Income Tax Return

Why Filing an Income Tax Return is Importan?

Filing an income tax return is not just a legal obligation but also comes with several benefits:

• Legal Compliance: Mandatory under tax laws for those meeting certain criteria.
• Proof of Income: Essential for loans, credit cards, and visas.
• Claim Refunds: Necessary to claim excess tax refunds.
• Carry Forward Losses: Allows you to adjust losses against future income.
• Avoid Penalties: Timely filing avoids fees and penalties.
• Government Benefits: Required for financial aid and subsidies.

Types of Income Tax Return Forms

The Income Tax Department of India provides different ITR forms based on the nature and source of income. Here are the key forms:

• ITR-1 (SAHAJ): For individuals having income up to ₹50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000.
• ITR-2: For individuals and HUFs not having income from business or profession, having income from salary/pension, more than one house property, capital gains, foreign assets, etc.
• ITR-3: For individuals and HUFs having income from a proprietary business or profession.
• ITR-4 (SUGAM): For individuals, HUFs, and firms (other than LLP) having total income up to ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE (Presumptive taxation).
• ITR-5: For persons other than individuals, HUF, companies, and persons filing Form ITR-7 (includes LLP, AOP, BOI, etc.).
• ITR-6: For companies other than those claiming exemption under section 11 (income from property held for charitable or religious purposes).
• ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) (charitable/religious trusts, political parties, etc.).

Mandatory Filing of Income Tax Return

Filing an income tax return is mandatory under certain conditions. Here’s who needs to file:

• Individuals with Income Above the Basic Exemption Limit: For the assessment year 2023-24, the basic exemption limits are:
  • Below 60 years: ₹2.5 lakh
  • Between 60-80 years (Senior Citizens): ₹3 lakh
  • Above 80 years (Super Senior Citizens): ₹5 lakh
• Companies, Partnership Firm, LLP or any other person: Any Company, partnership Firm, or LLP is required to file ITR mandatorily, regardless of profit or loss during the financial year.
• Individuals with Assets Outside India: Those who hold foreign assets or earn foreign income.
• Beneficiaries of Financial Transactions: Individuals who deposited more than ₹1 crore in a bank account, spent over ₹2 lakh on foreign travel, or paid electricity bills exceeding ₹1 lakh annually.
• Capital Gains: If you have earned capital gains (short-term or long-term) from the sale of assets.
• Receiving Income from Tax-Exempt Sources: Agricultural income exceeding ₹5,000.

Old Tax Regime vs New Tax Regime

Rebate of 100% Tax u/s 87A to person whose income does not exceed Rs.5 Lakh (AY 2024-25).

Rebate of 100% Tax u/s 87A to Resident Individual whose Total income does not exceed Rs.7,00,000 and Marginal Relief Available when total income exceeds 7 lacs.

• Deduction or allowances not allowed in New tax regime which is allowed in Old tax regime
• Leave Travel Concession [10(5)]
• HRA [10(13A)]
• Allowance u/s 10(14) except Prescribed
• Award or Reward by Govt [10(17)]
• Income of Minor Child u/s 64(1A) u/s 10(32)
• Interest on Self Occupied Property
• Deduction of Professional Tax and Entertainment Allowances from Salary Income
• Deduction under chapter VIA except u/s 80CCD(2) or 80JJAA
• Deduction u/s 32(1)(iia), 32AD, 33AB, 33ABA, 35(1)(ii), 35(1)(iia), 35(1)(iii), 35(2AA), 35AD, 35CCC

Why Choose E Accountax Manager for Your Income Tax Return Filing?

• Experienced Tax Professionals: Our team of qualified chartered accountants and tax experts have years of experience in handling complex tax scenarios.

• Accurate & Timely Filing: We ensure that your income tax returns are filed accurately and within the stipulated deadlines to avoid any penalties.

• Customized Solutions: We offer tailored solutions that cater to your specific tax requirements, whether you are a salaried individual, a freelancer, or a business owner.

• Confidentiality & Security: Your financial data is treated with the utmost confidentiality and secured with advanced encryption technologies.

• Affordable Pricing: Our competitive pricing ensures you get the best value for your money.

Our Income Tax Return Filing Services Include:

• ITR Preparation & Filing: Comprehensive preparation and filing of ITR for individuals, HUFs, businesses, and companies.
• Tax Planning & Advisory: Strategic tax planning to minimize liabilities and maximize savings.
• Income Computation: Accurate computation of income from various sources such as salary, house property, capital gains, business, and other sources.
• TDS & Advance Tax Calculation: Assistance in calculating TDS (Tax Deducted at Source) and advance tax payments.
• Rectification & Refunds: Handling rectifications, assessments, and ensuring timely refunds from the Income Tax Department.
• Compliance & Representation: Ensuring full compliance with Indian tax laws and representing you in front of tax authorities if needed.

Documents Required for ITR Filing

To ensure a smooth and quick ITR filing process, keep the following documents handy:

• PAN Card
• Aadhaar Card
• Form 16 (for salaried individuals)
• Bank Statements
• Investment Proofs (for deductions under Section 80C, 80D, etc.)
• Loan Repayment Statements
• TDS Certificates
• Details of Capital Gains