• Home / 
  • Personal Tax Return Filing

Personal Tax Return Filing

Documents Required

  • Aadhar Card
  • Pan Card
  • Driving Licence
Reffer Friends & Get Instant Discount

Personal Tax return filing for an individual with salary income.

Become Partner With Vyapar Samadhan

Pricing Summary

Market Price :

₹2499.00

Vyapar Samadhan :

₹1299.00

All Inclusive

You Save :

₹1200

(48.02% )

Government Fee :

Included

Features
  • Super Fast Service
  • Affordable Price
  • Experienced Team
  • Track Service Status
  • Track Service Status
Get Started
Call Us

Personal Tax Return Filing

(ITR e-Filing) Income Tax Filing

Income Tax Filing (ITR e-Filing) Guide

  • Return Type Applicability
    • ITR-1: Individuals with an annual income below Rs.50 Lakhs from salary or pension and owning a single house property.
    • ITR-2: Individuals with an annual income below Rs.50 Lakhs from salary or pension and owning a single house property.
    • ITR-3: Professionals and proprietors conducting business in India.
    • ITR-3: Taxpayers under the presumptive taxation scheme with business income under Rs.2 crores or professional income under Rs.50 lakhs.
    • ITR-3: Partnership firms, LLPs, associations, and bodies of individuals.
    • ITR-3: Companies registered in India.
    • ITR-3: Entities like charitable trusts, political parties, scientific research institutions, and colleges/universities.
  • Filing Requirements
    • Individuals, NRIs, partnership firms, LLPs, companies, and trusts must file returns annually.
    • Individuals and NRIs with income over Rs.2.5 lakhs p.a. must file.
    • Proprietorship and partnership firms must file irrespective of income.
    • All companies and LLPs must file, regardless of turnover or profit.
  • Income Tax Return Filing with Vyapar Samadhan
    • Vyapar Samadhan offers e-filing services with dedicated Tax Expert support.
    • Upload Form-16, and experts will file your return, providing acknowledgment within 1-2 business days.
  • Penalty for Late Filing
    • Late filing after 31st July: Rs.5000
    • Penalty for taxable income less than Rs.5 lakhs: Rs.1000
  • Due Dates
    • Individuals: 31st July
    • Companies and tax audit cases: 31st September
  • Tax Audit Requirements
    • Businesses exceeding Rs.1 crore turnover require tax audit.
    • Professionals with over Rs.50 lakhs income need tax audit.
    • With effect from 1st April 2021, the threshold limit is Rs 10 crore in case cash receipts do not exceeds 5% of the gross receipts or turnover and if the taxpayers cash payments do not exceed of the aggregate payments.
    • Business claims profit and gains lower than the prescribed limit under the presumptive taxation scheme and income exceeds the maximum amount not chargeable to income tax.
  • Top Income Tax Deductions for the year
    • Section 80C: Up to Rs.1.5 lakhs deduction on PF, PPF, LIC premium, NSC, ULIP, housing loan repayment, tuition fees, term deposits, Senior Citizen savings scheme, etc.
    • Section 80D: Deduction for medical insurance payments and up to Rs.5000 for preventive health checkups.
    • Section 80EE: Additional deduction on interest on housing loan, limited to Rs.1 lakh.
    • Section 80E: Deduction on interest paid for higher education loans, up to 8 years.
    • Section 80G: Deduction on donations to funds and charitable institutes, capped at 10% of Gross Taxable Income.

Conclusion:

Understanding the applicable ITR form, filing requirements, deadlines, and deductions is crucial for a seamless income tax filing process. Ensure compliance and leverage available deductions for optimal tax planning.