Self Employee Income Tax Return Filing

Important Deadlines:

  • Annual Deadline: File your ITR by July 31st each year to stay compliant.
  • Late Filing: Missed the deadline? File with a late fee until December 31st
  • Updated Return: - After December 31st, you can still file an updated return to pay any due taxes and penalties. Note: Refunds are not available with this option.
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Work Process

How We Work

01

Gather Documentation

Collect all necessary documents, including GST details and financial statements.

02

Verify Financial Statements

Ensure accuracy and completeness of your financial records for the fiscal year (April 1st to March 31st).

03

Prepare Your Return

Use your income tax login to access the filing portal and accurately report all income sources.

04

Review and File

Double-check your return for discrepancies before filing to ensure accuracy.

Checklist

Documents Required

GST Details: GSTIN and summary of filed GST returns.
Financial Statements: Comprehensive financial records for the fiscal year.
Income Tax Login Details: For accessing the e-filing portal.
Additional Income: Report any income outside of regular business operations.
Accounting Data: Detailed records to support income and expense claims.

Service

What's included

Efiletax is an online platform that offers ITR filing for salaried. Here are some ways Efiletax can help individual with their ITR filing process:

Critical Review of Your Documents: Before proceeding, we conduct a thorough review of all your documents to ensure accuracy and completeness. This critical step helps in identifying any discrepancies early on, ensuring a smooth filing process.

Verification of Form 26AS/AIS and TIS: We cross-verify the tax credit statement (Form 26AS), the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS) to ensure all your tax deductions and collections are accurately accounted for. This step is crucial for matching your tax payments and deductions with the government records.

Drafting Your Return: Upon successful verification, we prepare a draft of your tax return. This draft is sent to you for review, ensuring you are informed and satisfied with the computations and the details to be filed.

Finalizing and Filing Your Return: After incorporating your feedback and with your consent, we proceed to finalize your tax return. We ensure the filing is compliant with all regulations and is submitted within the stipulated deadlines. Your active involvement is crucial at this stage to complete the filing process seamlessly.

Introduction

The Presumptive Taxation Scheme is a simplified way of calculating and filing your ITR. It is available to small businesses and professionals with a turnover of up to Rs 2 crores. Under this scheme, taxpayers can declare their income at a prescribed rate based on their profession or business type, and pay tax on that income without maintaining detailed books of accounts.

we will take you through the entire process of filing your ITR using the Presumptive Taxation Scheme. We will cover the eligibility criteria, the tax rates, and the documents required to file your return.

Eligibility criteria for the Presumptive Taxation Scheme

To be eligible for the Presumptive Taxation Scheme, you must meet the following conditions:

  • You must be a resident individual, Hindu Undivided Family (HUF), or partnership firm.
  • You must have a total turnover of up to Rs 2 crores in the financial year.

You must be engaged in any of the following businesses or professions:

  • Retail trade
  • Civil construction
  • Transportation
  • Catering or hotel business
  • Professionals like doctors, lawyers, architects, and others
  • Tax rates under the Presumptive Taxation Scheme

The Presumptive Taxation Scheme has different tax rates for different professions and businesses. Here are the tax rates for the most common professions and businesses:

  • For retail traders, the tax rate is 6% of the turnover.
  • For civil construction businesses, the tax rate is 8% of the turnover.
  • For transportation businesses, the tax rate is 8% of the turnover.
  • For catering or hotel businesses, the tax rate is 8% of the turnover.
  • For professionals like doctors, lawyers, architects, and others, the tax rate is 50% of the gross receipts.

To file your ITR using the Presumptive Taxation Scheme, you will need the following documents:

  • A copy of your PAN card
  • A copy of your Aadhaar card
  • A copy of your bank statement
  • A copy of your turnover statement
  • A copy of your profit and loss statement
  • A copy of your balance sheet

Steps to file your ITR using the Presumptive Taxation Scheme. Here are the steps to file your ITR using the Presumptive Taxation Scheme:

  • Visit the Income Tax Department website and log in with your credentials.
  • Click on the e-file tab and select "Income Tax Return."
  • Select the assessment year for which you are filing your return.
  • Select the ITR form applicable to you (ITR-3 for partnership firms and ITR-4 for individuals and HUFs).
  • Fill in the required details, such as personal information, income details, and tax payments.
  • Enter the turnover and tax details under the Presumptive Taxation Scheme.
  • Upload all the necessary documents and submit your return.

Conclusion

Filing your ITR using the Presumptive Taxation Scheme can be a great way to simplify the tax filing process and save time and effort. With the eligibility criteria, tax rates, and documents required outlined in this article, you can confidently file your ITR and ensure compliance with tax regulations. Don't hesitate to reach out to a tax professional for additional guidance and support.

FAQ:

Who is eligible for the Presumptive Taxation Scheme?

The scheme is available to resident individuals, Hindu Undivided Families (HUFs), and partnership firms with a turnover of up to Rs 2 crores in the financial year. It caters to those engaged in retail trade, civil construction, transportation, catering or hotel business, and professionals like doctors, lawyers, architects, etc.
No, the scheme is specifically designed for small businesses and professionals with a turnover of up to Rs 2 crores. If your turnover exceeds this limit, you'll need to follow the regular tax filing process.
No, one of the key benefits of the Presumptive Taxation Scheme is that taxpayers are not required to maintain detailed books of accounts. However, keeping basic records is advisable for your reference and any future requirements.
Yes, taxpayers have the option to switch back to the regular taxation method in subsequent years. However, it's important to note that once you opt out of the presumptive scheme, you cannot choose it again for the next 5 years.
Under this scheme, taxpayers declare income at a prescribed rate, and this income is considered net of all deductions. Therefore, no further deductions are allowed.
Yes, if the taxes paid exceed your tax liability under the Presumptive Taxation Scheme, you are eligible to claim a refund.

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