Income Tax

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Income Tax Notice Response

The Income Tax Department issues notifications for various purposes. This could include situations where someone hasn't filed their

TDS Return Filing

TDS (Tax Deducted at Source) return filing is a mandatory process in which individuals or entities who have deducted tax at

ITR 1 Return Filing

The Income Tax Department has classified taxpayers into specific groups to simplify tax compliance. This categorization is based on

ITR 1 Return Filing

The Income Tax Department has classified taxpayers into specific groups to simplify tax compliance. This categorization is based on

ITR 2 Return Filing

ITR 2 Form is a crucial income tax return document utilized by both Indian citizens and NRIs for filing returns with the Income-tax department of India

ITR 2 Return Filing

ITR 2 Form is a crucial income tax return document utilized by both Indian citizens and NRIs for filing returns with the Income-tax department of India

ITR 3 Return Filing

ITR 3 Form is designed for individuals and Hindu Undivided Families (HUFs) who derive income from business or profession and seek to report

ITR 4 Return Filing

Form ITR-4 is submitted by taxpayers who have chosen the Presumptive Taxation Scheme under sections 44D, 44DA, or 44AE

ITR 5 Return Filing

The ITR-5 Forms are designated for use by entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons

ITR 6 Return Filing

The ITR 6 Form is specifically intended for companies to electronically file their income tax returns, provided they are not seeking

ITR 7 Return Filing

Filing of the ITR 7 Form is applicable to companies that derive income from properties earmarked for charitable or religious purposes

ITR 7 Return Filing

Filing of the ITR 7 Form is applicable to companies that derive income from properties earmarked for charitable or religious purposes

Form 16

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Form 16

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EXEMPTION LIMITS FOR

E-FILING INCOME TAX RETURN

The Income Tax Act requires individuals, Hindu Undivided Families (HUFs), companies, firms, AOP/BOI, NGO/Trust etc. to file an Income Tax Return (ITR) if their income exceeds the prescribed exemption limits.

Individuals Age Income Tax

Individuals

Age < 60 years

Mandatory if total income exceeds Rs.2.5 lakh

Individuals

Age > 60 Years < 80 years

Mandatory if total income exceeds Rs.3 lakh

Individuals

Age > 80 years

Mandatory if total income exceeds Rs.5 lakh

Hindu Undivided Family- HUF

–

Mandatory if total income exceeds Rs.2.5 lakh

Companies

–

Mandatory irrespective of Income

Partnership Firm/LLP

–

Mandatory irrespective of Income

LLP

–

Mandatory irrespective of Income

Trust/NGO

–

Mandatory if total income exceeds Rs.10,000

AOP/BOI

–

Mandatory if total income exceeds Rs.2.5 lakh
DUE DATE FOR

E-FILING INCOME TAX RETURNS

The return being processed pertains to the earnings from the fiscal year 2022-23, encompassing the income accrued between April 1, 2022, and March 31, 2023. It is imperative to submit this return prior to July 31, 2023, to prevent incurring a penalty for late filing

 
ITR Forms Applicability Due Date

ITR1

This return is filed by Individuals having income from salary, pension, Rental, or other sources upto Rs.50 lakh. Referred as personal ITR

This return is filed by Individuals having income from salary, pension, Rental, or other sources upto Rs.50 lakh. Referred as personal ITR

ITR2

This return is filed by Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

31st July (In case of working Partner of a Firm or LLP whose audit is required u/s 44AB due date is 31st October)

ITR3

This income is meant for small businesses running as proprietorship or HUF and having income under the head Profit and Gains of Business & Profession (PGBP).

31st July

(In case of Audit under section 44AB then due date is 31st October )

ITR4

This filing pertains to Presumptive Income under Section 44AD & 44ADA, etc., to be submitted by an Individual or HUF with earnings from PGBP.

31st July

(In case of Audit under section 44AB then due date is 31st October )

ITR5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP).

31st July

(In case of Audit under section 44AB then due date is 31st October )

ITR6

This return is for all type of companies such as , Private Limited Company, Public Limited Company, OPC, except Section 8 Company. Referred as corporate ITR or company ITR.

31st October in all cases

ITR7

This return is to be filed by Trust who are required to mandatorily file their returns under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

31st July

(In case of Audit under section 44AB then due date is 31st October )
ITR RETURN FILING

LIST OF DOCUMENTS REQUIRED FOR

Type of ITR Documents required

ITR1

Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate etc.

ITR2

Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Capital gain statement of share trading or property, details of foreign assets or income etc.

ITR3

Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Business receipts in cash and bank, balance sheet, Profit & Loss A/c etc.

ITR4

Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Business receipts in cash and bank, balance sheet, Profit & Loss A/c etc.

ITR5

Income Tax Portal Login, Active PAN, Bank Statement, Investment proof, Interest Certificates, Business receipts in cash & in bank, Profit & Loss A/c, balance sheet, ledgers etc.

ITR6

Income Tax Portal Login, PAN, Bank Statement, Investment proof, Interest Certificates, Business receipts of cash and bank, Profit & Loss A/c, balance sheet,  ledgers, Digital Signature Certificate, Audit Report etc.

ITR7

Income Tax Portal Login, Active PAN, Bank Statement, Investment proof, FD Interest Certificates, Business receipts in cash & in bank, Income & Expenditure A/c balance sheet,  ledgers, Digital Signature Certificate, Audit Report etc.
IMPORTANT POINTS TO CONSIDER

FOR FILING INCOME TAX RETURN

Below are the important points to be consider for filing income tax return:

  • Disclosure of all the income, investment and related information is responsibility of the taxpayer.
  • Once Complianto team file ITR based on information provided by Taxpayer then it shall not be responsible for any revision in ITR (Fee for revised ITR will be extra.)
  • Taxpayer should check which tax regime is beneficial to him i.e. old tax regime or new tax regime
  • In case taxpayer have any foreign asset or liability then the same should be reflected in ITR.
  • In case your turnover exceeds Rs.1 crore then tax audit will be applicable unless you opt for presumptive taxation scheme for which limit is Rs.2 crore
  • In case of capital gain on sale of land or building acquired before 1st April 2001, then a valuation report from registered valuer will be required to ascertain the value of property as on 01st, April 2001.
  • If ITR is not filed on Time then late fee will be levied, interest under section 234A @1% payable and losses cannot be carried forward to next year.
  • Do check whether any gift above Rs.50000 received during the previous year.
  • All incomes whether taxable or exempt has to be disclosed in ITR.
  • In case income exceeds Rs.50 lakh then assets and liability details to be furnished.

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