Online Income Tax Return filing
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What Is Income Tax Return (Itr)?
All persons who are individuals, Hindu Undivided Families (HUF’s), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person are required to file a Return of its income annually. Everyone who earns or gets an income in India is subject to income tax whether Resident or Non-resident.
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.
For simpler classification, the Income Tax Department breaks down income into five heads:
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| Heads of income | Description of nature of income |
|---|---|
| Income from Salary | Income from salary and pension are covered under this head. |
| Income from Business and Profession | As name suggest income from business or profession. Like: Person is Self-employed, contractor, Doctor, Freelancer, Shop Owner, Lawyers, Tuition Teachers, Property Dealer. |
| Income from House Property | Rental income from House covered under this head. |
| Income from Capital Gains | Income generated from sale of Shares, mutual funds, property, Land. |
| Income from Other Sources | Interest received from Saving Bank, Fixed Deposit (FD). |
Is It Mandatory To File Income Tax Return (Itr)?
As per the Income tax laws, it is compulsory to file income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers.
Income Tax Return Filing (Itr) Package
BASIC
₹ 499/-
(All Inclusive)
- ITR-1 filing of Salaried Individual.
- Computation of Income.
STANDARD
₹ 999/-
(All Inclusive)
- ITR filing of Proprietorship business/profession on presumptive basis.
- Computation of Income.
For all other ITR filing
Which ITR Should I File?
| ITR Forms | Description of ITR Forms |
|---|---|
| ITR-1 | Resident Individuals having income < Rs. 50 Lakhs from: ⦁ Salary/Pension ⦁ Other Sources ⦁ One house property |
| ITR-2 | Income from: ⦁ Every income from ITR-1 > Rs. 50 Lakhs ⦁ Capital Gain ⦁ More the One house property ⦁ Foreign Income/Foreign asset -Holding directorship in a company -Holding unlisted equity shares |
| ITR-3 | Income from: ⦁ Every income from ITR-2 ⦁ Business/Profession ⦁ Partners in a firm ⦁ Presumptive income> Rs. 50 Lakhs |
| ITR-4 | Every income from ITR-1. Presumptive income from business/profession ⦁ Salary/Pension ⦁ Other Sources ⦁ One house property Total income upto Rs. 50 Lakhs |
| ITR-5 | ITR-5 form applicable to: ⦁ Firms ⦁ LLPs (Limited liability partnership) ⦁ AOPs (Association of Persons) ⦁ BOIs (Body of Individuals) |
| ITR-6 | Companies not claiming exemption under section 11 |
| ITR-7 | Persons/Companies under: ⦁ Section 139(4A) ⦁ Section 139(4B) ⦁ Section 139(4C) ⦁ Section 139(4D) |
Which ITR Should I File?
Income Tax Return (ITR) forms are specified by Income Tax Department. Income tax return is a forms in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. The detailed description of ITR forms are given below:
| ITR Forms | Description of ITR Forms |
|---|---|
| ITR-1 | Resident Individuals having income < Rs. 50 Lakhs from: ⦁ Salary/Pension ⦁ Other Sources ⦁ One house property |
| ITR-2 | Income from: ⦁ Every income from ITR-1 > Rs. 50 Lakhs ⦁ Capital Gain ⦁ More the One house property ⦁ Foreign Income/Foreign asset -Holding directorship in a company -Holding unlisted equity shares |
| ITR-3 | Income from: ⦁ Every income from ITR-2 ⦁ Business/Profession ⦁ Partners in a firm ⦁ Presumptive income> Rs. 50 Lakhs |
| ITR-4 | Every income from ITR-1. Presumptive income from business/profession ⦁ Salary/Pension ⦁ Other Sources ⦁ One house property Total income upto Rs. 50 Lakhs |
| ITR-5 | ITR-5 form applicable to: ⦁ Firms ⦁ LLPs (Limited liability partnership) ⦁ AOPs (Association of Persons) ⦁ BOIs (Body of Individuals) |
| ITR-6 | Companies not claiming exemption under section 11 |
| ITR-7 | Persons/Companies under: ⦁ Section 139(4A) ⦁ Section 139(4B) ⦁ Section 139(4C) ⦁ Section 139(4D) |
Benefits Of ITR Filing
- Easy Loan Approval.
- Income and Address proof.
- Carry-Forward of Losses.
- Help in Visa processing.
- Avoid penalties.
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