In this article, we will talk about filling your Income Tax Return. The Income Tax Department of India has announced the last dates to file Income Tax Return (ITR) for the FY 2019-20. We are going to take you through some income tax return filing tips, which can be of great assistance while you file your returns without making any mistakes and would not incur any penalties.

Which ITR should you file?

There are four types of ITRs, classified basis the nature and source of income, the income slab you belong to, among other factors:

• ITR-1: Individuals with an annual income of a maximum of Rs.50 Lakhs from sources like salaries, one house property, interest, etc., have to fill up ITR-1.
• ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) who are not involved in a business or profession under any proprietorship.
• ITR-3: ITR-3 is especially for individuals and Hindu Undivided Families enjoying a source of income from a business or profession under a proprietorship.
• ITR-4: For presumptive income from business or profession having total income up to Rs.50 lakhs, ITR-4 has to be filled up.
• ITR 5: For persons are other than- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7
• ITR 6: For Companies other than companies claiming exemption under section 11
• ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

Key points while filing your Income Tax Return:

• Choosing The Right Form: There are seven different kinds of forms available for you to choose from. You have to understand which one applies to you and choose the right one accordingly.
• Missing Deadlines: If you miss the specified deadline, then you will have to pay a late fee based on your income.
• TDS And Rent Paid: If you are a tenant paying rent that is over Rs. 50,000 a month, you will have to deduct 5% in the form of TDS
• Income Tax Return: You may be working as a salaried employee in a company that deducts a certain amount in the form of TDS every month.
• Interest Income And ITR: If you have savings, where the interest earned more than Rs. 10,000 on the same shall be taxed. However, senior citizens can claim exception in interest income up to 50,000 on their bank deposits.
• Income Tax Rates: The tax rate will keep on increasing after this. If your revenue falls under the taxable bracket between 5-10 lakh INR, the tax rate will be 20% of the amount exceeding 5 lakh. Similarly, for income above 10 lakh, the tax rate becomes 30% of the amount exceeding 10 lakh.
• Income Tax Rates For Senior Citizen: If you are a senior citizen falling under the prescribed age bracket (60-79 years) you will receive a basic tax exemption up to Rs.3 lakh INR. For individuals, above 80 years of age, the basic tax exemption amount is Rs.5 lakh INR.

How can we help you?

So, keep them in mind while filing your Income Tax Return form confidently it is always advised to take help from an expert. Online Legal India™ is managed, operated and driven by CA, CS, IT professionals, Lawyers and Influencers, who have vast experiences within their respective fields. We are economical and give budgeted services for ones who are willing to start a company/business or any other kind of organization require Registration/ Licence.

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