Individuals who receive a salary from an employer need to file an Income Tax Return (ITR).
Income Tax Return (ITR) filing is the process of declaring your income and taxes paid to the Indian government for a financial year (April 1st to March 31st). It is a legal requirement for salaried individuals whose taxable income exceeds a certain threshold.
There are two types of ITR forms i.e. ITR-1 and ITR-2 required to be filed by salaried individuals to provide details of their income sources, tax deductions, and exemptions.
ITR-1 (Sahaj) is applicable for individuals who have a total income of up to INR 50 lakhs, receive salary income, and have income from one house property. Also having Agriculture Income not exceeding Rs.5000/-.
ITR-2 is applicable for individuals who have a total income exceeding INR 50 lakhs, receive salary income, have income from more than one house property, have capital gains, or have foreign assets/income.
It is of the utmost importance to select a distinct and unique Name for the company
Company Premises can either be owned or rented.
Minimum capital introduction is a necessary perquiste for company incorporation
ITR acts as a proof of your income and can be used for various purposes, such as availing loans, visa applications, and opening bank accounts.
Filing ITR is seen as a responsible and credible act, and can have a positive impact on your financial standing and reputation.
Our company assists in fulfilling these obligations with ease and efficiency. Compliance requirements can be broadly categorized into four types
For further details and expert guidance, kindly seek the consultation of our seasoned startup consultants.
One Time after incorporation like appointment of Auditor, Declaration for Commencement of business, Issuance of share certificate etc
Change of Directors, Change of regd. Address,Allotment of shares etc.
Accounting , Tax Filing , Maintenance of records and registers etc
ROC Annual filing, Audit of financial statement, ITR filing etc
Accounting , Tax Filing , Maintenance of records and registers etc
Our company assists in fulfilling these obligations with ease and efficiency. Compliance requirements can be broadly categorized into four types
For further details and expert guidance, kindly seek the consultation of our seasoned startup consultants.
One Time after incorporation like appointment of Auditor, Declaration for Commencement of business, Issuance of share certificate etc
Change of Directors, Change of regd. Address,Allotment of shares etc.
Accounting , Tax Filing , Maintenance of records and registers etc
ROC Annual filing, Audit of financial statement, ITR filing etc
Accounting , Tax Filing , Maintenance of records and registers etc
ITR stands for Income Tax Return. It is a form that individuals and businesses in India are required to file with the Income Tax Department annually, declaring their taxable income and taxes paid for a financial year (April 1st to March 31st).
All individuals and businesses whose taxable income exceeds a certain threshold are required to file income tax in India. The threshold for individuals is INR 2.5 lakhs for those below 60 years of age and INR 3 lakhs for those above 60 years of age.
The financial year for income tax purposes in India is from April 1st to March 31st.
The due date for filing Income Tax Return (ITR) for a salaried individual in India is usually July 31st of each financial year.
Note: It is important to note that the due date may be extended by the tax authorities under certain circumstances.
If an Income Tax Return (ITR) is not filed by a salaried individual by the due date, there may be consequences, including:
1) Penalty up to INR 5,000 under section 271F of the Income Tax Act.
2) Interest on Unpaid Taxes: If there is a tax liability, the individual may be charged interest on the unpaid taxes, calculated from the due date till the date of payment.
3) Disqualification from Tax Benefits: Failing to file an ITR can result in disqualification from claiming tax benefits and exemptions.
4) Legal Action: In severe cases, non-filing of ITR can result in legal action by the Income Tax Department.
ITR-1 (also known as Sahaj) is applicable for individuals who have a total income of up to INR 50 lakhs, receive salary income, and have income from one house property (excluding cases where a loss is brought forward from previous years).
ITR-2 is applicable for individuals who have a total income exceeding INR 50 lakhs, receive salary income, have income from more than one house property, have capital gains, or have foreign assets/income.
Yes, you can claim tax refunds if you have paid more tax than your liability by filing an income tax return (ITR).
Salaried individuals in India are eligible for tax benefits and exemptions, such as deductions for Housing Loan Interest, Investments made in tax-saving instruments like PPF, ELSS, Life Insurance, etc.
Penalty for late filing of ITR for Individual:
If total income upto Rs. 2,50,000: Nil
If total income between Rs. 2,50,000 & Rs. 5Lakhs: Rs. 1,000
If total income above Rs. 5 Lakhs: Rs. 5,000
