INCOME TAX FOR SALARIED PERSON
BASIC PLAN
ITR-1 Sahaj Form for:
- Rental Income from One House property.
- Other sources of Income (Interest).
Rs 399/-
INCOME TAX FOR SALARIED PERSON
STANDARD PLAN
ITR-1 Sahaj Form for:
- Rental Income from One House property.
- Other sources of Income (Interest).
Rs 699/-
INCOME TAX FOR SALARIED PERSON
PREMIUM PLAN
ITR-1 Sahaj Form for:
- Rental Income from One House property.
- Other sources of Income (Interest).
Rs 1,999/-
ITR FOR SALARIED PERSON
BASIC PLAN
ITR-2 RETURN FILING FOR:
- Income tax return filing for persons with single or multiple Form 16 with Salary more than Rs 50 Lacs.
- Dividend Income of more than Rs 10 Lacs.
- Director in any Company.
- Rental Income More than One House property.
Rs 999/-
ITR FOR SALARIED PERSON
STANDARD PLAN
ITR-2 RETURN FILING FOR:
- Income tax return filing for persons having capital gains (mutual funds and stocks), ESOP (Employee Stock Ownership Plan), FD, Interest or salary arrears.
- E filing of form 10e.
- Rental Income More than One House property.
Rs 1,499/-
ITR FOR SALARIED PERSON
PREMIUM PLAN
ITR-2 RETURN FILING FOR:
- Income tax return filing for persons having Foreign Income (On-site deputation), Foreign Assets, NRI.
- Rental Income More than One House Property.
Rs 1,999/-
BASIC PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
STANDARD PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
PREMIUM PLAN
FILE FOR ITR-3 FORM :
- Proprietorship (Individual).
- Freelancers and Professionals.
- Partners in Firms.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
BASIC PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 999/-
STANDARD PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 1,250/-
PREMIUM PLAN
FILE ITR-4 FORM FOR:
- ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, 44ADA, 44AE.
- To enroll for the scheme, the taxpayer must have less than 2 crores of business income or less than Rs 50 lakhs of professional income.
Rs 2,499/-
BASIC PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 2,499/-
STANDARD PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 4,999/-
PREMIUM PLAN
FILE ITR-5 FORM FOR:
» Partnership Firm/ LLP.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
BASIC PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 7,499/-
STANDARD PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 9,999/-
PREMIUM PLAN
FILE ITR-6 FORM FOR:
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
Rs 12,499/-
BUSINESS RETURN FILING
BASIC PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 6,999/-
BUSINESS RETURN FILING
STANDARD PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 9,999/-
BUSINESS RETURN FILING
PREMIUM PLAN
ITR-7 RETURN FILING FOR:
- Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.
Rs 12,999/-
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INCOME TAX RETURN
INCOME TAX RETURN
- An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department.
- The tax liability of a taxpayer is calculated based on his or her income.
- In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.
- As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year.
- The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources.
- Income Tax return have to be filed by an individual or a business before a specified date.
- If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.
PENALTY FOR LATE FILING INCOME TAX RETURN:
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
| Due Date of ITR Filing | Penalty for Income below Rs 5 Lakh | Penalty for Income above Rs 5 Lakh |
|---|---|---|
| Before 31 July | Nil | Nil |
| From 1 Sept. to 31 Dec. | Rs 1,000 | Rs 5,000 |
| From 1 Jan. to 31 Mar. | Rs 1,000 | Rs 10,000 |
INCOME TAX RETURN DUE DATE
- March 31: All individuals taxpayers and companies filing belated returns.
- July 31: A firm or individuals taxpayers who are not liable for audit.
- September 30: A company or other who is liable to audit.
CONDITIONS FOR TAX AUDIT REQUIRED:
- Business: In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
- Professional: In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
- Presumptive Taxation Scheme: If a person is enrolled under the presumptive taxation scheme under section 44AD and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
TOP INCOME TAX DEDUCTIONS
Income tax deduction pf upto Rs 1.5 lakhs can be claimed on amount paid or deposited in PF, PPF, LIC premium paid, National Savings Certificate, ULIP, principal part of repayment of housing loan, tution fees paid for children, term deposit in bank, deposit in Senior Citizen savings scheme and more.
Section 80D deduction can be claimed by individuals and HUF for payments to medical insurance paid by cheque under GI scheme. Also fees upto RS 5,000 paid for preventive health checkup can be claimed as income tax deduction under Section 80D.
Additional deduction under Setion 80EE can be claimed on interest on housing loan paid through EMI by the assessee. The maximum deduction allowed under Section 80EE is Rs 1 lakh. The deduction can be availed on the first home, the amount of loan doesnot not exceed Rs 35 lakhs and the property value does not exceed Rs 50 lakhs.
Section 80E deduction can be claimed by individuals for repayment of interest on loan taken in respect of higher deduction. The amount of interest paid can be claimed as a deduction under Section 80E. The maximum period for which this deduction can be availed is 8 years starting from repayment of loan or till the entire loan is repaid, whichever is earlier.
Section 80G deduction can be claimed on donations to certain funds, charitable institutes within the ceiling amount of 10% of the Gross Taxable Income. The amount of deduction available would depend on the exemption enjoyed by the fund. Section 80G deduction cannot be claimed for cash deductions of more than Rs 2000.
Section 80G deduction can be claimed on donations to certain funds, charitable institutes within the ceiling amount of 10% of the Gross Taxable Income. The amount of deduction available would depend on the exemption enjoyed by the fund. Section 80G deduction cannot be claimed for cash deductions of more than Rs 2000.
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