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Income Tax Return Filing

Income Tax Return Filing Online is submitting your income tax to the government of India electronically or through physical documentation that declares your income, deductions, and tax liability for a particular financial year. Individuals and businesses must file their income tax returns each year, and failure to do so may result in penalties or legal consequences. The tax return helps the government to determine the tax payable or refundable by a taxpayer based on their income and deductions for that year. The income tax return filing process provides detailed information about your income sources, deductions, and tax-saving investments made during the financial year. This information is then used to calculate the tax liability or refund due to the taxpayer.

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(ITR eFiling) Income Tax Filing

Return Type	Applicability
ITR-1	ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.
ITR-2	ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.
ITR-3	ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.
ITR-4	ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.
ITR-5	ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
ITR-6	ITR-6 form must be filed by companies registered in India.
ITR-7	ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research insitutions and colleges or universities.

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. IndiaFilings provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

Income Tax Return Due Date

The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

Business

In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

Professional

In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.

Professional

If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required. Penalty for late filing income tax return has been increased to Rs.5000 for returns filed between 1st August and 31st December.

LATE FILING PENALTY

Tax audit is mandatory for most businesses having a turnover of more than Rs.1 crore and professionals having more than Rs.50 lakhs income.

TAX AUDIT LIMIT

ITR-1 is the most widely used income tax form in India. ITR-1 is filed by individuals whose source of income is limited to salary and one house property.

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