Personal Tax return filing for an individual with salary income
- Filing ITR Return
- Simple & Secure Online Process
- ITR file in 1-2 days
- Qualified Expert Team
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Income Tax Return Filing- an Overview
Individuals earning above the minimum exempted amount are obligated to pay income tax on their earnings. Income can stem from various sources such as salary, rental income, interest from savings, mutual funds, agricultural activities, property sales, or business and professional endeavors.
Under the Income Tax Act of 1961, eligible individuals must file their income tax returns annually. Filing a tax return serves to validate one’s earnings and investments. Conversely, failure to file, when income is required to be disclosed, may be construed as concealing income or possessing “black money.”
Timely filing of income tax returns, particularly online, may result in an income tax refund if excess taxes were paid to the government. This process not only ensures compliance with tax regulations but also facilitates financial transparency and accountability.
GujaratCorp extends its expertise to assist individuals and businesses in navigating the intricacies of Income Tax filing. Our knowledgeable team is ready to provide personalized solutions to your specific requirements, empowering you to navigate the tax landscape with confidence and peace of mind.
Types of Income Tax returns
- ITR 1: This filing is for individuals with income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.
- ITR 2: Designed for Individuals & HUF with income from salary, pension, house property, capital gains, foreign assets/income, or other sources.
- ITR 3: For Individuals & HUF with income from profit and gains of business or profession (PGBP).
- ITR 4: Intended for Individuals or HUF with income from PGBP who have opted for the presumptive income scheme.
- ITR 5: Applicable to Firms, LLPs, Body of Individuals (BOI), and Association of Persons (AOP).
- ITR 6: For all types of companies, including Public Limited Company, Private Limited Company, OPC, except Section 8 Company
How To File Income Tax Return
1
Submit Documents
2
Verification of Documents
3
Selection of Appropriate Form
4
Preparation of Your Return
5
ITR Filed & Ack. Generated
Due date for filing Income Tax Returns (ITR) in India varies depending on the type of taxpayer and the nature of income
-
- For Individuals
- The due date for filing ITR for the financial year ending on March 31 is usually July 31 of the assessment year.
- For Businesses/Professionals
- The due date for filing ITR for entities that are required to be audited is usually September 30 of the assessment year. These dates are subject to change, and the government may extend the deadline in certain circumstances.
- For Individuals
Income Tax Return Filing- an Overview
Individuals earning above the minimum exempted amount are obligated to pay income tax on their earnings. Income can stem from various sources such as salary, rental income, interest from savings, mutual funds, agricultural activities, property sales, or business and professional endeavors.
Under the Income Tax Act of 1961, eligible individuals must file their income tax returns annually. Filing a tax return serves to validate one’s earnings and investments. Conversely, failure to file, when income is required to be disclosed, may be construed as concealing income or possessing “black money.”
Timely filing of income tax returns, particularly online, may result in an income tax refund if excess taxes were paid to the government. This process not only ensures compliance with tax regulations but also facilitates financial transparency and accountability.
GujaratCorp extends its expertise to assist individuals and businesses in navigating the intricacies of Income Tax filing. Our knowledgeable team is ready to provide personalized solutions to your specific requirements, empowering you to navigate the tax landscape with confidence and peace of mind.
Types of Income Tax returns
- ITR 1: This filing is for individuals with income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.
- ITR 2: Designed for Individuals & HUF with income from salary, pension, house property, capital gains, foreign assets/income, or other sources.
- ITR 3: For Individuals & HUF with income from profit and gains of business or profession (PGBP).
- ITR 4: Intended for Individuals or HUF with income from PGBP who have opted for the presumptive income scheme.
- ITR 5: Applicable to Firms, LLPs, Body of Individuals (BOI), and Association of Persons (AOP).
- ITR 6: For all types of companies, including Public Limited Company, Private Limited Company, OPC, except Section 8 Company
How To File Income Tax Return
1
Submit Documents
2
Verification of Documents
3
Selection of Appropriate Form
4
Preparation of Your Return
5
ITR Filed & Ack. Generated
Due date for filing Income Tax Returns (ITR) in India varies depending on the type of taxpayer and the nature of income
-
- For Individuals
- The due date for filing ITR for the financial year ending on March 31 is usually July 31 of the assessment year.
- For Businesses/Professionals
- The due date for filing ITR for entities that are required to be audited is usually September 30 of the assessment year. These dates are subject to change, and the government may extend the deadline in certain circumstances.
- For Individuals
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Frequently Asked Questions
01. Who needs to file an Income Tax Return (ITR) in India?
Individuals, Companies, Partnerships, LLPs, Hindu Undivided Families (HUFs), trusts, and artificial judicial persons whose total income exceeds the maximum amount not chargeable to tax are required to file an Income Tax Return (ITR) in India.
02. How to Claim Income Tax Refund?
Filing a complete income tax return by the deadline is the simplest approach to obtain your tax refund.
03. What is the minimum salary to ITR Filing Online?
As per the Income tax Act, you should file an income tax return in India if your total income exceeds ₹2.5 lakh in the given financial year.
04. What documents do I need to file my Income Tax Return (ITR)?
You will typically need documents such as Form 16 (for salaried individuals), bank statements, investment proofs, and any other relevant financial documents to file your ITR.
05. What happens if I miss the deadline for filing my Income Tax Return (ITR)?
Missing the deadline for filing your ITR may result in penalties and late fees. The penalty amount varies depending on the delay and your total income. It’s important to file your ITR before the deadline to avoid such penalties.
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