ITR Filing

A form that is used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income is called Income Tax Returns. It is mandatory for individuals who earn a certain amount of money to file ITR. Firms or companies, Hindu Undivided Families (HUFs), and self-employed or salaried individuals must file ITR to the Income Tax Department. Income tax filing can be defined as the procedure by which ITR is filed. The process by which taxpayers file their returns online is called efiling or ITR filing.

ITR Form for Salaried Person

Income Tax e-filing checklist for Salaried Employees

  • Form 16: This is the most important document that your employee will provide you.
  • Decide on the appropriate ITR form: If you are a salaried employee and your income should be less than Rs 50 lakh per year. You can get income from house property and other sources, except for income from lotteries and racehorses,then you have to fill ITR-1,If you have an agricultural income above Rs 5,000, then you are also ineligible to file ITR-1.while e-filing your taxes.Further income from more than one house property, incur further losses and so on is illegal to use an ITR-1 in which case one has to file ITR-2.
  • Form 26AS: Form 26AS is a consolidated record of various taxes deducted from your income and submitted to the government. If PAN is mapped to that particular account, Form 26AS can be downloaded through NetBanking.

  • Savings bank account and FD interest: Keep the following documents ready.
  • Bank statement or passbook for interest on your savings account.
  • Certificate of interest or TDS certificate from banks and post offices.
  • Description of bank accounts and IFSC codes: You have to keep the details of all your bank accounts and IFSC codes ready as you have to list them in the ITR form.
  • ITR Form for Business

    Return filing mainly depends on the type of business structure for example:

  • If you are the soleproprietor your business income and your other personal income such as salary, income from house property and interest income are stated on the same return.
  • If your total income before the deduction is above the original taxable limit, you are required to compulsorily file your income tax return regardless of the profit or loss in your business.
  • The original taxable limit was Rs. 2.5 lakhs. Therefore, if your income is above Rs 2.5 lakh before deduction, then you need to file your business tax return.
  • For companies, firms and limited liability partnerships (LLPs), a business tax return will have to be filed regardless of profit or loss. Even if no action is taken, the return will have to be filed.
  • Companies, firms, and LLP are taxed at a rate of 30%.
  • ITR Form For Pensioners

    Tax rates for senior citizens (above 60 years)

    Senior citizens will be charged for pension along with the following income tax rates:

  • To receive annual pension within the limit of Rs.3 lakhs – Nil
  • To receive an annual pension between Rs.3 lakhs and 5 lakhs – 10%
  • For getting annual pension ranging between Rs.5 lakhs and Rs.10 lakhs – 20%
  • For getting annual pension above 10 lakh – 30%

  • Tax rates for super-senior citizens (above 80 years of age)

    Super-senior citizens aged 80 and above will be levied the following income tax rates on pension:

  • To receive annual pension within the limit of Rs 5 lakhs – Nil
  • For getting annual pension above Rs.5 lakhs but not more than Rs.10 lakhs – 20%
  • For getting an annual pension of more than Rs 10 lakh – 30%.

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