Process of Registration by Taxhub
Upload the basic Documents
Choose your Requisite plan and pay the Fees
Taxhub will Prepare Income Tax Return
Taxhub will send Computation for Checking
Get your ITR Acknowledgement
What is Income Tax Return?
Income Tax Return (ITR) is a form which a person is supposed 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.
Income can be of various forms such as:-
• Income from salary
• Profits and gains from business and profession
• Income from house property
• Income from capital gains
• Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.
Types of Income Tax Return Filing Forms
• ITR-1 (Sahaj)
For individuals earning income from salary, single house property, agriculture, & income from other sources.
• ITR-2
For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc.
• ITR-3
For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm.
• ITR-4 (Sugam)
For Individuals, HUFs, and Firms (other than LLP) being a Resident who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
• ITR-5
ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals) etc.
• ITR-6
ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
• ITR-7
It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.
Basic Documents Required
The list of documents required for the preparation of Income Tax Return is as follows:-
- Copy & PAN of Aadhaar Card
- Address details
- Bank Account details
- Additional disclosures with reference to income from payroll & fixed deposits
- Data required for claiming deduction
- Data required regarding TDS return filing and advance tax payments
- Investment proof
- TDS certificate in Form 16
- Interest income certificate in Form 16A
- Form 26AS
999/-
All Inclusive Fees
| Salary or Rental Income |
| Covers Income From |
| • Salary (Upto 50 lakhs) |
| • Rental Income from House Property |
| • Saving/Fixed Deposit Interest |
Customized package available for salary more than 50 Lakhs and income other than mentioned above i.e. Capital Gain, from Property or Share Trading.
2,999/-
All Inclusive Fees
| Business or Profession Income(Proprietorship/Partnership) |
| Covers Income From |
| • Business (Upto 100 lakhs) |
| • Profession (Upto 50 lakhs |
Customized package available for Business & Profession Income more than 100 and 50 Lakhs respectively and income other than mentioned above i.e. Capital Gain, from Property or Share Trading.
No Accounting is covered, if required can be provided on additional Fee.
4,999/-
All Inclusive Fees
| Business or Profession Income(LLP/ Company) |
| Covers Income From |
| • Business (Upto 100 lakhs) |
| • Profession (Upto 50 lakhs |
Customized package available for Business & Profession Income more than 100 and 50 Lakhs respectively and income other than mentioned above i.e. Capital Gain, from Property or Share Trading.
No Accounting is covered, if required can be provided on additional Fee.
Benefits of Income Tax Return Filing in India
Income tax return can be used as an address proof and also as an income proof
If you are filing your Income Tax return within due date then you can set off losses in subsequent years and adjust it through your Income of that year.
When an Individual apply for Loan then Income Tax Return is a mandatory document and at that time it is beneficial for you either you apply for Vehicle Loan, Business Loan, Housing Loan etc.
Income Tax Refund can be claim only through Income Tax Return Filing. If you are having a TDS in your 26AS and you are having refund after adjusting all your taxes then you can claim it by filing your ITR
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
If you are required to file your Tax returns but didn’t, then the tax officer will impose a penalty
Shares of a company are movable property and thus can be transferred like any other property. A public company can freely transfer its shares, but there are some restrictions.
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted.
