Income Tax is a direct tax and come under Central Board of Direct Tax (CBDT). Income Tax levy, tax rate, slab rate and all other procedures is under Income Tax Act 1961. Every person who accrued or earned income in India directly or indirectly come under the preview of Income Tax Act, and liable to pay income tax as per income tax rules. The assessee can claim deductions and exemptions as per Income Tax Act 1961. Every person come under the scope of Income tax act must obtain a Permanent Account Number (PAN) issued by the Income Tax Department. Every person who have valid PAN allotted by ITD must quote the pan on all financial transaction with limits specified by the Income Tax Act.
Every individual person have mandatory e-filing income tax return if their annual income is above the specified limit. In the case of short term and long term capital gains income, this limit is not applicable and must furnish and pay income tax return as per Income Tax Rules. In case of non individuals like partnership firms, companies, LLP, Society, AOP, BOI etc must e-file income tax return (itr) without considering the amount of turnover. They must efiling ITR even if the annual turnover is NIL. The e-filing income tax return are controlled and managed by Income Tax Department through its online portal ” https://www.incometax.gov.in/iec/foportal”.
The process of filing the income and respective tax details of a business or individuals as per Income Tax Act, 1961 is called Income Tax Return. Now income tax department makes the ITR efiling electronic, popularly known as e-Filing. The income tax return have different for various class of persons who have different streams of income. Now Income Tax Department have seven types of ITR (Income Tax Return Forms). They are ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7. They have also lot of other forms which have applicable to business and individuals have audited and non audited cases, nature of income and volume of Incomes.
Salaried Persons
Form 16 from Employer
Income upto 50 lakh
Income from one house property
Salaried Persons
Income above 50 lakh
Income from one house property
Agricultural Income
Form 10 E ( Relief u/s 89)
Salaried Persons
Income from other Sources
Income from multiple house property
Foreign Income & Tax Credit Included
Form 67 ( Relief u/s 90 / 90A and 91)
Dividend Income
Individual / Partnership
Business Income
Turnover less than 2 Cr
Applicable for General Traders
Presumptive Tax Filing
Return filing under Sec 44 AD
Individual / Partnership
Professional Income
Turnover less than 20 Lakh
Applicable for Service Providers
Presumptive Tax Filing
Return filing under Sec 44 ADA
Individual / Partnership
Professional Income
Turnover in between 20 Lakh – 50 Lakh
Applicable for Service Providers
Presumptive Tax Filing
Return filing under Sec 44 ADA
Individual
Salary Income
Capital Gain – Share Trading
Long / Short Term – Capital Gain
Speculation Profit
Individual
Salary Income
Capital Gain – Share Trading
Long / Short Term – Capital Gain
Speculation Profit
Trading Includes – Futures & Options
Individual
Salary Income
Sale of Immovable Property
Long / Short Term – Capital Gain
You can file the Income Tax Return by hassle free three simple steps. Our consultant will follow up and complete the filing procedures.
Step 1 : Choose the appropriate Plan and Pay through online Gateway. If require assistance to choose the applicable Plan, Contact Us.
Step 2 : Send the income and Deductions details to " [email protected] ". Not mandatory to share the Login Credentials. Require only OTP authentication. Consult with us if requires assistance.
Step 3 : Our professionals will contact the client for further information's and Complete the filing as earliest.
Contact Details : +91 9496353692, 6282111283, 0484 - 351 4646
* All above prices are inclusive of 18% GST
** Normally we provide only B to C Invoice for Individual Return Filing Services, Any one require B to B Invoice must intimate the same through mail before 5th of the next month. Our Email id is " [email protected] " . Put subject line as PAN _ Amount Receipt id.
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in
Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to www.incometaxindiaefiling.gov.in for e-filing the return of income.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
– at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F.
As per section 234F, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.
Yes, Ourtaxpartner.com is the leading income tax filing consultants in India. We have highly experience professionals to solve all the complexities involved in the Income tax return (ITR) filing in India. We here handle Salaried Returns, Long & Short Term Capital Gains, House Property Income, Business and Professional Income, Advance Tax calculation assistance, Tax Planning, Income Tax Consultation etc.
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| Category of Taxpayer | Due Date for Tax Filing FY 2021-22 (unless extended) |
|---|---|
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) |
July 31, 2022 |
| Tax Audit Report Filing Forms 3CA, 3CB, 3CD & 3CE |
September 30, 2022 |
| Businesses (Requiring Tax Audit) | October 31, 2022 |
| Businesses (Requiring Transfer Pricing Report) | November 30, 2022 |
| 1. ITR-1 (SAHAJ) – Applicable for Individual | |||
|---|---|---|---|
| This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh | |||
| Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
Note : ITR-1 cannot be used by a person who:
| 2. ITR-2 – Applicable for Individual and HUF | |
|---|---|
| This return is applicable for Individual and Hindu Undivided Family (HUF) | |
| Not having Income under the head Profits and Gains of Business or Profession | Who is not eligible for filing ITR-1 |
| 3. ITR-3- Applicable for Individual and HUF | |
|---|---|
| This return is applicable for Individual and Hindu Undivided Family (HUF) | |
| Having Income under the head Profits and Gains of Business or Profession | Who is not eligible for filing ITR-1, 2 or 4 |
| 4. ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP) | |||
|---|---|---|---|
| This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources: | |||
| Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
Note : ITR-4 cannot be used by a person who:
Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
| Old Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
Net Taxable Income | New Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
|---|---|---|
| Exempt | Up to Rs 2.5 lakh | Exempt |
| 5% | Rs 2,50,001 to Rs 5 lakh | 5% |
| 20% | Rs 5,00,001 to Rs 7.5 lakh | 10% |
| Rs 7,50,001 to Rs 10 lakh | 15% | |
| 30% | Rs 10,00,001 to Rs 12.5 lakh | 20% |
| Rs 12,50,001 to Rs 15 lakh | 25% | |
| Over Rs. 15 lakh | 30% |
| Old Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
Net Taxable Income | New Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
|---|---|---|
| Exempt | Up to Rs 2.5 lakh | Exempt |
| Rs 2,50,001 to Rs 3 lakh | 5% | |
| 5% | Rs 3,00,001 to Rs 5 lakh | |
| 20% | Rs 5,00,001 to Rs 7.5 lakh | 10% |
| Rs 7,50,001 to Rs 10 lakh | 15% | |
| 30% | Rs 10,00,001 to Rs 12.5 lakh | 20% |
| Rs 12,50,001 to Rs 15 lakh | 25% | |
| Over Rs. 15 lakh | 30% |
| Old Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
Net Taxable Income | New Tax Regime Income Tax Slab Rates FY 2022-23 (AY 2023 -24) |
|---|---|---|
| Exempt | Up to Rs 2.5 lakh | Exempt |
| Rs 2,50,001 to Rs 5 lakh | 5% | |
| 20% | Rs 5,00,001 to Rs 7.5 lakh | 10% |
| Rs 7,50,001 to Rs 10 lakh | 15% | |
| 30% | Rs 10,00,001 to Rs 12.5 lakh | 20% |
| Rs 12,50,001 to Rs 15 lakh | 25% | |
| Over Rs. 15 lakh | 30% |
Note: Apart from the above income tax liability computed using the Income Tax slab rates for FY 2022-23, you also have to pay a 4% health and education cess as part of your overall tax outgo for the fiscal. If taxable income is above 50 lakh, then applicable Surcharge will also come part of the Income Tax Liability.
| Net Taxable Income (AY 2023-24) | Rate of Surcharge on Income Tax (%) |
|---|---|
| Rs. 50 lakh to Rs 1 crore | 10% |
| Rs. 1 crore to Rs. 2 crore | 15% |
| Rs. 2 crore to Rs. 5 crore | 25% |
| Rs. 5 crore and above | 37% |
Most of the tax payers requires assistance for filing income tax return and advise on tax planning for saving the income tax. Ourtaxpartner.com assist the tax payers to take the advantage of best tax planning and savings of both income and taxes. We are the leading Income tax consultants in India having vast experience in dealing with various kinds of returns like Salaried, Business or Professional Tax filing, Long and Short Term capital gain taxes, House property income etc. Most of the tax payers find difficulties to file their capital gain tax filings along with salaried return, because of complexities involved in the return. Now a days share trading, Commodity trading and trading in futures and options are very common among the salaried and business professionals. But filing of these income / loss in the trading involved some kind of complexities. Ourtaxpartner.com assist the various Capital gain taxation advisory and return filing.
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