Personal Tax filing
Effortlessly file ITR online for salaried individuals & business persons with TaxRupees. Secure e-filing for Income Tax Return, expert assistance, & compliance.
Basic Plan
- Personal Tax return filing for an individual with salary income.
Standard Plan
- Personal Tax return filing for individuals having NRI income, directorship, shareholding in private company or more than 2 house property.
Premium Plan
- Personal Tax return filing for individuals having share trading income or capital gains.
Documents Required For Personal Tax filing
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Income Tax Filing in India
In India, personal tax filing is a process that is managed by the Income Tax Department. The process includes the filing of an income tax return by an individual or a Hindu Undivided Family, which is then followed by the assessment of the tax liability by the department.
Income tax filing in India is a process that every individual who earns an income must go through. The first step is to calculate your total income for the financial year. This includes all sources of income, such as salary, investments, rent, and other sources. Once your total income is calculated, you must then apply the relevant tax slab to your income and pay the taxes accordingly. After paying your taxes, you must then file your income tax return. This is a document that details your income and taxes paid for the financial year. You can file your income tax return online or offline.
Filing taxes can be a daunting task, especially if you're doing it for the first time. But it doesn't have to be. In this blog post, we'll give you an overview of everything you need to know about personal tax filing in India. We'll cover who needs to file a return, what the deadline is, and what types of taxes there are in India. We'll also walk you through the process of filling out your return and offer some tips to make the process as smooth as possible.
If you do not file your income tax return on time in India, you will be required to pay a late filing fee. The late filing fee is equal to the amount of tax due plus interest. If you owe taxes and do not file your return on time, you may also be subject to penalties and fees.
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Personal Tax Filing in India: An Overview
Who needs to file a tax return in India
All individuals who earn an income above the taxable limit are required to file a tax return in India. The taxable limit for the financial year 2019-20 is Rs.2.5 lakhs for residents below the age of 60 years, Rs.3 lakhs for residents aged between 60 and 80 years, and Rs.5 lakhs for residents aged above 80 years.In addition, all individuals who have made any kind of capital gains during the financial year are required to file a tax return, regardless of their income level.
What is the deadline for filing taxes in India
The deadline for filing taxes in India is 31st July of every year. However, taxpayers can request for an extension of up to 31st October from the Income Tax Department.
What are the different types of taxes in India
There are three main types of taxes in India: direct taxes, indirect taxes, and cesses & surcharges.Direct taxes are levied on incomes and profits, and include income tax, corporate tax, and wealth tax. Indirect taxes are levied on the sale or purchase of goods and services, and include customs duty, value added tax (VAT), central excise duty, and service tax. Cesses & surcharges are additional taxes that are levied on certain goods or services, such as luxury cars or tobacco products.
The Process of Filing Taxes in India
Gathering the necessary documents
The first step in filing your personal tax return in India is to gather all of the necessary documents. These include your income statements (such as TDS certificates, Form 16/16A, and so on), any investments made during the year (such as in PPF, ELSS, NSC, and so on), and expenses incurred (such as medical bills and donations made). Once you have all of these documents, you can begin filling out your tax return form.
Filling out the tax return form
The next step is to fill out your tax return form. This form will vary depending on whether you are an individual, Hindu Undivided Family (HUF), partnership firm, company, or trust. The most common form used by individuals is Form ITR-1 (Sahaj). This form must be filed online using the Income Tax Department's e-filing portal. Once you have completed and submitted this form, you will receive an acknowledgement number that you can use to track the status of your return.
Submitting the tax return
Once you have filed your tax return online, you will need to submit a physical copy of it along with any supporting documentation to your jurisdictional Assessing Officer (AO). You can find the address of your AO on the e-filing portal or on the Income Tax Department's website. After your AO has processed your return, they will send you a notice of assessment that will state how much tax you owe (if any) and the due date for payment.
Tips for Filing Your Personal Tax Return in India
Keep good records
To make filing your personal tax return in India as easy as possible, it is important to keep good records throughout the year. This includes keeping track of all income, expenses, receipts, and deductions. By having good records, you will be able to easily fill out your tax return form and submit it on time.
Understand the tax laws
It is also important to understand the tax laws in India before filing your personal tax return. This way, you will know what you can and cannot claim as deductions. There are many resources available online and at the local library that can help you better understand the tax laws in India.If you're one of the many people who need to file a personal tax return in India, it's important to understand the process and deadlines. While it may seem daunting, filing your taxes doesn't have to be complicated or stressful. Just be sure to keep good records, understand the tax laws, and use tax software to make the process easier.
| Return Type | Applicability |
| ITR-1 | ITR-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-2 | ITR-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-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. |
| ITR-4 | ITR-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-5 | ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax. |
| ITR-6 | ITR-6 form must be filed by companies registered in India. |
| ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities. |
FAQ
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It's a recommended structure through which an individual can outfit the subtleties of his/her pay acquired through various kinds of revenue and duties paid for the significant monetary year to the Income Tax Department
YES, you are expected to record your annual expense form in the event that your pay surpasses Rs. 2,50,000 in a Financial Year for example the essential exception limit without giving impacts to an deduction/investments.
E-Filing is compulsory in specific cases. For instance, assuming your complete pay surpasses Rs. 5,00,000 p.a. or on the other hand to guarantee discount then you are obligatorily expected to e-record your Income Tax Return. It is a lot less difficult interaction than recording a paper return and furthermore your discounts are handled quicker assuming that your return has been E-Filed.
You can yourself e-record your return with us free of charge by utilizing our site. It is a basic, secure, and completely computerized stage for you to document your Income Tax Return. Assuming you need a specialist helping you through this interaction, you can purchase our 'CA-Assisted Plans' beginning from just Rs. 299 as it were.
Excluded Incomes are not chargeable to burden according to Income Tax regulation for example they are excluded from the complete pay with the end goal of expense estimation while Taxable Incomes are chargeable to burden under the Income Tax regulation.
No, you can't guarantee derivation for individual consumptions while figuring your annual duty according to the Income Tax Laws.
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