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Are you an individual looking for an efficient way to file your income tax return? Look no further! Our Income Tax Return Filing Service in India is designed to cater to your specific needs. We understand that navigating the tax landscape can be overwhelming, which is why our expert team is here to guide you every step of the way.
For Individuals: Our Income Tax Return Filing Service ensures that your tax returns are filed accurately and on time. We take the complexity out of the process, providing you with a seamless experience. Our consultants stay up-to-date with the latest tax laws and regulations, ensuring compliance and optimizing your tax returns.
For NRIs: For Non-Resident Indians (NRIs) seeking professional assistance with their tax obligations in India, our NRI Tax Consultancy Service is the perfect solution. Whether you need help understanding your tax liabilities, optimizing your tax returns, or managing cross-border tax issues, our experienced consultants are here to support you.
At Tax Dunia, we specialize in simplifying the complexities of income tax filing for both individuals and NRIs. Our dedicated team provides top-notch services, ensuring a hassle-free experience and peace of mind for our clients. Here’s what sets us apart:
Trust Tax Dunia for expert tax solutions tailored to your needs. Contact us today and let us help you navigate the world of taxes with confidence.
An Income Tax Return (ITR) is a form through which an Assessee submits information about their income and tax liabilities to the Income Tax Department. According to the income tax laws in India, an ITR must be filed annually by individuals or businesses earning income from various sources such as salary, business profits, house property, dividends, capital gains, or other sources during a financial year.
Due Date to File ITR for Financial Year
The Income Tax Act, 1961 mandates citizens to file their tax returns for every financial year within the specified due dates. The deadlines are as follows:
These deadlines are subject to change based on directives issued by the Income Tax Department or the Ministry of Finance, India.
Belated Return
If the ITR is not filed within the due date, a belated return can still be submitted. The last date to file a belated return is 31st December of the Assessment Year.
Conditions Mandating the Filing of Income Tax Returns for Individuals
According to the Income Tax Act, 1961, an individual is required to file an Income Tax Return (ITR) under the following conditions:
1. Exceeding the Specified Income Limit:
It is mandatory for an individual to file an ITR if their gross annual income exceeds the specified limit set by the income tax laws. The current thresholds are:
2. Multiple Sources of Income:
3. Claiming Income Tax Refund:
4. Foreign Assets or Income:
5. Visa or Loan Applications:
6. Firms or Companies:
These conditions ensure compliance with the Income Tax Act, 1961, and help in maintaining accurate records of income and taxes paid. Filing an ITR is essential not only for compliance but also for claiming refunds, carrying forward losses, and obtaining necessary financial documentation for various purposes.
Under the Income Tax Act, 1961, there are seven types of Income Tax Return (ITR) forms that individuals and entities must file based on various circumstances such as the source of income, total income earned during the financial year, and the nature of the taxpayer’s entity.
Circumstances Determining the Suitable ITR Form
The choice of the appropriate ITR form depends on several factors, including:
Filing the correct ITR form is crucial for compliance with the Income Tax Act, 1961, and ensures accurate reporting and assessment of income and taxes.
Suitable for: ITR-1, also known as SAHAJ, is designed for resident individuals with income from salary, one house property (excluding losses brought forward from previous years), income from other sources (excluding income from lottery and racehorses), and agricultural income up to INR 5,000.
Eligibility Criteria:
1. Income Sources:
Detailed Conditions for Filing ITR-1 (SAHAJ):
1. Salary or Pension Income:
2. House Property:
3. Income from Other Sources:
4. Agricultural Income:
Ineligibility to File ITR-1 (SAHAJ):
1. Income Limit:
2. Multiple House Properties:
3. Capital Gains or Business Income:
4. Foreign Assets or Income:
Filing Requirements:
Key Considerations:
Conclusion: ITR-1 (SAHAJ) provides a simplified tax filing option for eligible resident individuals with income from specific sources, facilitating compliance with tax laws and ensuring accurate reporting of income and deductions.Proper filing and documentation are essential for fulfilling tax obligations and avoiding penalties or legal issues.
Suitable for: ITR-2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but have income from other sources.
Eligibility Criteria:
Detailed Conditions for Filing ITR-2:
1. Income Components:
2. Foreign Income/Assets:
3. Capital Gains:
4. Income from House Property:
5. Multiple Sources of Income:
6. Non-Business/Non-Professional Income:
Ineligibility to File ITR-2:
Filing Requirements:
Key Considerations:
Conclusion: ITR-2 serves as the appropriate income tax return form for individuals and HUFs with income from sources other than business or profession, providing a comprehensive platform to report various income components and ensure compliance with tax laws. Proper filing and documentation are essential for fulfilling tax obligations and avoiding penalties or legal issues.
Suitable for: ITR-3 is specifically designed for individuals and Hindu Undivided Families (HUFs) who have income from proprietary business or profession.
Eligibility Criteria:
1. Proprietary Business or Profession:
2. Partnership Firms:
Detailed Conditions for Filing ITR-3:
1. Income from Business or Profession:
2. Individual Directorship:
3. Investment in Unlisted Equity Shares:
4. Income Components:
5. Registered under Presumptive Taxation Scheme:
Ineligibility to File ITR-3:
1. Income from Other Sources:
2. Partnership Firm Operations:
Filing Requirements:
Key Considerations:
Conclusion: ITR-3 is tailored for individuals and HUFs with income from proprietary business or profession, ensuring accurate reporting and compliance with tax laws related to business income. Proper filing and documentation are essential for fulfilling tax obligations and avoiding penalties or legal issues.
Suitable for: ITR-4, also known as Sugam, is specifically designed for individuals, Hindu Undivided Families (HUFs), and partnership firms (except LLPs) with presumptive income from business or profession under sections 44AD, 44ADA, or 44AE of the Income Tax Act, 1961.
Eligibility Criteria:
1. Individuals and HUFs:
2. Partnership Firms:
Detailed Conditions for Filing ITR-4 (Sugam):
1. Presumptive Income Scheme:
2. Business or Profession Income:
3. Income Limit:
4. Eligible Businesses:
5. Ineligibility:
Filing Requirements:
Key Considerations:
Conclusion: ITR-4 (Sugam) provides a simplified tax filing option for eligible individuals, HUFs, and partnership firms with presumptive income from business or profession. Proper compliance with tax laws and accurate reporting of income and deductions are crucial for successful tax filing under ITR-4.
Suitable for: ITR-5 is designed for a range of entities and associations under the Income Tax Act, 1961. These include:
1. Firms:
2. Association of Persons (AOPs):
3. LLPs (Limited Liability Partnerships):
4. Body of Individuals (BOIs):
5. Estate of Deceased:
6. Artificial Juridical Person (AJP):
7. Estate of Insolvent:
8. Investment Fund:
9. Business Trust:
Filing Requirements:
Key Considerations:
Conclusion: ITR-5 serves as the appropriate income tax return form for a diverse range of entities, including firms, AOPs, LLPs, BOIs, estates, investment funds, and business trusts. Proper filing and compliance with tax laws are crucial for these entities to fulfill their tax obligations and avoid penalties or legal issues.
Suitable for: ITR-6 is applicable to companies that are not claiming exemption under section 11 of the Income Tax Act, 1961. This form is used by companies other than those required to file ITR-7.
Detailed Conditions for Filing ITR-6:
Relevant Sections of the Income Tax Act, 1961:
Filing Requirements:
Key Considerations:
Conclusion: Filing the correct ITR form is essential for compliance with the Income Tax Act, 1961. ITR-6 is specifically designed for companies that do not claim exemptions under section 11, ensuring they meet all legal requirements for reporting income and paying taxes. Properly completing and submitting ITR-6 helps in accurate assessment and minimizes the risk of penalties.
Suitable for: ITR-7 is designed for tax assesses who are required to file their income tax returns under specific subsections of Section 139 of the Income Tax Act, 1961. These subsections include:
Detailed Conditions for Filing ITR-7:
1. Section 139(4A) – Trusts, Institutions, etc.:
2. Section 139(4B) – Political Parties:
3. Section 139(4C) – Associations or Institutions:
4. Section 139(4D) – Other Entities:
Filing Requirements:
Key Considerations:
Conclusion: Filing ITR-7 is essential for tax assesses falling under the specified subsections of Section 139 of the Income Tax Act, 1961. Properly completing and submitting ITR-7 ensures compliance with tax regulations and minimizes the risk of penalties.
Form | Applicability | Salary | Exempt Income | Capital Gains | House Property | Business Income | Other Sources |
ITR-1 | Resident Indian Individuals and HUFs | ✓ | Yes. Note: Income from agriculture must be equal to/less than INR 5,000. | ✘ | ✓ Note: Income must be only from one house property | ✘ | ✓ |
ITR-2 | Individuals and HUFs | ✓ | ✓ | ✘ | ✓ | ✘ | ✓ |
ITR-3 | Individuals, HUFs and Partner in a firm. | ✓ | ✓ | ✘ | ✓ | ✓ | ✓ |
ITR-4 | Firm, HUF, or Individual | ✓ | ✓ Note: Income from agriculture must be equal to/less than INR 5,000. | ✓ | ✓ Note: Income must be only from one house property | Only for the presumptive business income. | ✓ |
ITR-5 | LLPs or Partnership Firms | ✘ | ✓ | ✘ | ✓ | ✓ | ✓ |
ITR-6 | Companies | ✘ | ✓ | ✘ | ✓ | ✓ | ✓ |
ITR-7 | Trusts | ✘ | ✓ | ✘ | ✓ | ✓ | ✓ |
So, ITR 1, ITR 2, ITR 3 and ITR 4 are the only ITR forms for individuals. Now we will discuss the process to download the ITR Forms.
Everyone is not well-acquainted with the ITR filing process, understanding that the IT Department has presented a few simple steps to file ITR on its official website. However, yet it remains a complicated process so to make it a smooth sailing process, some CA consultancies or companies that CA/CS services file the ITR on behalf of the Assessee by charging a nominal fee.
However, it is a duty of the assessee to choose right for right services. For more information, get in touch with us. Happy to help you!
Income Tax Return has to be filed in Form ITR -6 by private limited companies, one-person companies and limited companies before the due date to file the ITR for a company i.e. on or before the 31st of October.
Companies other than companies who are eligible to claim exemption u/s 11 companies have to file their income tax return in ITR-6 Form. Companies who earn income from properties which are held by them for charitable or religious purposes are eligible to claim exemption u/s 11.
So, the companies which do not claim an exemption for income earned from property held by them for charitable and religious purposes, are eligible to file ITR 6.
31st of October is the due date to file an income tax return by the companies registered in India. Unlike MCA annual returns, even if companies are registered from January to March, they must file income tax returns on or before 31st October of the same calendar year.
Businesses which are required to get their account audited have to file their ITR before 30th September 2023.
ITR Return | Companies |
ITR-6 |
|
ITR-7 | Section 8 company |
Companies registered in India and engaged in a business for profit must file Form ITR 6. Hence, limited companies, private limited companies and one person companies must file Form ITR6. ITR 7 must be filed by Section 8 Company i.e. Companies carrying operations for non-profit purposes.
Any annexures including the TDS certificate, bank statement, investment proof need not be submitted while filing ITR-6. However, assesses must cross-check the taxes deducted/paid/collected/paid by them (or on behalf of them) with the Tax Credit Statement Form 26AS.
There are two parts in ITR Form 6- Part A which has 8 sub-sections and Part B which has two sub-sections. Besides, there are a number of schedules in this form.
Part A: General Information: Enter personal details like Name, Address, Email address, Aadhaar number, PAN details.
Part B
Income Tax Return-6 must be e-filed or furnished in an electronic mode, alongside The verification with Class 2 Digital Signatures, to the Income Tax Department.
Offline filing of ITR Form 6 is not permissible by the Income Tax Department.
Steps to File ITR-6
Form 6 is downloadable from the official e-filing portal of the Income Tax department. However, it is not necessary to download the form because the income tax mandates the complete e-filing of the form in real-time along with verification using the digital signature.
Steps to e-file the Form ITR-6
Points to ponder:
For a hassle-free and easy return filing, you can get in touch with us. Our competent team provides all-inclusive techno-based compliance management services that include financial statement preparation, ITR filing and MCA annual return filing.
The taxable income of an NRI solely relies on the residential status of the person in the concerned year. If the status is – Resident then the income, earned at national or international front, of the individual will be taxable in India, whereas, in the contrast case of NRI Status, the income that is earned in India will only be taxable in India. The examples of income earned in India includes the salary earned in India by doing a job or providing services in India, capital gains on transfer of ownership of assets that are situated in India, gain from a house property located in India, income from FDs or interest on savings bank account in India. Such incomes which are earned in India are taxable income for NRIs. However, the income earned in Foreign country or outside India is not taxable in India. Interest earned on an FCNR account and NRE account is exempted from tax. Interest on NRO accounts attracts tax from an NRI.
There are so many NRI families in today’s world where a member of the family is working outside the country but sends money to his family back in India or makes investment planning for their families or their future. This raises a major concern about NRI Income tax return in India. During every tax filing season, every tax-paying citizen of the country tries to find out the best way he/she can save the total amount of income tax payable on their hard-earned money. Therefore, the NRI Income tax return works completely in favor of the NRI citizens because it allows them to bring NRI income to India, but income which is earned outside India by an NRI is not taxed in India.
Simultaneously, there are various other types of income earned by citizens that are not taxed in India. Though, most NRIs have bank accounts such as non-resident external accounts or foreign currency non-resident accounts that are used by them in India. Indian residents, however, are liable to pay tax on their savings accounts which have an interest charged above INR 10,000, but NRI residents having NRO account are not liable to pay tax on the interest that is charged on their bank accounts. Similarly, investments made by an NRI citizen are also not taxed in India.
NRI taxation rules allow people with income earned outside India to invest in the country which adds to the economy of the country and therefore is a very favorable norm. This helps the government gain investments from NRI’s without spending money on non-residents. If there are any long-term or short-term gains received from the sale of assets in the country or investments made, then the gains will be taxed in India. So, retail income is taxed in India. If an NRI inherits the property or any other kind of asset from their parents or relative, that will not be taxed in India when the ownership is being transferred. But if there are gains generated from transferred assets such as rental income or income from the sale of the asset will be taxed for the NRI citizen. Under Section 54, 54ECand 54F there are some important benefits received from deduction of income tax that can be availed if someone invests the proceedings of any type of long term or short-term capital gains in India. But if an NRIs total gains which would include earnings from all sources such as rent, dividend, capital gains, investment income, etc. exceeds INR 2.5lakh then they must file for the process of taxes.
NRI citizens are not eligible to make a certain investment such as investing in National Saving Certificates (NSC), Senior Citizen Schemes, Post Office Time Deposits, or they are also not allowed to open new PPF accounts or extend their current PPF accounts. However, a lot of other saving instrument schemes such as home loans, life insurance, pension plan, and equity-linked saving schemes for mutual funds are still allowed for NRIs to invest in. An NRI can also claim the amount of tuition fee that is paid for his spouse or children in India. Under section 80D, health insurance policies or health checkups paid by an NRI for his/her parents or dependents that are in India is allowed.
As per the Income Tax Act of India, non-resident Indians must duly pay taxes to the Indian government. But the income tax rates for NRIs are not the same as that of Indian residents. The slabs of taxes for them are mainly based on the income they have earned and not all the other factors.
For the economy of the country, taxation is a very important aspect. Taxes are levied on various products and services that are included in the supply chain of the country. Taxation helps, improve the services and products that are availed by Indian citizens. Some of the commonly known forms of taxation are income tax, service tax, property tax, and tax that is deducted at source. But NRIs mainly must only pay income tax in India.
If an NRI falls under the jurisdiction of the income tax act of 1961, they must pay the entire taxable amount to the government. The income tax act of 1961, however, provides all the details under the category of NRI taxation, explaining on what they must pay taxes and how they must pay it. The NRI taxation category gives detailed information on all types of taxes such as income tax, property tax, wealth tax, but its focus is always income tax.
Definition of NRI According to Income Tax Act, 1961:
Conditions Required to Be Fulfilled for NRI Status:
Income Tax Provisions for NRIs:
1. Taxable Income and Jurisdiction:
2. Tax Slabs for NRIs:
3. Key Points on NRI Taxation: a. Tax slabs are applied based on the income earned, regardless of gender, age, or other specifications for NRIs. b. Tax Deducted at Source (TDS) applies to all income generated by NRIs, without any threshold value considerations. c. Nominal deductions are not applicable to investment income, except in specific situations. d. NRIs covered under Section 115G of the Income Tax Act may be exempted from e-filing their tax returns.
Provisions in the Income Tax Act for NRIs:
Applicable Deductions and Exemptions for NRIs:
Understanding these provisions and consulting with tax professionals can help NRIs optimise their tax liabilities and ensure compliance with Indian tax laws.
At Tax Dunia, we specialize in simplifying the complexities of income tax filing. When it comes to filing your income taxes, Our dedicated team provides top-notch services, ensuring a hassle-free experience and peace of mind for our clients.. At Tax Dunia, we offer unparalleled personal attention and expert guidance that set us apart from larger accounting firms. Here’s why you should bring your tax challenges to us:
We understand that every individual’s tax situation is unique. Our services are tailored to meet client’s specific needs, ensuring that client receive personalized solutions that optimize his tax returns and minimize his liabilities.
Our approach to ITR (Income Tax Return) filing ensures accuracy and compliance. Our Tax Consultants are well-versed in the latest tax laws and regulations, providing you with the assurance that your taxes are in capable hands.
Our team at Tax Dunia is highly knowledgeable and stays updated with the latest tax laws and regulations. We provide the highest level of expertise without the charging abnormal fees that puts a burden on your pocket.
We care deeply about our clients and their financial well-being. Your relationship with money is multifaceted, just like your tax return. Our goal is to help you manage your taxes efficiently, so you can keep more of your hard-earned money. By understanding your personal and financial goals, we create strategies that help you achieve both.
Tax laws change every year, making it challenging to ensure you’re claiming all legitimate deductions and staying compliant. Whether you’re filing as an individual or a business, our expertise guides you through these complexities. We prepare your returns to your best advantage, setting you on the optimal path even when the path is not clearly defined.
From initial consultation to final submission, our team is with you at every step of the way. We provide comprehensive support, answering all your queries and ensuring that your tax filing process is smooth and efficient. Advice tailored to your specific needs. Our network includes experts in legal, insurance, banking, financial advisory services, and information technology.
Income Tax Return filing service in India refers to the process of submitting your annual income details to the Income Tax Department as per the provisions of the Income Tax Act. This includes disclosing various sources of income, deductions claimed, and taxes paid during the financial year.
You can avail Income Tax Return filing service in India through professional consultants or firms specializing in tax advisory services. Look for experienced consultants who offer personalized assistance and ensure compliance with tax regulations.
Yes, we offer specialized NRI Tax Consultancy Service to non-resident Indians (NRIs) seeking guidance on their tax obligations in India. Our team of experts assists NRIs in understanding their tax liabilities, claiming deductions, and filing Income Tax Returns accurately.
Documents required for Income Tax Return filing for individuals include PAN card, Aadhaar card, Form 16 (issued by employer) if salaried, bank statements, details of investments, business income details, property ownership documents, and any other relevant financial documents.
Yes, our consultants are highly experienced in handling NRI Income Tax matters. We provide comprehensive assistance to NRIs in understanding the complexities of Indian tax laws, filing Income Tax Returns, claiming exemptions, and ensuring compliance with regulatory requirements.
Absolutely, we specialize in NRI Income Tax Return filing services. Our consultants are well-versed in the intricacies of NRI taxation and can help you file your Income Tax Returns accurately and efficiently, ensuring compliance with Indian tax laws.
Outsourcing Income Tax Return filing to experienced consultants offers several benefits, including accurate calculation of taxes, timely submission to avoid penalties, expert guidance on deductions and exemptions, and peace of mind knowing that your tax affairs are in capable hands.
Yes, we provide personalized assistance for Income Tax Return filing tailored to the specific needs of each individual client. Our consultants offer one-on-one consultations to understand your financial situation, address any concerns, and ensure that your Income Tax Returns are filed accurately and efficiently.
Absolutely, our team of Income Tax consultants is equipped to handle even the most complex tax situations. Whether you have multiple sources of income, investments in diverse financial instruments, or are facing tax implications due to changes in residency status, we have the expertise to provide comprehensive solutions.
Getting started with our Income Tax Return filing service is easy. Simply reach out to us through our website or contact details provided, and our team will guide you through the process. We'll schedule a consultation to assess your requirements, explain our services, and help you get started on filing your Income Tax Returns hassle-free.
Contact us today to explore how we can support you in fulfilling your taxation requirements.
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