Income Tax Return


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Rs. Onwards *All Inclusive (Fees & Taxes)*

CTC - 5 Lakhs per annum
Other Income (Bank Interest, FD)
House Property - Self Occupied
Capital Gain
Shop Act Registration

Income Tax Return

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1

SELECT PACKAGE AND MAKE PAYMENT

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2

UPLOAD REQUIRED DOCUMENTS

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3

DATA PREPARATION STARTS

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RETURN IS FILED AND VERIFIED

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ACKNOWLEDGEMENT (ITR-V) IS SHARED

Requirements

ITR-1 (SALARIED)

FOR INDIVIDUALS

INCOME UPTO Rs. 50 LAKHS 

SOURCES OF INCOME:

- Income from Salary/Pension

- Income from One House Property (excluding cases where loss is brought forward from previous years)

- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

- In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.

 

ITR-3 (PROPRIETORSHIP)

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession.

The persons having income from the following sources are eligible to file ITR 3 carrying a business or profession​.

The return may include income from

- House property,

- Salary/Pension,

- Income from other sources.

 

ITR-4 (PRESUMPTIVE TAXATION)

- The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. ​

- However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.

 

ITR-5 (PARTNERSHIP) / ITR-6 (COMPANY)

This income tax return is meant for

- Firms

- LLPs

- AOPs (Association of persons)

- Bois (Body of Individuals).

 

ITR-7 (TRUST)

ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

 

Documents

INDVIDUAL KYC / CLAIMING DEDUCTIONS

- PAN

- Adhaar Card

- Bank Statement

 

- Your contribution to Provident Fund​​ paid during the concerned financial year;

- Your children’s school tuition fees ​paid during the concerned financial year;

- Life insurance premium payment paid during the concerned financial year;​

- Stamp-duty and registration charges​ paid during the concerned financial year;

- Principal repayment on your home loan​ paid during the concerned financial year;

- Interest on your home loan​ paid during the concerned financial year;

- Equity Linked Savings Scheme/Mutual funds invested during the concerned financial year;

- The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.

- House Rent paid during the concerned financial year;

- Rs. 50000/- extra deduction u/s 80 is for investment in National Pension Scheme (NPS) during the concerned financial year.

 

CLAIMING DEDUCTIONS

- Your contribution to Provident Fund​​ paid during the concerned financial year;

- Your children’s school tuition fees ​paid during the concerned financial year;

- Life insurance premium payment paid during the concerned financial year;​

- Stamp-duty and registration charges​ paid during the concerned financial year;

- Principal repayment on your home loan​ paid during the concerned financial year;

- Interest on your home loan​ paid during the concerned financial year;

- Equity Linked Savings Scheme/Mutual funds invested during the concerned financial year;

- The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.

House Rent paid during the concerned financial year;

 

- Rs. 50000/- extra deduction u/s 80 is for investment in National Pension Scheme (NPS) during the concerned financial year.

OTHER INVESTMENT DETAILS

- Interest paid on housing loan: Interest on housing loan is eligible for tax saving up to Rs 2,00,000. This is for a self-occupied house. For let out      or deemed let out a property, there is no limit of interest on housing loan eligible for tax saving till FY 2016-17.

- From FY 2017-18, the total loss from house property available for set off against other income is capped at Rs 2 lakhs and therefore, interest on    housing loan is eligible for tax saving up to Rs 2,00,000 for let out a property as well. Education loan interest payments.

- Stock trading statement: The stock trades that were made during the year may be taxed under Capital Gain.

 

RETURN FILING

- FORM 16

- Salary Slips

- Home Loan Certificate

- Interest Certificate

- Tax Saving Proofs

Basic Features of Income Tax Return

EASY LOAN APPROVAL

ITR Filing gives headstart for loan approval. Banks ask for copy of ITR from salaried people as well.   

VISA PROCESSING

When applying for visa for Europe, US, Australia or others, ITR is a required document.

CARRY FORWARD OF LOSSES

If there are any losses during last financial year, it can be carried forward and set off with income from same or different heads in coming years.

AVOID PENALTIES

There are many penalties related to non filing or late filing of return. The same are avoided by filing the income tax return on time.

INCOME TAX REFUND

If during the year, someone has paid extra taxes, the same can be claimed as refund only after filing of income tax return.

ITR RECEIPT IS VERY IMPORTANT

You need to preserve ITR receipts carefully as they are very important proof of your income and of payment of your taxes. It is much more detailed than Form 16. It contains your total income details and has details of your income from other sources.

Important Notes

By Filling ITR people contribute their hands to the development of Country. Government use this amount to develop infrasture of the country as like Railways projects, Highways Projects, Electrification Project, Health and Educational projects etc.

By Filling ITR Assessee Contribute their hands to the development of Country.

Goverment use this amount to develop infrasture of the country as like Railways projects, Highways Projects, Electrification Project, Health and Educational projects etc.