ITR Filing
Online CA India provides online income tax efiling, tax consultation, income tax notice, and tax planning services for businesses and individuals.
Our tax experts gather all relevant information to prepare optimized tax returns, ensuring you save money while complying with regulations.
Introduction on Income Tax
Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and ‘income from other sources’. The government also often provides certain leeway such that various deductions are made from an individual’s income before the tax to be levied is calculated.
What is Income Tax Return (ITR)
Income Tax Returns (ITR) forms are the basis of calculating a person’s income tax. It is a statement showing the status of a person, all their sources of revenue, deductions and, lastly, the tax payable or tax refund, if any. With Web Online CA , taxpayers can quickly, easily and securely file their returns, have access to their tax return information also know how to file income tax return, and make sure their taxes are accurate, up-to-date and in compliance with the laws. With ITR Online, you can make sure you’re maximizing your deductions and getting the most out of your tax return.
Income Tax E-filing Due Date (ITR Return)
The due date for income tax return filing is an important date for taxpayers to keep in mind. As the deadline for filing taxes for the year approaches, taxpayers should make sure to take note of the due date for income tax e-filing in order to ensure that their taxes are filed on time. The due date for filling income tax return is July 31 every financial year. With the proper planning and preparation, it is possible to successfully file taxes before the deadline.
Type of Income Tax Return Form
ITR 1
ITR 1 form is for resident individuals who have total income upto Rs. 50 lakh. You will have to provide break up of your salary and house property.
ITR 2
ITR 2 form is applicable for individuals and HUFs not having income from profits and gains of business or profession.
ITR 3
ITR 3 Form is for individuals and HUFs having income from profits and gains of business or profession.
ITR 4
ITR 4 Form is for presumptive income from business and profession.
ITR 5
ITR 5 Form is for persons other than individual HUF company i.e. Firms, association of person and body of individuals.
ITR 6
The ITR 6 Form is for companies other than companies claiming exemption under Section 11.
ITR 7
ITR 7 Form for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.
