(ITR eFiling) Income Tax Filing

Each year, filing income tax returns is required of all taxpayers, including individuals, NRIs, partnership businesses, LLPs, corporations, and trusts. If an individual or NRI earns more than Rs. 2.5 lakhs annually, they must file an income tax return. Regardless of the amount of income or loss, proprietorship and partnership businesses are required to file income tax returns. Regardless of turnover or profit, filing an income tax return is mandatory for all businesses and LLPs. Income tax efiling services are offered by IndiaFilings, who also offers specialized Tax Expert help. Upload your Form 16 and then unwind. Within one to two business days, our professionals will file your income tax return and send you an acknowledgement.

Penalty for Late Filing Income Tax Return

Taxpayers who do not submit their returns on time are subject to fines and interest on any late payments of taxes. Additionally, the fine for failing to file a tax return on time has lately gone up. The following is the current late filing fee for income tax returns:

• 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

Individual taxpayers have until July 31 of each year to file their income tax returns. The deadline for filing income tax returns for businesses and taxpayers who need a tax audit is September 30. The Income Tax Act's Section 44AD addresses tax audits under the Act.

Business

If a company's total sales turnover or gross receipts in any prior year exceeded Rs. 1 crore, a tax audit would be necessary.

Professional

If a profession's or professional's gross receipts in any prior year exceeded Rs. 50 lakhs, a tax audit would be necessary.

Presumptive Taxation Scheme

A tax audit would be necessary if a person is registered in the presumptive taxation program under section 44AD and their total sales or turnover exceed Rs. 2 crores.

The late filing fee for income tax returns submitted between August 1 and December 31 has been raised to Rs. 5000.

LATE FILING PENALTY

Tax audit is mandatory for most businesses having a turnover of more than Rs.1 crore and professionals having more than Rs.50 lakhs income.

TAX AUDIT LIMIT

ITR-1 is the most widely used income tax form in India. ITR-1 is filed by individuals whose source of income is limited to salary and one house property.

ITR-1 FORM

Top Income Tax Deductions for year by 2019

Section 80C Deduction

On amounts paid or deposited in PF, PPF, LIC premiums, National Savings Certificates, ULIPs, principal portions of home loan repayment, tuition fees for children, term deposits in banks, deposits in Senior Citizen savings plans, and more, an income tax deduction of up to Rs. 1.5 lakhs may be claimed.

Section 80D Deduction

Individuals and HUF may deduct payments made via check to medical insurance under the GI plan under Section 80D. Additionally, under Section 80D, fees up to Rs. 5000 paid for preventive medical exams may be deducted from income.

Section 80EE Deduction

The taxpayer may claim an additional deduction under Section 80EE for interest on home loan payments made via EMI. Under Section 80EE, a deduction of up to Rs. 1 lakh is permitted. The first mortgage loan qualifies for the deduction if the loan balance is under Rs. 35 lakhs and the property value is under Rs. 50 lakhs.

Section 80E Deduction

Individuals may use the Section 80E deduction to pay back interest on loans taken in accordance with higher deductions. Under Section 80E, the amount of interest paid is deductible. The longest time frame for which this deduction may be used is 8 years, beginning with the loan's repayment or until the whole amount of the loan is repaid, whichever comes first.

Section 80G Deduction

Donations to specific funds and charitable organizations are eligible for Section 80G deductions up to a maximum of 10% of gross taxable income. The fund's exemption would determine the amount of the deduction that is allowed. Cash deductions over Rs. 2000 cannot be claimed under Section 80G.

Income Tax Deductions

Taxpayers can reduce their tax obligations by taking advantage of a variety of income tax deductions. To learn more about income tax deductions, use the income tax calculator or read the page below.