ITR-2 Return Filing
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| Complete By*: | 23-Dec-2024 |
Income tax return filing for persons having DIN or owing private limited company shares.
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| Return Type | Applicability | |
|---|---|---|
| ITR-1 Return Filing | ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. | Start eFiling |
| ITR-2 Return Filing | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs. | Start eFiling |
| ITR-3 Return Filing | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. | Start eFiling |
| ITR-4 Return Filing | Form ITR 4 is filed by the taxpayers who have opted for the Presumptive Taxation Scheme under Section 44D, 44DA, 44AE of the Income Tax Act,1961. But this is subject to the business turnover limit i.e in case if the turnover is exceeding Rs.2 crore then the taxpayer is required to file ITR 3 Form. | Start eFiling |
| ITR-5 Return Filing | ITR-5 Return Filing | Start eFiling |
| ITR-6 Return Filing | ITR-6 Return Filing | Start eFiling |
| ITR-7 FILING | Society Returns | Start eFiling |
Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. IndiaFilings provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.
Calculate income tax payable after deductions
Use the simple online income tax calculator from IndiaFilings to calculate the income tax payable.
Penalty for Late Filing Income Tax Return
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
- Late Filing between 1st August and 31st December - Rs.5000
- Late Filing After 31st December - Rs.10,000
- Penalty if taxable income is less than Rs.5 lakhs - Rs.1000
Income Tax Return Due Date
The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.
Business
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
Professional
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
Presumptive Taxation Scheme
If a person is enrolled under the presumptive taxation scheme under section 44AD and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
Penalty for late filing income tax return has been increased to Rs.5000 for returns filed between 1st August and 31st December.
Late Filing PenaltyTax audit is mandatory for most businesses having a turnover of more than Rs.1 crore and professionals having more than Rs.50 lakhs income.
Tax Audit LimitITR-1 is the most widely used income tax form in India. ITR-1 is filed by individuals whose source of income is limited to salary and one house property.
ITR-1 FormTop Income Tax Deductions for year by 2019
Income Tax Deductions
Various income tax deductions are available for taxpayers to save on taxes payable. You can use the income tax calculator or read the article below to know more about income tax deductions.
Income Tax Deductions