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Starting at Just Rs. 699/- (All Inclusive)
ITR Filing for Individuals and HUF
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ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
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Income Tax Returns
An Overview
Individuals and Hindu Undivided Families (HUFs) in India engage in Income Tax Return (ITR) filing as a means of fulfilling their tax obligations. This process involves reporting income from various sources, including salary, business profits, capital gains, and other earnings. Deductions and exemptions, such as those under Sections 80C, 80D, and 24, are crucial aspects that taxpayers must consider to optimize their tax liability.
For HUFs, additional complexities arise due to the clubbing provisions, which require certain members’ incomes to be consolidated with that of the HUF. Tax credits from sources like TDS and advance tax payments must be accurately reflected in the ITR form to avoid discrepancies.
Furthermore, individuals and HUFs may opt for presumptive taxation schemes under sections 44AD, 44ADA, or 44AE, simplifying their tax computation process. However, compliance with specific conditions is necessary to benefit from these schemes.
Moreover, carrying forward losses incurred in previous years and disclosing high-value transactions are vital components of ITR filing, ensuring both compliance with tax regulations and optimization of tax liabilities.
Overall, understanding these nuanced aspects of ITR filing is essential for individuals and HUFs to accurately report their income, claim deductions, and navigate the intricacies of tax regulations effectively.
Fiscalnow files Income Tax Return for individuals by adhereing to each and every legal requiremets of Income Tax Laws. You can completely rely on us to file your income tax returns. For that, you will just have to provide us with the necessary documents.
Is It Mandatory?
ITR filing is mandatory for individuals and Hindu Undivided Families (HUFs) in India under certain circumstances. Here are the key points regarding the mandatory requirement:
- Income Threshold: Individuals and HUFs whose total income exceeds the basic exemption limit as specified by the Income Tax Act are required to file their income tax returns. The exemption limit varies based on factors such as age, residential status, and sources of income.
- Specific Situations: Even if the income falls below the exempted limit, individuals and HUFs may still be required to file ITR if they meet certain criteria. For example:
- Individuals who have incurred a loss under any head of income and wish to carry forward that loss for future adjustment.
- Individuals who have undertaken certain high-value financial transactions such as buying/selling property or making large investments.
- Non-resident individuals and HUFs with any income accruing or arising in India.
- Voluntary Filing: While mandatory for those meeting the specified criteria, ITR filing can also be voluntary for individuals and HUFs who do not meet the mandatory filing requirements. They may choose to file returns to claim refunds, avail benefits such as loans or visas, or for various other purposes.
Information / Documents Required
General Documents / Informations Required from all assessees:
Form 16 (for Salaried Individuals): Employers issue Form 16, which provides details of salary income, taxes deducted (TDS), and any other allowances or perks received during the financial year.
Form 16A/16B/16C (for TDS on Income Other Than Salary): If TDS has been deducted on income other than salary, such as interest income, rental income, or freelance earnings, individuals need to collect Form 16A, 16B, or 16C from the deductor.
Bank Statements: Bank statements for all bank accounts held during the financial year are required to reconcile income, interest earned, and other financial transactions.
Investment Proofs: Documents supporting investments made under various sections such as:
- Section 80C (e.g., PPF receipts, LIC premium payment receipts, ELSS investment proofs)
- Section 80D (e.g., health insurance premium receipts)
- Section 24 (e.g., home loan interest certificate)
- Section 80E (e.g., education loan interest certificate)
- Section 80G (e.g., donation receipts)
- Receipts or statements for other eligible deductions under the Income Tax Act.
Property Documents: Documents related to property ownership, rental income, or home loan repayment, such as sale deeds, rental agreements, loan statements, etc.
Capital Gains Statements: Details of capital gains from the sale of assets like property, stocks, mutual funds, etc., along with relevant purchase and sale documents.
Business/Profession Documents:
- For individuals and HUFs engaged in business or profession:
- Profit and loss account
- Balance sheet
- Audit report (if applicable)
- Receipts and invoices for expenses
- TDS certificates received or issued
- For individuals and HUFs engaged in business or profession:
Other Income Documents: Documents supporting income from sources like interest, dividends, lottery winnings, etc.
Personal Identification and PAN Card: Personal identification documents such as an Aadhaar card, PAN card, and other relevant identification proofs.
Previous Year’s ITR Copy (if applicable): Having the previous year’s ITR copy can be helpful for reference and to ensure consistency in reporting.
Due Date
Yes, Income Tax Return (ITR) filing in India has specific due dates depending on the taxpayer’s category and the type of income. The due dates are prescribed by the Income Tax Department and are subject to periodic revisions. Here are the general due dates for different categories of taxpayers:
For Individuals and HUFs (other than those required to get their accounts audited): The due date for filing ITR for individuals and HUFs who are not required to get their accounts audited is usually July 31st of the assessment year (AY). For example, for the financial year 2023-24 (AY 2024-25), the due date would typically be July 31, 2024.
For Individuals and HUFs (required to get their accounts audited): Individuals and HUFs who are required to get their accounts audited under the Income Tax Act, such as those with business or professional income exceeding the specified limit, have a due date of September 30th of the assessment year.
Extension of Due Date: The government may extend the due date for filing ITRs in certain cases, such as providing relief during natural disasters or other exceptional circumstances.
Taxpayers need to be aware of the due dates applicable to them and ensure timely filing to avoid penalties and interest charges. Additionally, staying updated with any changes or extensions in the due dates announced by the government is crucial for compliance with tax regulations.
Benefits
Timely filing of ITRs ensures compliance with tax laws, helps avoid penalties, and interest charges. It also facilitates faster processing of refunds, if applicable, guaranteeing timely receipt of any tax refunds owed to the taxpayer.
Yes, even if your income is below the taxable limit, filing ITR can be beneficial. It serves as a proof of your income and may be required for various purposes such as visa applications, loan approvals, or to claim refunds of taxes deducted at source (TDS).
Essential documents for ITR filing include Form 16 (for salaried individuals), bank statements, investment proofs, property documents, capital gains statements, and personal identification documents like PAN card and Aadhaar card.
Missing the ITR filing deadline may attract penalties and interest charges. It may also lead to difficulties in revising the return or claiming certain deductions. Therefore, it’s crucial to file ITR within the specified due date.
Yes, filing ITR even with no taxable income can have benefits. It helps maintain a clean tax record, facilitates financial transactions like obtaining loans or credit cards, and ensures compliance with tax laws.
You can file ITR online through the Income Tax Department’s e-filing portal or by using authorized intermediaries such as chartered accountants or tax filing websites. Online filing is convenient, secure, and offers various options for verification.
If you discover errors or omissions in your filed ITR, you can rectify them by filing a revised return within the specified time frame. It’s essential to rectify any mistakes to ensure accurate reporting and compliance.
Yes, not filing ITRs regularly can have several consequences, including penalties, interest charges, and legal action by the tax authorities. It may also lead to difficulties in obtaining financial services or facing challenges in future tax compliance. Therefore, it’s important to file ITRs diligently and on time.
