SERVICE: Income Tax Return for Individuals and HUFs

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PRICE: 599.00

    As per the Income Tax Rules, ITR for Individuals & HUFs is to be filed through form ITR-2, if the income exceeds Rs. 50 lacs. 

    Category of ITR for Individuals & HUFs

    The ITR for Individuals & HUFs through form Income Tax Return-2 can only be filed by Individuals (Indian Resident/Non Resident/Resident but not ordinarily resident) and HUFs. And, in addition, if they have income from the following sources:

    ITR-2 for Individual & HUFs sources

    ITR-2 cannot be filed by:

    ITR for Individual & HUFs cannot file form ITR-2 if 
    – Income is from business or profession 
    – Individual is eligible to file ITR-1

    Steps to follow to get ITR for Individuals & HUFs filed by TaxHelpdesk experts

    TaxHelpdesk Service Process

    Once your order is placed, TaxHelpdesk’s dedicated team for reviewing of documents will check the documents uploaded by you within 24 working hours. In addition, after reviewing documents, a Tax Expert will be assigned and your order will be processed. Moreover, apart from this, you also will be able to check the status of the order in your assigned account.

    Tax Slabs Rates applicable on Income of Individuals

    Income Tax Return for Income from Salary: IT Slabs Income Tax Slabs

    Note:
    1.
    The rates of Surcharge, Marginal Relief and SHE Cess are the same under both the tax regimes and shall be levied, where applicable. 
    2. Rebate under Section 87-A Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of 100% of income tax or ₹ 12,500, whichever is less. Moreover, this Rebate is available in both tax regimes
    3. In addition, the Income Tax Slabs for FY 2022-23 are the same as those of FY 2021-22.

    Incomes on which Individuals can get benefit

    The ITR for individuals & HUFs allows the assessee to claim Income Tax benefit on Income from House Property on interest paid on housing loan & housing improvement loans. Furthermore, in the case of self-occupied property, the upper limit for deduction of interest paid on a housing loan is ₹2 lakh. However, this deduction is not available for a person opting for New Tax Regime.

    List of deductions that can be claimed by Individuals

    Particulars

    Deductions

    Amount

    Section 80C

    Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, etc

    ₹1,50,000

    Section 80CCC

    Annuity plan of LIC or another insurer towards Pension Scheme

    Section 80CCD

    Pension Scheme of Central Government

    Section 80CCD(1b)

    Investment in National Pension Scheme

    ₹50,000

    Section 80D

    Deduction towards payments made to Health Insurance Premium & Preventive Health check up

    ₹25,000 / ₹50,000

    Section 80DDB

    Deduction wrt medical treatment, etc.

    ₹40,000 / ₹1,00,000

    Section 80DD

    Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability

    ₹75,000 / ₹1,25,000

    Section 80EE

    Deduction towards interest payments made on loan for higher education of self or relative

    Total amount paid towards interest on loan taken

    Section 80EE/EEA

    Deduction towards interest payments made on loan taken for acquisition of residential house property

    ₹50,000 / ₹1,50,000

    Section 80EEB

    Deduction towards interest payments made on loan for purchase of Electric Vehicle

    ₹1,50,000

    Section 80G

    Deduction towards Donations made to certain Funds, Charitable Institutions, etc.

    ₹2,000

    Section 80GG

    Deduction towards rent paid for house & applicable only where HRA is not part of Salary

    Least of the following:
    Rent paid reduced by 10% of Total Income before deduction,
    ₹5,000 per month
    25% of Total Income before deduction

    Section 80GGA

    Deduction towards Donations made for Scientific Research or Rural Development

    ₹2,000 (cash)

    Section 80GGC

    Deduction towards Donations made to Political Party

    Any amount other than cash

    Section 80TTA

    Deduction on interest received on saving bank accounts by Non-Senior Citizens 

    ₹10,000

    Section 80TTB

    Deduction on interest received on deposits by Resident Senior Citizens

    ₹50,000

    Section 80U

    Deductions for an individual with Disability

    ₹75,000 / ₹1,25,000

    Note:
    Under new tax regime, deductions only under Section 80CCD(2) and Section 80JJA are available.

    Procedure of filing of ITR-2

    ITR for individuals & HUFs procedure
    Documents needed for ITR-2 filing

    PAN Card copy
    – Aadhaar Card copy
    – Bank account details
    – Email and mobile number
    Form 16
    Form 26AS & AIS
    – Housing loan interest certificate
    – House Rent details
    – Interest certificate
    – Bank statement
    – Receipts for deductions
    – DEMAT account statement
    – Foreign assets/income details
    – Details of assets sold and purchased
    – Details of income from any other sources

    Due dates for filing returns of income/loss

    Particulars

    Due Date

    Individual/HUF whose accounts are not to be audited

    31st July of the assessment year

    Individual/HUF whose accounts are to be audited

    31st October of the assessment year


    *The due dates Are subject to change

    FAQs

    No. Rebate under section 87A is available only to an individual(resident Indian). Moreover, any person other than an individual cannot claim rebate under section 87A. 

    Up to AY 2019-20, you can claim only one property as self-occupied property and other property will be deemed to be let-out. In addition, from AY 2020-21 onwards only, both the houses can be treated as self-occupied properties for residential purpose subject to fulfilment of specified conditions.

    If a person who is required to furnish a return of income under section 139 and fails to do so within time prescribed in sub-section (1) , you will have to pay interest on tax due.
    Furthermore, as per section 234F, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1). However, amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

    Non-payment of tax attracts interests, penalty and prosecution. Moreover, the prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment could be 6 months to 7 years).

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