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Personal Tax Filing
- Individuals, NRIs, partnership businesses, LLPs, corporations, and trusts must file yearly income tax returns.
- Anyone earning over Rs. 2.5 lakh annually, whether individual or NRI, needs to file.
- Both partnership and proprietorship businesses must file, regardless of profit or loss.
- Corporations and LLPs must file regardless of revenue or profit.
- Filing Champs offers expert income tax e-filing services. Simply upload your Form-16, and our professionals will handle the filing within one to two business days, sending you an acknowledgment afterward.
| Return Type | Applicability |
|---|---|
| ITR-1 | Individuals with annual income less than Rs. 50 Lakhs from salary or pension, and owning only one house property. |
| ITR-2 | NRIs, Directors of Companies, shareholders of private companies, individuals with capital gains or foreign income, owning two or more house properties, and having income exceeding Rs. 50 Lakhs. |
| ITR-3 | Professionals or individuals running a proprietorship business in India. |
| ITR-4 | Taxpayers enrolled under presumptive taxation scheme with business income under Rs. 2 crores or professional income under Rs. 50 lakhs. |
| ITR-5 | Partnership firms, LLPs, associations, and bodies of individuals for reporting income and tax computation. |
| ITR-6 | Companies registered in India. |
| ITR-7 | Entities claiming exemption such as charitable/religious trusts, political parties, scientific research institutions, colleges, or universities. |
Penalty for Late Filing Income Tax Return
- Late filing of income tax returns incurs penalties and interest.
- There’s now a higher penalty for filing late.
- Late filing between August 1st and December 31st carries a penalty of Rs. 5,000.
- Filing after December 31st incurs a penalty of Rs. 10,000.
- If taxable income is less than Rs. 5 lakhs, an additional penalty of Rs. 1,000 applies.
Income Tax Return Due Date
- Individual taxpayers must file their income tax returns by July 31st each year.
- Companies and taxpayers requiring tax audits have a deadline of September 30th.
- Section 44AD of the Income Tax Act governs tax audits.
- For businesses, a tax audit is necessary if gross receipts exceed Rs. 1 crore in a year.
- Professionals need a tax audit if their gross receipts reach Rs. 50 lakhs in a year.
- Under the presumptive taxation scheme of Section 44AD, if revenue surpasses Rs. 2 crore, a tax audit is required.
- For income tax returns filed between August 1st and December 31st, the late filing penalty has been increased to Rs. 5000.
Top Income Tax Deductions for year by 2019
- Section 80C Deduction: Taxpayers can claim up to Rs. 1.5 lakhs in deductions for various investments such as PPF, ULIP, NSC, LIC premiums, PF, children’s tuition fees, and home loan principal repayments.
- Section 80D Deduction: Individuals and HUFs can claim deductions for medical insurance premiums and preventive health check-up expenses under Section 80D.
- Section 80EE Deduction: Eligible taxpayers can claim an additional deduction for interest on home loans under Section 80EE, subject to certain conditions.
- Section 80E Deduction: Deduction for interest paid on education loans under Section 80E, applicable for a maximum of eight years.
- Section 80G Deduction: Deduction for donations made to specific funds and charitable organizations, limited to 10% of gross taxable income with varying deduction limits based on the fund’s exemption status.
- Income Tax Deductions: Taxpayers can lower their taxable income by utilizing various deductions available under the Income Tax Act.
Personal Tax Filing FAQs
It's reporting annual income and taxes to the Income Tax Department using specific forms called Income Tax Returns (ITRs), mandatory if income exceeds the exemption limit.
Those whose income surpasses the exemption threshold, including salaried individuals and those with additional income sources.
Various forms like ITR-1 (SAHAJ) and ITR-2 are used for different income sources and complexities.
Charges vary based on factors like income and complexity. At Indiafiling, charges are affordable.
Specifically for residents with income under Rs. 50 lakhs, covering salary, pension, and single-house property income.
Suitable for residents with income from salary, one house property, and specified other sources, not exceeding Rs. 50 lakh.
For individuals and HUFs with various income sources excluding business or professional profits.
Applicable for those with income from salary, multiple house properties, capital gains, foreign assets, etc.
Essential documents include Aadhaar/PAN cards, bank details, Form 16, receipts, and statements related to income and assets.
Generally, 31st July of the assessment year for individuals without a tax audit.
Late filing may incur a fee, with penalties varying based on income and filing date.
Offers expert assistance tailored to individual financial situations, ensuring a smooth and accurate filing process.
Provides dedicated Tax Expert support, ensuring a hassle-free filing experience.
Not a must, but recommended. Makes your business dealings smoother.
A simple, unregistered business owned and run by one person.
Any Indian citizen with a current account in their business name.
Around 8 to 10 days. Government stuff takes a bit of time, but it's simple.
