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Income Tax Return Filings Services

ITR- 1 (Sahaj)

No Capital Gain Income
Agricultural Income if any only upto Rs 5,000/-
No business income
Not more than one house property income
Total income is less than Rs 50 lakhs.
Resident and ordinarily resident in India
This form is not applicable to specified person*

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ITR- 4 (Sugam)

No Salary Income
Income under presumptive basis
No Capital Gain Income
Agricultural Income if any only upto Rs 5,000/-
Total income is less than Rs 50 lakhs.
This form is not applicable to specified person*

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ITR- 2 or ITR-3

This form is applicable to persons who are not eligible to file ITR-1 (Sahaj) & ITR-4 (Sugam)

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1. Rates of Income Tax

TOTAL INCOME	OLD SCHEME RATE	NEW SCHEME RATE (SEC 115BAC)
Upto 2,50,000	Nil	Nil
From 2,50,000 to 5,00,000	5%	5 %
From 5,00,001 to 7,50,000	20%	10%
From 7,50,001 to 10,00,000	20%	15%
From 10,00,001 to 12,50,000	30%	20 %
From 12,50,001 to 15,00,000	30%	25%
Above 15,00,000	30%	30%

OLD SCHEME RATE

In case of individual, who is of the age of sixty years or more but less than eighty years at any time during the previous year the basic exemption limit will increased to 3,00,000 for the person opted old scheme rate.
In case of individual, who is of the age of eighty years or more at any time during the previous year the basic exemption limit will increased to 5,00,000 for the person opted old scheme rate.

Conditions for Opting New Scheme Rate U/s 115BAC.

Assesses have the option to file the return in any one of the above two schemes
Assesses having business income cannot opt new scheme once they opt out or doesn't satisfy the conditions specified therein.
Assesses having other than business income can choose to opt for the new scheme for every single assessment year at the time of filing of return.
Assesses opting for new scheme have to forego around 70 exemptions/deductions. The following exemptions/deductions shall not be available :-

SECTIONS	PARTICULARS
Chapter VI A	Other than Sec 80CCD (2 ) and/or Sec 80JJAA
Sec 32(1)(iia)	Additional Depreciation
Sec 32 AD	Investment in New Plant and Machinery in notified backward Areas
Sec 57 (iia)	Deduction in respect of family Pension Income
Sec 10(5)	Leave Travel Concession
Sec 10 (13A)	House Rent Allowance
Sec 10 (14)	Special Allowances for Expenses done on behalf of his official duties
Sec 10 (17)	Constituency Allowance/Daily Allowances to MPs and MLAs
Sec 10 (32)	Income of Minor Clubbed in hands of Assessee
Sec 16	Standard Deduction of Rs. 50,000 /-
Sec 16	Deduction of Professional Tax and Entertainment Allowance
Sec 24	Interest on Housing Loan

Assessee cannot set off previous year losses and cannot carry forward losses and depreciation under Income from PGBP and House Property under new scheme.

2. Surcharge on Income Tax

TOTAL INCOME	RATES
From 50,00,001 to 1,00,00,000	10%
From 1,00,00,001 to 2,00,00,000	15%
From 2,00,00,001 to 5,00,00,000	25%
Above 5,00,00,000	37%

Where the Total Income includes any income chargeable under dividend or Section 111A, Section 112 and 112A of the Act, the rate of Surcharge on Income Tax in respect of that income shall not exceed 15%.

3. Tax Audit under section 44AB

Particulars	Business	Profession
a. Turnover/Gross Receipts	Exceeds 1 Crore	Exceeds 50 Lakhs
b. Profits and gains	Declared income lower than as mentioned in section 44AD. [6% of Turnover – If receipts are through banking channel. 8% of Turnover – If receipts are through cash or bearer cheque] Declared income lower than as mentioned in section 44AE, 44BB, 44BBB, as the case may be, in any previous year.	Declared income lower than as mentioned in section 44ADA and his income exceeds the maximum amount which is not chargeable to income tax in any previous year. [50% of Turnover]
c. Applicability of section 44AD (4)	Once an assesses opts for audit by declaring income less than the amount specified in Section 44AD, they must continue the audit for the next five assessment years.	NA

Exceptions to Audit under Section 44AB:

Audit under section 44AB is not applicable in the following circumstances:

If business turnover is less than 10 crores and:

Cash Receipts- The aggregate of all amounts received in cash, including sales, turnover, or gross receipts during the previous year, does not exceed 5% of the total amount; and
Cash Payments- The aggregate of all payments made in cash, including expenses incurred during the previous year, does not exceed 5% of the total payments,

If profit is declared in accordance with section 44AD or section 44ADA

In case of Business-

Turnover in the previous year does not exceed 2 crore rupees and profit is declared under section 44AD (1).
Turnover in the previous year does not exceed 3 crore rupees and profit is declared under section 44AD (1), provided the cash received does not exceed 5% of the total turnover or gross receipts.

In case of Profession-

Turnover in the previous year does not exceed 75 lakh rupees and profit is declared under section 44ADA (1), provided the cash received does not exceed 5% of the total gross receipts.

Due Date of Tax Audit

The due date for submitting the Tax Audit report under section 44AB is one month before the due date for filing the income tax return as per sub-section (1) of section 139. Therefore, the due date for furnishing the Tax Audit report is 30th September of the relevant assessment year.

Penalty for delay in furnishing tax audit report

Failure to get accounts audited or to furnish a copy of the audit report as required under section 44AB may result in a penalty. The penalty is either 0.5% of the total sales, turnover, or gross receipts, or Rs.1.5 lakh, whichever is less.

INCOME TAX RETURN FILING PROCESS WORKFLOW

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Payment for Services

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Return Filing

We ensure the timely filing of income tax returns.

Review and Signing

Providing necessary documents to the client for their review

Return Preparation

We diligently prepare your tax returns in adherence to statutory requirements

INCOME TAX RETURN FILING PROCESS WORKFLOW

Select Service

Choose the service you are interested in.

Get a Call

Our Expert will provide a free consultation over the phone.

Fill a Simple Questionaire

Complete a brief form and share the form with us.

Review and Signing

Providing necessary documents to the client for their review

Return Preparation

We diligently prepare your tax returns in adherence to statutory requirements

Document Sharing

Share required documents as indicated in the questionnaire

Return Filing

We ensure the timely filing of income tax returns.

Payment for Services

Pay professional fees for the services rendered

Feedback Matters

We value your feedback as it helps us better understand and serve our clients.

TERMS AND CONDITIONS

Amount is excluding all types of government fee, penalty, statutory audit fees, digital signature charges and taxes associated with the engagement.
We ensure that client data is safe and confidential; your privacy is our priority.
Pricing may vary if there are factors such as foreign income, DTAA applicability, holding assets and liabilities outside India, or any other complexities involved.

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Individual/HUF

Individual/HUF

Income Tax Return Filings Services

ITR- 1 (Sahaj)

ITR- 4 (Sugam)

ITR- 2 or ITR-3

1. Rates of Income Tax

OLD SCHEME RATE

Conditions for Opting New Scheme Rate U/s 115BAC.

2. Surcharge on Income Tax

3. Tax Audit under section 44AB

Exceptions to Audit under Section 44AB:

Due Date of Tax Audit

Penalty for delay in furnishing tax audit report

INCOME TAX RETURN FILING PROCESS WORKFLOW

Select Service

Get a Call

Fill a Simple Questionnaire

Document Sharing

Feedback Matters

Payment for Services

Return Filing

Review and Signing

Return Preparation

INCOME TAX RETURN FILING PROCESS WORKFLOW

Select Service

Get a Call

Fill a Simple Questionaire

Review and Signing

Return Preparation

Document Sharing

Return Filing

Payment for Services

Feedback Matters

TERMS AND CONDITIONS

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