Income Tax Returns

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Documents Required

  • Completely Filled in Information Form
  • PAN Card of Individual / HUF
  • Passport / Voter’s ID Card / Aadhar Card / Driving License of Individual
  • Income details such as Form 16 issued by employer, Bank statements and Capital Gains Statement
  • Cancelled Cheque / Bank Statement of the primary bank account

Frequently Asked Questions

Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals less than 60 years 
Taxable incomeTax Rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals betwen 60 years and 80 years 
Taxable incomeTax Rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals above 80 years 
Taxable incomeTax Rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

In addition to the Income Tax amount calculated, based on the above mentioned tax slabs, individuals are required to pay Surcharge and Cess.

  • Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
  • Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
  • Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)

Not filing your Income Tax Return would result in :

  • Receiving a notice from Income Tax department
  • Not being able to obtain refund of excess TDS Deducted.
  • Penalty interest of  1% per month or part thereof will be charged until the date of payment of taxes. For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st If returns are filed after 31stDecember, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakhs.
  • Not being able to set off Losses. Losses incurred (other than house property loss) will not be allowed to be carried forward to subsequent years,  to be set off against the future gains.

Under the Income Tax Act, all individuals below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of individuals over the age of 60 years, but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals over the age of 80 years are required to file income tax return if the total income exceeds Rs.5 lakhs.

Yes, you can take benefit of lot of deductions in the Income Tax Return with the help of experts from

Deduction under this section is available to an individual or a HUF. A deduction of Rs. 25,000 can be claimed for insurance of self, spouse and dependent children. An additional deduction for insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age or Rs 50,000 (has been increased in Budget 2018 from Rs 30,000) if parents are more than 60 years old. In case, a taxpayers age and parents age is 60 years or above, the maximum deduction available under this section is to the extent of Rs. 100,000. Example: Rohan’s age is 65 and his father’s age is 90. In this case, the maximum deduction Rohan can claim under section 80D is Rs. 100,000. From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for the preventive health check up to individuals.

A deduction of interest paid on education loan under Section 80E can be made only if the loan has been availed from a financial institution for pursuing higher education. Therefore, availing a loan from your employer will not entitle you to claim the interest under Section 80E.

S.NoITR FormApplicability
1ITR 1For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
2ITR 2For Individuals and HUFs not carrying out business or profession under any proprietorship
3ITR 3For individuals and HUFs having income from a proprietary business or profession
4ITR 4For presumptive income from Business & Profession
5ITR 5For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
6ITR 6For Companies other than companies claiming exemption under section 11
7ITR 7For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.

The Income Tax Returns for Individuals are required to be file by 31st July of the relevant Assessment Year. For example, the due date to file the ITR for AY 2019-20 is 31st July 2020.

Maximum deduction upto 150,000/- per assessment year is available under section 80C of the Income Tax Act.

Proofs for making investments are submitted to the employer before the end of a Financial Year (FY) so that the employer considers these investments while determining your taxable income and the tax deduction that needs to be made. However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done at the time of filing your return of income as long as these investments have been made before the end of the relevant FY.

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