Income Tax Return Filing
for Individuals
ITR Filing for Individuals Starting from ₹ 500/-Â
Introduction
Any individual earning an income above a certain amount is liable to pay income tax. The income can be earned from any sources like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business or professional income. Income tax rates are finalised in the Union Budget before the start of the financial year.
Income Tax Return is a simple Form that has to be filed with the Income Tax Department which contains the different parts where we have to disclose all the sources of the income earned and the tax liabilities are calculated. The type of ITR depends on the amount of income and other checks as laid in Income Tax.
Legal Window will provide you all the necessary services and legal advice related to Income Tax Return filing and also guide for other compliances. You may get in touch with our team on 072407-51000 or email admin@legalwindow.in for filing your income tax return.
Advantages of Income Tax Filing Returns
Easy loan processing
Most of the banks and NBFCs ask for ITR receipts from Individuals for the last three years when you apply for high-value loans like home and car loans. Hence, you should regularly file income tax returns if you want to take a loan in the future.
ITR receipt is a very important document
ITR receipts are very important proof of Individuals income and of payment of taxes. It is much more detailed than Form 16. It contains details of total income earned during the financial year with details of other deductions you take.
Filing ITR avoids penalties
By filing an Income Tax Return you can avoid penalty levied on taxpayers who don’t file an Income Tax Return within the due date.
Claiming RefundÂ
In case you have already paid advance tax or any TDS has been deducted by your employer or any investments by the authorities, then you can claim for the refund if excess tax has been paid by any concerned authority.
Types of Return for Individuals
Individuals can file following Income Tax Return Form written below according to their eligibility:
1. Individuals having total income up to 50 lakhsÂ
ITR-1: ITR-1 is for a resident individual whose total income for the assessment year is upto 50 lakhs and includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs.5000
2. Individuals having total income of more than 50 lakhs
ITR-2: ITR 2 is for those individuals or a Hindu Undivided Family (HUF) whose total income for the AY exceeds 50 lakhs which includes:
- Income from Salary/Pension;
- Income from House Property;
- Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
- If you are an Individual Director in a company
- If you have/had investments in unlisted equity shares at any time during the financial year
- Being a resident not ordinarily resident and non-resident
- Income from Capital Gains;
- Foreign Assets/Foreign income
- Agricultural income more than Rs 5,000
Further, in a case where the income of any other person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used.
ITR-3: ITR3 Form is for those individuals or a Hindu Undivided Family who have income from proprietary business or are carrying on any profession. The persons having income from following sources are eligible to file ITR 3 :
- Carrying on a business or profession
- If you are Director in any company
- If you have/had investments in unlisted equity shares at any time during the financial year
- Return may include income from House property, Salary/Pension and Income from other sources
- Income of a person as a partner in the firm
ITR-4: ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) who are residents and having income from a business or profession. It includes those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
Businesses whose turnover exceeds Rs 2 crore are not eligible to opt for a presumptive scheme and have to file ITR-3.
Documents Required to file ITR
Income from salary
- Aadhar card
- Pan card
- Form 16 (having details of salary)
- Bank statement
- Investment under section 80
Income from house property
- Aadhar card
- PAN card
- Rent Receipt
- Bank Statement
- Investment under section 80
Income from Business or Profession
- Aadhar card
- PAN card of taxpayer
- PAN card of Entity
- Bank Statement
- Financial Statements
- Investment under section 80
Income from Capital Gain
- Aadhar card
- PAN card
- Bank Statement
- Receipt of sale of capital assets
- Receipt of purchase of capital assets
- Investment under section 80
Income from Other source
- Aadhaar card
- PAN card
- Bank statement
- Investment under section 80
Procedure for Filing ITR
Fill the simple questionnaire provided by our team.
Provide us all the necessary documents as per the category of your income as mentioned above
We will analyse all the details and after verification from client we will file your income tax return before the due date and protect you from any penalty
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
Due dates for filing Income Tax return
For Taxpayer not eligible to get Tax audit: Due date for filing Income tax Return for Taxpayer having turnover less than 1 crore or who opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 31st November 2020
For Taxpayer eligible to get Tax audit: Due date for filing Income tax Return for Taxpayer having turnover more than 1 crore or who do not opt for presumptive taxation for F.Y 2019-20 i.e. A.Y. 2020-21 is 30th October 2020
Taxpayer can file belated Return up to 31st march of Assessment year
Penalty of non filing Income Tax Return
Where a person is required to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay prescribed late fee in following manner :
Return file up to 31 December of A.Y – Rs. 5000
Return file after 31 December of A.Y- Rs 10000
*However if total income of person does not exceed 5lakh than late fee shall not exceed Rs. 1000
Tax Slab for Individual
- Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
| Tax Slab | Rate |
| Up to 250000 | Nil |
| 250000-500000 | 5% |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
- Resident Individual who is of the age of 60 years or more but below 80 years at any time during the relevant previous year:
| Tax Slab | Rate |
| Up to 300000 | Nil |
| 300000-500000 | 5% |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
- Resident Individual who is of the age of 80 years or at any time during the relevant previous year:
| Tax Slab | Rate |
| Up to 500000 | Nil |
| 500000-1000000 | 20% |
| Above 1000000 | 30% |
- Surcharge
- 10% of income tax where total income exceeds Rs. 50,00,000.
- 15% of income tax where total income exceeds Rs. 1,00,00,000.
- Health and Education cess:
- 4% of income tax + surcharge.
FAQ's on ITR Filing for Individuals
Legal window helps you in the best possible manner for filing the income tax return you are eligible for. Further, our team helps you in advising the best way of investments so that tax liability is reduced.
No, If the income tax is already paid in the form of advance tax or TDS then no liability to pay the tax and in other case if your income is more than the maximum amount not chargeable to tax then you have to pay the tax as per the tax exemption limit decided for that financial year.
Yes of course one can revise the ITR after filing before one year after completion of the Financial Year.
For Example, for F.Y 2019-20, revise return can be filed before 31 March 2021.
You can only file an Income Tax Return after paying the Income Tax due to the government. If you submit the ITR without paying then your Income Tax Return can be declared Defective Return.
For the salaried person, Form 16 is a basic document used for filing their income tax returns (ITR). Filing one's ITR without Form 16 seems almost impossible for most salaried individuals. Now, even if you don't have Form 16, there are several documents you can use as reference to file your return.
For Filling Income Tax Return you need to have PAN no., without it individual will not be able to file the Return.
For individuals ITR filing with nil income is not compulsory but in case you want to file then you can. Individuals whose income exceeds the basic exemption limit i.e. 2.5 lakhs, is recommended to file ITR to avoid scrutiny by the Income Tax Department. Also, if your tax liabilities are zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required and a person can avail so many benefits of filing an income tax return.
It is clearly not compulsory for individual having income less than exempted limit to file ITR but as we mentioned above the benefits of filling return if you want to avail such benefit you must file the Income Tax Return.
In case you fail to file the return before due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2019-20, belated returns can be filed till 31st March, 2021.
If you have income up to Rs 5 lakh and you don't file your ITR assuming that your tax payable will be zero after taking necessary deduction you are liable to get a notice from the income tax department.