Ensure hassle-free and accurate Income Tax Return (ITR) filing with Avyud Consultancy, your trusted tax partner. Our expert team simplifies the complex tax filing process, helping individuals, businesses, and corporations comply with Income Tax Act, 1961 regulations. From income assessment to deductions and exemptions, we ensure maximum tax savings while minimizing errors and penalties. Stay ahead with our efficient, time-saving solutions, ensuring timely ITR submission and compliance with the latest tax laws. Whether you’re a salaried individual, freelancer, or business owner, we provide customized tax filing services tailored to your needs. Optimize your tax returns today with Avyud Consultancy—your partner in seamless tax compliance.
Income TAX Return Filing Services for Individual
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Benefits of Income TAX Return Filing
Income Tax Return or ITR is an annual activity that needs to be filed by every responsible Indian citizen, it keeps a record of your income and taxes which you are liable to pay during a year. Here are some of the benefits of filing ITR.
Claim Tax Refund
If you have paid more income tax, you are eligible for a tax refund
Avoid Late Filing Fee
Delay in filing ITR makes you pay a fee of up to Rs. 5,000
Carry forward Capital Losses
If you have incurred a capital loss, you can carry it forward and settle in the future
Obtaining Visa
Foreign consulates may ask you to submit your income tax return to obtain a visa
Easy Loan Approval
Income Tax Return serves as an important document for loan approval
Avoid Tax Notices
Filing of tax return is a must to avoid late filing of notice from IT department
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What is Income Tax Filing?
Tax is a central element to the revenue generation system of the Indian government. Among the multitude of taxes present in the system, IT is the one that deals with the taxation of the earning of every individual, firm and organisation in a financial year. The earning or income could be in the form of regular wages, interest, dividends, capital gains or any other profits.
Income tax have to applicable for individuals, businesses, corporate, and all other establishments that generate income. The IT Act, 1961 regulates the collection, recovery, and administration of income tax (IT) in India. The government requires the tax amount for several purposes ranging from building the infrastructure to paying the state and central government’s employees. It helps the government in generating a steady source of income that is used for the development of the nation.
The IT is paid every month from the monthly earnings, but, it is calculated on an annual basis. The amount of income tax (IT) an individual has to pay depends on many factors.
What is Income Tax Return?
Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.
What are The Income Tax Slab for Individual & HUF?
What are Income The Tax Slab for Senior Citizens?
Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)
| Income Slab | Tax Rate |
| Income up to Rs. 3,00,000* | No Tax |
| Income from Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Income from Rs. 5,00,000 – 10,00,000 | 20% |
| Income more than Rs. 10,00,000 | 30% |
| Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. | |
| Cess: 3% on total of income tax + surcharge. | |
| * Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age. | |
Why To Prepare CMA Data Report?
Small or large business requires CMA Reports for applying for project-oriented loans, long term loans and for enhancing working capital limits. Banks require these reports every year to ensure effective management of working capital.
- Preparation of particulars for the existing credit & loans on the entity and disclosure of current fund & non-fund based liabilities.
- Preparation of financials including operating statement, profit and loss account, balance sheet audit reports and other necessary revenue and analysis statements.
- Preparation of working capital changes & ratio analysis.
- Calculation of Maximum Permissible Bank Finance (MPBF).
What are The Income Tax Slab for Hindu Undivided?
Income Tax Slab for Individuals and Hindu Undivided Income Tax Slab for Individuals and Hindu Undivided Families: Families:
These are the slab rates for FY 2016-17 (AY 2017-18) These income tax slab rates are also applicable for : FY 2015-16 (AY 2016-17) FY 2014-15 (AY 2015-16)
On all the tables listed below, Education Cess of 2% and SHEC of 1% will be levied on the tax computed using the rates given below.
Under Section 87(A), an Income Tax Rebate of Rs.2,000 is provided for all individuals earning an income that’s less than Rs.5,00,000 per annum.
Tax applicable for individuals below 60 years:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.2,50,000 | Nil | Nil | Nil |
| Rs.2,50,001-Rs.5,00,000 | 5% | 2% of income tax | 1% of income tax |
| Rs.5,00,001-Rs.10,00,000 | Rs.12,500 + 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 | Rs.1,12,500 + 30% | 2% of income tax | 1% of income tax |
Tax applicable for individuals over 60 years and under 80 years:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.3,00,000 | Nil | Nil | Nil |
| Rs.3,00,001-Rs.5,00,000 | 5% | 2% of income tax | 1% of income tax |
| Rs.5,00,001-Rs.10,00,000 | Rs.10,00 + 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 | Rs.1,10,000 + 30% | 2% of income tax | 1% of income tax |
Tax applicable for individuals over 80 years and above:
| Annual Income | Tax Rates | Education Cess | Secondary and Higher Education Cess |
| Up to Rs.5,00,000 | Nil | Nil | Nil |
| Rs.5,00,001-Rs.10,00,000 | 20% | 2% of income tax | 1% of income tax |
| Above Rs.10,00,000 Rs.1,12,500 | Rs.1,00,000 + 30% | 2% of income tax | 1% of income tax |
Income Tax should be deducted at applicable rates as above along with surcharge and Education Cess. The individuals who are earning over Rs.50 lakh and under Rs.1 crore will be required to pay a surcharge of 10% tax on the total income and the individuals who are earning over Rs.1 crore, a surcharge of 15% will be applicable as the income tax.
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