In India, people must file a Personal Tax Return in order to notify the government of their income and taxes. The Income Tax Act of 1961 offers a number of forms, such as ITR-2 and ITR-1 (Sahaj). The straightforward ITR-1 is intended for salaried workers making up to Rs. 50 lakhs per year. ITR-2, on the other hand, is intended for those who make money from sources other than their pay, such as rental income or income from overseas property, but do not come from business or professional endeavors.An efficient and streamlined method for handling Personal Income Tax filings in India is offered by KRITIKA GUPTA AND ASSOCIATES s. They provide individualized help through each stage of the tax filing process, backed by a committed team of professionals, to make fulfilling your tax obligations simple and stress-free.
In India, submitting a personal tax return entails providing the Income Tax Department with information on an individual's yearly income, deductions, and taxes paid. This is accomplished through the use of particular forms called Income Tax Returns (ITRs), which differ according to the individual's sources of income, including capital gains, business income, salary, and other sources. Reporting your income and paying the necessary taxes to the government is done by filing a tax return. For those whose income over the basic exemption threshold established for the fiscal year, it is required. Through the e-filing platform, the income tax filing procedure can be finished online.
As previously said, the Income Tax Department of India offers a variety of ITR forms, ranging from ITR-1 to ITR-7, to accommodate various taxpayers according to the nature, amount, and sources of their income. The two forms listed below must be filed in order to file personal income taxes:
When filing your Income Tax Return (ITR) using Form ITR-2, you may need the following documents: