Frequently Asked Questions
Are there any other benefits to managing my taxes?
When your tax history is clean and all your financial documents are in order, you are in a better position to expedite credit facilities from banks or other financial institutions. It also gives you a clear chit in case you are summoned by the authorities.
I’m paying taxes. Do I need to file my returns as well?
Filing one’s tax returns is required by the law in India, and paying your taxes is not enough. It also helps you claim back any deductions you are eligible for.
What is TDS?
TDS is Tax Deducted at Source, and is usually deducted from the taxable portion of your salary before it reaches you, every month. This is usually mentioned by the company on tax documents.
What is ITR1?
ITR1 is the Income Tax Return Form that every tax paying Indian citizen is obliged to submit to the Income Tax Department before the specified date.
What is Form 16?
Your Form 16 is a document issued by your employer that contains information about the tax deducted at source from the taxable portion of your income.
Am I eligible to pay tax?
If you’re an individual who earns via salary, house rent, business, profession, hobby and your income is over the taxable limit, you are eligible to pay tax. You needn’t worry about it as VitteTax will do this for you.
Why does my money have to be ‘white’?
‘White’ money is considered to be money that has been earned legally, and for which you can account lawfully. You can ensure that your money is white by declaring all your assets, paying taxes and filing returns on time.
Should I file my returns even if there isn’t anything due to me?
You should, as it is required by law.
I have inherited some money. Is that taxable?
No, inheritance is generally not considered taxable.
When is the Financial Year in India?
The Financial Year or FY, also called Previous Year or PY is the period from April 1st of this year to March 31st of the next.
Is Financial Year the same as Assessment Year?
No, it isn’t. Assessment Year is the year following the Financial Year, which is when the tax authorities evaluate your tax statements.
What is Gross Total Income?
Gross Total Income is the sum total of your income from all sources, including salary, property, royalty, capital gains etc. VitteTax will calculate this for you once you enter it all in.
Is my Gross Total Income taxable?
No, it isn’t. Your Gross Total Income includes sources that are exempted from tax, and these won’t be included in your net taxable income.
What is Net Taxable Income?
Net Taxable Income is the portion of your income that is subject to tax, i.e. the Gross Total Income minus various tax exemptions that may be applicable. VitteTax does this calculation for you once all the information is available.
Is Life Insurance the only way to save tax?
No, there are many other ways to save tax besides life insurance. VitteTax’ tax planner offers several options customized for your circumstances.
Does my gender or age make a difference to the tax I have to pay?
No, it does not. Only senior citizens have special exemptions for tax.
I have a slight disability. Will I get any tax benefits?
Individuals with a normal to severe disability are eligible for tax benefits. However, the extent of the disability will have to be certified by an authorized medical professional.
What is advance tax?
Advance tax is the income tax that is payable once your income is more than Rs.10,000 in the given financial year.
My parents and I share the same Mediclaim scheme. How does that affect my taxation?
VitteTax has a provision for entering details of dependents on your Mediclaim, whether they are your spouse, children or parents.
I am a writer and my income is from the sale of my books. What income head does this come under?
You can enter your income under the ‘Royalty’ tab on your VitteTax account page.
I have bought some bonds from a few government agencies. Are they relevant when it comes to taxes?
Yes, they are. There are several tax-free bonds as approved by the Government of India, and there is a detailed form in VitteTax where you can enter each one separately.
My income is from agricultural sources. Will I get any tax benefits?
My daughter is going for higher studies and I have taken an educational loan for the same. Can I get any tax exemption?
Do I need to mention if my home is jointly owned by my spouse and I?
Yes, you need to do so, and so does your spouse.
I have taken a housing loan for my home, although I still live in a rented house. Can I claim any tax benefit?
Yes, you can claim tax benefits through HRA (House Rent Allowance), subject to certain conditions.
My wife’s earnings are combined with mine and she pays no tax. Do I have to pay tax on her income as well?
When your wife’s earnings are included in your total income, it is called ‘clubbing of income’ and it makes you liable to pay tax on both your incomes combined.
Is my EPF completely nontaxable?
No, only the employee contribution to the EPF is nontaxable.
Can I claim a tax deduction on my Fixed Deposit account?
You can, but based on certain considerations like the period, amount and the kind of bank.
Can I claim tax benefits on any kind of medical expense?
Medical expenses may be exempt from tax, but only if the expense is for yourself or a dependent and only on certain diseases as specified under the Income Tax Act.
What is an ITR – V?
ITR-V is an acknowledgement slip generated on filing the income tax return online. This ITR-V is to be signed and sent to the Income tax department-CPC by post to complete the return filing process.
The password of the document is a combination of PAN (in lower case) and date of birth in the format ddmmyyyy. For example, if the PAN is AAAAP0000A and the date of birth is 10-Jan-2008, the password is aaaap0000a10012008.
What are the instructions to send ITR-V to CPC?
You should consider the following Do’s and Dont’s for printing and submitting of ITR-Vs to ITD-CPC Bangalore to complete the e-filing process:
1. Only A4 size white paper should be used.
2. Ensure that print out is clear and not light print/faded copy.
3. The document to be mailed to CPC should be signed in original in blue ink only. The TRP Column is to be left blank.
4. The signatures or any text should not be written on the Bar code. The Bar code and numbers below the bar code should be clearly visible.
5. Avoid typing anything at the back of the paper and folding the paper.
6. Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V. Do not use stapler on ITR-V.
7. In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
8. The ITR-V should reach CPC within 120 days of filing of return.
9. ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.
When do you need to re-post the signed ITR-V?
It generally takes about 3 weeks from the date of posting ITR-V, for CPC to send acknowledgement of the same on your registered email id. If it has been more than 3 weeks since you posted your signed ITR-V and you have not received the acknowledgement for it yet, you need to post another copy immediately to the Income Tax Department-CPC.
The non-receipt of ITR-V at CPC may be due to any of the following reasons:
1. The ITR-V may be in transit via India Post
2. The ITR-V may be under process at CPC, Bangalore
3. Your ITR-V may be defective, viz. not signed ITRV or signed in black or got torn in the transit or its bar code could not be scanned
4. Your ITR-V may have been misplaced in transit
What is VitteTax?
VitteTax is a proprietary e-filing platform in India to help ease the process of paying taxes and filing returns.
Is this an app?
VitteTax is a Software as a Service (SAAS) model, cloud based tool which means it can be managed from anywhere – your workplace, your home or on the go.
Who can use VitteTax?
VitteTax can be used by any responsible tax payer, whether they are salaried individuals, pensioners, or self-employed people who want to save tax and manage their finances sensibly.
Where can I download VitteTax from?
The beauty of using VitteTax is that you don’t need to download or install anything at all. Being of a SAAS model, VitteTax is accessible from any desktop or mobile device.
How can I access VitteTax?
You can login to VitteTax here: http://vittetax.com/. For easier access, you can create a launch icon on your device.
Why should I choose VitteTax over a professional tax planner?
A professional tax planner will also offer services similar to ours, but at a very high price. VitteTax charges a very nominal fee of Rs. 280, and we are accessible round the clock, 24×7.
I have multiple sources of income; can I include all of them in VitteTax?
Yes, you can. VitteTax has provisions for entering multiple sources of income and specifying their type, so your tax benefits can be calculated accordingly.
Do I have to enter my expenses as well?
VitteTax has provisions to enter your expenses, as well as take snapshots of your bills and receipts. This will help to determine your eligibility for any kind of tax deduction.
What about losses I have entailed on my investments?
VitteTax takes care of that too. For proper and thorough tax management, you need to enter your capital gains as well as capital losses, and VitteTax offers a provision for the same.
I don’t live in India, can I use VitteTax?
Yes, you can. VitteTax is available for any responsible Indian tax payer, whether he’s a resident or non-resident Indian.
As an NRI, will VitteTax include my earnings and taxes paid abroad?
VitteTax has provisions to include all kinds of income, including that earned in foreign currency. It also takes into account taxes paid outside India.
Do I need a PAN card to use VitteTax?
Yes, you do. A PAN or Permanent Account Number is unique to every tax paying individual and is allotted by the Income Tax Department. A PAN is essential for any dealing related to tax.
Can my spouse and I manage our taxes with a common VitteTax account?
No, you cannot. You and your spouse are two separate taxpaying individuals for the Income Tax Department, with separate PAN cards, which requires corresponding accounts with VitteTax.
Taxes are a big hassle; why can’t I just avoid them completely?
Avoiding or evading tax is a legally punishable offence. As a responsible citizen of the country, you are bound to contribute your share to the development of the nation. To avoid the hassle of tax planning and management, register with a reliable tool like VitteTax.
Do I have to calculate how much tax is due by my-self?
Not at all, VitteTax not only files returns, it also calculates your taxes bases on all the information you enter regarding your income sources.
I’m not very good at taxes. Do I have to do it manually?
No, you don’t. VitteTax offers two modes for simplified tax filing, of which you can choose the ‘Do it for me’ button. All you have to do is upload your Form 16, and our qualified accounting professionals will take care of the rest.
I don’t understand terms like 80 CCD, 80U etc. Can I still use VitteTax?
VitteTax takes all the hassle out of tax management for you. Few people understand all the technical terms related to taxes. VitteTax understands this and guides you throughout the entire process.
I’m paying taxes for the first time this year. Can I use VitteTax?
Certainly. VitteTax has a very simple and user friendly interface, making it ideal for the first time tax payer to make sense of his taxes, filings and refunds.
I don’t have too much time to spare. How long will VitteTax take?
VitteTax has been designed to be very simple, even if you’re doing your taxes for the very first time. Assuming you have your basic information accessible, the entire process shouldn’t take more than 20 minutes.
I have many financial documents which confuse me. How can I manage them?
Too many documents can cause clutter and confusion, and a lot of headache if lost. Let VitteTax maintain an archive of these; just click a photo or scan the document and upload to VitteTax. They will be available for reference any time you desire.
I haven’t kept track of my previous tax payments. What do I do?
There is no need to worry, VitteTax takes care of it. Our collaboration with the income tax department ensures that your employer data and tax payment history have already been entered into the system.
How can I be sure that all my personal and financial information is safe?
VitteTax is built using the latest software with a robust architecture and the best technology available. We follow 128 bit encryption standards, commonly followed by financial institutions to ensure complete integrity and safety of your data.
How can I keep from forgetting to pay my dues on time?
VitteTax also acts as a reminder service, by reminding you of your due dates for filing returns as well as about any deductions that you may have missed, so that you don’t lose any of your hard earned money.
I would rather keep an eye on my returns myself, is that possible with VitteTax?
Yes, you can. All you need to do is opt for the ‘My Own Filing’ mode in VitteTax and you can enter your tax attributes yourself. You can also check for any exemptions and deductions in your taxes.
Can VitteTax be used around the year?
Yes it can, for a nominal fee of just Rs. 240.00 per PAN. On paying this, you will be able to make any number of filings throughout the year.
Can VitteTax be used for businesses as well?
VitteTax has been designed to help individuals with their personal tax management, but it can easily be adapted to a B2B or B2C scenario as well.
Is this an authorized form of tax payment?
VitteTax has been authorized by the Government of India to file taxes for individuals on their behalf. Additionally, our software has been tested and approved by the Income Tax Department. It is also fully compliant with the Income Tax Act of 1961.
Will I require some kind of training before using VitteTax?
Not at all. VitteTax has a very user friendly interface, and gives out information without being too verbose. All you need to do is enter your basic details about your job or income sources and we will provide a systematic plan to manage your taxes and refunds.
What if I don’t understand what to enter in my forms?
Don’t worry. VitteTax understands the concerns of the novice tax payer, which is why we replicate fields of the Form 16 to ease data entry.
What if I forget to enter something? Will my tax filing become invalid?
VitteTax won’t let that happen. The software is designed to prompt you at every step so that no questions are forgotten or missed out.
I’m not sure if I’m eligible for any tax saving. What do I do?
VitteTax does that for you by analyzing your tax sensitivity. Once you enter your basic information about your job and your other sources of income if any, you will be asked some simple questions by which we’ll determine how much tax you are eligible to save.
What is meant by my tax sensitivity analysis?
Your tax sensitivity analysis refers to a chart of your gross income versus deductions, resulting in a unique payable tax amount for each combination. This analysis helps you plan better to save tax.
What do I do if I need some advice?
VitteTax has been designed in a way that it offers intuitive advice as you enter your details, taking into account any possible tax deduction you may be eligible for. It also lets you know about anything you may have left to fill in.
How can I know the status of my tax refunds?
VitteTax offers value added services which allow you to track the status of your refunds and ITR-V every time you login.
Where should I send my signed copy of the ITR-V?
With VitteTax, you needn’t bother about sending these yourself. Simply sign the copy, scan and mail it to us. We’ll take care of the rest.
Method – 2:
Sign the Copy and send to “Income Tax Department – CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka” by regular Indian Postal Service or speed post only (courier is not accepted). If you are sending the signed ITR-V through speed post, delete the text “Post Box No – 1” from the address.
I have the Form 16 document from my employer. Do I still need VitteTax?
Your Form 16 only shows tax deductions belonging to the Section 80C family. For everything else, you’ll need a reliable tax planning tool like VitteTax.
Is this service up to date with the latest budget developments?
VitteTax includes all aspects and conditions of the 2015 budget announcements as well as all notified amendments made so far. It will continue to incorporate future amendments accordingly.
I would like to have a general overview of my tax payments and refunds. How can I get it?
VitteTax has a comprehensive report system where you can see detailed analyses and statements regarding your previous tax payments and refunds. Visual indicators like charts help to give you a good idea of how to reduce your tax liabilities.
What will VitteTax store for me?
VitteTax also acts as a repository for all your documents, which you can scan or photograph and upload. You can also upload pictures of your receipts and bills to have a common archive. This is in addition to your entire tax history.
Is it possible to get suggestions on saving more tax?
Yes, the detailed reports give a good idea of your taxable income sources, for a start. VitteTax also offers intelligent recommendations and alternative investment strategies to reduce your tax liability.
How much will this service cost me??
VitteTax offers its services at a flat annual fee of Rs. 280.00, taxes included. There are no hidden charges;
Are there other tax planning tools like VitteTax?
VitteTax is the first of its kind tax management and planning tool in India that is authorized by the Government of India and completely compliant with the Income Tax Act of 1961.
Is VitteTax the only product from Vittena?
Vittena is a personal finance website that offers a variety of products including Vittescope and VitteTax.
Do you have any special schemes or offers?
Yes, we have a scheme for agency; if you become an agent with us and file returns on behalf of your friends and family, you’ll get the lion’s share of our charges per PAN card.
Do I need to go to an office to collect any forms to avail this service?
No, there is no paperwork involved; all you have to do is create an account online.
Do I need to send any documents by post?
Not at all. You just need to enter the relevant information online and upload documents if necessary.
How is this different from the e-filing utility provided by the Income Tax Department?
VitteTax doesn’t just file your returns for you, it also helps you plan ways to maximize your savings by letting you know your eligibility for deductions.
Will I lose out on any benefits by using VitteTax?
Certainly not. On the contrary, VitteTax gives you more hints on saving tax and maximizing benefits.
Can I access my VitteTax login if I’m travelling abroad?
VitteTax is a cloud based system, and is maintained on Microsoft’s Azure cloud service. This makes it accessible anywhere in the world, anytime during the day.
How do I know that this site is safe and won’t crash one day?
VitteTax is powered by Microsoft BizSpark’s startup initiative and is built on Microsoft’s cloud services, which are world renowned for their 99.99% uptime and robust backend.
I’m new to the whole taxation thing. What if I don’t understand what your forms are asking?
We have tried our best to make the forms as user friendly as possible; even so, most fields have a short description of what is expected when you hover your mouse over it.
Are there different payment options in VitteTax for different income levels?
No, VitteTax does not discriminate based on income. There are only two payment schemes, one for the individual and one for an agent.
Will I be notified if my filing has been rejected?
As soon as you login to your account on VitteTax, the latest status of your taxes/returns will be visible. Any other notification will be sent via email.
I need to enter income sources under various heads. Is it possible in VitteTax?
Yes. VitteTax has a separate tab for each income category on the left of your account page and you only need to click on it to reach the relevant page.
Can I add or remove my sources of income?
Yes, you can edit any of the fields whenever there is a change in your job or life circumstances.
I have won money in a lottery. Do I have to enter it into VitteTax?
Yes, you have to, since money won through lottery or games/competitions is taxable.
I make regular donations to a charitable institution in my area. Do I need to enter that in VitteTax?
VitteTax has the provision for entering details about your donations. However, tax deductions are eligible only on donations made to organizations approved by the Income Tax Department.
What information should I have on hand when creating a VitteTax account?
For basic registration, all you require is your personal information. However, once you login, you’ll require your PAN along with the relevant documents as shown in the checklist.
I have lived both in India and abroad in the past several months. How do I update my residential status?
VitteTax will calculate your status for you through a series of short questions.
I need to contact VitteTax support about some clarification regarding a document. How do I go about it?
Your VitteTax account page has a tab called ‘Mail’, where you can easily send us any query or request with an option to attach files.
I have income from a few random sources, where do I enter it?
There is a section for ‘Miscellaneous’ income, you can enter it there.
Do I need proof for all my income sources?
You need some kind of proof for every source of income, in order to validate your claims. You may scan and upload them in VitteTax for easier access.
What happens to my tax computations next year when the new budget is released?
VitteTax has been updated with the very latest inclusions and amendments made as per the budget of 2015-16. This will be updated whenever there is any change made to the existing tax structure.
Is the end of the financial year the best time to plan my taxes?
AnswerIt is always recommended to plan your taxes well in advance rather than leaving it for the eleventh hour. By doing this with a reliable tool like VitteTax, you can make wise investment decisions that work well in the long run.
I’m a Senior Citizen, but I’m not sure how this changes my taxes.
Don’t worry, VitteTax takes all information into consideration when calculating taxes and suggesting savings.
I have rented out a shop that is in my name. Can I enter it as income from housing rent?
Yes, you can
Does Vittena get any commission out of the taxes I pay?
Vittena does not get any sort of commission out of your taxes; it goes straight to the Indian Government. The only payment to Vittena is the nominal annual fee.
I haven’t entered my returns for the previous years. Can I manage older taxes on VitteTax?
On VitteTax, you can file returns for taxes due for the financial year 2012-13 onward. Just select the right option on the Assessment Year page.
How does the VitteTax Tax Planner work?
Once you’ve entered all your sources of income and expenditure, the VitteTax Tax Planner generates a tax planning statement and also offers analysis and recommendations to save tax.
What if I still have a query that isn’t covered here?
We have tried to make this FAQ section as comprehensive as possible, but if you still have an unanswered tax-related query, please mail us and we’ll get back to you as soon as we can.