Income Tax Returns(ITR) Filing in Vijayawada
Income Tax Return (ITR) filing in India is a crucial annual obligation for individuals, ensuring compliance with tax laws and the declaration of income earned during the financial year. Every taxpayer, including salaried employees, self-employed professionals, and business owners, must file their ITR by the specified deadline, typically July 31st of the assessment year. File your ITR in Vijayawada with our dedicated team of professionals. Cqubes simplifies filing of ITR process in Vijayawada with our expert guidance.
Types of ITR and their Applicability:
- ITR-1 (Sahaj)
- For individuals being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs. 5,000. Not applicable if income includes income from business or profession.
- ITR-2
- For individuals and HUFs not having income from profits and gains of business or profession. Includes individuals and HUFs having income from more than one house property, income from capital gains, income from foreign assets/income, and agricultural income exceeding Rs. 5,000.
- ITR-3
- For individuals and HUFs having income from profits and gains of business or profession. Includes income from proprietary business or profession.
- ITR-4 (Sugam)
- For individuals, HUFs, and firms (other than LLPs) having presumptive income from business and profession. Applicable for taxpayers opting for presumptive taxation under Sections 44AD, 44ADA, or 44AE of the Income Tax Act.
- ITR-5
- For persons other than individual, HUF, company, and person filing Form ITR-7. Includes firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), artificial juridical persons, etc.
- ITR-6
- For companies other than companies claiming exemption under Section 11 (Income from property held for charitable or religious purposes).
- ITR-7
- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D). Includes trusts, political parties, institutions, colleges, etc.
Income Tax Slabs for Individuals:
- For Individuals (Below 60 years old)
-
- Up to Rs. 2,50,000: Nil
- Rs. 2,50,001 to Rs. 5,00,000: 5%
- Rs. 5,00,001 to Rs. 10,00,000: 20%
- Above Rs. 10,00,000: 30%
- For Senior Citizens (60 years to below 80 years)
-
- Up to Rs. 3,00,000: Nil
- Rs. 3,00,001 to Rs. 5,00,000: 5%
- Rs. 5,00,001 to Rs. 10,00,000: 20%
- Above Rs. 10,00,000: 30%
- For Super Senior Citizens (80 years and above)
-
- Up to Rs. 5,00,000: Nil
- Rs. 5,00,001 to Rs. 10,00,000: 20%
- Above Rs. 10,00,000: 30%
Documents Checklist:
Following documents are required for Filing ITR in Vijayawada:
- Aadhar Card & PAN Card
- Form 16(showing salary income, TDS deducted, and any other allowances and Income from other sources)
- Bank Statements and Form 26AS
- Details of Capital Gains
- Business or Professional Income (if applicable)
Start Filing your ITR's in Vijayawada with Cqubes
Choose CQUBES to guide and file your Income Tax Returns in Vijayawada. Our dedicated team will navigate you in obtaining essential tax benefits and other claims in every step of Filing your ITR's.
