Personal ITR

Starts at ₹ 1770 –  Personal ITR

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Personal ITR

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Professional Fees15,00.00
Goods & Service Tax270.00
Total Cost1,770.00

* The above mentioned price are starting prices

Return TypeApplicability
ITR-1ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.
ITR-2ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.
ITR-3ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.
ITR-4ITR-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-5ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
ITR-6ITR-6 form must be filed by companies registered in India.
ITR-7ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research insitutions and colleges or universities.

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return – irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. IndiaFilings provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 – 2 business days.

Documents Required for Personal ITR

Only Scanned Copies are needed, Scanned copy of PAN Card of all directors and Aadhar card/ Voter ID/ Passport/ Driving

ID Proof

Scanned copy of  Aadhar card/ Voter ID/ Passport/ Driving License

Address Proof

 Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Registered Office Proof

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property)

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

  • Late Filing between 1st August and 31st December – Rs.5000
  • Late Filing After 31st December – Rs.10,000
  • Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

Business

In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

Professional

In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.

Presumptive Taxation Scheme

If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.

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