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Preparation of Income Tax return

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Taxable Income < 5L

1 House Property

Normal Business Income

Accounting < 100 Transactions

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Key Features

Preparation of Income Tax return

Taxable Income < 5L

1 House Property

Normal Business Income

Accounting < 200 Transactions

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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

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DIGITAL CONNECT

teljio

GrindClub

HDFC

Hungrea

Ready

SBI

Tally

ZOHO

Vyapar

DIGITAL CONNECT

teljio

GrindClub

HDFC

Hungrea

Ready

SBI

Tally

ZOHO

Vyapar

DIGITAL CONNECT

teljio

GrindClub

HDFC

Hungrea

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

Sit back while we review and approve your application in no time.

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PAN (Permanent Account Number)

Aadhaar of director

Bank account details

Accounting Details of the firm

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.Investment Proofs: Receipts for deductions (Sections 80C, 80D, etc.).

5.Previous Year's ITR: Reference for consistency in reporting.

6.Tax Payment Receipts: Records of advance tax and self-assessment payments.

7.Aadhaar Number: Mandatory linkage with PAN for filing.

8.Other Relevant Documents: Capital gains statements, foreign income details, etc.

1.Filing your ITR early helps to avoid errors and last-minute technical glitches, facilitating a smoother submission process.

2.At OnEasy, we simplify the ITR e-filing journey, allowing you to submit your returns online effortlessly.

3.Our service streamlines each step, ensuring a faster, efficient, and secure e-filing experience.

4.With expert guidance available throughout the process, OnEasy guarantees a hassle-free ITR e-filing experience, allowing you to fulfill your tax obligations with ease.

Company 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), and the appropriate form depends on factors like income sources, total earnings, and taxpayer type (individuals, HUFs, companies, etc.). Timely and accurate completion of the ITR is crucial to comply with tax regulations.

Who Needs to E-File an Income Tax Return?

E-filing of ITR is a legal and financial responsibility for various groups under different circumstances:

•Salaried Individuals: Mandatory if total income before deductions exceeds the basic exemption limit.

•Firms: All corporate entities, including private limited companies, LLPs, and traditional partnerships, must file annually, regardless of profit or loss.

•Directors and Partners: Individuals serving as directors or partners must reflect their income and financial activities in the ITR.

•Dividend Earners: Required if income is received from sources like mutual funds, bonds, equities, or fixed deposits.

•Charity and Religious Trusts: Must report income from managing charity funds or voluntary contributions.

•Tax Refunds: Individuals and businesses eligible for refunds must e-file to claim taxes overpaid.

•NRIs and Tech Professionals: Required if income from India surpasses exemption limits or involves specific transactions.

Eligibility for Income Tax Filing

In India, e-filing is necessary under specific conditions:

•Basic Exemption Limits: Individuals under 60 years: ₹2.5 lakh, Individuals between 60 and 80 years: ₹3 lakh, Individuals over 80 years: ₹5 lakh

•E-filing is mandatory even if income is below these limits for high-value transactions such as:

•Depositing ₹1 crore or more in current accounts.

•Spending over ₹2 lakh on foreign travel.

•Incurring electricity expenses exceeding ₹1 lakh.

Income Tax Return Forms in India

The ITR e-filing process utilizes different forms tailored for various taxpayers:

•ITR-1 (SAHAJ): For individuals with income from salary or pension below ₹50 lakh who own one house property.

•ITR-2: Suitable for NRIs, company directors, or individuals with capital gains or multiple house properties.

•ITR-3: Designed for professionals and individuals with a proprietorship business.

•ITR-4: For those opting 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 entities like charitable trusts and scientific research institutions.

Key Due Dates for ITR Filing

For Assessment Year (AY) 2024-25, the deadline for e-filing varies:

•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:

•Legal Documentation: Acts as proof of income and taxes paid, aiding identity verification and income assessment for loans or property purchases.

•Claim Tax Benefits: Enables claiming deductions to reduce tax liability.

•Essential for Financial Transactions: Required for loan and visa applications, showcasing financial stability.

•Avoid Penalties: Timely e-filing helps prevent late fees and interest charges.

•Carry Forward Losses: Allows losses to be carried forward, which would be forfeited otherwise.

•Refund Claims: Necessary to claim refunds on overpaid taxes.

Penalties for Late Filing

Missing the ITR filing deadline incurs penalties, including:

•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

E-filing can be done online through the Income Tax Department's e-filing portal. Here's how:

•Login to the Portal: Access the Income Tax Department e-filing website.

•Select the Right ITR Form: Choose the appropriate form based on your sources of income.

•Complete and Submit: Fill in the necessary information and submit your ITR.

•E-Verify Your Return: Verify your submission after filing to complete the process.

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.

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