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Frequently Asked Questions?

What is Income Tax?

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March

What are Previous year and Assessment Year?

Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.

Who is Liable to Pay Income Tax?

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes:

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

How Can I make Income Tax Payment?

The payment of income taxes can be made to the government by either physical mode i.e. cash/cheque in any designated bank branch or e-payment on NSDL website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.

What is Income Tax Return?

An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government

Who is required to file Income Tax Return?

Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age. It is compulsory to file an income tax return if any of the condition is applicable to you:

  • If your taxable income is more than slabs notified in Finance Act for that Year. Example for an Individual Resident below 60 years of Age the Slab is 2,50,000 /-(A.Y. 2017-2018) and for senior citizen it is 3,00,000. Thus if his income is more than 2,50,000/- ( or 3,00,000 in case of senior citizen) then it is mandatory for him to file Income Tax Return.
  • If you are an entity registered as a firm or a company, irrespective of the income or loss during the year.
  • If you have losses under any head and want to carry forward those losses to next year.
  • If you want to claim refund of taxes already paid i.e., TDS, Advance Tax etc.
  • If you are a resident individual holding any kind of Foreign Asset e.g. Immovable property, Bank account etc. or are a signing authority in a foreign bank account then you are compulsorily required to file the return.

If I am an Individual, Which return form should I file?

On the basis of source of Income an Individual can file return in form ITR-1, ITR-2, ITR-3 and ITR-4:

  • ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.
  • ITR 2: Salaried individuals/HUF having income from business or profession from a Partnership Firm.
  • ITR 3: An individual/HUF having income from business or profession from a Proprietorship Firm.
  • ITR 4: An individual/HUF opting for Presumptive Taxation Scheme.

What is Income Tax?

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March

Who can File ITR-1?

You can file return in ITR-1 (Sahaj) if you are an Individual having

  • Income from other sources
  • Salary
  • Pension
  • Income from up to one house
  • Agriculture Income less than Rs. 5,000
  • Total Income is less than Rs. 50 lakh

Who can File ITR-2?

You can file return in ITR-2 if you are an Individual or HUF having:

  • Income from items in ITR 1 which is more than Rs. 50 lakh
  • Income from capital gains
  • Foreign Income
  • Agricultural Income more than Rs. 5,000
  • Income from Business or Profession under a Partnership firm

Who can File ITR-3?

You can file return in ITR-3 if you are an Individual or HUF having:

  1. Income from items mentioned in ITR 2
  2. Income from Business or Profession under a Proprietorship Firm
Who can File ITR-4?

You can file return in ITR-4 (Sugam) if you are an Individual or HUF having:

Who can File ITR-5?

You can file return in ITR-5 if you are an Individual or HUF having:

  • Firm
  • Limited Liability Partnerships
  • Association of Person
  • Body of Individuals
  • Artificial Juridical Persons
  • Local Authority or Co-operative Society

Process of Return Filings

The return can be filed both physically & electronically. For e-filing download the government utility from Income tax portal (in excel format or java utility). Complete all the fields and information required, pay the tax due and generate the xml. You can upload this xml on government portal by logging into your account. Once the xml is uploaded download the acknowledgement in ITR-V. This ITR-V can either be verified using EVC code or can be couriered to CPC Bangalore for further processing

Is having PAN (Permanent Account No.) mandatory for income tax return filing?

Yes, a person must have PAN in order to proceed for filing of income tax return.

What are the benefits of filling income tax returns (ITR)?

Filing of ITR is basically a legal obligation which everyone who falls under is required to comply with. But, it also helps in getting bank loans, visas, for claiming refund against excess income tax paid, as a proof of income certificate and most importantly for tax payer’s self-satisfaction.

What is 26AS? Is it required to file income tax return?

26AS is a consolidated statement showing the tax credit associated with our PAN. It shows how much tax has been received by government by way of TDS deposited by deductor (employer, bank) on our behalf, Advance tax deposited by us, self-assessment tax deposited etc. It is important to match tax payments and TDS deducted with 26AS before filing your income tax return to get tax credit as we can take tax credit of only those items appearing in our 26AS.