ITR for non-salaried person For non-salaried individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of non-salaried individuals: ITR-1 (Sahaj): This form is applicable if you have income from salary, one house property,… Read More »
Company tax return Here are some key points to consider for ITR filing for companies: Choose the Right ITR Form: Companies need to file their ITR using Form ITR-6. This form is applicable to companies other than those claiming exemption under section 11 of the Income Tax Act, which applies to charitable or religious… Read More »
ITR for pensioners Pensioners typically file their income tax returns using ITR-1 or ITR-2, depending on their sources of income. Here’s a general guideline ITR for pensioners: ITR-1 (Sahaj): Pensioners who have income from sources such as pension, interest, and rental income (excluding income from business or profession) and do not have capital gains… Read More »
ITR filing for business In India involves the submission of the business’s income tax return with the Income Tax Department. Here are some key points to consider for ITR filing for businesses: 1. Choose the Right ITR Form: Depending on the nature of the business and the income earned, different ITR forms may be applicable.… Read More »
ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
ITR filing for Senior citizen For senior citizens, the process of filing an income tax return (ITR) in India is similar to that of other taxpayers, with a few additional considerations. Here is a concise summary of the main steps involved: Determine Eligibility: Individuals aged 60 years or above are considered senior citizens for income… Read More »
Process of ITRFiling The process of ITRfiling an income tax return (ITR) in India typically involves the following steps: 1. Gather Required Documents: Collect all relevant documents such as Form 16 (provided by your employer), salary slips, bank statements, investment proofs, and other supporting documents related to your income and deductions. 2. Determine the… Read More »
ITR for Salary and Share Trading If you have income from salary and share trading, you will generally need to file ITR-2. ITR-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. Income from salary and income from share tradings fall under the… Read More »
ITR Filing is Mandatory Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »
Free ITR filing Filing an Income Tax Return (ITR) is a crucial responsibility for individuals and businesses to comply with tax regulations and ensure proper tax reporting. Many taxpayers wonder whether ITR filing is a free service or if there are associated costs. Understanding ITR Filing ITR filing involves submitting a detailed report of one’s… Read More »