Personal Income Tax Filing

Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum.

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

Understanding Personal Tax Filings

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss.

All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. DigitalFilings provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

• 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

Income Tax Return Due Date

The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

Documents required for tax filing

• Form 16 (Taxpayers having salary income)
• Bank Statements
• Details of Investments (Optional)
• Details of Insurance & Loans (Optional)
• PAN Copy (Optional)
• Aadhaar Copy (Optional)

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.

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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.

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