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Income Tax Filing

Stay compliant and stress-free with CorporateDoctors — your trusted partner for quick and accurate Income Tax Registration & Filing. Get expert assistance for documentation, e-filing, and tax planning — all in one seamless, 100% online process designed to save time, avoid penalties, and optimize your returns.

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    What is Income Tax?

    Income Tax is a direct tax imposed by the Central Government of India on the income earned by individuals, Hindu Undivided Families (HUFs), firms, LLPs, companies, and other entities during a financial year.

    It is governed by the Income Tax Act, 1961.

    Income tax is payable by any person whose annual income exceeds the basic exemption limit. Taxpayers include:

    • Individuals (Residents & Non-Residents)


    • Hindu Undivided Families (HUFs)



    • Firms / LLPs
    • Companies
    • Associations of Persons (AOPs) / Body of Individuals (BOIs)

    • Local Authorities & Trusts

    Sources of Income Taxed
    (5 Heads of Income)

    • Income from Salary → Wages, pensions, allowances, perquisites.



    • Income from House Property → Rent earned from owned property.

    • Profits & Gains from Business or Profession → Income from trade, business, freelancing, consultancy.

    • Capital Gains → Profit from sale of assets (shares, property, gold, etc.).
    • Income from Other Sources → Interest, dividends, winnings from lottery, gifts, etc.

    Tax Rates (FY 2023-24, AY 2024-25)

    Old Tax Regime (with exemptions/deductions like 80C, 80D, HRA, etc.)

    • Up to ₹2.5 lakh → Nil
    • ₹2.5 – ₹5 lakh → 5%
    • ₹5 – ₹10 lakh → 20%
    • Above ₹10 lakh → 30%
    • (Rebate u/s 87A: Income up to ₹5 lakh → No tax)

    New Tax Regime (revised slabs, fewer exemptions)

    • Up to ₹3 lakh → Nil
    • ₹3 – ₹6 lakh → 5%
    • ₹6 – ₹9 lakh → 10%
    • ₹9 – ₹12 lakh → 15%
    • ₹12 – ₹15 lakh → 20%
    • Above ₹15 lakh → 30%
    • (Rebate u/s 87A: Income up to ₹7 lakh → No tax)

    Taxpayer can choose between Old & New regime every year.

    Types of Income Tax Returns (ITR Forms)

    • ITR-1 (Sahaj) → Salaried individuals, income up to ₹50 lakh.

    • ITR-2 → Individuals/HUFs with capital gains, multiple properties, etc.

    • ITR-3 → Business/Professional income.
    • ITR-4 (Sugam) → Presumptive income (small business/profession).

    • ITR-5 → Partnerships/LLPs.

    • ITR-6 → Companies.

    • ITR-7 → Trusts, NGOs.

    • ITR-1 (Sahaj):
For individuals with:

    1. Salary/pension income
    2. One house property
    3. Other income (interest, etc.)



    4. Total income ≤ ₹50 lakh
    • ITR-2:
For individuals/HUFs with:

    1. Salary, house property, capital gains
    2. Foreign income/assets
    3. Income > ₹50 lakh
    • ITR-3:
For individuals/HUFs with business/profession income.
    • ITR-4 (Sugam):
For individuals, HUFs & firms (non-LLP) opting for presumptive taxation (Sections 44AD/44ADA/44AE).



    • ITR-5:
For partnership firms, LLPs, AOPs, BOIs.



    • ITR-6:
For companies (except those claiming exemption u/s 11).



    • ITR-7:
For trusts, political parties, charitable institutions filing returns u/s 139(4A-4D).



    Important Compliance

    PAN & Aadhaar linking (mandatory)

    Advance Tax → Pay in installments if liability > ₹10,000/year.

    TDS (Tax Deducted at Source) → Deducted at source by employer/banks.

    Filing of ITR → Due dates:


    • Individuals (not audited): 31st July
    • Tax Audit cases: 31st October
    • Companies: 31st October

    Steps to File an Error-Free ITR

    • Form 16 (from employer – salary, TDS details).



    • Form 26AS (tax credit statement).



    • Annual Information Statement (AIS) & TIS (new, shows all financial transactions).
    • Bank Statements (interest income, transactions).
    • Form 16A/16B/16C (for TDS on rent, property sale, etc.).
    • Capital Gain Statements (from brokers/mutual funds).
    • Investment proofs (80C, 80D, etc. for the old regime).
    • Home loan certificate (if applicable).
    • ITR-1: Salaried income up to ₹50 lakh (no business/profession).
    • ITR-2: Salaried + capital gains + multiple houses.
    • ITR-3: Business/profession income.
    • ITR-4: Presumptive taxation.
    • ITR-5, 6, 7: Firms, companies, trusts.
    • Using the wrong form = defective return.
    • Cross-check your income, TDS, advance tax, self-assessment tax in AIS & 26AS.
    • Report all income (even if tax is already deducted).
    • Salary (including perks, allowances).

    • FD/RD/bank savings interest.
    • Rental income.



    • Freelance/consultancy/business.



    • Capital gains (shares, property, crypto, etc.).
    • Foreign income (if applicable).
    • Dividend & other investments.
    • Not reporting = mismatch notice from Income Tax Dept.
    • Section 80C (LIC, PPF, ELSS, etc.).
    • Section 80D (health insurance).
    • Section 24(b) (home loan interest).
    • Section 80TTA/80TTB (savings account/FD interest).
    • Section 10(14) (HRA, LTA if in old regime).
    • Choose Old vs New Regime wisely.
    • If “tax payable” shows up, pay via Challan 280.
    • Don’t file without clearing dues → leads to defective return.
    • Enter the correct bank account number & IFSC → refund will come here.
    • Individuals (non-audit): 31st July.
    • Audit cases/Companies: 31st October.
    • Late filing = penalty + loss of carry-forward benefits.
    • ITR filing is complete only after verification.
    • Methods: Aadhaar OTP, Net banking, Demat, DSC, or sending signed ITR-V to CPC, Bengaluru.
    • Don’t attach documents with ITR, but keep investment proofs, rent receipts, interest certificates ready in case of notice.

    Documents Needed for ITR Filing

    PAN, Aadhaar

    Form 16 (salary TDS)



    Form 26AS, AIS & TIS (tax credits & transactions)




    Bank statements, interest certificates

    Capital gain statements

    Proof of deductions (80C, 80D, etc. for old regime)

    Home loan certificate (if any)

    What is Form 16?

    Form 16 is a certificate issued by an employer to its employees.
It shows the details of salary paid and TDS (Tax Deducted at Source) deducted on that salary during a financial year.

    Think of it as your salary + tax credit report card.

    • Contents of Form 16
    • Form 16 is divided into two parts:

    Part A (Generated from TRACES – TDS portal)

    • Employer details (Name, PAN, TAN)



    • Employee details (Name, PAN)



    • Period of employment
    • Summary of tax deducted & deposited with the government



    • TDS Challan details

    Part B (Annexure prepared by employer)

    • Detailed break-up of salary (Basic, HRA, Allowances, Perquisites, etc.)
    • Deductions under Chapter VI-A (80C, 80D, 80G, etc.)
    • Taxable income calculation
    • Tax liability vs. TDS deducted

    Purpose of Form 16

    • Helps employees file their ITR easily (all salary & tax details are there).



    • Proof that employer deducted and deposited TDS with the government.

    • Accepted as income proof by banks/financial institutions for loans, credit cards, etc.



    Who Gets Form 16?

    • Only salaried employees whose employer has deducted TDS.

    • If no TDS was deducted → employer may still issue a salary certificate, but not Form 16.


    When is Form 16 Issued?

    • Employers must issue Form 16 on or before 15th June of the next financial year.

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