Salaried Income Tax Filing
Individuals who earn taxable income or income that is above the exemption limit, it is mandatory for them to file Income Tax Return in India.
Digital Filings can help you in…:
Understanding the Taxation requirements
Drafting required financial statements, including Income and Expenditure
Computing Taxable amount
Filing the annual return
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Understanding Salaried Tax Filings
The Income Tax Act, 1961, mandates Indian taxpayers to furnish details of their income earned and applicable taxes on the same through a form. This form is known as an income tax return or ITR. An assessee, therefore, submits this form to the Income Tax Department of India.
Additionally, the information of income provided in this form pertains to a given financial year, i.e., a year commencing from April 1st and ending on March 31st of the subsequent year.
Furthermore, before we dig into how to file income tax returns for salaried employees, let’s understand who should file them. Individuals who fall into the following categories are liable to file ITR:
An assessee whose gross income is more than the basic exemption limit before deductions under Sections 80C, 80CCD, 80D, 80TTB, and 80TTB.
ITR forms applicable for salaried employees
As mentioned earlier, salaried individuals in India can opt for any of the following ITR forms:
ITR-1 (Sahaj):
Salaried employees with a total income of up to ₹50,00,000 must file their income tax returns with ITR-1. Here, the total income includes earnings under the ‘Income from Other Sources’ alongside salaries. However, to file an ITR-1, an assessee should not have more than one house property. Additionally, his/her income from agriculture should not exceed ₹5,000.
ITR-2:
It is applicable for those salaried persons whose total income exceeds ₹50,00,000. Moreover, individuals with more than one house property are eligible to file ITR-2. Additionally, you can file income tax returns with ITR-2 if you generate income from capital gains and/or other sources, but not from profits or gains from business or profession.
ITR-3:
As a salaried employee, you can file an ITR-3 if you receive income from salary, business or profession, house property (one or multiple), capital gains, and other sources.
We are Glad to Help!
Indian Businesses are liable to comply with all the applicable taxation regulations, including filing annual tax returns on their respective business incomes.
Taxation Experts @ Digital Filings can seamlessly assist businesses filing their obligatory annual business tax returns, enabling business owners to focus on their business critical matters.
Pocket-Friendly Options
Basic Package
1 Month GST FilingPackage Include:
GSTR-3B Return Filing- (Above price includes all taxes and relevant government fees.)
Standard Package
6 Months' GST FilingPackage Include:
- GSTR-3B Return Filing for 6 Months
- Quarterly GSTR-1 Return Filing (Above price includes all taxes and relevant government fees.)
Best Selling Package
12 Months' GST Filing- Package Include:
- GSTR-3B Return Filing for 12 Months
- Quarterly GSTR-1 Return Filing (+ all taxes and relevant government fees.)
How we Do It…
According to the pertinent Income Tax Act for Annual Business Return Tax Filing, an entity is bound to pay taxes on its annual Income following the prescribed procedure and keeping in mind the tax filing due dates. Partners @ Digital Filings can efficiently assist businesses in completing all taxation formalities within 5 to 7 business days.
These Facts and Figures are Important
Before filing the annual tax returns, an expert @ Digital Filings will coordinate with the business owners to assess and understand the required information regarding the entity’s financial performance in order to compute the precise taxable amount. On basis of the collected information, the Balance Sheet and Profit and Loss account of the business entity will be prepared and further shared with its finance department for verification purposes.
Penning on an Appropriate Forms
The relevant Income Tax Return (ITR) Forms to be filled depend on the very structure of the business. For instance, Domestic Company set-ups like, Private Limited, Public Limited, and One Person Companies are instructed to fill Form ITR-6, whereas Partnership and LLP firms are advised to submit Form ITR-5 to file their annual ITRs. Team @ Digital Filings will flawlessly comprehend your business structure and take the process further, accordingly.
Submitting Successfully
After gathering all the relevant information and documents as well as furnishing the financial statements and correctly computing the taxable amount, Partners @ Digital Filings will duly file the tax returns with the concerned taxation authority. Business will be notified on successful submission of the taxable returns.
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Digital Filings is a leading business and legal services provider in India, assisting entrepreneurs in effectively and economically setting-up and managing their venture. Digital Filings consistently ensures that your venture is always compliant, so you can efficiently focus on making your business ascend.
Our strong network of proficient partners thoroughly understands the business specific regulatory/legal requirements and is focused to assist business owners at every stage of their venture.
Our panel of competent professionals, including Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers, Financial Gurus, and Business Experts are just a call away to gladly serve you.
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Easy Registration
Experts at Digital Filings can proficiently help in registering your sole proprietorship firm, either by getting you a GST / VAT Number, Service / Professional Tax Registration, a Shops & Establishments Act Registration, a Micro, Small & Medium Enterprises (MSME) Registration, or an Import-Export Code.
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The team of well-informed professionals at Digital Filings is just a phone call away to address every concern / query about the registration of your sole proprietorship venture. We will, however, put our best to make sure that all your questions are well-answered even before they strike in your mind.
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Experts at Digital Filings precisely understand all of your requirements and strive to ensure that all the desired documents are in place so that you can effectively align yourself with every legal / administrative interaction. We will also provide you complete clarity on the process to set genuine expectations.