INCOME TAX RETURN FILING
INCOME TAX RETURN FILING
A tax return is a form(s) filed with a taxing authority that reports income, expenses and other pertinent tax information. Tax returns allow taxpayers to calculate their taxliability, schedule tax payments, or request refunds for the over-payment of taxes.
Types of ITR Forms
- ITR1 – Salary/Pension, Other Sources, Income from one house property
- ITR2 – Every income from ITR-1 >50 Lacs, Capital Gains, More then one house property,Foreign income /assets,EquityShares
- ITR3 – Every Income from ITR 2, Business or Profession, as a partner in a firm, presumptive income >50 Lacs
- ITR4 – Every Income from ITR 1 presumptive income under Salary,Pension, other sources, one house property (Total income > 50 Lacs)
- ITR 5 – Applicable to LLPs, Firms, AOPs, BOIs
- ITR 6 – Companies not claiming exemption under section 11
- ITR 7 – Person/Companies under Section 139(4A), 139(4B), 139(4C), 139(4D)
ITR Benefits
- Claiming refund
- Compensate losses in the next financial year
- Establishing income proof in compensation cases
- Use as address proof
- Helps the bank loan documentation process easier
- Helps to avoid extra interest
- Avoid penalties or scrutiny from the tax department
- Credit Card Processing
- For a hassle-free visa application procedure
- To buy an insurance policy with a higher cover
- Makes life easier for freelancers and independent professionals
INCOME TAX RETURN FILING
Fees Start from
ITR 1 = 500 Rs
ITR 2 = 1,000 Rs
ITR 3 = 1,400 Rs
ITR 4 = 800 Rs
ITR 5 = 2,500 Rs
ITR 6 & 7 = 5,000 Rs
Payment
