Income Tax e-Filing in India
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What is Income Tax e-Filing?
ncome tax e-filing is the process of submitting your Income Tax Return (ITR) online to the Income Tax Department of India. It involves reporting your income, expenses, deductions, and tax liabilities for a given financial year. Filing early ensures accuracy and avoids last-minute hassles. Whether you are a salaried employee, freelancer, business owner, or NRI, e-filing your ITR helps maintain legal compliance while availing eligible refunds and benefits.
What is Income Tax e-Filing?
An Income Tax Return (ITR) is a form through which taxpayers declare their income, deductions, and taxes paid. There are seven types of ITR forms (ITR 1 to ITR 7), each applicable to different taxpayer categories based on their income source and structure.
Who Must File Income Tax Returns?
Here’s a quick overview of individuals and entities who are required to e-file their ITR:
- 1. Salaried Individuals: If income exceeds the basic exemption limit.
- 2. Self-Employed Professionals: Freelancers, doctors, lawyers, consultants, etc.
- 3. Business Owners: Sole proprietors, partnerships, LLPs, private limited companies.
- 4. Company Directors & Partners: Must disclose their income share.
- 5. Dividend / Interest / Capital Gains Earners: Including F&O, crypto, mutual funds.
- 6. NRIs and RNORs: With income arising in India or foreign assets.
- 7. Foreign Asset Holders: Even if income is below exemption limits.
- 8. High-Value Transaction Individuals:
- Deposited ₹1 crore+ in a bank
- Spent ₹2 lakh+ on foreign travel
- Paid ₹1 lakh+ electricity bill
- 9. Claiming Tax Refunds: Due to excess TDS or advance tax.
- 10. Charitable & Religious Trusts: Mandatory to maintain transparency.
Eligibility for Income Tax e-Filing
If your gross total income exceeds the exemption limit, filing ITR is mandatory. These limits vary by age and tax regime:
Old Tax Regime:
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Age Category
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Basic Exemption Limit
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Income Range
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Tax Rate
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About Company
Samrat Consultancy, based in Aflepur, Malhani Bazar, Jaunpur, offers expert compliance and registration services for NGOs, businesses, and individuals. We simplify regulations with personalized, professional support.
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