Exemption Limits for

E-Filing Income Tax Return

The Income Tax Act requires individuals, Hindu Undivided Families (HUFs), companies, firms, AOP/BOI, NGO/Trust etc. to file an Income Tax Return (ITR) if their income exceeds the prescribed exemption limits.

Individuals Age < 60 years Mandatory if total income exceeds Rs.2.5 lakh
Age > 60 Years < 80 years Mandatory if total income exceeds Rs.3 lakh
Age > 80 years Mandatory if total income exceeds Rs.5 lakh
Hindu Undivided Family- HUF – Mandatory if total income exceeds Rs.2.5 lakh
Companies – Mandatory irrespective of Income
Partnership Firm/LLP – Mandatory irrespective of Income
LLP – Mandatory irrespective of Income
Trust/NGO – Mandatory if total income exceeds Rs.10,000
AOP/BOI – Mandatory if total income exceeds Rs.2.5 lakh

Due Date for

E-Filing Income Tax Returns

The return that is currently being filed is for the income you earned in FY 2022-23, or for the money earned between 1 April 2022 and 31 March 2023, must be submitted before 31 July 2023, in order to avoid a late filing penalty.

ITR Forms Applicability Due Date
ITR1 This return is filed by Individuals having income from salary, pension, Rental, or other sources upto Rs.50 lakh. Referred as personal ITR 31st July
ITR2 This return is filed by Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources. 31st July (In case of working Partner of a Firm or LLP whose audit is required u/s 44AB due date is 31st October)
ITR3 This income is meant for small businesses running as proprietorship or HUF and having income under the head Profit and Gains of Business & Profession (PGBP). 31st July

(In case of Audit under section 44AB then due date is 31st October )
ITR4 This return is for Presumptive Income under Section 44AD & 44ADA etc. to be filed by Individual or HUF who have income from PGBP. 31st July

(In case of Audit under section 44AB then due date is 31st October )
ITR5 This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP). 31st July

(In case of Audit under section 44AB then due date is 31st October )
ITR6 This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company. Referred as corporate ITR or company ITR. 31st October in all cases
ITR7 This return is to be filed by Trust who are required to mandatorily file their returns under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). 31st July

(In case of Audit under section 44AB then due date is 31st October )

List of Documents Required for

ITR Return Filing

Type of ITR Documents required
ITR1 Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate etc.
ITR2 Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Capital gain statement of share trading or property, details of foreign assets or income etc.
ITR3 Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Business receipts in cash and bank, balance sheet, Profit & Loss A/c etc.
ITR4 Income Tax Login, PAN, Bank Statement, Form-16/16A, Investment proof, Interest Certificates, home Loan certificate, Business receipts in cash and bank, balance sheet, Profit & Loss A/c etc.
ITR5 Income Tax Login, PAN, Bank Statement, Investment proof, Interest Certificates, Business receipts in cash and bank, balance sheet, Profit & Loss A/c, ledgers etc.
ITR6 Income Tax Login, PAN, Bank Statement, Investment proof, Interest Certificates, Business receipts in cash and bank, balance sheet, Profit & Loss A/c, ledgers, Digital Signature Certificate, Audit Report etc.
ITR7 Income Tax Login, PAN, Bank Statement, Investment proof, Interest Certificates, Business receipts in cash and bank, balance sheet, Income & Expenditure A/c, ledgers, Digital Signature Certificate, Audit Report etc.

Important points to consider

For filing Income Tax Return

Below are the important points to be consider for filing income tax return:

  • Disclosure of all the income, investment and related information is responsibility of the taxpayer.
  • Once Complianto team file ITR based on information provided by Taxpayer then it shall not be responsible for any revision in ITR (Fee for revised ITR will be extra.)
  • Taxpayer should check which tax regime is beneficial to him i.e. old tax regime or new tax regime
  • In case taxpayer have any foreign asset or liability then the same should be reflected in ITR.
  • In case your turnover exceeds Rs.1 crore then tax audit will be applicable unless you opt for presumptive taxation scheme for which limit is Rs.2 crore
  • In case of capital gain on sale of land or building acquired before 1st April 2001, then a valuation report from registered valuer will be required to ascertain the value of property as on 01st, April 2001.
  • If ITR is not filed on Time then late fee will be levied, interest under section 234A @1% payable and losses cannot be carried forward to next year.
  • Do check whether any gift above Rs.50000 received during the previous year.
  • All incomes whether taxable or exempt has to be disclosed in ITR.
  • In case income exceeds Rs.50 lakh then assets and liability details to be furnished.

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OUR PLANS FOR

ITR RETURN FILE Registration

  • Salary and Interest Income
  • ₹ 499
    per plus taxes (Including Government Fee)
  • Computation of Income
  • Filing of ITR-1 for salary and Interest income
  • Business Income (Proprietor)
  • ₹ 1599
    per plus taxes (Including Government Fee)
  • Computation of Income
  • Filing of ITR-4 for presumptive income
  • Premium (Company, LLP, Partnership, OPC)
  • Our price will be based on turnover
    per
  • Based on Turnover
  • Computation of Income
  • "Filing of ITR 3, 5 or 6 for LLP, OPC, Companies,
  • Partnership Firms and individuals who have
  • not opted for the presumptive income scheme."
  • Tax Audit Support (If applicable)

Have A Question?

FREQUENTLY ASKED QUESTIONS (FAQs)

An Income Tax Return is a form filed by taxpayers to report their income, deductions, and taxes paid to the Income Tax Department. It serves as a declaration of their income for a specific financial year.

Filing an ITR is mandatory for individuals and entities whose income exceeds the prescribed threshold limits. It helps the government assess the taxpayer’s tax liability and ensures compliance with tax laws. Additionally, filing an ITR is necessary for various purposes such as claiming tax refunds, obtaining loans, visa applications, etc.

Yes, you can file a belated return after the due date, but there may be penalties and consequences associated with late filing. It’s advisable to file the ITR within the due date to avoid any penalties and stay compliant with tax regulations.

The documents generally required for filing an ITR include Form 16 (issued by the employer), TDS certificates, bank statements, investment proofs, property details, and other supporting documents related to income and deductions.

Yes, it is recommended to keep a copy of the filed ITR and all supporting documents for future reference and potential verification by tax authorities if required.

If you realize there are errors or omissions in the filed ITR, you can rectify them by filing a revised return within the specified time limit. However, it’s best to ensure accuracy while filing the original return to avoid unnecessary complications.

Yes, the Income Tax Department allows electronic filing (e-filing) of ITR through their official website https://www.incometax.gov.in/iec/foportal/. E-filing provides convenience, speed, and accuracy in the filing process.

While it’s possible to file an ITR on your own, seeking professional help from a chartered accountant or tax consultant can ensure accurate and compliant filing. They can provide guidance, help with complex tax situations, and maximize available deductions and exemptions.

Form ITR-U is an updated return that allows you to update any of your previous returns within 24 months of filing or end of Assessment year. ITR U is introduced to improve tax compliance by taxpayer without involving litigations.

As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

​​​​​The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.​​

​​Yes, it can be claimed if you are otherwise eligible to claim the same.​

Both the regimes are method and rates for calculating income tax liability of Individuals and HUF with a difference that in Old Regime a taxpayer is eligible to avail all the deductions like 80C, 80D, HRA, Interest on Housing loan etc. but under under new regime no such deduction is available but new lower tax rates are prescribed in order to make tax compliance easy.

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