Online Income Tax Return Filing in Delhi

Income Tax Return Filing Service in Delhi

Income Tax Return (ITR) is a form which an assessee/person is required to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year. Taxcellent is one of the leading and most trusted charted accounted agencies that provide you Online Income Tax Return Filing in Delhi India at very nominal fees. Speak out to our expert for more details: 8882323267

There are various heads under which income can be taxed:

• Income from Salary

• Income from other sources such as dividends, Interest, winning lottery etc

• Income from House Property

• Income from Capital gains

• Profits and gains from Business and Profession

The Income Tax Department has issued 7 types of ITR forms i.e. ITR-1 / ITR-2 / ITR-3 / ITR-4 / ITR-5 / ITR-6 / ITR-7 and the applicability of the form depends on the nature and amount of income and the type of taxpayer. The applicability of ITR forms is as under:

ITR-1 : Total Income does not exceed INR 50 Lacs during the relevant FY.

• Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include:
• Interest from Savings Accounts.
• Interest from Deposits (Bank / Post Office / Cooperative Society)
• Interest from Income Tax Refund
• Interest received on Enhanced Compensation
• Any other Interest Income
• Family Pension

Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above.

2. ITR-1 cannot be used by a person who:

• Is a director in a company
• Has held any unlisted equity shares at any time during the previous year.
• Has any asset (including financial interest in any entity) located outside India.
• Has signing authority in any account located outside India.
• Has income from any source outside India.
• Is a person in whose case tax has been deducted u/s 194N.
• Is a person in whose case payment or deduction of tax has been deferred on ESOP.
• Who has brought forward loss or loss to be carried forward under any head of income.

ITR-2

This return is applicable for Individual and Hindu Undivided families (HUF) not having Income under the Profits and Gains of Business or Profession and those who are not eligible to filing ITR-1.

ITR-3

This return is applicable for Individual and Hindu Undivided families (HUF) having Income under the Profits and Gains of Business or Profession and those who are not eligible to filing ITR-1,2 & 4.

ITR-4

This return is applicable for Individual and Hindu Undivided Family (HUF) who is Resident other than Not ordinarily Resident or a firm (other than LLP) which is resident having Total Income up to INR 50 Lakhs and having Income from business or profession which is computed on presumptive basis (u/s 44AD/44ADA/44AE) and income from any of the following sources:

• Salary/Pension.
• One House Property.
• Other Sources (Interest, Family Pension, Dividend).
• Agriculture Income up to INR 5,000

ITR-5

All firms, AOPs, LLPs, cooperative societies, BOIs, local authorities, and artificial judicial persons, apart from taxpayers filing returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D), have to submit the ITR 5 Form for income tax returns.

ITR-6

The ITR 6 form is an income tax form that is to be used by companies other than those companies that claim exemptions under Section-11.

ITR-7

Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

We at Taxcellent, assist you in filing the TDS returns and provide advisory for tax deduction at source.