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Preparation of Income Tax return
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PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

RA

Rohit Agarwal

Founder. TechEdge Solutions

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

MS

Meera Sharma

CEO BlueWave Technology

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

PR

Priya Reddy

Co founder, Green leaf ventures

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

VS

Vikas Singh

Director. BrightSpark Innovations

Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.

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ZOHO
Vyapar
DIGITAL CONNECT
teljio
GrindClub
HDFC
Hungrea
MW
Ready
SBI
Tally
ZOHO
Vyapar
DIGITAL CONNECT
teljio
GrindClub
HDFC
Hungrea
MW
Ready
SBI
Tally
ZOHO
Vyapar
DIGITAL CONNECT
teljio
GrindClub
HDFC
Hungrea
MW
Ready
SBI
Tally

PROCESS

OUR THREE STEP PROCESS

Fill The Forms

Share your basic details quickly and easily.

Upload Document

Securely upload the required documents for verification.

Get Approved

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Income Tax Login Credentials
Bank Statement for the full Year
Business Details
Details of Sources of Income
Trade Summary for stock trading
Authorized signatory Contact and Email
1.PAN Card: Mandatory for filing your ITR.
2.Income Details: Information on all income sources (salary, business, rental, interest).
3.Bank Statements: Confirm interest income and relevant transactions.
4.Previous Year's ITR: Reference for consistency in reporting.
5.Tax Payment Receipts: Records of advance tax and self-assessment payments.
6.Other Relevant Documents: Capital gains statements, foreign income details, etc.

Filing an Income Tax Return (ITR) is a legal obligation for individuals and businesses earning above the prescribed income thresholds in India. Beyond just compliance, timely and accurate ITR filing helps you claim refunds, build financial credibility, and avoid penalties or scrutiny from tax authorities. ITR filing is not just about submitting figures—it's about correctly reporting your income, expenses, deductions, and taxes paid to ensure full transparency with the Income Tax Department. For businesses, it is also a critical document when applying for loans, tenders, or investor due diligence.

Business Income Tax Return

An Income Tax Return (ITR) is a form used by taxpayers to report their income and tax payments to the Income Tax Department. There are seven different ITR forms (ITR 1 to ITR 7), each catering to specific taxpayer types and income sources. Timely and accurate filing is essential to comply with tax regulations.

Who Needs to E-File an Income Tax Return?

E-filing of ITR is a legal obligation applicable to various groups under different conditions:

Salaried Individuals: Mandatory if income before deductions exceeds the basic exemption limit.
Firms: All corporate entities, LLPs, and partnerships must file annually, irrespective of profit or loss.
Directors and Partners: Reflect their income and financial activities in the ITR.
Dividend Earners: Required for dividends from mutual funds, bonds, equities, or fixed deposits.
Charity and Religious Trusts: Report income from managing charity funds or voluntary contributions.
Tax Refunds: Mandatory to claim refunds on overpaid taxes.
NRIs and Tech Professionals: Required if Indian income exceeds exemption limits or involves specific transactions.

Eligibility for Income Tax Filing

E-filing is mandatory under specific conditions, such as income above exemption limits or high-value transactions:

Basic Exemption Limits: Under 60 years: ₹2.5 lakh, Between 60 and 80 years: ₹3 lakh, Over 80 years: ₹5 lakh
High-Value Transactions: Deposits of ₹1 crore or more in current accounts, Spending over ₹2 lakh on foreign travel, Electricity bills exceeding ₹1 lakh annually

Income Tax Return Forms in India

Various ITR forms are available, tailored for different taxpayers:

ITR-1 (SAHAJ): For individuals with salary income below ₹50 lakh and one house property.
ITR-2: Suitable for NRIs, company directors, or individuals with capital gains.
ITR-3: For professionals and individuals with proprietorship businesses.
ITR-4: For presumptive taxation with business income below ₹2 crore.
ITR-5: For partnerships, LLPs, and associations.
ITR-6: Applicable to companies registered in India.
ITR-7: For charitable trusts and research institutions.

Key Due Dates for ITR Filing

For Assessment Year (AY) 2024-25, ITR filing deadlines vary based on the taxpayer category:

Individuals and Non-Audit Entities: July 31, 2024
Taxpayers Under Tax Audit: October 31, 2024
Taxpayers Covered Under Transfer Pricing: November 30, 2024
Revised/Belated Returns: December 31, 2024

Benefits of Income Tax E-Filing

E-filing offers numerous advantages, making it a crucial process for taxpayers:

Legal Documentation: Proof of income and taxes paid for identity verification.
Claim Tax Benefits: Allows deductions, reducing tax liability.
Essential for Financial Transactions: Required for loans or visa applications.
Avoid Penalties: Prevents late fees and interest charges.
Carry Forward Losses: Offset future profits by reporting losses.
Refund Claims: Necessary to claim refunds on overpaid taxes.

Penalties for Late Filing

Missing the filing deadline results in financial penalties and interest charges:

Interest: 1% per month on unpaid tax under Section 234A.
Late Fee: ₹5,000 (or ₹1,000 for income below ₹5 lakh) under Section 234F.

E-Filing Procedure

Follow these steps for a seamless e-filing experience:

Login to the Portal: Access the Income Tax Department's e-filing website.
Select the Right ITR Form: Choose based on income sources.
Complete and Submit: Fill in the details and submit the form.
E-Verify Your Return: Verify the return after submission to complete the process.

Income tax rates for Businesses

At OnEasy

At OnEasy, we are committed to making your ITR e-filing experience seamless, efficient, and compliant. Let us help you navigate the complexities of income tax filing and ensure that you meet all your obligations effortlessly.

FAQ

Frequently Asked Questions

ITR e-filing refers to the electronic submission of your Income Tax Return through the Income Tax Department's online portal. It allows taxpayers to report their income, deductions, and tax liabilities conveniently.

Individuals, Hindu Undivided Families (HUFs), firms, companies, and other entities with income exceeding the basic exemption limit are required to e-file their ITR. Specific conditions apply based on income sources and categories.

Essential documents include your PAN, Aadhaar number, bank account details, salary slips, Form 16, Form 26AS, and proof of deductions or tax-saving investments.

There are several ITR forms, including ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The choice of form depends on your income sources and taxpayer status.

The deadline for e-filing ITR for individuals and non-audit entities is July 31, 2024. For taxpayers under audit, it is October 31, 2024, and for those covered under transfer pricing, it is November 30, 2024.

Yes, you can file a belated return after the deadline, but it may incur penalties, and you will miss out on some benefits, such as carrying forward losses.

To e-file your ITR, visit the Income Tax Department's e-filing portal, log in, select the appropriate ITR form, fill in the required details, and submit your return. Don't forget to e-verify your return.

If you miss the filing deadline, you may face a penalty of up to ₹5,000 (or ₹1,000 if your income is below ₹5 lakh) and interest on unpaid taxes at the rate of 1% per month under Section 234A.

To claim a tax refund, you need to e-file your ITR accurately, reflecting your income and tax payments. The refund will be processed by the Income Tax Department once your return is verified.

Yes, e-filing is safe and secure. The Income Tax Department uses encryption and other security measures to protect taxpayer information during the e-filing process.

Guiding your business forward start your financial journey.

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