Every person or entity is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates.
1. Individual - Salaried, Self-employed or Professional,
2. Hindu Undivided Family (HUF)
3. Company
4. Firm
5. Association of Persons (AOP)
6. Local Authority
7. Artificial Juridical Person
8. Body of Individuals (BOI)
9. Political Party,
10. Educational or medical institution,
11. Trade Union, etc.

For the Assessment Year 2019–2020, regardless of whether you are a man, woman, or NRI, you must submit income tax returns in India if any of the following circumstances apply to you: (According to the Income Tax Act):

1. Gain annual gross income (before deductions under Sections 80C to 80U) greater than
   1. Rs. 2.5 Lakhs - For people under 60 years old,
   2. For those over 60 but under 80 years old, Rs. 3 lakhs 3. Rs. 5 lakhs - For people above 80 years old,
2. Earn income outside of a paycheck, such as via real estate, etc.
3. Wishing to claim a tax refund for money already paid in taxes. For instance, TDS, advance tax, etc.
4. Earning from or owning foreign assets,
5. Interested in applying for a loan or visa,
6. a company or a firm, regardless of profit or loss,
7. having bank deposits above Rs. 1 crore,
8. urchasing foreign currency exceeding Rs. 2 lakh, and
9. paying an electrical bill exceeding Rs. Lakh

The Income Tax Act of 1961's provisions and guidelines must be followed for calculating taxable income. Slab rates are applied to the taxable income produced during the prior year to determine income tax. The budget includes a notification of these slabs at the conclusion of each fiscal year. The income is accumulated and calculated under several income headings. Then, to determine the net income chargeable to tax, deductions and/or exemptions available under Chapter VI-A are subtracted.

If you are an employee, all you need is Form 16. No additional paperwork, such as a TDS certificate or investment proof, is required to be submitted with your ITR. However, you must keep them close by in case you are asked to provide them to the authorities. In the event that you don't receive Form 16, the following list of documents is what you might have:

1. A copy of the tax return from the prior year (to disclose any losses or other information),
2. Your bank statements (for the balances, loans, and interest paid),
3. Your TDS certificates (which should reflect any previously paid taxes),
4. Your savings certificates, charitable contributions, and other items (including deductions)
5. Certificates of Disability in your family (for deductions),
6. An interest statement (perhaps from a bank or post office) that details the interest that has been paid to you
7. Have balance sheets, Profit & Loss account statements, and any other necessary Audit Reports if there is business income or loss.

The Financial Year in which the money is earned is the same as the prior year. On the income received during the previous year, tax is due. And the Assessment Year, which is the year following the Financial or Previous Year, is when this tax is due. For instance, the Assessment Year, which runs from April 1 to March 31, 2025, is when tax obligations for income made during the Financial Year (Previous Year) will be due.

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. In both circumstances, payment must be made in Challan-280. For further processing, the Challan must be filled out correctly.

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. In both circumstances, payment must be made in Challan-280. For further processing, the Challan must be filled out correctly.

All ITRs must be filed by July 31st for individuals and September 30th for businesses. Following this deadline, tax returns would be filed as a "Belated Return" any time before March 31, 2024. With a cost. It is critical to file Income Tax Returns within the time frame specified.

Yes. If you missed any exclusions or deductions on Form-16, you can claim them in your ITR. Various deductions under section 80 can be claimed, including ELSS, PPF, life and health insurance, NSC, children's tuition fees, 5-year fixed deposits, charitable contributions, home loan repayment, and even HRA.

Yes. If you missed any exclusions or deductions on Form-16, you can claim them in your ITR. Various deductions under section 80 can be claimed, including ELSS, PPF, life and health insurance, NSC, children's tuition fees, 5-year fixed deposits, charitable contributions, home loan repayment, and even HRA.

Both physically and online, the return can be lodged. Download the government software for e-filing from the Income Tax portal (in spreadsheet format or java utility). Fill in all of the blanks with the necessary information. Pay your taxes and produce the XML. By logging into your account, you can upload this XML to the government portal. Download the acknowledgment in ITR-V once the XML has been published. This ITR-V can be validated using an EVC code or couriered to CPC Bangalore for further processing.

Here are some tips to follow when filing income tax returns.
• If any of the schedules do not apply to you, mark it with —NA—.
• Use "Nil" to denote nil figures.
• Before negative figures, use a "-" sign.
• Except for total income/loss and tax payable, all figures must be rounded to the nearest Rupee. These must be rounded to the nearest multiple of ten rupees.

The 26AS is a consolidated statement that shows the numerous taxes deducted from your income by your job, bank, or tenant. It displays how much tax the government has received through TDS deposited by the deductor (employer, bank), advance tax or any self-assessment tax that has been paid, and so on. It also includes information about any income tax refunds you may have received. It also displays AIR (Annual Information Return) transaction details, which your bank may have filed if you engaged in a certain transaction. To receive a tax credit, you must match your tax payments and TDS deducted with 26AS before completing your ITR, as the tax credit is only available for goods that show in our database.

This form is for resident Indians who earn money from one of the following sources: 

• Salary income, 
• Pension,
• Profit or Loss from a Single House Property (assuming no loss was carried forward or is to be carried forward),
• Other Income (other than winning the lottery or owning and keeping race horses),
• Exempt income (for example, agricultural income of up to Rs. 5000),

• The total income from all of the above sources does not exceed Rs. 50 lakh. The gross salary must be reported under "Income from Salary" by taxpayers. Instead of pay, this is salary, perks, and profits. Exempt allowances must be declared in "Allowance" format and subtracted from gross salary. For example, if a portion of the HRA is claimed to be exempt, that amount must be reported separately. The assessee must also submit a detailed breakdown of income obtained from other sources. For instance, interest from savings or fixed deposits, etc. In the case of clubbed income, when another person's income (spouse, minor kid, etc.) is to be clubbed, this Return Form can only be utilised if the entire income falls under the above income categories

Individuals who fall into the following categories are not eligible for ITR-1:
(a)Total income in excess of Rs. 50 lakh, 
(b)Agricultural income in excess of Rs. 5000, 
(c)Taxable capital gains, 
(d)Income from a business or profession, 
(e)Income from more than one house property, 
(f)You are a Director in a company, 
(g)You held investments in unlisted equity shares at any time during the fiscal year, 
(h)Own assets or financial interest in any entity outside India,

(i)For Indian residents with foreign assets or income (including signing authority in any international account),
(j)You are a Non-Resident Indian (NRI) or a Resident Not Ordinarily Resident (RNOR). Have any overseas assets or income?
(k)If you are assessable in respect of another person's income on which tax is deducted in the other person's hands,
(l)Income subject to special taxation under Sections 115BBDA or 115BBE,
(m)Income to be allocated in accordance with Section 5A,
(n)Any claim for relief under sections 90 and/or 91, 
(o)Any claim for deduction under section 57, other than deduction for family pension,
(p)TDS credit claim in the hands of another person.

Part A contains personal information, Part B contains gross total income, Part C contains deductions and taxable total income, and Part D contains tax computation and tax status. Schedule IT contains information on Advance Tax and Self-Assessment Tax Payments, whereas Schedule TDS contains information on Tax Deducted at Source. If you are requesting double taxation relief under Section 90/90A/91, you cannot use the ITR-1.

You should have the following documents ready before filling out your ITR-1 form:
1. Form 16: Issued by all of your employers for the fiscal year,
2. Form 26AS: Make sure that the TDS on Form 16 matches the TDS on Part A of your Form 26AS.
3. Receipts: If you were unable to provide documentation of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer on time, keep these receipts with you so that you can claim them directly on your income tax return.
4. a PAN card
5. Bank investment certificates: Interest from bank account information - bank passbook or FD certificate.

Yes. There is a column for exempt income on ITR Form 1 under Part D - computation of tax payable. You must record your exempt dividend income here. If you get a dividend from an Indian company's stock, you must disclose it under section 10(34). Furthermore, if the dividend was earned via mutual funds, it can be declared under the heading "others" under exempt income.

Yes. There is a column for exempt income in Part D - Computation of Tax Payable. You must report any exempt LTCG here. If the LTCG is derived via the sale of equity shares, it must be reported in the column designated for "Sec10 (38)". Mention it under the heading "others" for every other LTCG.

You must give information on any savings and current accounts that you held at any time during the fiscal year for which you are filing the return. So, if you are filing the return in 2019-20, provide information about all accounts during FY 2018-19. In addition, specify the bank account to which your return should be credited. Whether or not you have a refund. The account number should correspond to the bank's core banking solution (CBS).

ITR-2 is for an individual or Hindu Undivided Family (HUF) who is ineligible to submit Form ITR-1 (Sahaj) and has no income under the heading "Profits or gains of business or profession." As a result, individuals with income from the following sources are entitled to file Form ITR-2:

(1)Income from more than one house property,

(2)Capital Gains/Losses on Sale of Investments/Property (Both Short and Long Term), Income from Other Sources (including Lottery Winnings, bets on Race Horses, and other legal means of gambling),

(3)Foreign Assets/Foreign Income,

(4)Agricultural Income of more than Rs. 5000,

(5)A non-resident ordinarily resident (RONR) and a resident not ordinarily resident (NRI),

(6)A director of both listed and unregistered firms.

Individuals whose income includes "Profits or Gains of Business or Profession" are exempt from filing ITR-2 for the Assessment Year 2019-20. A firm, LLP, or other sort of legal entity cannot also file an ITR-2 form. The ITR-2 Form should not be used if you are claiming double taxation relief under Sections 90/90A/91.

Individuals and HUFs must file ITR-2 forms on or before July 31st of each year.

ITR-2 is divided into:

1. Part A: General Information. 
2. Part B-TI: Computation of Total Income.
3. Part B-TTI: Computation of tax liability on total income.
4. Fill in the blanks if the return was prepared by a Tax Return Preparing Agent.
5. Details to fill out if the return was prepared by a Tax Return Preparing Agent.
6. Schedule S: Details of salary/salary income.
7. Schedule HP: Income from the House Property(s).
8. Schedule CG: Income computation for capital gains.
9. Schedule OS: Income from Other Sources.
10. Schedule CYLA: Income statement after deducting current year losses.
11. Schedule BFLA: Income statement after deducting unabsorbed losses carried forward from previous years.
12. Schedule CFL: Losses to be carried forward to the following year.
13. VIA Schedule Chapter VIA deductions statement (from total income).
14. Schedule 80G: Statement of donations deductible under Section 80G.
15. Schedule 80GGA: Donation statement for scientific research or rural development.
16. Schedule AMT: Calculation of the Alternate Minimum Tax due under Section 115JC.
17. Schedule AMTC: Tax Credit Calculation u/s 115JD.
18. Schedule SPI: Statement of income of the assessee's spouse/minor child/son's wife or any other person or association of persons to be included in Schedules-HP, CG, and OS.
19. Schedule SI: Statement of income subject to special tax rates.
20. Schedule EI: Exempt Income Information.
21. Schedule PTI: Details of pass-through income from a business trust or investment fund in Sections 115UA, 115UB.
22. FSI Schedule: Statement of income accruing or arising outside of India.
23. Schedule TR: Taxes Paid Outside of India.
24. Schedule FA: Information on foreign assets and income earned outside of India.
25. Schedule 5A: Income apportionment statement defined by the Portuguese Civil Code.
26. Schedule AL: Assets and liabilities at the conclusion of the fiscal year (applicable if income exceeds Rs. 50 lakhs).

For many transactions, Form ITR-2 requires thorough disclosures. When it comes to donations, segregation into cash and other ways must be provided. The address of the immovable property sold, along with the buyer's PAN, for the immovable property sold. The location and ownership data of agricultural land must be submitted if agricultural income exceeds Rs. 5 lakhs.

1)The Directors must provide information about their directorships in multiple firms as well as details about their investments in unlisted equity shares.
2)Specifications for the sums falling under salaries, benefits, and profits other than salary must be included. This information would be available to taxpayers in the annexure to Form-16 submitted by the employer.
3)During a fiscal year, an employee who earns income from more than one employer must give comprehensive pay details (salary, perks, and profits) for each employer.

4)When declaring "Residential Status," the taxpayer must provide information on the number of days spent in India in the previous year, the preceding four years, and so on. Additional information regarding the jurisdiction of residence outside India and taxpayer identification numbers of such a country is required for NRIs.

The ITR-3 Form is intended for individuals and HUFs that earn a living from a profession or a proprietary business. If an individual or HUF earns income as a partner in a partnership firm that does business/profession, he is not required to file ITR-3. ITR 2 must be filed by him.

If an Individual/HUF earns money as a partner in a partnership firm that does business/profession, he cannot file ITR-3. In this situation, he must file Form ITR 2.

ITR-3 is broken into the following sections:
Part A-Gen: Taxpayer and business general information.
Part A-BS: FY balance sheet of the firm or profession.
Part A-P&L: Profit and loss statement for the fiscal year.
Part A-OI: Additional Information.
Part A-QD: Quantitative Information.
Part B: Outline of total income and tax computation on chargeable net income. Verification. Tax Payments: Information on advance tax, TDS, and so on.

ITR-4 is the income-tax return form for taxpayers who have elected the presumptive income scheme under sections 44AD and 44ADA of the Income-tax Act. However, if the taxpayer's total income exceeds Rs. 50 lakhs, he cannot file ITR-4 and must file another return form. A resident Indian, HUF, or resident firm (other than an LLP) can file ITR-4 if their total income includes any of the following components:
1. Presumptive Income calculated in accordance with Sections 44AD, 44ADA, and 44AE.
2. a salary or a pension
3. Income from a single-family residence (assuming no brought-forward loss or loss to be carried forward),

4. Income from other sources (including lottery and racehorse winnings or losses, income not subject to special taxation, and family pension)
5. In the case of clubbed income, the income of another person (spouse, minor child, etc.) is to be combined with the taxpayer's income. ITR-4 returns can only be filed if the income fits into one of the categories listed above.

It is prohibited for the following people and HUFs to choose ITR-4:
1. More than Rs. 50 lakh in revenue has been earned overall.
2. If any losses from prior years have been carried forward.
3. If the person is authorised to sign documents outside of India.
4. If there are ever any equity investments in the FY that are held in unlisted shares.
5. Limited Liability Partnerships (LLPs) are not permitted to choose this.
6. For people who own international property or have earned foreign revenue.
7. If more than one residential property was used to generate the income.

8. For a company's director.

9. if the individual is an RNOR or NRI.
10. He has any income that must be divided in accordance with Section 5A.
11. income from a business or profession other than income from the presumed tax scheme.
12. Profits and losses on investments and real estate sales,
13 He can be assessed for all or a portion of the income from someone other than the assessee for which TDS has been deducted.
14. Revenue from dividends exceeding Rs. Ten lakhs are subject to Section 115BBDA tax.
15. Assessee has any unexplained pay (for example cash credit, unexplained venture, and so forth.) 115BBE imposes a 60% tax on it.
16. Income that the assessee has claimed exemption from under section 57 under the heading "income from other sources."
17. In relation to royalty from books or patents, a deduction has been claimed under sections 80QQB or 80RRB.
18. Under Section 10AA or Part-C of Chapter VI-A, a deduction has been claimed. Assuming an individual is available in regard of a pay however TDS for such pay has been deducted by some other individual (i.e., clubbing of pay, Portuguese Common Code, and so on.). 19. The Assessee is claiming tax relief under Sections 90, 90A, or 91.

Under certain circumstances, an individual operating a business is required to keep regular books of account under Section 44AA of the Income Tax Act of 1961. Possible tax assessment plot under areas 44AD, segments 44ADA, and segments 44AE, has been outlined to give help to little citizens from this monotonous work.
1. AD Section 44: for small taxpayers who run businesses other than hiring, leasing, or plying goods carriages.
2. ADA Section 44: for low-income taxpayers with professional income.
3. AE Section 44: for low-income taxpayers operating a plying, hiring, or leasing of goods carriages. A person who follows this plan is freed from the difficult task of keeping track of accounts and can declare income at a predetermined rate. The participant in this program will be able to declare all of their taxable income at a rate that has already been established.

Any of the following people may adopt it:
1) Residents alone, 
2) Residents in HUFs, 
3) Residents in Partnership Firms (but not LLPs),

Non-residents and partnerships other than individuals, HUFs, and LLPs are not permitted to implement the plan. And the individual who filed a claim for any deductions made in accordance with Sections 10A, 10AA, 10B, or 80HH to 80RRB during the FY.

A person who is a resident of India and works in a specific profession with gross receipts that do not exceed Rs. 10,000 may use the presumptive tax scheme outlined in Sections 44ADA. 50 lakhs in a fiscal year. The specified professions are as follows:
1) Legal,
2) Medical,
3) Engineering or architectural,
4) Accounting,
5) Technical consulting,
6) Interior decoration, and
7) Any other occupation that CBDT specifies.

Every individual (individual, HUF, business, etc.), who, at any given time in the preceding year, owned no more than ten goods carriages and is engaged in the business of plying, hiring, or leasing these carriages.

No, professionals who choose the presumed method are not required to keep accounting records. They are exempt from section 44A's requirements to keep books.

People who are employed in a profession that qualifies and whose annual revenue is under Rs. The presumptive taxation scheme under Section 44 ADA is available to 50 millionaires. They will be required to declare taxable income equal to or greater than fifty percent of gross turnover or gross receipts. Further expenses will not be permitted. The tax on this sum will fall under the heading "Profits and gains of business or profession." Profits declared by the taxpayer may be higher, but they cannot be less than 50% of gross turnover.

No, a person cannot claim expenses under the presumptive taxation scheme because final taxable income is calculated according to this section at 8% (for businesses) or 50% (for professionals). This final taxable income is assumed to have been adjusted for all expenses.

If an assessee qualifies for the presumptive taxation scheme, he or she must file an ITR-4 return.

An assessee deciding on hypothetical tax collection plan ought to proceed with similar plan for the following 5 evaluation years. He cannot choose a presumptive scheme if he fails to file ITR.

Only the following organizations are permitted to use the ITR-5 form:
1. Firms,
2. Limited Liability Partnerships (LLPs),
4. Body of Individuals (BOIs)
5. Association of People (AOPs) Societies Cooperative,
7. Artificial Judges and Jurists Authorities in your area

Taxpayers cannot submit an ITR-5 in the following category: a) Assessees who are required to submit a return of income in accordance with sections 139(4A), 139(4B), 139(4C), or 139(4D) (trusts, political parties, institutions, colleges, and other similar entities). b) Individuals, businesses, and HUFs (Hindu Undivided Families).

Companies that do not claim an exemption under Section 11 must file ITR-6.

The following taxpayers are not permitted to file an ITR-6:
1. People, Hindu Unified Family (HUF), Firm, Relationship of Individual (AOP), Group of People (BOI), Neighborhood Authority and Fake Legal executive Individual,
2. Organizations asserting an exclusion u/s 11, who have Pay from property held for magnanimous or strict purposes.

ITR-7 is a form filed by those individuals and associations that fall under:

1. Section 139 (4A)

2. Section 139 (4B)

3. Section 139 (4C)

4. Section 139 (4D) The following individuals and companies are eligible to file the ITR-7 form:

a) Who obtain income from property if the said property is in the name of a trust,

b) All individuals receiving income for the sole purpose of charity or religious offering,

c) Any political party earning a net income which is more than the ceiling limit that is exempt from income tax,

d) Associations carrying out scientific research,

e) News organizations and companies,

f) Organizations mentioned in Section 10(23A) and Section 10(23B),

g) Educational institutions like school, colleges or universities,

h) Medical institutions such as clinics, hospitals, etc.

An assessee who does not claim an exemption under sections 139 (4A), 139(4B), 139(4C), or 139(4D) cannot use the ITR-7 Form.

Yes, in order to file an ITR, a person must have a PAN.

A late return is an option. It very well may be recorded either toward the finish of the important evaluation year or before the culmination of the appraisal, whichever is prior. with a punishment. For the assessment years 2014–25, for instance, if your returns were not submitted by August 31, 2023. After that, a belated return may be filed at any time prior to March 31, 2024.

26AS can only be viewed by registered users of the Income-tax Portal. The client is diverted to the Follows Entryway when he demands to see 26AS. The statement for the selected Assessment year can be viewed and downloaded. Sahyog consequently brings data of your 26AS structure, for you.

If your taxable income exceeds the slab, you are required to file a return, regardless of whether you have paid taxes. Only if your return is filed can you get a refund or claim a tax credit.

Under Section 139(5), the return may be revised if any errors are discovered after it has been filed. An assessee can file a revised return of income tax anytime before the end of the relevant assessment year or before the assessment is finished, whichever comes first.