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Income Tax Return Filing Service in India

Simplify Your Income Tax Return Filing with Tax Dunia

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.

Tailored Services for Individuals and NRIs

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.

Why Choose Tax Dunia?

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:

  1. Expertise and Accuracy: Our meticulous approach to ITR (Income Tax Return) filing ensures accuracy and compliance. Our Income Tax Consultants are well-versed in the latest tax laws and regulations, providing you with the assurance that your taxes are in capable hands.
  2. Seamless NRI ITR Filing: Experience hassle-free NRI ITR Filing with Tax Dunia. Our dedicated team simplifies the process, making it easy for you to fulfill your tax obligations from anywhere in the world. We handle all the complexities, so you don’t have to.
  3. Personalized Service: We understand that every individual’s tax situation is unique. Our services are tailored to meet your specific needs, ensuring that you receive personalised solutions that optimize your tax returns and minimize your liabilities.
  4. Comprehensive Support: From initial consultation to final submission, our team is with you every step of the way. We provide comprehensive support, answering all your queries and ensuring that your tax filing process is smooth and efficient.

 

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.

Income Tax Return (ITR)

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:

  • For Individuals Not Requiring an Audit: The due date for filing the ITR is 31st July of the Assessment Year.
  • For Individuals Requiring an Audit: The due date for filing the ITR is 31st October of the Assessment Year. This deadline may be extended by the Income Tax Department.

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:

      • Rs. 2,50,000 for individuals below 60 years of age
      • Rs. 3,00,000 for individuals between 60 and 80 years of age
      • Rs. 5,00,000 for individuals above 80 years of age

2. Multiple Sources of Income:

    • Filing an ITR is mandatory if the individual has income from multiple sources, such as capital gains, house property, or other sources.

3. Claiming Income Tax Refund:

    • If the taxpayer wishes to claim a refund for excess tax paid or deducted at source, filing an ITR is required.

4. Foreign Assets or Income:

    • An individual must file an ITR if they have earned income from foreign assets or have made investments in foreign assets during the financial year.

5. Visa or Loan Applications:

    • Filing an ITR is necessary if the taxpayer intends to apply for a visa or a loan, as these documents are often required by visa authorities and financial institutions.

6. Firms or Companies:

    • It is mandatory for all firms and companies to file an ITR, irrespective of whether they have incurred a profit or a loss during the financial year.

 

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.

Types of Income Tax Returns (ITRs)

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:

  • The type of taxpayer (individual, HUF, company, firm, etc.)
  • The residential status of the taxpayer
  • The total income of the taxpayer during the financial year
  • The sources of income (salaries, house property, business/profession, capital gains, other sources)
  • Specific circumstances such as directorship in a company, investments in unlisted equity shares, and eligibility for presumptive taxation.

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.

ITR-1 (SAHAJ)

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:

    • Resident individuals with income from salary, pension, one house property (excluding losses carried forward), other sources (except income from lottery and racehorses), and agricultural income within INR 5,000 are eligible to file ITR-1.

Detailed Conditions for Filing ITR-1 (SAHAJ):

       1. Salary or Pension Income:

    • Taxpayers should have income from salary or pension, which may include regular wages, bonuses, allowances, etc.

       2. House Property:

    • Taxpayers can report income from one house property, excluding any losses carried forward from previous years.

       3. Income from Other Sources:

    • Income from other sources like interest from savings accounts, fixed deposits, dividends from investments, etc., can be included in ITR-1.

       4. Agricultural Income:

    • Agricultural income up to INR 5,000 is allowed in ITR-1. Beyond this limit, a different ITR form may be required.

Ineligibility to File ITR-1 (SAHAJ):

       1. Income Limit:

    • Taxpayers with total income exceeding INR 50 lakhs are not eligible to file ITR-1.

       2. Multiple House Properties:

    • Taxpayers owning more than one house property cannot use ITR-1.

       3. Capital Gains or Business Income:

    • Taxpayers with income from capital gains, business or profession, or income from lottery, racehorses, or speculative activities are not eligible for ITR-1.

       4. Foreign Assets or Income:

    • Taxpayers with foreign assets or income, or those with signing authority in foreign accounts, are not eligible for ITR-1.

Filing Requirements:

  • ITR-1 requires taxpayers to provide details of income, deductions, exemptions, and tax payments.
  • Supporting documents such as Form 16 (for salary income), TDS certificates, bank statements, and investment proofs may be required for verification.
  • Compliance with TDS provisions, advance tax payments, and other tax regulations is mandatory.

 

Key Considerations:

  • Accurate reporting of income sources and adherence to eligibility criteria are crucial for successful tax filing under ITR-1.
  • Taxpayers should consult tax professionals or legal advisors to ensure correct reporting and compliance with tax laws.
  • Electronic filing with a digital signature or submission of ITR-V (Verification) form is required for ITR-1, ensuring authenticity and security of the tax return.

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.

ITR-2

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:

  1. Income Sources:
    • Taxpayers who have income from sources other than business or profession, such as salary/pension, house property, capital gains, other sources, foreign income/assets, or multiple sources of income, are eligible to file ITR-2.

Detailed Conditions for Filing ITR-2:

       1. Income Components:

    • Taxpayers should have income from multiple sources, including salary/pension, house property, capital gains(from sale of assets like property, shares, mutual funds, etc.), income from other sources (like interest, dividends, etc.), and foreign income/assets.

       2. Foreign Income/Assets:

    • Taxpayers who have income from foreign sources or own foreign assets are eligible to file ITR-2.

       3. Capital Gains:

    • Taxpayers with capital gains from the sale of assets such as property, shares, mutual funds, etc., can use ITR-2 to report these gains.

       4. Income from House Property:

    • Taxpayers who own one or more house properties and earn income from them, including rental income, can file ITR-2.

       5. Multiple Sources of Income:

    • If the taxpayer has income from salary/pension, house property, capital gains, and other sources, ITR-2 is applicable.

       6. Non-Business/Non-Professional Income:

    • Taxpayers who do not have income from business or profession can use ITR-2 to report their income from other sources.

Ineligibility to File ITR-2:

  1. Business or Profession Income:
    • Taxpayers with income from business or profession are not eligible to file ITR-2. They should use the appropriate ITR form based on their income sources (e.g., ITR-3 for business income).

Filing Requirements:

  • ITR-2 requires detailed reporting of income from various sources, including salary/pension, house property, capital gains, foreign income/assets, and other sources.
  • Taxpayers must maintain proper documentation and supporting evidence for income, deductions, exemptions, and foreign assets/income reported in ITR-2.
  • Compliance with TDS provisions, advance tax payments, and other tax regulations is mandatory.

Key Considerations:

  • Accurate reporting and disclosure of income from various sources are crucial for successful tax filing under ITR-2.
  • Taxpayers should consult tax professionals or legal advisors to ensure correct reporting and adherence to tax regulations.
  • Electronic filing with a digital signature is required for ITR-2, ensuring authenticity and security of the tax return.

 

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.

ITR-3

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:

    • Taxpayers who have income from a proprietary business or profession are eligible to file ITR-3.

       2. Partnership Firms:

    • Individuals who are partners in a firm but do not carry out business operations under proprietorship can also use ITR-3.

Detailed Conditions for Filing ITR-3:

       1. Income from Business or Profession:

    • Taxpayers should have income from proprietary business or profession, including consulting, freelancing, trading, manufacturing, or any other self-employed activity.

       2. Individual Directorship:

    • Taxpayers who are individual directors in companies, including private limited companies, can use ITR-3.

       3. Investment in Unlisted Equity Shares:

    • Taxpayers who have invested in unlisted equity shares at any time during the financial year are eligible to file ITR-3.

       4. Income Components:

    • Apart from business income,taxpayers may also have income from house property, salary/pension, other sources, bonuses, interest, commissions, or remuneration from partnership firms.

       5. Registered under Presumptive Taxation Scheme:

    • Taxpayers registered under the presumptive taxation scheme and having a turnover exceeding INR 2 crore are required to file ITR-3.

Ineligibility to File ITR-3:

       1. Income from Other Sources:

    • Taxpayers with income only from other sources, such as interest income, dividends, or rental income, without any business or profession income, are not eligible to file ITR-3.

       2. Partnership Firm Operations:

    • Taxpayers who are partners in a firm but do not carry out business operations under proprietorship cannot use ITR-3. They may use other applicable ITR forms based on their income sources.

Filing Requirements:

  • ITR-3 requires detailed reporting of income from business or profession, including gross receipts, expenses,depreciation, and net profit calculation.
  • Taxpayers must maintain proper books of accounts and records to substantiate the income, expenses, and other financial transactions reported in ITR-3.
  • Compliance with TDS provisions, advance tax payments, and other tax regulations is mandatory.

Key Considerations:

  • Accurate reporting and disclosure of business or profession income, expenses, and deductions are crucial for successful tax filing under ITR-3.
  • Taxpayers should consult tax professionals or legal advisors to ensure correct reporting and adherence to tax regulations.
  • Electronic filing with a digital signature is required for ITR-3, ensuring authenticity and security of the tax return.

 

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.

ITR-4

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:

    • Resident individuals and HUFs with income from business or profession opting for the presumptive taxation scheme under section 44AD.

       2. Partnership Firms:

    • Partnership firms (excluding LLPs) with presumptive income from business or profession under sections 44AD, 44ADA, or 44AE.

Detailed Conditions for Filing ITR-4 (Sugam):

       1. Presumptive Income Scheme:

    • Taxpayers opting for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE can use ITR-4.

       2. Business or Profession Income:

    • Income from business or profession should be computed under the presumptive scheme mentioned above.

       3. Income Limit:

    • The total income of the taxpayer should not exceed INR 50 lakhs to be eligible to file ITR-4.

       4. Eligible Businesses:

    • Businesses eligible for the presumptive scheme include trading, manufacturing, commission agents, professionals like doctors, engineers, architects, etc., specified professionals under section 44AA(1), and small businesses with turnover up to INR 2 crores.

       5. Ineligibility:

    • Taxpayers whose total income exceeds INR 50 lakhs.
    • Taxpayers having income from more than one house property.
    • Taxpayers carrying forward losses under any head of income.
    • Taxpayers having income from foreign assets or signing authority in foreign accounts.
    • Taxpayers earning income from winnings, lottery, racehorses, or legal gambling activities.
    • Taxpayers with income from capital gains, speculative business, or professional income not eligible for presumptive taxation.

Filing Requirements:

  • ITR-4 requires detailed reporting of presumptive income, deductions under section 80, income from other sources, and financial particulars of the taxpayer.
  • Supporting documents related to income, expenses, and deductions should be maintained for verification if required by tax authorities.
  • Compliance with TDS provisions, advance tax payments, and other tax regulations is mandatory.

Key Considerations:

  • Accurate reporting and disclosure of presumptive income and other financial details are essential to avoid penalties and ensure compliance with tax laws.
  • Taxpayers should consult tax professionals or legal advisors to determine eligibility and correctly report income under the presumptive scheme.
  • Electronic filing with a digital signature is required for ITR-4, ensuring authenticity and security of the tax return.

 

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.

ITR-5

Suitable for: ITR-5 is designed for a range of entities and associations under the Income Tax Act, 1961. These include:

       1. Firms:

    • Any partnership firm, including limited liability partnerships (LLPs).

       2. Association of Persons (AOPs):

    • Entities formed by two or more persons, including partnerships, clubs, societies, or any other association of persons.

       3. LLPs (Limited Liability Partnerships):

    • Legal entities with limited liability where partners’ liability is limited to the extent of their contributions to the LLP.

       4. Body of Individuals (BOIs):

    • Groups of individuals, including families, associations, or any other collective body not falling under AOP.

       5. Estate of Deceased:

    • Legal representatives handling the estate or assets of a deceased person.

       6. Artificial Juridical Person (AJP):

    • Entities recognized as legal entities but not natural persons, such as corporations, trusts, or societies.

       7. Estate of Insolvent:

    • Legal representatives handling the assets of an insolvent person or entity.

       8. Investment Fund:

    • Entities registered as investment funds, including mutual funds, venture capital funds, or other investment vehicles.

       9. Business Trust:

    • Entities structured as business trusts, typically involved in real estate investment trusts (REITs) or infrastructure investment trusts (InvITs).

Filing Requirements:

  • The form requires comprehensive financial disclosures, including income, deductions, exemptions, and details of partners, members, or beneficiaries.
  • Entities must maintain proper books of accounts and records to substantiate the income, expenses, and other financial transactions reported in ITR-5.
  • Compliance with TDS provisions, advance tax payments, and other tax regulations is mandatory.

Key Considerations:

  • Accurate reporting and disclosure of all relevant financial information are essential to avoid penalties and ensure compliance with tax laws.
  • Entities filing under ITR-5 should consult tax professionals or legal advisors to ensure correct reporting and adherence to tax regulations.
  • Electronic filing with a digital signature is required for ITR-5, ensuring authenticity and security of the tax return.

 

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.

ITR-6

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:

  1. Eligible Companies:
    • Any company that does not seek exemptions under section 11, which pertains to income from property held for charitable or religious purposes.
  2. Ineligible Companies:
    • Companies that claim exemptions under section 11 (charitable or religious organizations) must use ITR-7.
    • Any entity other than companies, such as individuals, HUFs, firms, LLPs, AOPs, BOIs, and trusts, must use the appropriate ITR forms designated for them (ITR-1 to ITR-5, and ITR-7).

 

Relevant Sections of the Income Tax Act, 1961:

  • Section 11: Provides exemptions for income derived from property held under trust or other legal obligations for charitable or religious purposes. Companies claiming such exemptions must file ITR-7.
  • Section 139: Outlines the requirements for filing income tax returns for different types of taxpayers, including companies required to file ITR-6.

 

Filing Requirements:

  • Companies must report all income, including income from business or profession, capital gains, and other sources.
  • The form requires detailed financial disclosures, including balance sheet and profit and loss account information.
  • Companies must ensure compliance with all applicable provisions of the Income Tax Act, including tax deducted at source (TDS) and advance tax payments.

 

Key Considerations:

  • Accurate and complete disclosure of all financial information is crucial to avoid penalties and ensure compliance.
  • Companies should maintain proper books of accounts and records to substantiate the income, deductions, and exemptions claimed in the return.
  • Filing ITR-6 electronically with a digital signature is mandatory for companies.

 

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.

ITR-7

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:

  • Section 139(4A): For persons including trusts, institutions, universities, and other entities claiming exemption under section 10.
  • Section 139(4B): For political parties if their income exceeds the taxable limit.
  • Section 139(4C): For associations or institutions referred to in section 10(23A), 10(23B), or 10(23BB) who are required to furnish return under section 139(4A) or section 139(4B).
  • Section 139(4D): For individuals or entities required to furnish return under section 139(4D), which includes scientific research associations, news agencies, professional bodies, trade unions, or bodies or authorities established under any Central or State Act.

Detailed Conditions for Filing ITR-7:

       1. Section 139(4A) – Trusts, Institutions, etc.:

    • Entities such as trusts, institutions, universities, and others claiming exemption under section 10 need to file ITR-7.

       2. Section 139(4B) – Political Parties:

    • Political parties must file ITR-7 if their income exceeds the taxable limit.

       3. Section 139(4C) – Associations or Institutions:

    • Associations or institutions referred to in section 10(23A), 10(23B), or 10(23BB) must file ITR-7 if required under section 139(4A) or section 139(4B).

       4. Section 139(4D) – Other Entities:

    • Entities such as scientific research associations, news agencies, professional bodies, trade unions, or bodies/authorities established under any Central or State Act must file ITR-7 if required under section 139(4D).

Filing Requirements:

  • The form requires detailed financial disclosures, including income, deductions, and exemptions claimed under the respective sections.
  • Proper documentation supporting the claims and exemptions must be maintained and furnished as required.
  • Tax assesses must ensure compliance with all applicable provisions of the Income Tax Act, including TDS and advance tax payments.

Key Considerations:

  • Accurate and complete disclosure of all financial information is crucial to avoid penalties and ensure compliance.
  • Entities filing under ITR-7 should maintain proper books of accounts and records to substantiate the income, deductions, and exemptions claimed in the return.
  • Filing ITR-7 electronically with a digital signature is mandatory for entities required to file under the specified subsections.

 

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.

An Overview: Types of ITRs and Relevance

 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.

Download & File 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!

ITR For Companies

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.

Due Date to File ITR for Companies

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 to Be Filed

ITR Return

Companies

ITR-6

  • Public Limited company
  • Private Limited Company
  • One person Company

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.

Annexures Required

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.

I. ITR Form 6: Structure

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.

  • B/S: Enter the details about the balance sheet of the firm or LLP.
  • P&L: Enter the details of the company’s profit and loss.
  • Manufacturing Account: Enter the details of manufacturing account/open inventory for the year.
  • Trading Account: Enter the details about revenue from operations.
  • OI: Enter the information required in this section.
  • QD: Enter the quantitative details about trading & manufacturing accounts.
  • OL: Enter the details about the company’s receipt/payment under liquidation.

Part B

  • TI: Calculation of total income by summing up income from house property, gains from business, capital gains & other income and deducting the allowed deductions to calculate the taxable income.
  • TTI: Calculation of tax liability based on the income and applicable rate. An array of schedules come with this form. Some of the crucial ones are as follows:
  • Schedule HP: Enter the details about income from house property.
  • Schedule BP: Enter the details about income from the business.
  • Schedule DPM: Enter the depreciation for any machinery or/& plant possessed.
  • Schedule DOA: Enter the depreciation for any other assets.
  • Schedule DCG: Enter the details regarding capital gains from the sale, in case of sale of any depreciable asset at any point of time during the year.
  • Schedule CG: Enter the details regarding capital gains.

ITR-6: Return Filing

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.

Preparatory Actions to File ITR- 6
  • Keep your profit and loss statement, balance sheets and book of accounts ready.
  • Go through the detailed instructions to file Form 6 given on the official website of the Income Tax Department.
  • Be ready to fill both the parts- Part A and B along with the schedules.
  • Note that Form 6 is an annexure-less form so no document needs to be attached with it.
  • Download Form ITR-6

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

  • Step 1: Go to the e-filing portal of the Income Tax department.
  • Step 2: Choose the ITR Form 6 after checking your eligibility to file this return form.
  • Step 3: Enter the details required in the sequence mentioned above.
  • Step 4: Sign the verification form using Digital Signature and Submit.

Points to ponder:

  • After entering the details in the Form, the tax is calculated after considering all the taxes paid in advance and once the return filing process is completed, the tax is settled which means in case of additional payment of tax, the refund is initiated by the Income Tax department.
  • It is only in case of Form 6 that online verification is permitted. So, the ITR-6 has to be filed online as well as verified online using a digital signature.

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.

Income Tax Provisions for NRIs

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.

Income Tax Slabs and Rates for NRIs for FY 2020-21 & AY 2021-22

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.

Income Tax Provisions for NRIs

Definition of NRI According to Income Tax Act, 1961:

  1. Definition: A person qualifies as a Non-Resident Indian (NRI) under the Income Tax Act, 1961, if they fulfill certain criteria. This includes:
    • Being present in India for less than 182 days during the financial year.
    • Being present in India for less than 60 days during the financial year and less than 365 days during the preceding four financial years.

 

Conditions Required to Be Fulfilled for NRI Status:

  1. Duration of Stay: An individual should not have stayed in India for more than 182 days during the financial year to be considered an NRI.
  2. Previous Year Stay: Additionaly, if the individual has stayed in India for less than 60 days during the financial year and less than 365 days during the preceding four financial years, they qualify as an NRI.

 

Income Tax Provisions for NRIs:

       1. Taxable Income and Jurisdiction:

    • Income earned outside India by an NRI is not taxable in India under the Income Tax Act.
    • Income earned in India by an NRI, such as capital gains, dividends, or rental income, exceeding the basic exemption limit, is subject to taxation.

       2. Tax Slabs for NRIs:

    • Tax slabs for NRIs are determined based on income levels, irrespective of gender, age, or other specifications.

      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:

  1. Section 115D: Calculation of taxable income for NRIs.
  2. Section 115E: Tax rate of 20% on investment income or long-term capital gains earned by NRIs.
  3. Section 115F: Exemptions for non-taxable capital gains on certain foreign exchange assets.
  4. Section 115G: Exemption from filing tax returns for NRIs under certain circumstances.
  5. Section 115H: Benefits for NRIs transitioning to resident status.
  6. Section 115I: Taxation on income derived from foreign exchange assets.

 

Applicable Deductions and Exemptions for NRIs:

  1. Section 80C: Deductions on life insurance premiums, tuition fees, principal repayment on housing loans, investments in ULIPs, and income from house property.
  2. Section 80D: Deductions on health insurance premiums and preventive health check-ups for family members or dependents.
  3. Section 80E: Deductions on interest paid for education loans for higher education.
  4. Section 80G: Deductions on donations made under Section 80G.
  5. Section 80TTA: Deductions on interest earned from savings bank accounts up to INR 10,000.

 

Understanding these provisions and consulting with tax professionals can help NRIs optimise their tax liabilities and ensure compliance with Indian tax laws.

Why Choose Tax Dunia for Income Tax Filing?

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:

1. Personalized Attention

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.

2. Expertise and Accuracy

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.

3. Expert Knowledge at Competitive Rates

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.

4. Client-Centric Service

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.

5. Navigating Complex Tax Laws

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.

6. Comprehensive Support

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.

FAQs for Income Tax Return for Individuals

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.

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