ITR Filing for Individuals Starting from ₹ 999/-
Get Started By paying Rs. 999/-
Introduction
Any individual earning an income above a certain amount is liable to pay income tax. The income can be earned from any sources like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business or professional income. Income tax rates are finalized in the Union Budget before the start of the financial year.
Income Tax Return is a simple Form that has to be filed with the Income Tax Department which contains the different parts where we have to disclose all the sources of the income earned and the tax liabilities are calculated. The type of ITR depends on the amount of income and other checks as laid in Income Tax.
Advantages of Income Tax Filing Returns
Easy loan processing
Filing ITR avoids
ITR receipt is a very important document
Claiming Refund
Types of Return for Individuals
Individuals can file following Income Tax Return Form written below according to their eligibility:
1. Individuals having total income up to 50 lakhs
ITR-1: ITR-1 is for a resident individual whose total income for the assessment year is upto 50 lakhs and includes:
- Income from Salary/ Pension;or
- 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)
- Agricultural income up to Rs.5000
2. Individuals having total income of more than 50 lakhs
ITR-2: ITR 2 is for those individuals or a Hindu Undivided Family (HUF) whose total income for the AY exceeds 50 lakhs which includes:
- Income from Salary/Pension;
- Income from House Property;
- Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
- If you are an Individual Director in a company
- If you have/had investments in unlisted equity shares at any time during the financial year
- Being a resident not ordinarily resident and non-resident
- Income from Capital Gains;
- Foreign Assets/Foreign income
- Agricultural income more than Rs 5,000
Further, in a case where the income of any other person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used.
ITR-3: ITR3 Form is for those individuals or a Hindu Undivided Family who have income from proprietary business or are carrying on any profession. The persons having income from following sources are eligible to file ITR 3 :
- Carrying on a business or profession
- If you are Director in any company
- If you have/had investments in unlisted equity shares at any time during the financial year
- Return may include income from House property, Salary/Pension and Income from other sources
- Income of a person as a partner in the firm
ITR-4:ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) who are residents and having income from a business or profession. It includes those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
Businesses whose turnover exceeds Rs 2 crore are not eligible to opt for a presumptive scheme and have to file ITR-3.
Documents Required to file ITR
Income from salary
- Aadhar card
- Pan card
- Form 16 (having details of salary)
- Bank statement
- Investment under section 80
Income from house property
- Aadhar card
- PAN card
- Rent Receipt
- Bank Statement
- Investment under section 80
Income from Business or Profession
- Aadhar card
- PAN card of taxpayer
- PAN card of Entity
- Bank statement
- Financial Statements
- Investment under section 80
Income from Capital Gain
- Aadhar card
- PAN card
- Rent Receipt
- Bank Statement
- Receipt of sale of capital assets
- Receipt of purchase of capital assets
- Investment under section 80
Income from Other source
- Aadhar card
- PAN card
- Bank statement
- Investment under section 80
Procedure for Filing ITR
Due dates for filing Income Tax return
For Taxpayer not eligible to get Tax audit:Due date for filing Income tax Return for Taxpayer having turnover less than 1 crore or who opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 31st November 2020.
For Taxpayer eligible to get Tax audit: Due date for filing Income tax Return for Taxpayer having turnover more than 1 crore or who do not opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 30th October 2020
Taxpayer can file belated Return up to 31st march of Assessment year
Penalty of non filing Income Tax Return
Where a person is required to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay prescribed late fee in following manner :
Return file up to 31 December of A.Y – Rs. 5000
Return file after 31 December of A.Y- Rs 10000
*However if total income of person does not exceed 5lakh than late fee shall not exceed Rs. 1000
Tax Slab for Individual
Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
| Tax Slab | Rate |
| Up to 250000 | Nil |
| 250000-500000 | 5% |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
- Resident Individual who is of the age of 60 years or more but below 80 years at any time during the relevant previous year:
| Tax Slab | Rate |
| Up to 300000 | Nil |
| 300000-500000 | 5% |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
- Resident Individual who is of the age of 80 years or at any time during the relevant previous year:
| Tax Slab | Rate |
| Up to 500000 | Nil |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
Surcharge
- 10% of income tax where total income exceeds Rs. 50,00,000.
- 15% of income tax where total income exceeds Rs. 1,00,00,000.
Health and Education cess:
- 4% of income tax + surcharge.