Income Tax Returns

ITR - 1

For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

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ITR - 2

For Individuals and HUFs not carrying out business or profession under any proprietorship & partners in a firm.

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ITR - 4

(SUGAM) For presumptive income from Business & Profession

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ITR - 6

For Companies other than companies claiming exemption under section 11

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ITR - 3

For individuals and HUFs having income from a proprietary business or profession

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ITR - 5

For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

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ITR - 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

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It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return - irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trusts to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.

Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while e-filing or manually filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc. must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.

SimpliTax is the largest business services platform in India, offering a variety of services like company registration, trademark registration, GST registration, income tax filing and more. SimpliTax can help you file income tax returns. Get a free consultation for income tax filing through SimpliTax by scheduling an appointment with a SimpliTax Advisor.



How we help with income tax return filing

SimpliTax can help you with income tax return filing.

Free Consultation? Request a call from the SimpliTax Business Advisor.

Document Collection
A SimpliTax Income Tax Expert will collect the necessary information and documents for preparation of income tax return.

Return Prepartion
Based on the documents and information presented, a SimpliTax Expert will prepare your return and send you the workings for your approval.

Return Filing
Once the tax return is verified and accepted by you, our Tax expert will file your tax return with the Income Tax Department.

Simple & Transparent Pricing
BASIC ITR Filing Fee Expert Guided
ITR - 1 Rs 500 Rs 1,000 onwards
ITR - 2 Rs 800 Rs 1,500 onwards
ITR - 3 Rs 1,500 Rs 3,000 onwards
ITR - 4 Rs 2,000 Rs 5,000 onwards
ITR - 5 Rs 3,000 Rs 5,000 onwards
ITR - 6 Rs 5,000 Rs 10,000 onwards
ITR - 7 Rs 5,000 Rs 10,000 onwards
FAQs

Income tax is tax levied on the income of a person by the government if India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st march.

In Simple language previous year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment year which is the year next to previous year. For example for the Income earned in Financial year ( Previous Year ) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the assessment year.

Every person is liable to pay tax in India if his Income is more than the income notified by the government in the slab rates. Here the definition of person includes,

  • An Individual
  • A Hindu Undivided Family(HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial juridical persons

For calculating income tax notified slab rates are applied to the taxable income of a person earned during previous year. Taxable income is to be calculated as per the provisions and rules contained in the Income Tax Act, 1961. One has to calculate income under various heads of Income and net them after deducting deduction available under Chapter VIA to get Net Income Chargeable to Tax.

The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on nsdl website, through Netbanking or Debit Card . Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.

An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid there on to the government.

Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age. It is compulsory to file an income tax return if any of the condition is applicable to you:

  • If your taxable income is more than slabs notified in Finance Act for that Year. Example for an Individual Resident below 60 years of Age, the Slab is 2,50,000 /-(A.Y. 2017-2018) and for senior citizen it is 3,00,000. Thus if your total income from all sources is more than 2,50,000/- ( or 3,00,000 in case of senior citizen) then it is mandatory for you to file Income tax Return irrespective of whether any tax is payable or not.
  • If you are a firm / company irrespective of the income or loss during the year
  • If you have losses under any head and want to carry forward those losses to next year.
  • If you want to claim refund of taxes already paid i.e. TDS etc.
  • From 2012 onward resident individual holding any kind of Foreign Asset e.g. Immovable property, bank account etc. or is a
  • signing authority in a foreign bank account,then he is compulsorily required to file the return.

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