 2.Senior citizens savings scheme
  • 3.National Savings Certificate.
  • 4.Equity linked savings scheme.
  • 5.Units of mutual funds.
  • 6.Premium paid for specified insurance policies (e.g LIC)
  • 7.For LIC, premium on self, spouse and Dependent children.
  • 8.Provident funds – Both mandatory and voluntary.
  • 9.Bank Fixed Deposit Scheme (five year tax saving scheme).
  • 10.Postal Office Term Deposit Scheme. (Five year).
  • 11.Contribution to public provident fund.
  • 12.Contribution to Employee’s provident fund scheme.

Expenditures

  • 1.Principal on home loan.
  • 2.Tuition fee on children’s full time education
  • 3.Registration and stamp duty on home purchase.
What is the limit of 80C deductions?
The maximum deduction limit available under Sections 80C, 80CCC and 80CCD (combined together) is Rs. 1,00,000/- (Rs. one lakh only).
Who can claim 80CCC Deduction?
An individual/HUF who pays premium for annuity plan of LIC or any other insurer can claim deduction under 80CCC Deduction.
Who is the maximum limit of 80CCC Deduction?
The maximum limit available is upto Rs. 100,000/-. (This limit has been increased from Rs. 10,000/- to Rs. 1,00,000/- w.e.f. 01.04.2007).
Who can claim 80CCD Deduction?
Deductions to the extent of 10% of one's salary are available on deposits made by a Central government servant in one's pension account. If any contribution is being made by the central government to the pension account, then deduction of such contribution to the extent of 10% of salary shall be allowed. .
Who can claim 80CCG Deduction?
Investors whose annual income is less than Rs. 10 lakhs can claim under this 80CCG deduction.
What is the maximum limit of 80CCG Deduction?
Up to Rs. 50,000 can be invested in this scheme and deduction of 50% of the investment can be claimed under this section 80 CCG deduction. Incase, if Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), is invested then, a tax deduction of Rs. 25,000 (50% of Rs. 50,000)can be claimed.
Who can claim 80D Deduction?
  • 1. Medical insurance premium paid by cheque or credit card on the health of the tax payer, spouse, parents, and/or children.
  •  
  • 2. If HUF, any premium paid on the health of any member of the family shall also be included here.
Who can claim 80DD Deduction?

Any expenditure paid for the medical treatment, training and rehabilitation of handicapped (disabled) dependent family member / or Any amount paid or deposited towards a scheme of LIC of India (for e.g. Jeevan Aadhar) or any other insurer forthe maintenance of a handicapped dependent family member shall be claimed under 80DD deduction.

Who can claim 80E Deduction?

Any amount paid towards interest by the taxpayer for higher education of Self, Spouse or Children can be claimed under 80E deduction.

What is the limit of 80E Deduction?

Any amount paid towards interest can be claimed for tax exemption.

Who can claim 80EE Deduction?

An individual can claim up to Rs.1,00,000 on interest on loan for house property in addition to Rs.Section 24 where a tax payer can claim up to Rs.1,50,000 on interest on loan.

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Tax Chanakya ?

Please note that you do not have to pay to register, or for usage of the system. It is only when you actually want to e-file or use our tax planning services that a payment has to be made.
  • Easy and user-friendly interface
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  • Elaborate FAQs section to help out with your tax queries
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