Income Tax Filing

Solubilis facilitates income tax filing through a skilled team. Income tax refers to the government levy on earnings acquired by businesses and individuals within their jurisdiction. Filing for income tax brings taxpayers under legal scrutiny and serves as a revenue source for the government.
Paying taxes contributes to various government activities such as improving infrastructure and supporting welfare initiatives, making income tax filing highly significant. Income tax revenue serves diverse purposes like funding scientific research, enhancing public transportation, healthcare, education, utilities (like water and energy), defense, public insurance, pension schemes, and unemployment benefits.

online IT filing

Individually, taxpayers enjoy advantages like loan approvals, tax refunds, robust life insurance, and visa approvals by fulfilling tax obligations. Avoiding income tax payments can result in substantial penalties imposed by the Government. Thus, income tax filing holds paramount importance for all Indian citizens. We provide income tax filing services across India, including Coimbatore, Chennai, and Bangalore.
Income tax e-filing in India simplifies the tax filing process, making it more cost-effective and penalty-free. E-filing, short for electronic filing, eliminates the need to physically visit tax department offices for return submission. Considering e-filing as optional leads to the misconception that it's burdensome and unnecessary. However, it's a social and moral duty for citizens to engage in income tax e-filing in India. Our services cover major cities like Chennai, Bangalore, Coimbatore, and nationwide.
The e-filing portal boasts top-notch internet security technology, eliminating the necessity for accountants to file tax returns. Any errors made during e-filing can be rectified online, and round-the-clock support is available. Income tax e-filing in India now offers an e-verification facility for verified returns, and essential documents can be uploaded during the filing process. We extend income tax filing services across major cities in India, including Chennai, Bangalore, Coimbatore, and nationwide.

Income Tax Slab:

Income Tax Slab Tax rate - Individuals
Up to `2,50,000 Nil
2,50,001 to 5,00,000 5%
5,00,001 to 10,00,000 12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000 1,12,500 + 30% of total income exceeding 10,00,000

The Finance Act, 2020 has introduced new optional tax regime :

  • No Tax – Upto Rs 2.5 Lakhs
  • 5% Tax – Between 2.5 Lakhs to 5 Lakhs
  • 10 % Tax – Between 5 Lakhs to 7.5 Lakhs
  • 15 % Tax – Between 7.5 Lakhs to 10 Lakhs
  • 20 % Tax – Between 10 Lakhs to 12.5 Lakhs
  • 25 % Tax – Between 12.5 Lakhs to 15 Lakhs
  • 30% Tax – Above 15 Lakhs

Individuals can choose between two tax options. Under the new regime, they pay lower taxes but lose exemptions and deductions available in the old tax system. Alternatively, they can continue with the existing tax slab rates.

The below exemptions are Not Allowed:

  • Deductions under Chapter VI-A (like 80C, 80D, 80E, etc.) are available, excluding Section 80CCD(2).
  • Other deductions include housing loan interest
  • Salary – Standard Deduction
  • Education allowance for children
  • House Rent Allowance
  • Leave Travel Allowance

It's recommended to opt for the new tax regime with fewer investments.

Three categories of “individual”

  • Individuals - less than of 60 years of Age
  • Resident Senior citizens - More Than 60 and Less than 80 years of age
  • Resident Super senior citizens - More than 80 years of Age

ITR Forms:

FORM ITR-1 – Sahaj For individuals earning up to Rs. 50 lakh from salary, one house property, or other sources (like interest).

FORM ITR-2 - For individuals and HUFs without business income, ineligible for Sahaj filing.

FORM ITR-3 – For those earning from business or profession.

FORM ITR- 4 - For individuals, HUFs, and firms with income up to Rs. 50 lakh under presumptive taxation rules.

FORM ITR-5 – Partnership firms and LLPs can use this form.

FORM ITR-6 – Companies can file with this form.

FORM ITR-7 - Political parties and charitable institutions use this form.

Due date for filing an Income tax Return:

  • Individuals and Non-Audit Cases: July 31st of the assessment year.
  • Audit Cases: September 31st of the assessment year.

Income tax / Proprietorship:

Proprietorship Filing income tax for proprietorship is like filing for an individual. Proprietors under 60 years must file if their income exceeds Rs. 2, 50,000. This slab differs from LLPs and Companies.

Income tax-Limited liability Partnership/Partnership companies/private limited company

Limited Liability Partnerships (LLPs) and partnership companies pay 30% income tax. If income exceeds a crore, an additional 12% surcharge applies. Public limited companies are taxed at 25% of total earnings.

Penalty on Income tax:

Financial reports must be submitted at the fiscal year's end, with the New Year beginning on April 1st for business progression. The government sets July 31st as the deadline for ITR filing. Penalties for late submission are Rs. 5,000 per day before December 31st and Rs. 10,000 thereafter.

Documents Required

1. Individual Bank Statements for all accounts.
2. Investment details for eligible deductions (e.g., 80C, 80 CCC, 80 CCD, 80 CCG, 80D, 80 DD, 80 DDB, 80E, 80G, 80 GG, 80GGC, 80TTA, 80 TTB, 80U).
3. Aadhaar Card Copy and Pan Card Copy.
4. Source of Income
  • Declare - Salary Income
  • Declare - Rental Income (from owned or shared property)
  • Declare - Income from Business or Profession ( Profit sharing or Salary from the Firm or Company )
  • Declare - Capital Gain ( Any property or Shares or Mutual funds or PF etc, sold )
  • Declare - Any income from other sources

5. Kindly provide the eligible deductions expenses,

  • LIC Policy Premiums
  • Rent Payments
  • School Fees for children
  • Housing Loan details( Provide the split up - Interest part and Principle part )
  • Donations paid
  • Health insurance premium Paid


Income Tax

For individuals without audit requirements, the deadline for filing income tax is July 31st of the assessment year. However, for cases that require an audit, the deadline extends to September 30th of the assessment year.

You can file a return after the due date, but there'll be a penalty if it's filed late.

A letter should be sent to the Assessing Officer after paying the outstanding tax for a specific financial year.

*ITR serves as proof of your income.

*You can claim refunds through ITR.

*It helps in securing loans and credit cards.

*ITR is essential for VISA applications.

You can verify your refund status using this link-

The Tax Deduction and Collection Account Number (TAN) is a unique identifier necessary for individuals or entities responsible for deducting or collecting tax.

Section 44AB in the income tax act covers Tax Audit, necessary for those whose accounts are audited by a chartered accountant. The CA conducts the tax audit and provides their findings and observations in Forms 3CA/3CB and 3CD.

Advance tax refers to paying taxes ahead of time rather than in one lump sum at the end of the financial year.

Here are the installment percentages based on the Expected liability:

  • 15 % on the Expected liability – On or before 15th June
  • 45 % on the Expected liability – On or before 15th September
  • 75 % on the Expected liability – On or before 15th December
  • 100 % on the Expected liability – On or before 15th March

No. Agriculture income is not taxable.

Yes. You have to maintain the proofs for your every sources of income.

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