Personal Tax Return Filing

At Speed Filings, based in Shyamnagar, West Bengal, India, we understand the importance of income tax compliance for individuals, NRIs, partnership firms, LLPs, companies, and trusts. Filing income tax returns annually is a mandatory obligation for all entities.

For individuals and NRIs, the requirement to file an income tax return arises when their annual income exceeds Rs. 2.5 lakhs. Proprietorship firms and partnership firms, on the other hand, must file income tax returns irrespective of the income or loss incurred. Companies and LLPs are obligated to file income tax returns, regardless of their turnover or profit.

Experience hassle-free income tax e-filing with speedFilings, where we offer dedicated Tax Expert support. Simply upload your Form-16, and our experts will handle the filing process, providing you with the acknowledgment within 1-2 business days.

Late filing of income tax returns attracts penalties and interest:

• 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

Mark your calendars for the income tax return due dates:

• Individual taxpayers: 31st July
• Companies and taxpayers requiring tax audit: 30th September

Tax audit requirements under Section 44AD of the Income Tax Act are as follows:

Business: A tax audit is mandatory if the total sales turnover or gross receipts in the business exceed Rs. 1 crore in any previous year.

Professional: For professionals, a tax audit is necessary if gross receipts in the profession exceed Rs. 50 lakhs in any previous year.

Presumptive Taxation Scheme: Enrolment under the presumptive taxation scheme (section 44AD) with total sales or turnover exceeding Rs. 2 crores requires a tax audit.

Stay informed and avoid penalties – the late filing penalty has been increased to Rs. 5000 for returns filed between 1st August and 31st December. Let Speed Filings guide you through a seamless income tax filing process.

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Top Income Tax Deductions for the year 2019:

Section 80C Deduction: Unlock a deduction of up to Rs. 1.5 lakhs on payments or deposits made towards PF, PPF, LIC premiums, National Savings Certificate, ULIP, principal repayment of housing loans, tuition fees for children, term deposits in banks, and Senior Citizen savings schemes, among others.

Section 80D Deduction: Individuals and HUFs can claim deductions under Section 80D for payments made towards medical insurance premiums via cheque under the GI scheme. Additionally, fees of up to Rs. 5000 paid for preventive health check-ups qualify for tax deductions under this section.

Section 80EE Deduction: Avail an additional deduction under Section 80EE on interest payments for housing loans made through EMIs. The maximum deduction allowed is Rs. 1 lakh. This deduction is applicable for the first home loan, provided the loan amount does not exceed Rs. 35 lakhs and the property value is within Rs. 50 lakhs.

Section 80E Deduction: Individuals can claim deductions under Section 80E for interest repayment on loans taken for higher education. This deduction can be claimed for a maximum period of 8 years from the start of loan repayment or until the entire loan is repaid, whichever comes first.

Section 80G Deduction: Benefit from deductions under Section 80G for donations made to certain funds and charitable institutions, within the ceiling of 10% of Gross Taxable Income. The available deduction amount depends on the exemption status of the fund. Cash donations exceeding Rs. 2000 are not eligible for Section 80G deductions.

Income Tax Deductions: Explore various income tax deductions designed to help taxpayers save on their tax liabilities. Utilize tools like the income tax calculator or delve into informative articles to gain insights into available deductions and optimize your tax savings.