Quick and simple way of Filing of Your Income Tax Return

Filing of Tax return is mandatory for all individual whose income is more than prescribed limit and for all other entities. Now pay your tax and submit your return with Lawfox in a hassle free way. Contact us now for filing your Tax return. 

 

Basic

Rs. 699/-

  • Income from Salary or house property.

  • Chat with Tax expert

Basic

Rs. 2400/-

  • Small Business 

  • Chat with CA

  • Balance sheet and P&L

Basic

Rs. 4200/-

  • Partnership Firm, LLP, Private Limited Company.

  • Chat with CA

INCOME TAX 

Income tax is a charge levied on your income by the government, that you need to pay to the government, by paying your taxes you become a partner in building of a nation and add your contribution in nation's development process. Income tax is a major source of fund for the government for its activities, policies.

 

Filing of Tax return is mandatory for all individual whose income is more than prescribed limit and for all other entities like NRIs, partnership firms, LLPs, companies and Trust etc.

Lawfox provide you professional services for preparation and filing of your tax returns, contact us and get your ITR filed within 2 working days.

Income Tax Slabs for F.Y 2019-20 (A.Y 2020-21)

Individual Tax Payers & HUF (Less Than 60 Years Old)

Individual Tax Payers (60 years old or more but less than 80)

  • Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

Individual Tax Payers (80 years old or more)

Book a call now for Quick Filing of
                        your ITR                         

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Tax Return of Proprietorship Firm 

Proprietorship firms doesn't have any separate legal entity and proprietor and proprietorship firm considered as one for Income Tax. Proprietor requires to file his business income details in his individual ITR. All proprietor requires to file income tax return if their total income is more than prescribed limits. Lawfox provides a complete tax compliance solution for small businesses including accounting, auditing and return filing services. We also provide Balance sheet, P&L, Computation of income, projected data and stock statements for your bank finance and other requirements.

Income Tax Audit of Proprietorship firms

Following persons are compulsorily required to get their accounts audited :

  • A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. 

  • A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

  • ​A person who is eligible to opt for the presumptive taxation scheme, but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme

 

Proper audit for tax purposes would ensure that the books of account and other records are properly maintained, that they truly reflect the income of the taxpayer and claims for deduction are correctly made by him. 

Domestic Company:

I. For the Assessment Year 2020-21, a domestic company is taxable at 30%. However, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 400 crore in year 2017-2018

II. If it opted for section 115BA, Taxrate will be 25%

III. If it opted for section 115BAA, Taxrate will be 22%

IV. If it opted for section 115BAB, Taxrate will be 15%

  •  Surcharge:  7%  if taxable income exceeds 1 cr but not exceeding 10 cr.                        

                            12% if taxable income exceeds 10 cr.   

  •  Cess:           4%  of income tax and surcharge

Partnership Firm:

I. For the Assessment Year 2019-20, a partnership firm (including LLP) is taxable at 30%

  •  Surcharge: 12% if income exceeds Rs. 1 crore   

  •  Cess:           4%  of income tax and surcharge

Penalty for Late Filing of ITR

Taxpayers who failed to file their income tax return on or before due date will be liable for interest and penalty. The penalty for late filing of income tax return is as follows:

Income Upto
Rs. 5 Lakhs

Penalty = Rs. 1,000/-

(From 01/08/2020 to 31/03/2021)

Income More than
Rs. 5 Lakhs

Penalty = Rs. 5,000/-

(From 01/08/2020 to 31/12/2020)

Penalty = Rs. 10,000/-

(From 01/01/2021 to 31/03/2021)

ITR of A.Y. 2020-21 (F.Y. 2019-20) cannot be filed after 31st March 2021.