Income Tax e Filing  

Filing ITR (income tax return) is a crucial duty of every taxpayer in India, ensuring adherence to the nation's tax regulations. Income tax filing involves detailing all sources of income, deductions, and tax liabilities for a comprehensive report to the Income Tax Department. Early ITR e-filing helps avoid errors and last-minute technical glitches, ensuring a smoother submission process.  

AK EPANJIKARAN Pvt.Ltd simplifies the entire Income Tax e Filing process, making it quick, easy, and hassle-free. Our platform guides you step-by-step, from auto-fetching your pre-filled data to assisting you in choosing the right tax regime. Whether you're an individual or a business owner, our user-friendly ITR efiling system ensures your taxes are filed accurately and on time.

5 Quick Steps to File your ITR Online

• Quick Login/Signup: Log in or create your account effortlessly.
• Pick Income Source: Salary, business, capital gains & more.
• Auto-Filled Data: Details auto-fetched from IT Dept for ITR filing
• Compare Tax Computation: Select between old & new tax regimes
• File ITR & Confirm: File return & receive confirmation from IT Dept

Income Tax Return (ITR)

An ITR Income Tax Return is a form that taxpayers use to report their income details and tax payments to the Income Tax Department. There are seven different ITR forms available for ITR e filing: ITR 1 through ITR 7. The appropriate form for a taxpayer depends on various factors, including their sources of income, the total amount earned, and the type of taxpayer they are (such as individuals, Hindu Undivided Families (HUFs), companies, etc.). Each taxpayer must accurately complete their income tax filing within the specified deadline to comply with the Income Tax Law.

Who Needs to e File an ITR Income Tax Return?

Income tax filing is not just a legal obligation, but also a financial responsibility. It applies to individuals and entities across various categories and income levels. Below is a clear overview of who must e-file their ITR income tax return in India:

1. Salaried Individuals

If your total annual income exceeds the basic exemption limit, you are required to file IT returns online.

2. Self-Employed Professionals

Freelancers, consultants, doctors, lawyers, designers, and other independent professionals with income above the exemption threshold must e-file. Business-related expenses can also be claimed as deductions.

3. Business Owners (including SMEs & MSMEs)

All business entities—including sole proprietorships, partnerships, LLPs, and private limited companies—must file IT returns online annually, irrespective of profit or loss.

4. Directors and Partners

Individuals who serve as directors in private limited companies or partners in LLPs are mandated to file ITRs reflecting their share of income and financial involvement in the entity.

5. Dividend, Interest, and Capital Gains Earners

If you receive income from:

• Dividends (mutual funds, equities, etc.)
• Interest (from FDs, bonds, etc.)
• Capital gains (from stocks, crypto, F&O, mutual funds)…then it’s mandatory to report and pay applicable taxes through ITR.

6. NRIs and RNORs

• NRIs (Non-Resident Indians) with income arising in India exceeding the exemption limit must file IT returns online.
• RNORs (Resident Not Ordinarily Residents) with foreign income or assets may also be required to file based on disclosure obligations.

7. Foreign Asset or Income Holders

Indian residents holding foreign assets (like overseas bank accounts, shares, or property) or earning foreign income are required to file ITR, even if their taxable income is below the exemption limit.

8. High-Value Transaction Individuals

Even if your income is below the basic exemption limit, you must file ITR if you have:

• Deposited Rs. 1 crore or more in a bank account
• Spent over Rs. 2 lakh on foreign travel
• Paid more than Rs. 1 lakh in electricity bills in a year

9. Claiming Tax Refunds

If you've paid excess tax (through TDS, advance tax, etc.), you must file an ITR to claim your tax refund.

10. Charitable and Religious Trusts

Organizations that manage charity funds, religious institutions, or voluntary contributions must file ITRs annually to maintain financial transparency and tax compliance.

Eligibility for Income Tax in India

In India, the obligation to do ITR online filing arises under certain conditions. Primarily, if your gross total income exceeds the basic exemption limits, you're required to e-file your return - and the limits vary based on your age and the tax regime chosen.

A tax regime refers to the structure under which your income is taxed. As of the latest updates, taxpayers can opt for either the Old Tax Regime, which allows various deductions and exemptions, or the New Tax Regime, which offers reduced slab rates but restricts most deductions. 

Old Tax Regime

The following criteria apply to the old tax regime:

• Individuals under 60 years: Rs 2.5 lakh
• Individuals between 60 and 80 years: Rs 3.0 lakh
• Individuals over 80 years: Rs 5.0 lakh

In the table below, we have provided the income tax slab under the old tax regime for income tax filing:

Experience a seamless ITR filing process online with AK EPANJIKARAN Pvt.Ltd and say goodbye to tax season stress!