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(ITR eFiling) Income Tax Filing
| 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 way of salary or pension and have one house property only. |
| ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs. |
| ITR-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business 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 body 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/religions trust, political parties, scientific research insitutions and colleges or universities. |
It is mandatory for individuals, NRIs, partnership firms, LLPs, companies, and trusts to file income tax returns each year. Individuals and NRIs are required to file an income tax return if their income exceeds Rs. 2.5 lakhs per annum. Proprietorship firms and partnership firms must file an income tax return, regardless of the amount of income or loss. All companies and LLPs are obligated to file an income tax return, irrespective of their turnover or profit. BmcsIndia offers income tax e-filing services with dedicated Tax Expert support. Simply upload your Form-16, and our experts will take care of filing your income tax return, providing you with the acknowledgment within 1-2 business days.
Penalty for Late Filing Income Tax Return
Taxpayers who fail to file their income tax returns on time may be subject to penalties and charged interest for the late payment of income tax. The penalties for late filing of income tax returns have been increased recently. The updated penalties for late filing of income tax returns are as follows:
- Late Filing between 1st August and 31st December - Rs.5000
- Late Filing After 31st December - Rs.10,000
- Penalty if taxable income is less than Rs.5 lakhs - Rs.1000
Income Tax Return Due Date
The due date for filing income tax returns for individual taxpayers is 31st July of every year. For companies and taxpayers requiring a tax audit, the due date for income tax return filing is 30th September. Tax audit under the Income Tax Act is governed by Section 44AD of the Income Tax Act.
Business
For businesses, a tax audit is required if the total sales turnover or gross receipts in the business exceed Rs. 1 crore in any previous year.
Professional
In the case of a profession or professional, a tax audit is required if gross receipts in the profession exceed Rs. 50 lakhs in any of the previous years.
Presumptive Taxation Scheme
If a person is enrolled under the presumptive taxation scheme under section 44AD and the total sales or turnover exceeds Rs. 2 crores, then a tax audit would be required. The penalty for late filing of income tax returns has been increased to Rs. 5,000 for returns filed between 1st August and 31st December.
Tax audit is mandatory for most businesses with a turnover of more than Rs. 1 crore and professionals with an income of more than Rs. 50 lakhs.
ITR-1 is the most widely used income tax form in India. It is filed by individuals whose source of income is limited to salary and one house property.
Top Income Tax Deductions for year by 2019
Section 80C Deduction
You can claim an income tax deduction of up to Rs. 1.5 lakhs on the amount paid or deposited in various financial instruments and expenses. These include contributions to Provident Fund (PF), Public Provident Fund (PPF), payment of LIC premium, investments in National Savings Certificate, ULIP, principal part of housing loan repayment, tuition fees for children, term deposits in banks, deposits in the Senior Citizen Savings Scheme, and more.
Section 80D Deduction
Individuals and Hindu Undivided Families (HUF) can claim a deduction under Section 80D for payments made via cheque for medical insurance under the General Insurance (GI) scheme. Additionally, expenses of up to Rs. 5,000 paid for preventive health checkups can be claimed as an income tax deduction under Section 80D.
Section 80EE Deduction
An additional deduction can be claimed under Section 80EE on interest paid on a housing loan through EMI by the assessee. The maximum deduction allowed under Section 80EE is Rs. 1 lakh. This deduction can be availed for the first home loan, provided the amount of the loan does not exceed Rs. 35 lakhs and the property value does not exceed Rs. 50 lakhs.
Section 80E Deduction
Individuals can claim a deduction under Section 80E for the repayment of interest on a loan taken for higher education. The amount of interest paid can be claimed as a deduction under Section 80E. This deduction can be availed for a maximum period of 8 years, starting from the repayment of the loan or until the entire loan is repaid, whichever comes earlier.
Section 80G Deduction
A deduction under Section 80G can be claimed for donations made to certain funds and charitable institutions. This deduction is subject to a ceiling amount of 10% of the Gross Taxable Income. The amount of deduction available depends on the exemption enjoyed by the fund. It's important to note that Section 80G deduction cannot be claimed for cash donations exceeding Rs. 2,000.
Income Tax Deductions
There are various income tax deductions available for taxpayers to reduce their tax liability. You can use an income tax calculator or refer to the article below to learn more about these deductions and how to save on taxes.
Frequently Asked Questions
BMCS India offers comprehensive business consultancy services, including strategy development, market research and analysis, financial advisory, operational optimization, and organizational transformation. We provide customized solutions to help businesses address challenges and achieve their growth objectives.
BMCS is the top most business management consultant all around the world. Our team of experienced consultants leverages industry knowledge, market insights, and proven methodologies to provide tailored solutions that align with your business goals. Whether you need assistance with market entry, strategic planning, process optimization, or talent management, we collaborate closely with you to understand your unique needs
BMCS India has expertise across various industries, including but not limited to technology, healthcare, manufacturing, retail, finance, and hospitality. Our consultants have worked with diverse clients, enabling us to understand industry-specific challenges and devise strategies that meet your sector's requirements.
To engage our services, you can reach out to us through our contact form, email, or phone. Our team will schedule an initial consultation to discuss your business objectives, challenges, and requirements. Following this consultation, we will provide a tailored proposal outlining the scope of work, deliverables, timeline, and pricing for your approval.
Absolutely! We work with businesses of all sizes, ranging from startups and small enterprises to multinational corporations. Our services are flexible and customizable to meet your specific needs, ensuring that you receive the level of support required to achieve your business objectives, irrespective of your company's size.
At BMCS India, we understand the importance of client confidentiality. We adhere to strict data protection protocols and maintain the highest level of confidentiality. Our consultants sign non-disclosure agreements, and we have robust internal systems in place to safeguard client information. Rest assured, your sensitive data is handled with the utmost care and confidentiality.
Yes, we can help your business expand internationally. Our team has experience and expertise in supporting companies with market entry strategies, feasibility studies, partner identification, and localization strategies in various global markets. We leverage our network of international partners to provide you with valuable insights and guidance throughout the expansion process.
To get started with BMCS India, simply reach out to us through our contact information on our website. We will be glad to schedule an initial consultation to understand your business requirements and discuss how our services can benefit you. From there, we will work together to develop a tailored plan to drive your business success.