Individual Income Tax Return Filing
TAXAJ is India's largest online compliance services platform dedicated to helping people start and grow their businesses at affordable prices. We began in 2014 with the mission of making it easier for Entrepreneurs to start their businesses. We have since helped start and operate tens of thousands of businesses by offering various business services. We aim to help the entrepreneur with the taxation, legal and regulatory requirements and be a partner throughout the business lifecycle, providing support at every stage to ensure the business remains compliant and continually growing. TAXAJ launched the ITR filing product suite for individuals and families. With the launch of our income tax e-filing suite, we aim to help millions of Indians with financial literacy, compliance and investment.
Different Types of ITR Explained!
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For Individuals
Plan A
Salary or Rental Income
Covers Income From
→Salary
→House Property
→Bank Interest
→Pension
→PF Withdrawal
→Donations
Plan B
Capital Gains Income
Covers Income From
Everything in Plan A
→Sale of Property
→Sale of Equity/Stocks
→Sale of Mutual Funds
→Gains from Lottery, Gaming or Awards
Plan C
Foreign Income
Covers Income From
Everything in Plan B
→Income earned outside India
→Income earned in India for NRE/NRO A/c
→DTAA Guidance
For Self Employed
and Professionals
For Traders
Covers Income From
→Profit & Loss from F&O and Intraday Trading
→Preparation of Account Summary, P&L & Balance Sheet
→Also covers Salary, other incomes & capital gains
For Professionals & Freelancers
Covers Income From
→For Professionals such as Doctors, Freelancers, Youtubers & Small businesses.
→Applicable Turnover <2Cr for Businesses or Gross Receipts Rs. < 50 Lacs for Professionals
→Also covers Salary, other incomes & capital gains
For Business
Covers Income From
→For businesses having upto 200 Transactions
→Preparation of Account Summary, P&L & Balance Sheet
→Also covers Salary, other incomes & capital gains
Non Resident Indian
Lets know about Tax Filing for a Non Resident Indian.
Ask An Expert
Ask us any of your queries related to the Tax Return to be filed with accuracy.
Income Tax Notice
Lets talk about Income Tax Notice received from Income Tax Department
Benefits of filing Income Tax Returns
Avoid Late Fees under 234F
Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.
Avoid Tax Notices
Taxpayers are often served notices from the IT department for delayed & missed return submissions.
Build Financial Document
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
Carry Forward Your Losses
You can carry forward losses against house property and depreciation.
Tax Refund
You can claim tax refund; the earlier you file the sooner you will get the refund.
Quick Visa Processing
Most embassies and consulates require you to submit IT returns for the last 3 years.
Why Team Taxaj?
What is Income Tax?
There are two types of taxes in India – direct tax and indirect tax.
Direct tax is a tax that is calculated and paid directly on your Income e.g. tax on salary etc. Income tax is a direct tax.
Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service e.g. Buying a mobile phone or eating in a fast food joint. The seller of the mobile phone or the fast food service provider charges you tax and then deposits the same to the Government account. Most indirect taxes are now covered under Goods and Services Tax (GST).
Everyone who earns income above a certain amount is subject to income tax. Your payment could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget, i.e. filing ITR 2020 (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax, and it is now filed electronically.
What is Form 16?
Form 16 is a TDS certificate that an employer issues to you when TDS is deducted by the employer. An employer is required to deduct tax at source (therefore the name TDS - Tax Deducted at Source) when the employer pays salary to the employee (you). The employer deducts this tax on behalf of the Government and after deducting deposits the tax to the Government. The employer is then required to give a certificate to the employee giving the details of tax deducted. This certificate is called the Form 16.
In case no TDS has been deducted by the employer they may not issue you a Form 16.
You will require your Form 16 from your employer to file your tax return. You can directly upload your Form 16 and file your income tax return quickly.
What is Income Tax Return?
An income tax (IT) return is an income tax form which you need to fill and submit it electronically to the Income tax Department. In this form you need to give details of your income and taxes (taxes - that you may have paid or other people who may have deducted your tax). The income tax return forms are in various formats viz ITR-1, ITR-2 etc. Each form depicts a separate category of Income tax payers. You need not worry of your category as Team TaxaJ handles it for you automatically.
Remember, Income tax is a Direct tax and you need to only report Direct Income (salary, pension, interest etc) and taxes paid on that Income. The tax return formats are predefined formats by the Central Board of Direct Taxes (CBDT- which is also called the Income tax Department). The tax returns must be filed every year and must be filed by a specific date. If the return shows excess tax has been paid during a given year, you are eligible for a ‘income tax refund’, subject to the department’s interpretations and calculations.
