Individual Income Tax Filing For Individual

Under Section 2(24) of Income Tax (IT) Act, 1961, "Income" means and includes "Profits and gains, dividends, allowance or any capital gains and the tax levied on these incomes are known as "Income Tax". There are two types of taxes, direct tax, and indirect tax. Income tax is covered under the direct tax category.

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HOW DOES IT WORK ?

Step 1

We collect and verify the supporting documents & forms required for Individual Income Tax Filing

01

Step 2

Our Individual Income Tax Filing experts draft and prepare the required supporting documents

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Step 3

We take care of your filing or We take care of your Individual Income Tax Filing

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LEGAL BITS YOU SHOULD KNOW

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Heads of Income-tax

According to Section 14 of the Income Tax (IT) Act, 1961, there are 5 types of heads of income tax. They are:

  1. Income from Salary – Under this head, an individual will qualify for income tax, if there is an employer-employee agreement. The person must receive remuneration or salary based on a contract of employment.
  2. Income from House-Property – Under this head, Section 22 to 27 of the IT Act provides for the calculation of the income from the house, property, land, which an individual owns.
  3. Income from Profits and Gains from Business – Income under this head will be chargeable for the profits on the sale of a certain license, etc.
  4. Income from Capital Gains – Income earned by selling or transferring a capital asset leads to one of the heads for income tax.
  5. Income from Other Sources – According to Section 56(2) of the IT Act, interest income from banks, lottery, etc. are included in this head.

Exceptions to the heads of income have been mentioned under Chapter 3 of the IT Act which includes Agricultural income, etc.

Penalties and Offences

According to 271F of the IT Act, if an individual fails to furnish income tax return information before the relevant assessment date, then the Assessing Officer may direct that individual to pay Rs. 5000 as a penalty or fine.

Who is an Income Tax Payer?

Every citizen who is below 60 years of age and if their income exceeds 2.5 lakhs are liable to pay income tax. Additionally, if a person is more than 60 years but has an income of more than 2.5 lakhs, then he/she will be liable to pay.

Benefits of ITR Filing

Some of the benefits of Filing Income Tax Return on time are:

  1. ITR documents as used by many banks for Loan Approval.
  2. Income and Address Proof
  3. IT Return filing avoids hefty fines and penalties levied on them due to non-filing at the scheduled time.
  4. Some the countries like United States, United Kingdom, etc. ask for ITR Receipt for Quick Visa Processing.

Key Requirements

Documents Required

  1. Pan card details
  2. Details of income and Bank statement
  3. Form 16 in case of Salaried individuals

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