Documents Required
- PAN Card
- Aadhar
- Utility bill
- Bank Statement
- Lease agreement and NOC
Personal Tax Return Filing
6625 customers
INR 1488 All Inclusive
Salary Only (ITR – 1)
Personal Tax return filing for an individual with salary income.
INR 2899 All Inclusive
Salary & Other Income (ITR – 2)
Personal Tax return filing for individuals having NRI income, directorship, shareholding in private company or more than 2 house property.
Features
- Super Fast Service
- Affordable Price
- Experienced Team
(ITR eFiling) Income Tax Filing
Income Tax is essential for individuals to report their income and taxes to the government. The Income Tax Act of 1961 provides various forms, including ITR-1 (Sahaj) and ITR-2. ITR-1 is simple and meant for salaried individuals earning up to Rs. 50 lakhs annually. On the other hand, ITR-2 is for those with other income sources besides salary, like income from property or abroad, but do not earn from business or professional activities.
Several types of income tax return forms are designed to cater to the distinct requirements of various categories of taxpayers, including both individuals and corporate entities.
| 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 salary or pension and have only one house property. |
| ITR-2 | ITR-2 forms must be filed by NRIs, directors of companies, shareholders of private companies or those having capital gains income, income from foreign sources, two or more house properties, and income of more than Rs.50 lakhs. |
| ITR-3 | The ITR-3 form must be filed by professionals or proprietorship business owners 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 bodies 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/religious trust, political parties, scientific research institutions and colleges or universities. |
Who Should File a Personal Tax Return?
Personal income tax return filing need to be filed by following persons:
Salaried Individuals: Those who earn a salary and whose income exceeds the tax-exempt threshold. Personal income tax filing need to be filed by following persons:
Individuals and Hindu Undivided Families (HUFs): Those not involved in business or professional pursuits but with other sources of income, such as investments, property, or capital gains, that bring their total income above the tax-free limit.
Who Should File a Personal Tax Return?
As mentioned above, the Income Tax Department of India provides a range of ITR forms, from ITR-1 to ITR-7, designed to cater to different taxpayers based on their income sources, amount, and complexity. The following two forms need to be submitted for Personal Income Tax Filing:
- ITR-1 (SAHAJ)
- ITR-2
- ITR-1 Sahaj Form
ITR-1 Sahaj Form
The ITR-1 Sahaj Form is designed to simplify the tax filing process for individual taxpayers in India, particularly aimed at residents with a total income of less than Rs. 50 lakhs. This form accommodates income from specific sources such as:-
- Salary or Pension
- A single-house property
- Other miscellaneous sources
Eligibility for Filing ITR-1
ITR-1 income tax filing is intended for Resident Individuals under the following conditions:
Income Limit: The individual’s total income during the financial year should be Rs. 50 lakh.
Applicable Income Types: Eligibility for ITR-1 includes individuals earning income from:-
- Salary
- One house property
Family pension (up to Rs. 5,000) - Other sources, such as:
- Interest from Savings Accounts
- Interest from Deposits (Bank/Post Office/Cooperative Society)
- Income Tax Refund Interest
- Interest on Enhanced Compensation
- Other Interest Income
- Family Pension
- Income Aggregation: Income can be combined with that of a spouse or minor only if it aligns with the specified categories above.
ITR-2
ITR-2 is used in India by individuals and Hindu Undivided Families (HUFs) with income that does not include profits and gains from business or professional activities. It’s specifically designed for those with diverse income sources, excluding business or professional earnings.
Who Should File ITR-2?
You’re eligible to file ITR-2 income tax filing if you have income from the following sources:-
Salary or Pension: This includes all earnings from employment or post-retirement benefits.
Multiple House Properties: Income from renting out or owning more than one property.
Capital Gains: This includes profits or losses from selling assets like stocks, bonds, or property, covering both long-term and short-term transactions.
Other Sources: This category includes various incomes such as lottery winnings, bets on racehorses, and other legal gambling earnings.
Agricultural Income: If you earn more than Rs 5,000 from farming or similar agricultural activities.
Foreign Income or Assets: This applies if you have earnings from abroad or own assets outside India.
Residential Status: It’s suitable for either Resident Not Ordinarily Resident (RNOR) or Non-Residents.
Directorship: If you hold a directorial position in any company, whether listed or unlisted.
Tax
- Income Tax
- Income Tax Return (ITR)
- Income Tax Login
- E-Tax
- Capital Gains Tax
- Direct Tax
- Excise Duty
- Advance Tax
- Custom Duty
- Self Assessment Tax
- Corporate Tax
- Income Tax Limit
- Income Tax Audit
- Income Tax Deductions
- Withholding Tax
- Income Tax Return Last Date
- How To Save Income Tax
- Income Tax Scrutiny
- Income Tax Penalty
- Income Tax On Savings Bank Interest
- Income Tax For Pensioners
- Income Tax For Senior Citizens
- Income Tax Refund
- Income Tax Refund Status
- Income Tax Return Forms
- Income Tax Documents
- Income Tax For Self Employed
- Income Certificate
About TDS
ITR Forms
Tax Forms
Sections Income Tax Act
- Section 80C
- Section 80GG
- Section 80DDB
- Section 80E
- Section 80TTA
- Section 80CCD
- Section 80D
- Section 80U
- Section 194A
- Section 194H
- Section 194I
- Section 115BAC
- Section 154 of Income Tax Act
- Section 44ad of Income Tax Act
- Section 80G of Income Tax Act
- Section 139 of Income Tax Act
- Section 24 of Income Tax Act
Personal Tax Return Filing FAQ's
Personal tax return filing in India is when individuals report their annual income and taxes to the Income Tax Department using specific forms known as Income Tax Returns (ITRs). This process is mandatory for those whose income exceeds the basic exemption limit set for the financial year.
Personal tax returns should be filed by individuals whose income exceeds the tax-exempt threshold, including:
For personal tax filing, individuals use various ITR forms, including ITR-1 (SAHAJ) and ITR-2, designed for different income sources and complexities.
The ITR filing charges typically vary based on various factors such as income, filing status, and complexity of the return. At Indiafiling, ITR filing charges are very affordable.
The ITR-1 Sahaj Form is specifically designed for resident individuals with a total income of less than Rs. 50 lakhs, accommodating income from specific sources such as salary, pension, and a single-house property.
ITR-1 is suitable for resident individuals with income from sources such as salary, one house property, and specified other sources, provided their total income during the financial year does not exceed Rs. 50 lakh.
ITR-2 is used by individuals and Hindu Undivided Families (HUFs) with income from various sources excluding profits and gains from business or professional activities.
ITR-2 is applicable if you have income from sources such as salary, multiple house properties, capital gains, foreign assets, and directorial positions, among others.
Essential documents for filing ITR include Aadhaar Card, PAN Card, bank account details, Form 16, Form 26AS, receipts for tax exemptions or deductions, bank interest statements, capital gains statements, and documents related to foreign assets and income.
The general deadline for individuals filing ITR-1 and ITR-2, without a tax audit, is 31st July of the assessment year following the financial year in question.
Late filing may incur a fee, with a penalty of Rs 5,000 for submissions made between 31 July 2023 and 31 December 2023. Smaller taxpayers with total income below Rs 5 lakh may face a reduced penalty of Rs 1,000 for late filing within this period.
IndiaFilings offers convenient, expert assistance for personal tax return filing, ensuring a smooth and accurate experience tailored to individual financial situations.
IndiaFilings provides dedicated Tax Expert support for income tax filing, ensuring a hassle-free process for individuals.
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At Taxmacha, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission – we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
Customer Reviews For Personal Tax Return Filing
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Piyush Singh
Personal Tax Return Filing
- Verified Customer
14 February 2024
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Piyush Singh
Personal Tax Return Filing
- Verified Customer
14 February 2024
How can we improve?
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OPC Registration
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14 February 2024
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MOHAMMED ABRAR
OPC Registration
- Verified Customer
14 February 2024
How can we improve?
Very nice polite and good guide
Piyush Singh
Personal Tax Return Filing
- Verified Customer
14 February 2024
How can we improve?
Very nice polite and good guide
Piyush Singh
Personal Tax Return Filing
- Verified Customer
14 February 2024
How can we improve?
Very nice polite and good guide
MOHAMMED ABRAR
OPC Registration
- Verified Customer
14 February 2024
How can we improve?
Very nice polite and good guide
MOHAMMED ABRAR
OPC Registration
- Verified Customer
14 February 2024
How can we improve?
Very nice polite and good guide