Personal Tax Return Filing


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Personal Tax return filing for an individual with salary income.

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(ITR eFiling) Income Tax Filing

Return TypeApplicability
ITR-1ITR-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-2ITR-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-3ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.
ITR-4ITR-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-5ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
ITR-6ITR-6 form must be filed by companies registered in India.
ITR-7ITR-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:

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.


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.


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.

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