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Why to worry about your Income Tax Return, when we are here to help you and keep track for it. Getting done it in much simpler way on behalf of you.
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Rs1500
ITR 4(Sugam ) With profit and loss and Balance sheet
Income tax Returns
  • Income from professionals or income from business
  • Details can be emailed in excel or PDF format
  • deliveries include Pnl, BS , and ITR
  • Unlimited consultation
  • Data Checked and filed by an expert
  • Post return filing support like follow up on refunds etc
Rs500
ITR 1 Salary Returns
Income tax Returns
  • Consultation over Tax Savings etc
  • Post return filing support like follow up on refunds etc
  • Data Checked and filed by an expert
  • Form 16 and other details can be emailed
  • Unlimited consultation Consultation
Income Tax Return

ITR-1 SAHAJ Form Filing

Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The person (commonly referred to as “assessee”) could be an individual, partnership, Hindu Undivided Family or any other business entity.

The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.

Who all are eligible to file Form ITR 1?

  1. Form ITR-1 (also referred to as SAHAJ popularly) has to be filed by individuals who have an income of not more than INR 50 lakhs from the following sources in a financial year:

    • Salary/Pension: Salary refers to the remuneration/consideration that a person receives for the services that he/she renders under a contract of employment. For an amount to be considered salary, the existence of employer-employee relationship is must. As per the Income Tax Act, 1961, the following are included in salary income:
      • Wages
      • Pension
      • Annuity
      • Advance Salary Paid
      • Leave Encashment
      • Fee, Perquisites, Commission, Profits in addition to or in lieu of Salary or wages
      • Transferred balance in recognized Provident Fund
      • Annual accretion to the recognized Provident Fund
      • Central Government Contribution or Employer Contribution to Pension account as mentioned in Section 80CCD of the Income Tax Act, 1961.
    • One House Property (does not include those cases in which income has been brough forward from previous years): If the taxpayer I the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxable under the heading “Income from Business or Profession.”
    • Other sources (does not include income earned from winning lottery or race horses)
    • Agricultural Income (Up to INR 5,000)

Documents required for ITR-1 filing

    • Form-16
    • Salary Slips
    • Interest certificates from Post Offices & Banks
    • Form 16A/16B/16C
    • Form 26AS
    • Tax-Savings Investment Proofs
    • Deductions under Section 80D to 80U
    • Home Loan statement from NBFC/Bank
    • Capital Gains
    • Aadhar Card

Who all are not required to file Form ITR-1?

  1. Form ITR-1 cannot be filed in the following cases:

    • Income exceeds INR 50 lacs
    • Agricultural income exceeds INR 5,000
    • Taxable capital gains have been made
    • There is income from business or profession
    • There is income from more than one house property
    • The individual is a Director of a company
    • Investment in unlisted equity shares has been made
    • The individual owns assets or has financial interest outside India or is the signing authority of an account located outside India
    • The individual is a non-resident or not ordinarily resident
    • Income of the individual is taxable in hands of another person
    • The individual has claimed relief of foreign tax paid or double taxation under Section 90/90A/91 of the Income Tax Act, 1961
    • If the taxpayer is joint-owner of a property, he/she cannot file Form ITR-1. In this case, the individual will have to file ITR-2.
    • Form ITR-1 cannot be filed by individuals who have deposited over INR 1 crore in their bank accounts, have made expenditure of INR 2 lakhs on foreign travel, or paid electricity bill of over INR 1 lakh.
    • In these cases, the taxpayer would be required to file Form ITR-4. In these cases, the taxpayer shall be required to file Form ITR-4.

IT Rates for Individuals

For individuals up to the age of 60 years
Taxable Income Income Tax Rate
Up to INR 2,50,000 Nil
INR 2,50,000 – INR5,00,000 5%
INR 5,00,000 – INR 10,00,000 20%
Above INR 10,00,000 30%
For individuals aged between 60-80 years (Senior Citizens)
Taxable Income Income Tax Rate
Up to INR 3,00,000 Nil
INR 3,00,000 – INR5,00,000 5%
INR 5,00,000 – INR 10,00,000 20%
Above INR 10,00,000 30%
For individuals above the age of 80 years (Super Citizens)
Taxable Income Income Tax Rate
Up to INR 5,00,000 Nil
INR 5,00,000 – INR 10,00,000 20%
Above INR 10,00,000 30%
Income Tax Return

ITR-4 SUGAM Form Filing

For filing returns, the Income Tax Department has set out different forms. These forms are filed by the taxpayers as per the category that they fall under and the source of their income. There are multiple criteria that decide eligibility of a taxpayer to file a particular ITR form. Form ITR-4 is used for filing Income Tax Return by those taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961. This is, however, subject to the business turnover limit of INR 2 crores, exceeding which the taxpayer would be required to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts.

Who all are eligible to file Form ITR 4?

  1. Form ITR-4 is required to be filed by those individuals whose income comes from the following sources:

    • Business Income under Section 44AD/Section 44AE
    • Income from profession as per Section 44ADA
    • Income up to INR 50 lakhs from Salary/Pension
    • Income up to INR 50 lakhs from One House Property (does not include brought forward loss or loss to be brought forward under this head)
    • Income from other sources up to INR 50 lakhs (does not include winning from lottery or horse races)
    • Form ITR-4 can also be filed by freelancers in case their income does not exceed INR 50 lakhs

What are the components of Form ITR-4?

  1. Form ITR-4 has the following parts:

    • Part A: General Information
    • Part B: Gross total income under the five heads of income
    • Part C: Deductions and Total Taxable Income
    • Schedule BP: Details of Income from Business
    • Schedule 80G: Details of Donations entitled for deduction under Section 80G
    • Schedule IT: Statement of payment of advance tax and tax on self-assessment
    • Schedule- TCS: Statement pertaining to Tax Collected at source
    • Schedule TDS1: Statement of Tax Deducted at Source on Salary
    • Schedule TDS2: Statement of tax deducted at source on income apart from salary
    • Verification column

Who all are not required to file Form ITR-4?

  1. Form ITR-4 cannot be filed by any individual who:

    • Holds Directorship in a company
    • Holds any unlisted equity shares at any time during the previous year
    • Has assets/financial interest in an entity outside India
    • Has signing authority in an account outside India
    • Has income from a source located outside India
    • Has profits from a business or profession which is not required to be computed under sections 44AD, 44ADA or 44AE, like income from speculative business, commission, brokerage, etc.
    • Makes Capital Gains
    • Has income from more than one house property
    • Has income under the head “other sources” from winning lottery, horse races, income taxable at special rates u/s 115BBDA or 115BBE
    • Has income which is to be apportioned in accordance with the provisions of Section 5A
    • Has agricultural income exceeding INR 5,000
    • Has any brought forward loss or loss which is to be carried forward under any income head
    • Has loss under “income from other sources”
    • Has a claim of relief under Sections 90, 90A or 91
    • Has any deduction claim under Section 57 (except deduction relating to family pension)
    • Has claim of tax credit which has been deducted at source in the hands of another person
    • Has joint ownership in house property (inserted in AY 20-21)

Features of Presumptive Taxation Scheme

    • There is no requirement of maintenance of books of accounts
    • The net income is estimated to be 8% of gross cash receipts. However, for payments received via digital mode, the net income is assumed to be 6% of such gross receipts.
    • Deduction of any business expense against this income is not allowed.
    • The business owner has to pay 100% Advance Tax by 15th of March. There is no need to comply with quarterly installments of due dates of Advance tax (i.e. in June, Sep, Dec)
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FAQ's

What all documents are required while filing Income Tax Return?

The Income Tax Return forms do not require any particular documents to be attached. However, it is advisable to keep certain documents handy like Form 16, Profit & Loss Accounts, Balance sheet, investment evidence, etc. Such details are to be entered in the ITR forms.

If I have a House Loan, can I file Form ITR-1?

Yes, Form ITR-1 can be filed if you have a house loan.

How to download Income Tax Return Forms? ?

The following are the steps to downloading the Income Tax Return forms:

  1. Income that exceeds Rs. 50 Lakhs
  2. Assessee has Taxable Capital Gains
  3. Assessee has any of the below sources of income :
    • Go to the website of the income tax department.
    • There is a Forms/Downloads option on the homepage. Click on that.
    • From the drop-down menu, choose the option of “Income Tax Returns.”
    • After being redirected to the Income Tax Returns page, choose the particular ITR form as per your income.
In case of exempt agricultural income, can Form ITR-1 be filed?

Yes, as long as agricultural income does not exceed INR 5,000, Form ITR-1 can be filed.

What is ITR-XML file?

XML is a type of file format. Income details entered in XML file get easily auto-entered in the online Form ITR-1.

Are there any specific documents that have to be attached with Form ITR-1?

There is no requirement of attaching documents with Form ITR-1. However, the taxpayer should always retain the documents on the basis of which he/she fills the return. The tax authorities can ask for the taxpayer to present these documents to them at any time

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