Individual ITR Return Online

An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc.

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Individual ITR Return

In India, submitting a Personal Tax Return is required for individuals to report their income and taxes to the Government. The Income Tax Act of 1961 has several forms, including ITR-1 (Sahaj) and ITR-2. ITR-1 is straightforward and designed for salaried individuals earning up to Rs. 50 lakhs per year. ITR-2, on the other hand, is for persons who have income from sources other than wages, such as property or foreign earnings, but do not earn from business or professional activities.

Businessregistro offers a streamlined and efficient way to manage Personal Income Tax filings in India. With a specialized team of professionals, they provide personalized help throughout the tax filing process, making it simple and stress-free to meet your tax requirements.

Filing Income Tax Returns Individual - ITR Filing in India

Individuals and enterprises in India are required to file income tax returns when their Gross Total Income (GTI) exceeds Rs. 3 lakhs, while revenues below this threshold are exempt. These returns must be submitted once a year and by a specific deadline. Various types of income tax return forms are created to meet the specific needs of different sorts of taxpayers, including individuals and corporations.

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 salary or pension and have only one house property.
ITR-2 ITR-2 forms must be filed by NRIs, directors of companies, shareholders of private companies or those having capital gains income, income from foreign sources, two or more house properties, and income of more than Rs.50 lakhs.
ITR-3 The ITR-3 form must be filed by professionals or proprietorship business owners 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 bodies 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/religious trust, political parties, scientific research institutions and colleges or universities.

Individuals, NRIs, partnerships, LLPs, corporations, and trusts are required to file income tax returns on an annual basis. Individuals and NRIs must file income tax returns if their annual income exceeds Rs.2.5 lakhs. Proprietorship and partnership firms must file income tax returns, regardless of the amount of income or loss. Regardless of revenue or profit, all corporations and limited liability partnerships are required to file income tax filings.

Businessregistro offers Income Tax Filing Services with Dedicated Tax Expert Support. Upload your Form-16, then sit back and relax. Our professionals will file your income tax return and send you an acknowledgement within 1 - 2 business days.

What is Personal Tax Return Filing in India?

In India, submitting a personal tax return entails providing the Income Tax Department with information about one's annual income, deductions, and taxes. This is accomplished using specialized forms known as Income Tax Returns (ITRs), which differ depending on the individual's income sources, such as salary, business income, capital gains, and others. Filing a tax return means reporting your income and paying the required taxes to the government. It is required for those whose income exceeds the basic exemption limit established for the financial year. The income tax filing process can be done online using the e-filing portal.

Who Should File a Personal Tax Return?

Personal income tax returns must be filed by the following persons:

  • Salaried Individuals: Those who earn a salary and have income that exceeds the tax-exempt limit. The following individuals must file their personal income tax returns.

  • Individuals and Hindu Undivided Families (HUFs): Those who do not engage in business or professional activities but have other sources of income, such as investments, property, or capital gains, that exceed the tax-free threshold.

ITR Forms For Personal Tax Filing

As mentioned above, the Income Tax Department of India provides a range of ITR forms, from ITR-1 to ITR-7, designed to cater to different taxpayers based on their income sources, amount, and complexity. The following two forms need to be submitted for Personal Income Tax Filing:

  • ITR-1 (SAHAJ)

  • ITR-2

ITR-1 Sahaj Form

The ITR-1 Sahaj Form is intended to simplify the tax filing procedure for individual taxpayers in India, particularly those with a total income of less than Rs. 50 lakhs. This form accepts revenue from certain sources, such as:

  • Salary or Pension

  • A single-house property

  • Other diverse sources

Eligibility for Filing ITR-1

Income Limit: The individual's total income for the fiscal year should be Rs. 50 lakhs.

Income types that are applicable include: Individuals earning money from these sources are eligible for ITR-1.

  • Salary

  • One house property

  • Family pension (up to Rs. 5,000)

  • Other sources, such as:

    • Interest from Savings Accounts
    • Interest from Deposits (Bank/Post Office/Cooperative Society)
    • Income Tax Refund Interest
    • Interest on Enhanced Compensation

  • Other Interest Income

  • Family Pension

Income Aggregation: Income can be combined with that of a spouse or minor only if it aligns with the specified categories above.

ITR-2

Individuals and Hindu Undivided Families (HUFs) in India utilize ITR-2 to report income that excludes earnings and gains from business or professional activities. It is specifically created for people with a variety of income sources, excluding commercial and professional revenues.

Who Should File ITR-2?

You can file ITR-2 income tax if you have income from the following sources:

  • Salary or Pension: This refers to all earnings from employment or post-retirement benefits.

  • Multiple House Properties: Income generated by renting out or owning multiple properties.

  • Capital gains: are profits or losses from the sale of assets such as stocks, bonds, or property, and they apply to both long-term and short-term transactions.

  • Other Sources: This category contains a variety of sources, including lottery prizes, horse racing bets, and other legal gambling earnings.

  • Agricultural Income: If you make more than Rs 5,000 from farming or other agricultural activities.

  • Foreign Income or Assets: This applies if you earn money abroad or hold assets outside of India.

  • Residential Status: It is appropriate for either Resident Not Ordinarily Resident (RNOR) or or Non-Residents.

  • Directorship: If you hold a directorial position in any company, whether listed or unlisted.

Documents Required for ITR Filing

When income tax filing in India, ITR-1 and ITR-2 forms are designed to be annexure-less, meaning you're not required to attach any supporting documents during submission. However, having the right documents is crucial for a smooth and accurate filing experience.

  • Aadhaar Card
  • PAN Card
  • Bank account details
  • Form 16 (salary and TDS information)
  • Form 26AS (tax credit statement)
  • Receipts for tax exemptions or deductions (if applicable)
  • Bank interest statements
  • Capital gains statements (for asset sales)
  • Documents related to foreign assets and income (if applicable)

Due Date for ITR Filing in India

For personal tax return filing in India, the general deadline for individuals filing ITR-1 and ITR-2, without needing a tax audit, is 31st July of the assessment year that follows the financial year in question.

Penalty for late ITR filing

A late filing fee of Rs 5,000 will be charged for income tax filing between 31 July 2023 and 31 December 2023. Small taxpayers whose total income is below Rs 5 lakh will benefit from a reduced penalty of Rs 1,000 for late filing within this period.

Personal Tax Return Filing FAQ's

Personal tax return filing in India occurs when individuals submit their annual income and taxes to the Income Tax Department on specific forms known as Income Tax Returns (ITRs). This method is required for those whose income exceeds the basic exemption limit established for the fiscal year.

Individuals whose income surpasses the tax-exempt level, which includes:

  • Salaried individuals
  • Individuals and Hindu Undivided Families (HUFs) may have additional sources of income, such as investments, property, or capital gains that exceed the tax-free threshold.

Individuals file their personal taxes using numerous ITR forms, including ITR-1 (SAHAJ) and ITR-2, designed for different income sources and complexities.

The ITR filing charges typically vary based on various factors such as income, filing status, and complexity of the return. At Businessregistro, ITR filing charges are very affordable.

The ITR-1 Sahaj Form is specifically designed for resident individuals with a total income of less than Rs. 50 lakhs, accommodating income from specific sources such as salary, pension, and a single-house property.

ITR-1 is suitable for resident individuals with income from sources such as salary, one house property, and specified other sources, provided their total income during the financial year does not exceed Rs. 50 lakh.

Individuals and Hindu Undivided Families (HUFs) who earn income from diverse sources, excluding earnings and gains from business or professional activities, use ITR-2.

ITR-2 is applicable if your income comes from a variety of sources, including salary, numerous housing properties, capital gains, foreign assets, and directorship positions.

Aadhaar Card, PAN Card, bank account data, Form 16, Form 26AS, receipts for tax exemptions or deductions, bank interest statements, capital gains statements, and papers pertaining to foreign assets and income are all required for ITR filing.

The typical deadline for people filing ITR-1 and ITR-2 without a tax audit is July 31st of the assessment year following the fiscal year in question.

Late filing may result in a cost, with a penalty of Rs 5,000 for submissions received between July 31 and December 31, 2023. Smaller taxpayers with total income less than Rs 5 lakh may face a reduced penalty of Rs 1,000 for filing late during this time period.

Businessregistro provides quick, reliable support for filing personal tax returns, assuring a seamless and accurate experience tailored to each individual's financial circumstances.

Businessregistro offers professional Tax Expert support for income tax filing, providing an easy process for individuals.

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