Income tax is crucial to a country’s taxation system. It is a direct tax levied by the government on the income earned by individuals, businesses, or any other entity in a financial year. The Income Tax Act of 1961 lays down the provisions for the computation, collection, and recovery of income tax in India. Any person who earns an income in India, directly or indirectly, is liable to pay income tax as per the income tax rules and slab rates specified by the Income Tax Act. The Income Tax Department issues a Permanent Account Number (PAN) to every person who comes under the scope of the Income Tax Act, which must be quoted on all financial transactions as per the specified limits. It is also essential to file an Income Tax return every year, allowing individuals to claim deductions and exemptions per the Income Tax Act. In summary, income tax is a critical component of the country’s economy and is vital in funding the government’s various welfare and developmental schemes.
Every person has a mandatory e-filing income tax return if their annual income exceeds 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 returns as per Income Tax Rules. In the case of non-individuals like partnership firms, companies, LLP, Society, AOP, BOI, etc., must e-file income tax returns (ITR) without considering the amount of turnover. They must file ITR even if the annual turnover is NIL. The income Tax Department controls and manages the e-filing of the income tax return through its online portal ” https://www.incometax.gov.in/iec/foportal”.
Ourtaxpartner.com is a leading platform that provides seamless and hassle-free income tax return filing services in India. With their team of experienced professionals in income tax returns ( ITR), tax planning advisories, tax mitigation, tax litigation, various income tax notice handling, and innovative technological solutions, Ourtaxpartner.com has become a go-to platform for individuals and businesses seeking reliable and efficient tax filing, resolving and planning solutions. The platform offers a range of services, including tax planning, compliance, and advisory services, catering to the diverse needs of its clients. We have extensive experience handling complex returns like Cpaital Gains arising on Capital Market transactions, Sales of Immovable properties, business income tax returns, house property incomes, and Non-Resident involved transactions. With a commitment to delivering high-quality services, Ourtaxpartner.com has established a reputation for excellence and reliability in the industry. Whether an individual taxpayer or a business entity, Ourtaxpartner.com provides customized solutions to meet your unique requirements and ensure compliance with the Income Tax Act of 1961.
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.
Income Tax Return (ITR) is a form used by taxpayers to file their income tax with the Income Tax Department of India. It is a legal requirement for all individuals, businesses, and entities that generate income in India.
Anyone who has an income in India, including salaried individuals, self-employed professionals, businesses, and entities, needs to file an Income Tax Return (ITR). Even if your income is below the taxable limit, you are required to file a “Nil” return.
Filing of return is your duty and earns you the dignity of consciously contributing to the nation’s development. Apart from this, your income-tax returns validate your creditworthiness before financial institutions and enable you to access many financial benefits, such as bank credits.
Filing an Income Tax Return (ITR) has several benefits, including avoiding legal issues, claiming refunds, improving creditworthiness, and providing proof of income for loans and visa applications.
The documents required for filing an Income Tax Return (ITR) may vary depending on the type of income and deductions claimed. However, some common documents include Form 16 (for salaried individuals), bank statements, investment proof, and Aadhaar card.
Ourtaxpartner.com is the leading income tax filing consultant in India. We have highly experienced professionals to solve all the complexities of India’s Income tax return (ITR) filing. 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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The deadline for filing Income Tax Return (ITR) in India is usually July 31st for individual taxpayers, and September 30th for businesses and entities. However, these dates may be subject to change, and it’s essential to check the latest deadlines to avoid any penalties or legal issues.
You can file your Income Tax Return (ITR) online through the Income Tax Department’s e-filing portal, or offline by submitting a physical copy of the ITR form at designated tax offices. Additionally, you can also seek the services of professional ITR filing consultants like Ourtaxpartner.com to ensure a hassle-free and accurate filing experience.
There are several types of Income Tax Return (ITR) forms, including ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. The form that needs to be filed depends on the type of income, the sources of income, and the deductions claimed.
E-filing is filing an Income Tax Return (ITR) online through the Income Tax Department’s website, whereas physical filing involves submitting a physical copy of the ITR form at designated tax offices. E-filing is faster, more convenient, and offers additional benefits such as instant confirmation and online tracking. Now taxpayers are only the option of E-filing of Income tax returns, Physical submission of ITR is not allowed.
No, it is mandatory to have a Permanent Account Number (PAN) issued by the Income Tax Department to file Income Tax Return (ITR). If you do not have a PAN, you can apply for it online through the Income Tax Department’s website.
To ensure that your Income Tax Return (ITR) is accurate and complete, it’s advisable to seek the services of a professional ITR filing consultant like Ourtaxpartner.com. They can guide you through the entire process, ensure that all the necessary documents are in order, and help you claim all the deductions and exemptions applicable to you.
Whether you are a salaried employee looking for assistance in filing your ITR-1 or a business owner requiring guidance on ITR-6 filing, our comprehensive ITR filing services can cater to your diverse needs and ensure compliance with the Income Tax Act of 1961. We also assist freelancers, consultants, and other self-employed professionals in filing their ITR-3 and ITR-4 forms accurately and efficiently, helping them maximize their tax savings and avoid legal penalties. With our team of experienced professionals and cutting-edge technology solutions, we offer personalized and hassle-free ITR filing services to all our clients, regardless of their size or complexity. Our ITR filing services cater to various individuals and businesses, including salaried individuals, self-employed professionals, sole proprietors, partnership firms, limited liability partnerships (LLP), and companies.
Filing your ITR is a crucial aspect of financial planning and management, providing several benefits that can positively impact your financial health and wellbeing.
| 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 taxpayers require assistance filing income tax returns and advice on tax planning for saving the income tax. Ourtaxpartner.com assist taxpayers in taking advantage of the best tax planning and savings of income and taxes. We are India’s leading Income tax consultants, with vast experience in dealing with various returns like Salaried, Business or Professional Tax filing, Long and Short Term capital gain taxes, House property income, etc. Most taxpayers find it difficult to file their capital gain tax filings along with salaried returns because of the complexities involved in the return. Nowadays, share trading, Commodity trading, and trading in futures and options are very common among salaried and business professionals. But filing this income/loss in the trading involved some complexities. Ourtaxpartner.com assist the various Capital gain taxation advisory and return filing.
