Income Tax eFiling

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Income Tax eFiling - By Tax Expert

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return – irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. Gst Guru provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 – 2 business days.

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

  • Late Filing between 1st August and 31st December – Rs.5000
  • Late Filing After 31st December – Rs.10,000
  • Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

How we help with income tax return filing

Gst guru can help you with income tax return filing.

GST GURU Income Tax Expert will collect the necessary information and documents for preparation of income tax return.
Based on the documents and information presented, Our Expert will prepare your return and send for your approval.
Once the tax return is verified and accepted by you, our Tax expert will file your tax return with the Income Tax Department.


Basic Rs.499/- (all inclusive fees)

Income tax return filing for an individual with salary income. ITR-1 return filing

Standard Rs.2499/- (all inclusive fees)

Income tax return filing for small business. ITR-3 return filing with Tax Expert support.

Premium Rs.8999/- (all inclusive fees)

Income tax return filing for a Private Limited Company.ITR-5 return filing with Tax Expert support.

Details required for IT filings

 we will need the following Details from you.

  • Entity Name
  • Date of Incorporation
  • PAN number of the Company
  • Registered Office Address
  • Annual Income Details
  • Financial Reports for this year filing
  • Previous IT filing details (Financial Statements)
  • User ID & password.

Due dates for filing IT return

  • July 31: For individuals and firms who are not liable to audit.
  • September 30: For companies and others who are liable to audit
  • March 31: Be lated returns for individuals and companies.


On How To Filing Income Tax Return In India.

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes.

The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on NSDL website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.

An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.

Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age. It is compulsory to file an income tax return if any of the condition is applicable to you :

(1) If your taxable income is more than slabs notified in Finance Act for that Year. Example for an Individual Resident below 60 years of Age the Slab is 2,50,000 /-(A.Y. 2017-2018) and for senior citizen it is 3,00,000. Thus if his income is more than 2,50,000/- ( or 3,00,000 in case of senior citizen) then it is mandatory for him to file Income Tax Return.


(2) If you are an entity registered as a firm or a company, irrespective of the income or loss during the year.



(3) If you have losses under any head and want to carry forward those losses to next year.


(4) If you want to claim refund of taxes already paid i.e., TDS, Advance Tax etc.


(5) If you are a resident individual holding any kind of Foreign Asset e.g. Immovable property, Bank account etc. or are a signing authority in a foreign bank account then you are compulsorily required to file the return.

The type of return form in which you should file your return varies as per the category of Assessee.


(1)For Individuals/HUF: ITR-1, ITR-2, ITR-3, and ITR-4


(2)For Company: ITR-6, ITR-7


(3)For other than Individuals and Company: ITR-5

On the basis of source of Income an Individual can file return in form ITR-1, ITR-2, ITR-3 and ITR-4 :


ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.


ITR 2: Salaried individuals/HUF having income from business or profession from a Partnership Firm.


ITR 3: An individual/HUF having income from business or profession from a Proprietorship Firm.


ITR 4: An individual/HUF opting for Presumptive Taxation Scheme.

You can file return in ITR-1 (Sahaj) if you are an Individual having :


(1) Income from other sources


(2) Salary


(3) Pension


(4) Income from up to one house.


(5) Agriculture Income less than Rs. 5,000.


(6) Total Income is less than Rs. 50 lakh.

You can file return in ITR-2 if you are an Individual or HUF having :


(1) Income from items in ITR 1 which is more than Rs. 50 lakh.


(2) Income from capital gains.


(3) Foreign Income.


(4) Agricultural Income more than Rs. 5,000.


(5) Income from Business or Profession under a Partnership firm.

You can file return in ITR-3 if you are an Individual or HUF having :


(1) Income from items mentioned in ITR 2.


(2) Income from Business or Profession under a Proprietorship Firm.

You can file return in ITR-4 (Sugam) if you are an Individual or HUF having :


(1) Section 44AD – Business (Deemed Profit-8% or 6%)


(2) Section 44ADA –Profession(Deemed Profit-50%)


(3) Section 44AE – Transporters (Deemed Profit- Rs. 7500/vehicle per month)

You can file return in ITR-5 if you are an Individual or HUF having :


(1) Firm


(2) Limited Liability Partnerships


(3) Association of Person


(4) Body of Individuals


(5) Artificial Juridical Persons


(6) Local Authority or Co-operative Society

With an objective to give relief to small taxpayers having income from business or profession from maintaining books and accounts presumptive taxation scheme was introduced in Income Tax Act, 1961. This section gives exemption to taxpayers opting for this scheme from maintaining books, audit, paying quarterly advance tax. The scheme is framed under three section of Income tax act 1961:

(1) Section 44AD : For small taxpayers engaged in business other than business of plying, hiring or leasing goods carriages.
(2) Section 44ADA: For small taxpayers having income from profession.
(3) Section 44AE: For small taxpayers engaged in business of plying, hiring or leasing goods carriages.

No, a person cannot claim additional expenses under presumptive taxation scheme as income computed as per this section at 8% ( in case of business) or 50% (in case of professionals) is final taxable income. It is deemed that all expenses have been adjusted in computing this final taxable income.

Income tax deduction of upto Rs.1.5 lakhs can be claimed on amount paid or deposited in PF, PPF, LIC premium paid, National Savings Certificate, ULIP, principal part of repayment of housing loan, tuition fees paid for children, term deposit in bank, deposit in Senior Citizen savings scheme and more.

Section 80D deduction can be claimed by individuals and HUF for payments to medical insurance paid by cheque under GI scheme. Also fees of upto Rs.5000 paid for preventive health checkup can be claimed as income tax deduction under Section 80D.

Additional deduction under Section 80EE can be claimed on interest on housing loan paid through EMI by the assessee. The maximum deduction allowed under Section 80EE is Rs.1 lakh. The deduction can be availed on the first home loan, the amount of loan does not exceed Rs.35 lakhs and the property value does not exceed Rs.50 lakhs.

Section 80E deduction can be claimed by individuals for repayment of interest on loan taken in respect of higher deduction. The amount of interest paid can be claimed as a deduction under Section 80E. The maximum period for which this deduction can be availed is 8 years starting from repayment of loan or till the entire loan is repaid, whichever is earlier.

Section 80G deduction can be claimed on donations to certain funds, charitable institutes within the ceiling amount of 10% of the Gross Taxable Income. The amount of deduction available would depend on the exemption enjoyed by the fund. Section 80G deduction cannot be claimed for cash deductions of more than Rs.2000.