27th June, 2024

Income Tax Return Filling

Filing of an Income Tax Return shows a total view of one's financials and helping to obtain better financial planning and management. 

 

Who and When need to file Income Tax Return (ITR):

  • If you have to claim income tax refund:Excess tax can sometimes be deducted from an individual's income from interest, dividends, etc. In such a case, the person is required to file an income tax return to claim the refund. Once the ITR is filed, the income tax department matches the information filed in the ITR with the information available with them. If the details and tax calculations are correct, the income tax refund is issued.

  • Claiming tax exemption on capital gains: ITR filing is mandatory if an individual's gross total income exceeds the exemption limit before claiming tax exemption on capital gains. Under the Income-tax Act, an individual can claim exemption on capital gains through sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB.

  • TDS or TCS of Rs 25,000 has been deducted or collected: The income tax department, via a notification in April 2022, made ITR filing mandatory for individuals if the total tax deducted or collected from the individual during the financial year is Rs 25,000 or more.

  • Deposited Rs 1 crore in current account: ITR filing is mandatory for self-employed individuals who have a current account with a bank and have deposited an amount or aggregate of amounts equal to or exceeding Rs 1 crore in a financial year.

  • Income from Foreign Countries: According to Section 139(1) of the Income-tax Act, ITR filing is mandatory if a resident individual owns assets such as shares, bonds of foreign companies; a house in foreign countries; or has income such as dividends, interest or rent from foreign countries.

  • Spending Rs 2 lakh and above for foreign travel: ITR filing is mandatory if a resident individual has spent Rs 2 lakh or more (at one go or in aggregate in a financial year) on himself/herself or any other person travelling to a foreign country.

  • Paid electricity bill of Rs 1 lakh in financial year: If a taxpayer has paid electricity bill of Rs 1 lakh in a single payment or on an aggregate basis in a financial year, then ITR filing is mandatory.

 

Benefits of Income Tax Return Filing:

  • ITR is very important for borrowers to prove income stability
  • Loan approval becomes easyer for lender.
  • Quick Visa Processing
  • Claim Tax Refund
  • Compensate for Losses
  • Presumptive Taxation Scheme
  • Avoid Penalties
  • Medical Insurance

 

Penalty for non filing of Income Tax Return before due date:

If an individual files an income tax return after the deadline, a late filing fee is levied under section 234F of the Income Tax Act where filing is mandatory. A penalty of Rs 1000 is applicable where ITR filing is mandatory and income is below the basic exemption limit.

 

How much income is tax free / Tax-free income limit in India:

  • Under the old tax regime, an individual below the age of 60 years is exempt up to Rs. 2.5 lakhs, senior citizens (60-80 years) are exempt up to Rs. 3 lakhs and super senior citizens (above 80 years) are exempted up to Rs.5 lakhs.

  • Under the new tax regime, any individual have any age limit exempted up to Rs.  3 lakhs.

 

Our Starting Offer Price:

 

  SL  

Income Tax

Return Form

Categories of

Tax Payer

Starting Range    

Filling Rate 

1

ITR-1

Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: Interest from Savings Accounts. Interest from Deposits (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund

299*

2

ITR 2

& Capital Gain 

Resident individuals who own more than one house property should also file their income tax return in ITR-2. ITR-2 continues to apply to resident individuals who have a total income exceeding Rs 50 lakh. 

499*

3

ITR-3

& PL/BS

for Business

An individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession”

999*

4

ITR-4

& PL/BS

for Business    

Freelancers, such as online content writers, bloggers, vloggers, etc., need to file the ITR-4 form. Professionals, like chartered accountants, doctors, lawyers and engineers, etc., whose income is computed on a presumptive basis u/s 44AD, 44ADA or 44AE,

599*

5

ITR 5

Association of Persons (AOPs), LLPs, firms, Body of Individuals (BOIs), Estate of deceased, Artificial Juridical Person (AJP), Business Trust, Estate of Insolvent, and Investment Fund.

1299*

6

ITR 6

Company 

The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956

1499*

7

ITR 7

Trust, Company, Firm, Local Authority, Association of Persons (AOP), or Artificial Judicial Person and claims exemptions as per Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D)

999*

 

* Preparetion of Computation, Final Accounts [Balance Sheet / Profit & Loss Statement / Receipt & Payments etc.] and Multiple Income Source will be charged seperately.

 

For further quary or consultancy please leave your massage in contact us.