Income Tax Filing

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What is Income Tax Filing?

Income tax filing is mandatory compliance to a person including Individual, Partnership firms, LLP, Company, etc. to report their total income during a financial year and tax liability arising on the same. This eases the Government to collect the tax and incur more expenditure for the public welfare and also calculate the growth of the nation. This also benefits the taxpayer/person filing the return in various ways mentioned below. 

Table Of Contents

Who is required to file an Income-tax return?

Advantages of Filing Income Tax Returns

5 Benefits Of Filing ITR On Time

ITR Forms

ITR form Eligible assessee
ITR-1 A resident individual with
  • ● total income up to Rs. 50 Lakhs &,
  • ● having income such as salary, house property, income from other sources, agricultural income up to Rs. 5,000/-
ITR-2 Individual (Resident/Non-resident) or Hindu Undivided Family (HUF):
  • ● having income more than Rs. 50 lakhs,
  • ● being a Director in a Company,
  • ● holding unlisted equity shares,
  • ● having income from any source other than the business income,
  • ● Income sources outside India or holding assets outside India.
ITR-3 An Individual, including a partner in a firm or Hindu Undivided Family (HUF):
  • ● having income from a profession,
  • ● having a Business income.
ITR-4 Individual, HUF, a partnership firm (other than LLP) being a resident having business/professional income being computed on a presumptive basis.
ITR-5 A person such as:
  • ● Partnership Firms (other than presumptive income),
  • ● Local authorities and artificial judicial persons,
  • ● Body of Individuals (BOIs),
  • ● Co-operative Societies,
  • ● Limited Liability Partnerships (LLPs),
  • ● Association of Persons (AOPs),
  • ● Not filing ITR-7
ITR-6 Every company, except those claiming exemptions u/s. 11 of the Income Tax Act, 1961.
ITR-7 Persons including companies which are:
  • ● Charitable or religious trust,
  • ● A political party or scientific research association,
  • ● News agency,
  • ● Hospital,
  • ● Trade union,
  • ● University or college
  • ● Other institutions, such as NGOs or other similar organizations.
Related read:Income Tax Returns (ITR) AY 2021-22: Which ITR Form Should You File?

Due dates for filing Income-tax return

The following are the due dates specified by the provision of the Income-tax Act. However, the due dates may be the same or extended every financial year, depending upon the income-tax department’s circular.
Type of Taxpayer (assess) Due date
Individual 31st July
Hindu Undivided Family (HUF) 31st July
Body of Individual (BOI) 31st July
Association of Persons (AOP) 31st July
Businesses (liable for Tax audit) 30th September
Businesses (liable for TP reporting) 30th November

Advance Tax Compliance

Related read:How To Save More Taxes Using An Income Tax Calculator?

Tax Audit & Its Applicability

A tax audit is examining accounts of business and profession carried by a taxpayer from an Income-tax perspective. Tax audit makes the income computation and tax calculation easier.
Business / Profession Conditions for applicability of Tax audit
Business If taxpayer’s total sale/turnover/gross receipts during the relevant financial year
  • ▪ exceeding Rs. 1 Crore
  • ▪ exceeding Rs. 5 Crore (in case if 95% receipts and payments of total receipts and payments are made through banking channel)1
Business eligible for presumptive tax scheme u/s. 44AD, 44AE, AABB and 44BBB A taxpayer claimed lower profits for his business than the profit computed under Section 44AD or 44AE or 44BB or 44BBB.
Profession If a taxpayer’s turnover/gross receipts exceeds Rs. 50 lakhs during the relevant financial year.
Profession, eligible for presumptive tax scheme u/s. 44ADA A taxpayer claiming lower profits for his profession than the profit computed under Section 44ADA

Penalty & Interest Related to Income Tax

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If the total of your earnings exceeds the basic exemption bracket, one must file an ITR. Depending on your age, you have different fundamental exemption limits. Those under the age of 60 are only required to pay tax if their taxable income exceeds Rs. 2.50 lakhs.

Non-taxable income is limited to Rs 2.5 lakh for individuals. You may be entitled to a Rs 2,500 refund under section 87A if your total income for FY 2018-19 is less than Rs 3.5 lacs. From FY 2019-20 onwards, the rebate for income under Rs 5 lakh has been raised to Rs 12,500.

As a result, starting in FY 2019-20, everyone earning less than 5 lakh will not have to pay any income tax. You won’t have to pay any taxes until you reach Rs 6.5 lakh if you have up to Rs 1.5 lakh in tax-saving investments under section 80C.

A new tax regime has been introduced by the Finance Minister for individuals and HUFs with an annual income of Rs. 15 lakh. It creates new tax brackets with lower tax rates and no deductions or exemptions (80C, 80CCC, 80D, 80G, mortgage interest and LTA, HRA, Standard deduction from salary, etc). The tax rates in the ‘New tax regime’ is the same for all categories of Individuals, i.e Individuals & HUF upto 60 years of age, Senior citizens above 60 years upto 80 years , and Super senior citizens above 80 years. Hence there is no increase in the basic exemption limit. 

Every year, taxpayers must file their Income Tax Returns (ITR) by July 31st (subject to extension announced from time to time by the Revenue authorities).
Income tax is levied on a person’s annual income for the fiscal year on April 1 and ends on March 31 of the following calendar year. The prior year is the year in which money is earned, and the assessment year is the year in which the income is taxed.
Income Tax from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursement, etc.

Individuals, HUFs, AOPs, and BOI taxpayers are taxed based on their income slab, while firms and Indian companies have a fixed rate of tax computed on their profits. Income is grouped into tax brackets or tax slabs, and the tax rates vary depending on the tax slab.

It is highly advised not to ignore any notice issued by the Income-tax department. Ignoring notice/demand/order issued by the Income-tax department may lead to penalty and prosecution under the Income-tax Act, 1961.

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