Income Tax Return Filing

Income tax is levied on the total income earned during the relevant financial year, based on the rates stipulated by law.

An Income Tax Return serves as a declaration of income earned, facilitating the computation of tax liability and the subsequent settlement of taxes owed to or refundable from the government. Therefore, the primary objective of filing a return is to provide a detailed account of income and taxes paid to the authorities. It is obligatory for individuals, non-resident Indians (NRIs), partnership firms, Limited Liability Partnerships (LLPs), companies, and trusts to submit income tax returns annually. Returns can be filed electronically or through manual submission. Legal service providers specializing in compliance, such as MyDearLaw Providers, offer assistance in filing income tax returns.

Income Tax Return Filing Registration Process

Document Collection :

A MyDearLaw Income Tax Expert will gather essential information and documents required for the preparation of your income tax returns.

Return Preparation :

Utilizing the gathered information and documents, we will meticulously prepare your tax return and submit it to you for your review and approval.

Return Filing :

Upon your verification and approval of the prepared tax return, our Tax Expert will proceed to file your tax return with the appropriate authorities at the Income Tax Department.

ITR Form Applicable

ITR –1 (also known as SAHAJ)

Applicable to individuals with income from salary or pension, or income from one house property (not involving brought forward losses), or income from other sources (excluding lottery winnings and income from race horses). Also applicable if there is exempt income without any ceiling limit, except agricultural income exceeding Rs. 5,000.

ITR-2

Applicable to individuals or Hindu Undivided Families (HUFs) with income from any source other than "Profits and gains of business or profession."

ITR – 2A

Applicable to individuals or Hindu Undivided Families (HUFs) with income from salary, more than one house property, and without any Capital Gain or "Profits and gains of business or profession."

ITR – 3

Applicable to individuals or Hindu Undivided Families (HUFs) who are partners in a firm and have income chargeable under "Profits or gains of business or profession," which excludes income other than interest, salary, bonus, commission, or remuneration from the firm.

ITR – 4S (also known as SUGAM)

Applicable to individuals and HUFs opting for the presumptive taxation scheme under sections 44AD or 44AE of the Income Tax Act.

ITR – 4

Applicable to individuals or Hindu Undivided Families (HUFs) carrying on a proprietary business or profession.

ITR – 5

Used by partnership firms and other entities excluding individuals, HUFs, companies, and those filing Form ITR-7.

ITR – 6

Applicable to companies, except those claiming exemption under section 11 of the Income Tax Act (relating to charitable or religious trusts).

ITR – 7

Used by persons, political parties, news agencies, universities, and entities earning income from property held under trust for charitable or religious purposes.

ITR – V

Acknowledgment receipt for filing income tax returns.

Choose Lexprosoft for your Income Tax Return (ITR) Filling !

Lexprosoft offers professional and hassle-free Income Tax Return (ITR) filing services for individuals, NRIs, firms, LLPs, companies, and trusts. Our team ensures accurate tax calculations, seamless e-filing, and strict compliance with regulatory requirements. We provide expert tax planning advice, document verification, and timely submissions to avoid penalties. With Lexprosoft, you can also track your refunds and resolve any queries with dedicated support. Trust us to simplify the ITR filing process, save you time, and maximize your tax benefits.