Personal tax return filing services are available for individuals who have NRI income, directorship, shareholding in a private company, or more than two house properties.
Personal Tax return filing for an individual with salary income.
Pricing:
- For comprehensive services covering all mentioned scenarios: INR 1488 (All Inclusive) or INR 2899 with a 49% discount.
- For individuals with salary and other income (ITR-2): INR 2899 (All Inclusive) or INR 7899 with a 63% discount.
- For those with only salary income (ITR-1), special offers and discounts are available.
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(ITR eFiling) Income Tax Filing
In India, it’s crucial for individuals to file their Personal Tax Returns to report their income and taxes to the government. The Income Tax Act of 1961 offers various forms for this purpose, including ITR-1 (Sahaj) and ITR-2. ITR-1 is designed for salaried individuals earning up to Rs. 50 lakhs annually, while ITR-2 is for those with additional income sources such as property or foreign income, but who aren’t engaged in business activities.
Accounts Profession offers a convenient solution for managing Personal Income Tax filings in India. Their team of professionals provides personalized guidance throughout the filing process, ensuring it’s hassle-free and straightforward to fulfill your tax obligations.
Income Tax Filing Returns: Filing ITR in India
In India, if you earn more than Rs. 3 lakhs a year, you have to submit your income tax returns. It’s an annual task with a deadline. There are various forms for different types of taxpayers, whether individuals or businesses.
Sure, here’s the information presented in a table format:
| Return Type | Applicability |
|---|---|
| ITR-1 | Individuals with less than Rs. 50 lakhs annual income from salary or pension and only one house property. |
| ITR-2 | NRIs, company directors, shareholders (private companies), those with capital gains or foreign income, more than one house property, and over Rs. 50 lakhs income. |
| ITR-3 | Professionals or sole proprietors in India. |
| ITR-4 | Taxpayers under the presumptive taxation scheme with less than Rs. 2 crores business income or less than Rs. 50 lakhs professional income. |
| ITR-5 | Partnership firms, LLPs, associations, and groups of individuals reporting income and taxes. |
| ITR-6 | Indian registered companies. |
| ITR-7 | Entities like charitable trusts, political parties, research institutions, colleges, or universities claiming exemption. |
Every year, individuals, NRIs, partnership firms, LLPs, companies, and Trusts are required to submit their income tax forms. Individuals and NRIs must file their forms if their annual income exceeds Rs. 2.5 lakhs. Even if they incurred losses or had no income, sole proprietorship, and partnership firms are still obligated to submit their forms. Similarly, all companies and LLPs must submit their income tax forms, regardless of their earnings.
Accounts Profession offers assistance with income tax filing. Just upload your Form-16, and their experts will handle the process, confirming within 1 – 2 business days.
What Does Personal Tax Return Filing Mean in India?
Personal tax return filing in India is when people submit their yearly income details and information about deductions and taxes paid to the Income Tax Department. They use specific forms called Income Tax Returns (ITRs), which depend on where their income comes from, like salary, business earnings, capital gains, and other sources. Filing a tax return is important to report your income and pay the right taxes to the government. It’s required for those whose income is more than the basic exemption limit set for the year. You can do the income tax filing online through the e-filing portal.
Who Needs to Submit a Personal Tax Return?
Individuals Who Should File a Personal Tax Return:
- Salaried Individuals: Those who earn a salary and whose income surpasses the tax-exempt threshold.
- Individuals and Hindu Undivided Families (HUFs): Those not engaged in business or professional activities but have additional income from sources like investments, property, or capital gains, pushing their total income above the tax-free limit.
Income Tax Return Forms for Personal Tax Filing
As detailed earlier, the Income Tax Department of India offers various ITR forms, spanning from ITR-1 to ITR-7, tailored to accommodate diverse taxpayers depending on their income sources, levels, and intricacy. For Personal Income Tax Filing, the following two forms are required:
- ITR-1 (SAHAJ)
- ITR-2
ITR-1 Sahaj Form
ITR-1 is for Resident Individuals who meet the following criteria:
- Income Limit: Their total income for the financial year should not exceed Rs. 50 lakh.
- Eligible Income Types: They can have income from:
- Salary
- One house property
- Family pension (up to Rs. 5,000)
- Other sources like interest from savings accounts, deposits (bank/post office/cooperative society), income tax refund interest, interest on enhanced compensation, other interest income, and family pension.
Income Aggregation: Income can only be combined with that of a spouse or minor if it falls within the specified categories mentioned above.
ITR-2
ITR-2 is utilized in India by individuals and Hindu Undivided Families (HUFs) who don’t earn profits or gains from business or professional activities. It’s tailored for those with varied income sources, excluding earnings from business or professional pursuits.
Who Should File ITR-2?
You should file ITR-2 income tax if you earn income from the following sources:
- Salary or Pension: All earnings from employment or post-retirement benefits.
- Multiple House Properties: Income from renting out or owning more than one property.
- Capital Gains: Profits or losses from selling assets like stocks, bonds, or property, including long-term and short-term transactions.
- Other Sources: Various incomes like lottery winnings, bets on racehorses, and other legal gambling earnings.
- Agricultural Income: If you earn over Rs. 5,000 from farming or similar agricultural activities.
- Foreign Income or Assets: If you have earnings from abroad or own assets outside India.
- Residential Status: Suitable for Resident Not Ordinarily Resident (RNOR) or Non-Residents.
- Directorship: If you hold a directorial position in any company, whether listed or unlisted.
Documents Required for ITR Filing
When filing income tax in India, ITR-1 and ITR-2 forms are designed to be annexure-less, meaning you don’t need to attach any supporting documents during submission. However, having the following documents is essential for a smooth and accurate filing process:
- Aadhaar Card
- PAN Card
- Bank account details
- Form 16 (salary and TDS information)
- Form 26AS (tax credit statement)
- Receipts for tax exemptions or deductions (if applicable)
- Bank interest statements
- Capital gains statements (for asset sales)
- Documents related to foreign assets and income (if applicable)
Due Date for Income Tax Return Filing in India
For filing personal tax returns in India using ITR-1 and ITR-2, the usual deadline, if you don’t require a tax audit, is the 31st of July of the assessment year following the financial year in question.
Late Filing Penalty for Income Tax Returns
Between July 31, 2023, and December 31, 2023, there’s a late filing fee of Rs. 5,000 for income tax returns. However, if your total income is below Rs. 5 lakh, the penalty is reduced to Rs. 1,000 for filing late during this period.
Why Accounts Profession for Your Income Tax Filing?
Accounts Profession brings together convenience, expertise, and reliability for your personal tax return filing. Their experienced tax professionals ensure a smooth and precise filing process that fits your specific financial needs. With dedicated customer support, all your questions are promptly addressed, making tax filing stress-free. Choose Accounts Profession now for an easy and efficient tax return filing experience.
Begin now and file your personal tax return confidently!
What services does Accounts Profession offer for personal tax return filing?
Accounts Profession provides comprehensive assistance for filing personal tax returns, ensuring a smooth and accurate process tailored to your financial situation.
Who handles the tax filing process at Accounts Profession?
A team of seasoned tax professionals at Accounts Profession takes care of your tax filing, ensuring expertise and accuracy in every step.
How does Accounts Profession ensure customer satisfaction during the tax filing process?
Accounts Profession is committed to addressing all customer queries promptly with dedicated customer support, making the tax filing experience hassle-free.
Can Accounts Profession help with complex tax situations?
Yes, Accounts Profession’ expert team can handle various tax situations, ensuring accuracy and compliance with tax laws.
What are the benefits of choosing Accounts Profession for tax return filing?
By choosing Accounts Profession, customers can experience convenience, expertise, and reliability, ensuring a seamless and efficient tax filing process tailored to their needs.
How can I get started with Accounts Profession for my tax return filing?
Simply begin the process now with Accounts Profession and file your personal tax return confidently!