Income Tax Return Filing
Income Tax Return filing in India all inclusive price ₹ 2,000/- ₹ 999/-
Back dated Income Tax Return filing all inclusive price ₹ 2,000/- ₹ 999/-
- Online Process
- Dedicated manager to process your Return
- Free Computation & Balance Sheet
- Free Advice
- 24 x 7 support
- Tax Planning
- For a professional opinion, please get in touch with us at: 9711690276
What is Income Tax Return Filing?
Income Tax Return is an official form that mentions all details related to taxpayer’s income earned for a specific period. Taxpayer is liable to fill in with details about his income that he receive from carrying out business transaction. So, that his income tax liability can be calculated.
Who should file Income Tax Return?
It is mandatory to file Income Tax Return in India if any of the conditions mentioned below is applicable to taxpayer:
- If his gross income is more than 2.50 Lakh
- If he want to claim Income Tax Refund
- If he wish to apply for Visa, Loan or Credit card
- If he wish to make capital
- If taxpayer is Company or Partnership Firm or LLP
- If he has earned from investment in foreign assets
Penalties for late Income Tax Return Filing
Penalty for late Income Tax Return Filing is Rs.5000/-
Penalty for late Income Tax Return Filing is Rs. 10,000/-
Note: Penalty for late income Tax Return Filing is Rs. 1000/- for Income less than 5 Lacs. Nil Income tax penalty for income less than 2.50 Lacs.
Income Tax Return Filing Process
Logon to the GST online portal on www.incometaxindiaefiling.gov.in
Select the form on www.incometaxindiaefiling.gov.in
Read the instructions carefully & Fill up the form and submit the same.
You can what’s app us your details for your error free Income Tax Return filing online
What documents require for Income Tax Return Filing?
The taxpayer requires the following documents for filing the income tax return of concerned period:
- PAN Number
- Aadhar Number
- Form 16 (if available)
- Tax saving details (if any)
- Bank Statement
- GSTR returns (if applicable)
Income Tax Rates
Resident or Non-resident
Section 115BAC inserted – granting an option to the Individual or HUF
- In non-Business Income cases, such option to be exercised Every Year on or before furnishing the return u/s 139(1).
- In case of business income, such option can be exercised only once and same shall be valid for subsequent years as well. However, such option can be withdrawn only ONCE and can never be opted again
Option 1 – pay taxes as per the existing tax rate slab as under: –
| Net income range | Income-Tax rate |
| Up to Rs. 2,50,000* | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Plus: –
Surcharge: –Health and Education cess: – 4% of (Income Tax + Surcharge)
- Rs 3,00,000 in case of Senior Citizen (who is of the age of 60 years or more but less than 80 years)
- Rs 5,00,000 in case of Super senior Citizens (who is of the age of 80 years or more at any time during the previous years)
- 10% of income tax (If taxable income > Rs. 50 lacs - Rs. 1 crore)
- 15% of income tax (If taxable income Rs. 1crore - Rs. 2 crore)
- 25% of income tax (If taxable income Rs.2 crore - Rs. 5 crore)
- 37% of income tax (If taxable income > Rs. 5 crore)
Note: –
- A resident individual (other than huf) is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
- Saving Interest exempt from income tax upto 10k p.a for person income below 5 Lacs
- Saving Interest exempt from income tax upto 50k p.a for person income below 5 Lacs (for senior citizen)
- Standard deduction of Rs 50,000 for Salaried and Pensioners
- Deduction u/s 80C = Rs 1.50 Lacs
- Deduction u/s 80CCD = Rs 50000
- Deduction u/s 80D Self & family = Rs 25000
- Deduction u/s 80D Self & Family + Parents = Rs 50,000 (25000+25000)
- Deduction u/s 80D Self & Family + Sr. Citizen Parents = Rs 75,000 (25000+50000)
- Deduction u/s 80D Self Sr. Citizen & Family + Sr. Citizen Parents = Rs 1,00,000 (50000+50000)
- Interest on Home loan deduction of Rs. 2 Lacs
- Payment for Preventive Health Check-up (Max limit Rs 5000)
- Amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family, who ia a senior citizen and no amount has been paid to effect or to keep in force insurance on the health of such person (Max Limit Rs 50000/-)
Option II – Section 115BAC A- new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act– pay taxes as per the new regime as under: –
AY 2023-24
| Net income range | Income-Tax rate |
| Up to Rs. 2,50,000* | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 7,50,000 | 10% |
| Rs. 7,50,001- Rs. 10,00,000 | 15% |
| Rs. 10,00,001- Rs. 12,50,000 | 20% |
| Rs. 12,50,001- Rs. 15,00,000 | 25% |
| Above Rs. 15,00,000 | 30% |
Plus:
Surcharge:
10% of Income Tax where total income exceeds Rs 50 Lacs
15% of Income Tax where total income exceeds Rs 100 Lacs- 200 Lacs
25% of Income Tax where total income exceeds Rs 200 Lacs- 500 Lacs
37% of Income Tax where total income above Rs 500 Lacs
Health and Education Cess:
4% of Income Tax and Surcharge
Note:
No deduction in the form of standard deduction/80C/80D/Interest on Home Loan/ House Rent Allowance etc. are available under new tax regime.
A resident individual (other than huf) is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
Option II – Section 115BAC A- new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act– pay taxes as per the new regime as under: –
AY 2024-25
| Net income range | Income-Tax rate |
| Up to Rs. 3,00,000* | Nil |
| Rs. 3,00,001– Rs. 6,00,000 | 5% |
| Rs. 6,00,001- Rs. 9,00,000 | 10% |
| Rs. 9,00,001- Rs. 12,00,000 | 15% |
| Rs. 12,00,001- Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
Plus:
Surcharge:
10% of Income Tax where total income exceeds Rs 50 Lacs
15% of Income Tax where total income exceeds Rs 100 Lacs- 200 Lacs
25% of Income Tax where total income exceeds Rs 200 Lacs
Health and Education Cess:
4% of Income Tax and Surcharge
Note:
No deduction in the form of 80C/80D/Interest on Home Loan, House Rent Allowance etc. are available under new tax regime.
Deduction Allowed for Standard deduction of Rs 50,000 to salaried individual, and deduction from family pension up to Rs 15,000 (From AY 2024-25)
A resident individual (other than huf) is entitled for rebate under section 87A if his total income does not exceed Rs. 7,00,000. The amount of rebate shall be 100% of income-tax or Rs. 20,000, whichever is less.
Deductions and exemptions under the new tax regime which taxpayers can claim to reduce their tax liabilities
- Deduction Allowed for Standard deduction of Rs 50,000 to salaried individual, and deduction from family pension up to Rs 15,000 (From AY 2024-25)
- Interest on Post Savings Account exemptions up to ₹ 3,500 and ₹ 7,000 in the case of individual and joint accounts, respectively.
- Non-government employees receiving gratuity can claim exemption up to ₹ 20 lakh . In the case of government employees, the entire gratuity received by them is exempted from being taxed.
- Funds received from Life Insurance Company after maturity of the account are eligible for tax exemption*.
- Employers’ contributions to their employee’s NPS and EPF and superannuation accounts are applicable for tax exemption. However, the contributions made in a financial year to all the employee accounts should not be above ₹ 7.5 lakh to qualify for the tax exemption.
- Taxpayers receiving interest from their Employees’ Provident Fund account can claim tax exemptions on that interest, given the latter is not above 9.5%.
- Interest or the maturity amount received from the PPF account is eligible for tax exemption.
- Interests and maturity amounts received from the Sukanya Samriddhi Account are exempted from being taxed.
- The lump-sum maturity amount received from the NPS account is eligible for tax exemption. Moreover, partial fund withdrawal from the Tier I NPS account is exempted from taxation.
- Gifts received from employers, which should not exceed ₹ 5,000, are eligible for tax exemption.
- Employers providing allowances to employees for performing official duties are exempt from being taxed.
- If non-government employees receive a commuted pension, then 1/3rd of it qualifies for tax exemption if the employee receives gratuity. If employees do not receive gratuity, then ½ of commuted pensions will be exempted from tax.
- The leave encashment during retirement is eligible for tax exemption.
- Monetary benefits received from employers for the cause of voluntary retirement are eligible for tax exemption. The maximum exemption limit is up to ₹ 5 lakh.
- Education scholarships, retrenchment compensation, and monetary benefits for retirement cum death qualify for tax exemption.
- Travel allowances provided to disabled employees, conveyance allowance, allowances provided to cover the travel cost or transfer of an employee, perquisites, and daily allowances are eligible for tax exemption under this new tax regime.
- Deduction on the interest component of a home loan borrowed for a rented property qualifies for a tax deduction.
Exemptions & Deductions Not Allowed Under the New Tax Regime
- Leave Travel concession
- House Rent Allowance
- Official and personal allowances (other than those as may be prescribed
- Allowances to MPs/MLAs
- Allowances for income of minor
- Deduction for units established in Special Economic Zones (SEZ)
- Entertainment Allowance
- Professional Tax
- Interest on housing loan
- Additional depreciation in respect of new plant and machinery
- Deduction for investment in new plant and machinery in notified backward areas
- Deduction in respect of tea, coffee or rubber business
- Deduction in respect of business consisting of prospecting or extraction or production of petroleum or natural gas in India
- Deduction for donation made to approved scientific research association, university college or other institutes for doing scientific research which may or may not be related to business
- Deduction for payment made to an Indian company for doing scientific research which may or may not be related to business
- Deduction for donation made to university, college, or other institution for doing research in social science or statistical research
- Deduction for donation made for or expenditure on scientific research
- Deduction in respect of capital expenditure incurred in respect of certain specified businesses, i.e., cold chain facility, warehousing facility, etc.
- Deduction for expenditure on agriculture extension project
- Deduction in respect of certain incomes other than specified under Section 80JJAA, 80CCD(2) and deduction under section 80LA for Unit located in IFSC
Income tax rate = Partnership firm = 30% + E.cess
Surcharge = 12% of Income Tax, in case taxable income is above Rs. 1 crore
Health & Education Cess = 4% of (Income Tax + Surcharge)
Interest on Capital = Up to 12% allowed
| Book profit of Business / Profession | Amount Deductable |
| Loss to 3,00,000 books profit | Rs.1,50,000 or 90% of book profit whichever is more |
| On balance book profit | 60% of book profit |
How to compute book profit
Step 1 : Find out net profit of firm
Step 2 : Make following three adjustments:
Less :
1. Income from house property, capital gain & income from other sources
2. Brought forward business losses will not deduct from book profit
3. Deduction 80c to 80 U not add to book profit
Step 3: Add remuneration to partners if debited to the profit & Loss account
Notes: Income received from partnership firm (in form of Salary, interest & profit) is treated as business income of partners return.
A co-operative society is a voluntary association of people having common needs who join hands for the achievement of common economic interest. A co-operative society aim is to serve the interest of the poorer sections of society. A co-operative society main objective is to provide support to the members. Nobody joins it to earn profit. People come forward as a group, pool their individual resources, utilize them in the best possible manner, and derive some common benefit out of it.
Income Tax Slab Rate for Co-operative Society:
| Net income range | Income-Tax rate |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000- Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Plus Surcharge: – 12% (If taxable income > ₹ 1 Crore)
Health and Education cess: – 4% of (Income Tax + Surcharge)
Marginal relief: – in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable
Income Tax Slab for Co-operative Society
Old Regime
| Net income range | Income-Tax rate |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000- Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Plus Surcharge: – 12% (If taxable income > ₹ 1 Crore)
The rate of surcharge in the case of co-operative societies having income between 1 crore to 10 crores is 7%
Health and Education cess: – 4% of (Income Tax + Surcharge)
Marginal relief: – in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable
New Regime
Flat rate of 22% provided it forgoes specified deductions and exemptions and computes its income in accordance with the provisions of the new inserted section.
Plus Surcharge:- 10% of income tax.
Health and Education cess: 4% of income tax plus surcharge.
Income Tax Rate for Companies
A co-operative society is a voluntary association of people having common needs who join hands for the achievement of common economic interest. A co-operative society aim is to serve the interest of the poorer sections of society. A co-operative society main objective is to provide support to the members. Nobody joins it to earn profit. People come forward as a group, pool their individual resources, utilize them in the best possible manner, and derive some common benefit out of it.
| Particulars | Tax rates |
| Where its total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore | 25% |
| Where it opted for Section 115BAA | 22% |
| Where it opted for Section 115BAB | 15% |
| Other domestic companies | 30% |
Health and Education cess: 4% of income tax
plus surcharge
| Company | Net income> 1cr – 10 cr | Net income> 10 cr |
| Domestic company | 7% | 12% |
| Foreign company | 2% | 5% |
Surcharge : The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of amount of total income.
MAT : The domestic company who has opted for special taxation regime under section 115BAA
& 115BAB is exempted from provision of MAT. However, no exemption is available in case
where section 115BA has been opted
A foreign company is taxed at a flat rate of 40%. Apart from tax @ 40%, Health and Education Cess is levied @ 4% of income-tax
Surcharge : In addition to tax at above rate, surcharge is levied @ 2% on the amount of income tax if net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore and @ 5% on the amount of income-tax if net income exceeds Rs. 10 crore. In a case where surcharge is levied, health and education cess of 4% will be levied on the amount of income-tax plus surcharge.
However, marginal relief is available from surcharge in such a manner that in the case of a foreign company whose net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
In case of a foreign company whose net income exceeds Rs. 10 crore, marginal relief is available from surcharge in such a manner that the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax and surcharge on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore.
