Description
Income Tax eFiling
We have made the Income Tax eFiling, simple and a hassle free process. File your income tax return online with the committed Tax Experts support from Taxology.
Easily File Income Tax Return
Documents required for tax filing
- Form 16 (Taxpayers having salary income)
- Bank Statements
- Details of Investments (Optional)
- Details of Insurance & Loans (Optional)
- PAN Copy (Optional)
- Aadhaar Copy (Optional)
| Returns | Applicability | Details |
|---|---|---|
| ITR-1 | ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. | Start E-Filing |
| ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs. | Start E-Filing |
| ITR-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. | Start E-Filing |
| ITR-4 | ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income. | Start E-Filing |
| ITR-5 | ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax | Start E-Filing |
| ITR-6 | ITR-6 form must be filed by companies registered in India. | Start E-Filing |
| ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities. | Start E-Filing |
It is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return – irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. Taxology provides income tax efiling services with committed Tax Expert support. Upload your Form-16 and relax. Our experts will file your income tax return and provide you the acknowledgement on the same day.
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:
- Late Filing between 1st August and 31st December – Rs.5000
- Late Filing After 31st December – Rs.10,000
- Penalty if taxable income is less than Rs.5 lakhs – Rs.1000
Income Tax Return Due Date
The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AB of the Income Tax Act deals with tax audit under Income Tax Act.
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.
ITR-1 is the most widely used income tax form in India. ITR-1 is filed by individuals whose source of income is limited to salary and one house property.
Top Income Tax deductions
1- Section 80C
Section 80C deduction is available for taxpayers who have made certain payments like life insurance premiums, bank fixed deposits, payment of tuition fee, deposit under SukanyaSamriddhiYojna, National Savings Certificate, ELSS, pension funds and more. Section 80C deduction is one of the most popular income tax deduction, as it covers a range of payments from tuition to bank deposits. Taxpayers can claim a maximum deduction of upto Rs.1.5 lakhs under Section 80C, 80CC and 80CCD
2- Section 80D
Section 80D deduction can be claimed by taxpayers from gross total income for health insurance premium, contribution to Central Government Health Scheme and preventive health checkup.
3- Section 80EE
Section 80EE Deduction can be claimed by an individual for amount paid as interest on home loan. The maximum deduction under Section 80EE is Rs.50,000. Section 80EE deduction can be claimed over and above the deduction of section 24 and section 80C which are Rs. 2,00,000 and Rs. 1,50,000 respectively.
4- Section 80E
Section 80E Deduction is allowed on interest paid for an educational loan taken from a bank or financial institution for pursuing higher education after high school. The total amount of interest paid on an education loan taken for self, spouse or children can be claimed as a deduction. There is no maximum limit on the amount of deduction and the entire amount of interest paid can be taken as a deduction.
5- Section 80G
Section 80G deduction of the Income Tax Act is allowed for amount paid by the taxpayer as donation to any fund or institution or charitable Trust. All donations are not treated equally under Income Tax Act. Donations to certain funds and institutions qualify for 100% or 50% deduction without any qualifying limit. On the other hand, certain donations qualify for 100% or 50% deduction, subject to qualifying limit.
6- Others
Various other income tax deductions are available for taxpayers to save on taxes payable. You can get in touch with our tax experts to know which all deduction can be claimed by you.
Benefits of Filing Income Tax Return
- Easy loan approval: ITR filing can help you get easy approval on loans like Personal Loan, Car Loan, home loan At the time of loan processing, lenders always ask borrowers to submit ITR documents of the last three years. This enables the banks to know your income stability, which thereby helps in quick sanction
- One of the best options for address and income proofs: If you do not have proper address proof when you apply for a loan or any other facility, an ITR document will save you from the hassle. In fact, you can also submit it as proof of income. So, be sure to preserve your ITR receipt as a proof of your income and paying regular taxes
- Quick Visa processing: When you’re applying for a Visa, embassies of countries like the United States, United Kingdom, Australia, Canada ask for ITR receipt of the past three years. Visa processing requires you to be tax compliant as it gives them an assurance of your income and ability to manage expenses on your trip
- Claim tax refund: One of the biggest benefits of ITR filing is you get to claim a tax refund.. If you have made investments in tax saving instruments and have paid more income tax, you are liable for a tax refund
- Compensate for losses: As per the income tax laws, individuals cannot carry forward losses faced in the current financial year to the next financial year. Hence, it is important to file an ITR on time
Benefits of filing income tax return should not be taken for granted. If you are not filing or there is a delay, a tax officer has the right to impose a penalty of up to Rs 10,000. In case you’re delaying it, you are required to pay interest. Typically, an ITR should be filed by July 31st of any year. Make sure you file it before the assessment year in order to avoid penalties of any kind and reap the above benefits.
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General questions
The documents for the MOA amendment require a certified copy of the resolution, a copy of the notice of the EGM, printed copy of the altered MOA.
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