Resident Tax Return Plans
Plan your tax obligations & business in India
What is the Resident tax return plan?
Customised based on the common sources of income for an Indian resident, our Tax Return Plans are designed to help a customer choose the type of assistance he requires to file a tax return in India. The type of plan selected by you also helps us consult you better by understanding the nature of your income. In case you have more than one source of income, you may choose your income sources from under our “Customised Plan”.
Benefits of Resident plans?
Which tax return form should a resident use
A resident individual can file income tax return in any of the following return forms depending on the nature of income:
Frequently Asked Questions
How do I determine if I am a resident or a non-resident?
Residential status in India is determined based on the period of stay in India and it needs to be determined each year. If a person satisfies any of the below conditions, he is considered an Indian resident and if he does not satisfy both these conditions, he will become a non-resident:
Why is residential status important?
Residential status in India is important as income tax payable in India will vary depending on residential status in India. While a resident is chargeable to tax in India on his worldwide income, a non-resident is required to pay tax in India only on his Indian source incomes such as bank interest, rental income in India, profits from share trading in India, etc.
What are resident income tax returns?
Every person who is resident in India is required to pay tax and file returns in India if their total income in a year exceeds INR 2.5 lakhs.
How can I file an income tax return in India?
A resident individual who wishes to file ITR-1 can prepare and submit the form online by logging into the income tax website. In case of all other return forms, income tax returns can be filed through downloading the utilities provided by the Income Tax Department at www.incometax.gov.in. From under the Downloads Section, an individual can download the utility corresponding to his return form, fill up personal and income details by following the steps provided in the utility and proceed to submit the tax return.
Alternatively, an individual can also approach a Chartered Accountant or e-return intermediaries for assisted e-filing services.
What is a Rental Income Plan?
If you are an Indian resident earning rental income from any property situated in India, buy our Rental Income Plan to declare your rental income and file tax returns in India.
What is a Salary Income Plan?
If you are a resident earning salary income (from single or multiple employers), pension income, or interest from savings bank accounts and fixed deposits in India, choose our Salary Income Plan to file your tax returns in India. You can also opt for our Salary Income Plan if you wish to file a Nil return.
What is a Share Trading Plan?
If you are a resident engaged in trading in stock markets in India, our Share Trading Plan is the best plan to compute taxes on your share trading activity in India. Our Tax Advisor will assist you to compute your tax and file your tax return in India. Please note that our assistance is strictly restricted to assisting you in filing your tax returns in India and we do not provide any stock market investment advisory services.
What is a Customised Plan?
If you have income from multiple sources in India, choose your income sources from under our Customised Plan to get expert assistance in filing your tax returns in India. Click here for more details on the Plan.