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.
Rental Income More than One House property.

Get Consultation

Rs 1,999/-

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.

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Rs 2,499/-

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.

Get Consultation

Rs 4,999/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 2,499/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 4,999/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 7,499/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 1,249/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 1,499/-

ITR FOR BUSINESS & PROFESSION

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.

Get Consultation

Rs 2,499/-

ITR FOR BUSINESS INCOME

BASIC PLAN

FILE ITR-5 FORM FOR:

» Partnership Firm/ LLP.

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 2,499/-

ITR FOR BUSINESS INCOME

STANDARD PLAN

FILE ITR-5 FORM FOR:

» Partnership Firm/ LLP.

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 4,999/-

ITR FOR BUSINESS INCOME

PREMIUM PLAN

FILE ITR-5 FORM FOR:

» Partnership Firm/ LLP.

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 7,499/-

ITR FOR COMPANY

BASIC PLAN

FILE ITR-6 FORM FOR:

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 7,499/-

ITR FOR COMPANY

STANDARD PLAN

FILE ITR-6 FORM FOR:

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 9,999/-

ITR FOR COMPANY

PREMIUM PLAN

FILE ITR-6 FORM FOR:

» Preparation of:

Balance sheet.
Profit and Loss statement.

» Income Tax Return Filing.

Get Consultation

Rs 12,499/-

ITR FOR COMPANY

BASIC PLAN

ITR-7 RETURN FILING FOR:

Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.

Get Consultation

Rs 6,999/-

ITR FOR COMPANY

STANDARD PLAN

ITR-7 RETURN FILING FOR:

Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.

Get Consultation

Rs 9,999/-

ITR FOR COMPANY

PREMIUM PLAN

ITR-7 RETURN FILING FOR:

Entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.

Get Consultation

Rs 12,999/-

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INCOME TAX RETURN FILING

Table of Contents

Who Needs to File Income Tax Returns in India?

» Who Needs to File Income Tax Returns in India?

As per the Income Tax Act, 1961, individuals and entities who are required to File an Income Tax Return (ITR), if their total income exceeds the basic exemption limit.
The basic exemption limit varies depending on the age and status of the taxpayer.
For the Financial year 2022-23, the basic exemption limit for different categories of taxpayers are as follows:

1. For Individuals below 60 years of age:

up to ₹ 2.5 lakh: No tax
₹ 2.5 lakh to ₹ 5 lakh: 5%
₹5 lakh to ₹ 7.5 lakh: 10%
₹ 7.5 lakh to ₹ 10 lakh: 15%
₹ 10 lakh to ₹ 12.5 lakh: 20%
₹ 12.5 lakh to ₹ 15 lakh: 25%
Above ₹ 15 lakh: 30%

2. For Senior Citizens (age 60 years or more but less than 80 years):

up to ₹ 3 lakh: No tax
₹ 3 lakh to ₹ 5 lakh: 5%
₹ 5 lakh to ₹ 10 lakh: 20%
Above ₹ 10 lakh: 30%

3. For Super Senior Citizens (age 80 years or more):

up to ₹ 5 lakh: No tax
₹ 5 lakh to ₹ 10 lakh: 20%
Above ₹ 10 lakh: 30%

4. Exemptions for Income Tax Filing even if the income is below ₹ 2.5 Lakhs.

If the deposited amount in one or more current accounts crosses the threshold of ₹ 1 Crore.
If the travelling expenditure for moving into another country exceeds the limit of ₹ 2 Lakh.
If the total bill amount towards the consumption of electricity exceeds ₹ 1 Lakh.
Business Turnover of ₹ 60 Lakhs.
Professional Receipts of ₹ 10 Lakhs.
TDS & TCS of ₹ 25,000, or Deposit in Saving Bank Accounts is equal to or more than ₹ 50 Lakhs.

Benefits of ITR Filing

1. Faster Loan Approval:

To get Home Loan, Car or Two-wheeler Loans. Banks and financial institutions require ITR as proof of income for Loan Approval.
If you file ITR regularly, it will help you to get the faster Loan Approval.

2. Visa Processing:

At the time of Visa application, most Countries Embassy like USA, Canada, Australia wants you to furnish copies of your tax return as a part of the Visa Application process.

3. Carrying Forward Losses:

If you have incurred losses in a financial year and you want to carry forward those losses to the next financial year and adjust them against future profits. However, to carry forward losses, it is necessary to file ITR.

4. Easy Processing of Credit Cards:

ITR helps you for easy processing of your credit card applications as it is a proof of your creditworthiness.

5. Claiming Tax Refund:

If you have paid more tax than your actual tax liability, you can claim a tax refund by filing ITR. It will help you to get back the excess amount of tax paid.

6. Establishing Financial Credibility:

Regular filing of ITR helps you in establishing your financial credibility and also can be useful in various situations such as applying for a job, business tie-ups, etc.

ITR Form for Salaried person

ITR-1 can be filed by an individual whose:

Total income does not exceed ₹ 50 lakh during the Financial Year.
Income is from Salary/ pension.
Income from Rent from One House property.
Income from Agricultural income (up to ₹5000/-).
Income from other sources, which includes:
o Interest from Savings Accounts.
o Interest from Deposits (Bank / Post Office / Cooperative Society).
o Interest from Income Tax Refund.
o Interest received on Enhanced Compensation.
o Any other Interest Income.
o Family Pension.

ITR-2 can be filed by an individual whose:

Total income from all the sources may exceed ₹ 50 lakh during the Financial Year.
Income is from Salary/ pension.
Income from Rent from more than one House property.
Income from Agricultural income (more than ₹5000/-).
Income from Capital Gains/ Loss on Sale of Investments/ Property.
Income from other sources, which includes:
o Interest from Savings Accounts.
o Interest from Deposits (Bank / Post Office / Cooperative Society).
o Interest from Income Tax Refund.
o Interest received on Enhanced Compensation.
o Any other Interest Income.
o Family Pension.
o Winning from Lottery, bets on race horses and other legal means of gambling.
o Foreign income.

ITR Form for Business Income

ITR-3 can be filed by an individuals or Hindu Undivided Families (HUFs) who have income from –

Proprietary business or profession.
Partnership firm where they are a partner.
Shareholder in an unlisted company.
Profession as a lawyer, doctor, chartered accountant, etc.
More than one business or profession.
Income from capital gains or losses.
Other source except for income from lottery, racehorses.

ITR-4 can be filed by an individuals or Hindu Undivided Families (HUFs) who have income from –

Presumptive business or profession.
Presumptive business and have a total income of up to Rs.50 lakhs in the previous year.
Profession and have a total income of up to Rs.50 lakhs in the previous year.

Taxpayers who are eligible to file a Presumptive income tax return under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act, 1961.
» Specific professions that are eligible for the Presumptive tax scheme under Section 44ADA are:
o Legal
o Medical
o Engineering
o Architectural
o Accountancy
o Technical consultancy
o Interior decoration

ITR-5 is applicable to the following entities:

Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and other artificial juridical persons.
Cooperative societies, registered under any law for the time being in force.
Estate of deceased person, estate of insolvent, or estate of a person under legal disability.

ITR-6 Form is applicable to the Companies that are not claiming an exemption under Section 11 of the Income Tax Act, 1961.

The Firms, Companies, Local authority, Association of Person (AOP) and Artificial Judiciary Person are eligible for filing Income Tax Return through ITR-7 Form if they are claiming exemption as one of the following categories:

Under Section 139 (4A)- if they earn from a charitable /religious trust.
Under Section 139 (4B)- if they earn from a political party.
Under Section 139 (4C)- if they earn from scientific research institutions.
Under Section 139 (4D)- if they earn from universities or colleges or institutions or khadi and village industries.

Mentioned below are some of the specific entities that are eligible to file ITR-7:

Companies that are claiming exemption under Section 11 of the Income Tax Act, 1961 (i.e., Charitable or Religious organizations).
Trusts, including private trusts and charitable trusts.
Institutions that are registered under Section 12AA of the Income Tax Act, 1961 (i.e., Charitable or Religious institutions).
Institutions that are registered under Section 10(23C) of the Income Tax Act, 1961 (i.e., Educational institutions, Hospitals, etc.).
Political parties that are registered under Section 29A of the Representation of the People Act, 1951.
Institutions that are notified by the Central Government under Section 10(23C)(iv)/(v)/(vi)/(via) of the Income Tax Act, 1961.

Documents required for Income Tax Return

» Aahar and PAN card:

Your Aadhar card and PAN card are two essential income tax documents required for ITR filing.

» Form 16:

Form 16 is a document issued by your employer that summarizes your income and tax deductions for the financial year.
It is a crucial income tax document required by salaried individuals to file ITR.

» Salary Slips:

For salaried individuals, their latest Salary slips forms a part of the income tax documents required for income tax return e-filing.
These slips provide information about House Rent Allowance, Transport Allowances, and other allowances which have different tax treatment.

» Form 26AS:

Form 26AS is a statement that shows the taxes deducted on your income by your employer and other sources such as banks, mutual funds, or tenants.

» Interest Certificates from Post Office and Banks:

The interest you receive from a savings bank account, savings account in the post office, or Fixed Deposits (FDs) are taxable.
Therefore, you must get interest certificates from the respective banks/post office, which will work as the income tax documents required to file ITR.

» Proofs of Capital Gains:

If you have earned capital gains from your mutual funds/equity investments or sale of the property, the proof of these gains is to be used as income tax documents required for ITR.
The computation of capital gains required the following income tax documents.

a) Purchase/Sale deed for the sale of house property, land, or building.

b) Statements from mutual fund houses or brokers involved.

» Tax-saving Investment Proofs:

Under section 80C and 80CCC, the tax-saving investments made by you can help in lowering the tax liability.
The proofs of investments in Employee Provident Fund (EPF), Public Provident Fund (PPF) and Life Insurance, thus, form the part of income tax documents you need to file ITR.
With all the required income tax documents, the maximum deduction you can claim under these sections is Rs. 1.5 Lakh.

» Home Loan Interest Certificate:

Home Loan interest certificate is required to claim deductions for the interest paid on home loans under section 24 of the Income Tax Act.
Interests paid on home loan borrowed for a self-occupied house (eligible for tax-saving up to Rs. 2,00,000).

» Health Insurance Premium Receipts:

Apart from income tax documents related to the tax-saving investments, the health insurance premium paid is eligible for deduction u/s 80D of the Income Tax Act.
The maximum deduction you can avail by using insurance receipts as income tax documents is Rs. 25,000 for yourself, spouse, and children. It increases to Rs. 50,000 if you also pay health insurance premium for your parents below 60 years of age.

Income Tax Return Filing Online

You can File Income Tax Returns (ITR) Online through the Income Tax Department’s e-filing portal portal. Here are the steps, how to File ITR Online:

Step 1: Register on the e-filing portal:

Log on to the Income Tax Department portal (www.incometaxindiaefiling.gov.in) for filing returns online.
Register on the e-filing portal of the Income Tax Department using your PAN (Permanent Account Number).
Once registered, you can log in by using your user ID (PAN) and password.

Step 2: Select and Download the relevant ITR Form:

Select and download the relevant ITR Form based on your income and sources of income.
There are different ITR Forms for different categories.
Download ITR-1 (Sahaj) return preparation software, if you are a salaried individual.

Step 3: Fill in the details:

Fill the required details in the ITR Form which includes the – personal details, income details, deductions claimed, taxes paid, etc.
For Salaried persons, Open the Return Preparation Software (excel utility) that you have downloaded, follow the instructions and enter all the details from your Form 16.

Step 4: Compute all relevant tax details:

Compute your tax payable, pay tax and enter relevant challan details in the tax return.
If you do not have a tax liability, then you can skip this step.

Step 5: Verify the return:

Verify your ITR return by using one of the available options, such as – Aadhaar OTP, bank account-based OTP, or by generating and sending a signed physical copy of the ITR-V to the Income Tax Department.

Step 6: Submit your ITR Return:

Once your ITR return is verified, submit your ITR return Online.
Go to the ‘Submit Return’ section and upload the XML file.

Step 7: Digital signature:

You can digitally sign the file on being prompted.
If you do not have a digital signature, you can skip this step.

Step 8:Confirmation from ITR verification:

A message confirming successful e-filing is flashed on your screen.
The acknowledgement form – ITR-Verification is generated and the same can be downloaded.
It is also emailed to your registered email id.

Step 9: E-verify Return:

You can e-verify the return through any one of the below six modes: 1) Netbanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Registered Mobile Number & E-mail id.
E-verification eliminates the need to send a physical copy of the ITR-5 acknowledgement to CPC, Bengaluru.

What Happens If You Don't File Your Income Tax Return?

» If you are a Salaried person, Self-employed, Company, or Senior citizen and fail to file your income tax return by the due date, you may face penalties and interest.
» The amount of the penalty depends on how late you file your return and your income level.

For Salaried person:

If an ITR is filed before 31st December of the Appraisal year, the penalty fee is up to ₹ 5,000.
If the ITR is submitted after 31st December but before 31st March of the year, the fine will be up to ₹ 10, 000.
However, for people having a total yearly income below ₹ 5 lakhs, the maximum penalty is up to ₹ 1,000.

For Self-employed:

The rule for self-employed people is the same as above.
Rs.10,000 is paid as a penalty in case of general late payment.
And, in case you have filed the ITR after 31st August but before 31st December, you have to pay a fine of ₹5000.
However, in the case your income does not exceed ₹ 5 lakhs, you need to pay ₹ 1000.

For Companies:

The rule for late payment of ITR is the same for companies as well.
The penalty will be Rs.10,000, but if the income is less than ₹ 5 lakhs, you need to pay a fine of ₹ 1000.

For Senior citizens:

Senior citizens will also need to pay a late fine of ₹ 10,000 if they fail to declare their ITR by the due date, and if their income is less than Rs.5 lakhs, a fine of Rs.1000 will be imposed.

👉 It’s important to note that these penalty amounts are subject to change based on government regulations and amendments to the income tax laws.