What is Income Tax and income tax filing?
Income tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities. It applies to income from salary, business, property, capital gains, and investments. The tax collected helps fund public services like infrastructure, education, and healthcare.
Income tax filing (ITR filing) is the process of reporting your annual income, claiming deductions, paying due tax, or getting refunds from the Income Tax Department. Filing is mandatory if your income exceeds the basic exemption limit and is essential for avoiding penalties, claiming refunds, and providing income proof for loans or visas.
The Role of the Income Tax Department of India
The Income Tax Department, under the aegis of the Central Board for Direct Taxes (CBDT), is the primary government body responsible for direct tax collection in India. Its official website is a comprehensive resource for information on tax rules, regulations, international taxation, and facilitates Income tax e-filing in Trichy. The Income Tax Rules, 1962, further support the implementation and enforcement of the Income Tax Act.
The Income Tax Act
The Income Tax Act of India passed in 1961 encompasses all income tax laws and potential deductions concerning taxes. The law has changed many times due to inflation and different economies at various periods.
Income Tax Rules in India
The legislature enacted the Income Tax Act in 1961 to handle and monitor national income tax. However, the Income Tax Rules 1962 were drafted to support the act’s implementation and enforcement.
In addition, only the Income Tax Act is needed to read the Income Tax Rules.
The Income Tax Rules do not supersede the provisions of the Income Tax Act, but they are meant to operate within their framework.
Income tax is divided into two major types
Direct Taxes
Direct Taxes are paid directly to the government by individuals or businesses, such as income tax and corporate tax, with the burden falling on the taxpayer.
Indirect Taxes
Indirect Taxes are applied to goods and services, like GST, and are collected by sellers but ultimately paid by consumers.
The funds collected from taxes are used by the state to maintain essential sectors such as health care, education, and agriculture. Taxpayers find it easier to handle Income tax return filing in Trichy, TDS /TCS, and non-TDS/TCS payments through online platforms.
- TDS - Tax Deducted at Source
- TCS - Tax Collected at Source
Who Is Eligible to Pay Income Tax?
In India, individuals and entities must file an Income Tax Return (ITR) if their annual income crosses specified limits. For the financial year 2024-25:
Individuals (below 60 years): Income above ₹2.5 lakh
Senior Citizens (60–80 years): Income above ₹3 lakh
Super Senior Citizens (above 80 years): Income above ₹5 lakh
Filing ITR is also mandatory for businesses, firms, and those earning from foreign income, capital gains, or having assets abroad.
Beyond individuals, the following entities are also mandated to pay income tax and file returns:
- Artificial Judicial Persons
- Corporate firms
- Association of Persons
- Hindu Undivided Families
- Companies
- Local Authorities
- Body of Individuals
What Are the Various Types of Income?
Property Income
Income from renting residential properties is taxable under this category.
Salary Income
Earnings from jobs, including salaries and pensions, are subject to income tax.
Business or professional income
Income from freelancing, businesses, or professionals like doctors and tutors is taxable.
Capital Gains Income
Profits from selling assets like property, stocks, or mutual funds are taxable.
Other Sources Revenue
Earnings from savings interest, fixed deposits, or lotto wins are taxed.
Your Trusted Partner for Income Tax Return Filing in Trichy
At Auditor Shiva, we simplify the entire process of Income Tax Return Filing in Trichy. We assist you in gathering all necessary documentation, including Form 16 from your employer and proofs of investments, to accurately calculate your total tax payable and identify any potential refund entitlements.
With the advent of next-generation common IT forms, we cater to professionals and MSMEs, leveraging increased presumptive tax limitations for eligible businesses. Our expertise ensures accurate and timely ITR submission deadline 2025 India compliance.
Read more about Income Tax Return Filing in Trichy.
The Benefits of ITR E-Filing in Trichy
E-filing of income tax in Trichy offers significant advantages, eliminating the burden of paperwork and saving you valuable time. You can conveniently complete your tax obligations by logging onto the secure government website. Beyond just filing, this portal allows you to:
- View Form 26AS
- Check the status of outstanding tax demands and refunds
- Use online application tools for PAN and TAN
- E-pay your taxes
- Utilize a tax calculator
Our online tax return filing in Trichy services leverage these digital platforms to provide you with a smooth and efficient experience.
Income Tax Slab Rates for FY 2025-26
The Indian Finance Minister introduces changes to income tax slab rates annually. For FY 2025-26, taxpayers have the option to choose between the old and new income tax regimes. Our Trichy Income Tax advisor can help you determine which regime is most beneficial for your specific financial situation.
New Income Tax slab Rate for FY 2025-26
| Income Tax Slab | Tax Rate |
| Rs 0 – Rs 4 lakh | Nil |
| Rs.4 lakh – Rs.8 lakh | 5% |
| Rs.8 lakh – Rs.12 lakh | 10% |
| Rs.12 lakh – Rs.16 lakh | 15% |
| Rs.16 lakh – Rs.20 lakh | 20% |
| Rs.20 lakh – Rs.24 lakh | 25% |
| Above Rs.24 lakh | 30% |
Note: New income tax rates are optional
Income Tax Slab (Old Regime) for individuals who are less than 60 years old
| Income Tax Slab | Tax Rate |
| Up to Rs.2,50,000 | Nil |
| From Rs.2,50,001 to Rs.5,00,000 | 5% |
| From Rs.5,00,001 to Rs.10,00,000 | 20% of the amount exceeding Rs.5 lakh |
| More than Rs.10,00,000 | 30% of the amount exceeding Rs.10 lakh |
*An additional cess of 4% will apply to the tax amount calculated above.
Depending on the age of the individual, the three categories that individual resident taxpayers are divided into are mentioned below
– Individuals who are less than the age of 60 years old.
– Senior citizens who are above 60 and below 80 years of age.
– Super senior citizens who are above 80 years old
For Senior Citizens (above 60 and below 80 years) and Super Senior Citizens (above 80 years)
| Income Tax Slabs | Rates (above 60 years old and below 80 years of age) | Rates (above 80 years old) |
| Up to Rs.3,00,000 | NIL | – |
| Up to Rs.5,00,000 | 10% | NIL |
| From Rs.5,00,001 to Rs.10,00,000 | 20% | 10% |
| More than Rs.10,00,000 | 30% | 20% |
Simplified Income Tax Calculation and Advance Tax
Calculating your tax liability can be intricate. Our online CA service for ITR filing uses income tax online calculators to accurately determine your tax obligations. We also provide guidance on exemptions and deductions for salaried individuals, including HRA, LTA, and a standard deduction of up to Rs. 75,000, ensuring maximum tax savings when you’re filing an Income tax return in Trichy.
Advance Tax
Advance Tax involves calculating your estimated tax liability beforehand and paying it to the government in installments throughout the financial year. Key deadlines for advance tax payments are:
| Due Date | Advance Tax Payable |
| On or before 15 June | 15% of advance tax |
| On or before 15 September | 45% of advance tax |
| On or before 15 December | 75% of advance tax |
| On or before 15 March | 100% of advance tax |
Important Income Tax Dates 2025
The important dates to remember in FY 2024 –25 are mentioned in the table below:
| Important Dates | Task Must be Completed |
| 31st January 2025 | Individuals must submit their proof of investment |
| 15th March 2025 | Due date for the fourth installment of advance tax for FY 2024-25. |
| 15th June 2025 | Due date for the first installment of advance tax for FY 2024-25. |
| 31st July 2025 | Due date to file ITR by Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) |
| 15th September 2025 | Due date for the second installment of advance tax for FY 2024-25. |
| 30th September 2025 | Submission of audit report (Section 44AB) for AY 2024-25 for taxpayers liable for audit. |
| 31st October 2025 | Due date to file ITR by Businesses (Requiring Audit) |
| 30th November 2025 | Due date to file ITR by Business firms requiring Transfer Pricing report |
| 15th December 2025 | Due date for the third installment of advance tax for FY 2024-25. |
| 31st December 2025 | Due date to file Revised/Belated ITR |
Income Tax Payment Details
Paying income tax online in Trichy is simple and secure through the government’s e-Payment system. Taxpayers can use net banking, debit/credit cards, or UPI via authorized banks, ensuring fast and hassle-free transactions. For validation, individuals need a valid PAN, while businesses and tax deductors require a TAN. This system supports advance tax, self-assessment tax, and other payments, making the process convenient without the need for physical visits to the tax office.
Income Tax Collection
The government collects revenue through multiple channels such as Advance Tax (prepaid tax on estimated income), Self-Assessment Tax (paid before filing returns), Tax Deducted at Source (TDS) (deducted from salary, interest, and other payments), and Tax Collected at Source (TCS) (collected by sellers on specified goods or services). The Income Tax Department, under the Central Board of Direct Taxes (CBDT), oversees these collections and ensures transparency, while also working to prevent online tax fraud and improve taxpayer convenience.
Choosing the Right ITR Form
To claim an income tax refund or simply fulfill your filing obligation, you must submit the correct ITR form based on your income assessment group. Our ITR e filing support Trichy ensures you select the appropriate form:
| ITR Form Name | Description |
| ITR-1 | Individuals with Income from Salaries, One house property, other sources (Interest etc.) |
| ITR-2 | For Individuals and HUFs not having Income from Business or Profession |
| ITR-2A | For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets |
| ITR-3 | For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship |
| ITR-4 | For individuals and HUFs having income from a proprietary business or profession |
| ITR-4S | Presumptive business income tax return |
| ITR-5 | For persons other than, – (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
| ITR-6 | For Companies other than companies claiming exemption under Section 11 |
| ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) |
| ITR-V | The acknowledgment form of filing a return of income |
Understanding and Claiming Your Income Tax Refund FY 2024-25
If you have paid more income tax than your actual liability, you are eligible to apply for an Income tax return online refund. For example, if ₹40,000 TDS was deducted, but your actual liability is ₹35,000, you can claim a refund of ₹5,000. Similarly, if you were taxed without considering eligible deductions and investments, you can apply for a refund. You can easily view your income tax refund status online through the Income Tax Department’s website.
Smart Income Tax Saving Investments and Deductions
Effective tax-saving advice Trichy can significantly reduce your tax burden. By declaring all eligible assets and investments, you can avail greater tax deductions. Our tax planner near Thillai Nagar Trichy provides expert guidance on various investment options and deductions:
Popular Investment Options:
- Equity Linked Savings Schemes (ELSS): Mutual funds eligible for tax benefits under Section 80C, offering higher returns and shorter lock-in periods.
- Unit Linked Insurance Plans (ULIPs): Market-linked insurance plans with tax deductions on investment, requiring Income tax registration to avail benefits.
- Fixed Deposits (FDs): 5-year lock-in FDs offer tax benefits on interest earned.
- National Savings Certificates (NSCs): A safe investment option with tax benefits and a minimum investment of ₹100.
- Provident Fund (PF): Increasing your PF contributions can help lower your taxable income.
Income Tax Calculator – Quick & Accurate
Easily estimate your annual tax liability with our simple Income Tax Calculator. Just enter your income details and deductions to get an instant tax calculation. Plan your finances smarter and file your taxes with confidence.
Insurance
Education Loan Deduction
Home Loans
Deduction for Interest Income
You can also consider the following options for reducing tax on your income
- Fixed Deposits also known as FDs – Invest your money and enjoy interest on your deposit while at the same time working to lessen your tax burden with a 5 year lock if FDs.
- National Savings Certificates (NSCs): Thanks to NSCs, you can safely invest without worrying about market risks associated with investments. You can even invest a minimum of Rs. 100 for a period ranging from five to ten years. Investment in NSC has tax benefits also.
- Provident Fund (PF) – Enhancing one’s contributions to their PF account will help one avail lower taxable income too.
Income Tax Deduction Section List
Deductions for your taxable amount are available under various sections of the Income Tax Act 1961. Deductions must be mentioned in the appropriate ITR form when e-filing income tax returns.
Section 80C: Individuals and HUFs can claim up to Rs. 1.5 lakh on investments like NSC or expenses like tuition fees.
Section 80CCC: Deduct up to Rs. 1.5 lakh for payments towards approved pension plans like LIC policies.
Section 80CCD: Contributions to the New Pension Scheme (by self or employer) qualify for deductions up to 10% of your salary.
Section 80D: Claim deductions for health insurance premiums—up to Rs. 25,000 (Rs. 50,000 for senior citizens).
Section 80DDB: Medical expenses for specified diseases (as per rules) are eligible for deductions.
Section 80E: Deduct interest paid on education loans for higher studies in India.
Section 80EE: First-time homebuyers can claim deductions on loan interest (up to Rs. 25 lakh loan, Rs. 40 lakh property value).
Section 80RRB: Deduct up to Rs. 3 lakh on royalty or patent income under the Patents Act, 1970.
Section 80TTA: Savings account interest (up to Rs. 10,000) is eligible for tax relief.
Section 80U: Disabled individuals can claim a flat deduction of up to Rs. 1 lakh based on the level of disability.
Section 24: Claim up to Rs. 2 lakh on interest paid for self-occupied housing loans; rental properties get 30% of rent exempted.
Why Choose Auditor Shiva for Income Tax Filing in Trichy?
Choosing the right Income Tax consultants Trichy is paramount for accurate and hassle-free tax compliance. Here’s why Auditor Shiva stands out:
- Local Expertise: As a leading Chartered accountant for ITR in Trichy, we possess in-depth knowledge of local tax nuances and are easily accessible, offering tax return filing service near Chatram Trichy and income tax consultant near Cantonment Trichy.
- Comprehensive Services: From online income tax filing in Srirangam to business tax filing Trichy and TDS filing consultant Trichy, we cover all your income tax needs. We are your one-stop solution for Trichy GST & Income tax services.
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- Engaging and Easy to Understand: We believe in clear communication, making complex tax concepts simple and comprehensible for our clients.
- Personalized Guidance: We offer income tax advisor for salaried employees and freelance income tax filing support Trichy, providing tailored advice based on your unique financial situation.
- Trust and Authority: Our friendly yet authoritative tone builds trust, assuring you of reliable and professional assistance. We are your reliable income tax help center Trichy.
- Affordable Services: We strive to provide affordable ITR filing service Trichy without compromising on quality.
- Dedicated Support: Our team offers ITR e filing support Trichy throughout the process, answering all your queries.
Hire income tax consultant in Trichy who genuinely cares about your financial well-being. Partner with Auditor Shiva for expert professional tax filing help Trichy and company tax filing expert Trichy.
Income Tax Registration FAQs
In Trichy, several auditing firms and professionals are recognized for their expertise and quality services. One of the top auditors in Trichy is Auditor Shiva, known for his extensive experience, client-centric approach, and adherence to high standards of accuracy and integrity in auditing practices.
An income tax return is a form that a taxpayer must submit to the Income Tax Department. It includes information on an individual’s income and taxes paid for the period of the financial year. The Income Tax Department issued seven different ITR forms based on the taxpayer’s category, income source, and total income.
Everyone must file their income tax return (ITR) offline or online at the e-filing portal, a process also referred to as electronic filing, with the exception of senior citizens. With Auditor Shiva, filing income tax returns offline or online is smooth and simple.
The ITR form you need depends on your source of income. For salaried individuals, ITR-1 is common. For those with business or professional income, ITR-3 or ITR-4 might be applicable. Our income tax consultants Trichy can help you determine the correct form.
The easiest way to get your tax refund is to file a complete income tax return by the deadline. As you file your return, you can review the total amount of advance tax payments made on Form 26AS.
As per the Income tax Act, if your total income exceeds ₹2.5 lakh for the given financial year, you are required to file an income tax return in India.
Individuals use different ITR forms (ITR-1 (SAHAJ) and ITR-2, designed for different income sources and complexity levels, to file their personal taxes.
For individuals and HUFs whose accounts are not required to be audited, the due date for ITR filing for AY 2025-26 (FY 2024-25) is July 31, 2025. For businesses requiring an audit, it is October 31, 2025.
If you file your income tax return after the due date, a late filing fee of up to ₹5,000 may be levied under Section 234F of the Income Tax Act. It’s always advisable to file before the ITR submission deadline 2025 India.
Typically, you’ll need your PAN card, Aadhaar card, Form 16 (from employer), bank statements, investment proofs (e.g., life insurance premiums, ELSS statements), home loan statements (if applicable), and other income-related documents.
After assessing a taxpayer’s income tax return, the Income Tax Department will formally notify them with an income tax notice of assessment. The taxpayer receives notification of the amount of tax due or refundable through the notice of assessment.
Yes, filing ITR in case of loss is for your benefit only. With online ITR filing you can carry forward the losses to some future year to set off against future profits.
You can file income tax online in Trichy through the official Income Tax Department e-filing portal (incometax.gov.in) or with the help of professional online ITR filing agents Trichy like Auditor Shiva. You’ll need documents like Form 16, investment proofs, and bank statements.
To calculate taxable income, you start with your gross total income from all sources (salary, property, business, capital gains, other sources), then subtract all eligible deductions under various sections (like 80C, 80D, 80E, etc.), and finally reduce it by any applicable exemptions. Our experts provide precise income tax slab rates FY 2025-26 calculations.