Jus Veritas: Simplified Guide for Filing Income Tax Returns for Individuals and Corporates

Jus Veritas is a Expert teams of professionals to help taxpayers, both individuals and corporate entities, comply with their income tax obligations. It provides a user-friendly interface and step-by-step guidance to make the income tax filing process faster, more accurate, and less stressful. The professional integrates key functionalities such as automated tax calculations, pre-filled tax forms, and filing support to enhance user experience.

How Jus Veritas Simplifies Income Tax Filing for Individuals

Filing taxes as an individual can be a daunting task, especially for those who are not familiar with the tax laws or the filing process. Jus Veritas helps make this process easy by providing the online/ offline support following features:

Pre-filled Data for Easy Filing

• Jus Veritas simplifies the process by pre-filling most of the required data directly from government databases like Form 26AS (which contains tax credit details) and Form 16 (for salaried individuals). This minimizes errors and reduces the time required to enter data manually.

Step-by-Step Filing Process

• The professional help to understand the entire filing process, from choosing the right ITR form to filling in details about income, deductions, and exemptions.
• Jus Veritas offers detailed guidance on choosing between the Old Tax Regime and the New Tax Regime, helping taxpayers optimize their tax benefits.

Automated Tax Calculation

• Once all necessary details are entered, Jus Veritas automatically calculates the tax payable or refundable based on the user’s inputs.
• It also accounts for any rebates, such as Section 87A for taxpayers with income up to ₹5 lakh, reducing the tax liability.

Filing and E-Verification

• After reviewing the tax return, users can submit the return directly through Jus Veritas.
• The professional also provides e-verification options through Aadhaar OTP, net banking, or by sending the ITR-V to the Income Tax Department (for offline verification).

Support for Deductions and Exemptions

• Jus Veritas ensures that individuals don’t miss out on tax-saving deductions under various sections such as 80C, 80D, 24(b) (home loan interest), and more. The professional alerts users about deductions they might be eligible for, ensuring they claim them for maximum tax benefit.

How Jus Veritas Simplifies Income Tax Filing for Companies

Filing tax returns for businesses, especially corporations, involves more detailed and complex information compared to individual filings. Jus Veritas simplifies corporate tax filings by offering the following features:

Customized Forms for Different Business Structures

• Jus Veritas provides separate filing forms for private limited companies, public limited companies, partnerships, LLPs, and other business structures. This ensures that each business type can easily file returns according to the applicable rules and tax provisions.

Tax Audit and Financial Statements Integration

• For companies that need to undergo a tax audit (as per Section 44AB of the Income Tax Act), Jus Veritas helps businesses by integrating financial statements with the ITR filing process. The professional ensures that the audit report and other relevant documents are properly uploaded, preventing mistakes and delays.

Transfer Pricing and International Transactions

• Jus Veritas also accommodates businesses engaged in international transactions by ensuring compliance with transfer pricing regulations. The professional simplifies the process of reporting international trade and transactions under Section 92 of the Income Tax Act, ensuring companies don’t miss out on important disclosures.

Real-Time Tax Calculation for Corporate Returns

• Jus Veritas provides real-time tax calculation based on the data entered by companies. This includes accounting for any Minimum Alternate Tax (MAT) liability and other special taxes applicable to certain industries or business types.

Automatic Generation of ITR-6 Forms

• For most businesses, the relevant ITR form is ITR-6. Jus Veritas automatically generates this form for the company after reviewing its financial information. The form is pre-filled with necessary data from the company’s financial statements, tax audits, and other reports.

Filing and E-Verification

• Just like with individual returns, Jus Veritas simplifies the process of e-filing for companies. Corporate taxpayers can e-file their returns and verify them using a digital signature certificate (DSC).

Key Features of Jus Veritas for Both Individuals and Companies

Simple File to Income Tax

• Jus Veritas is designed to be user-friendly and easy to navigate. Whether you are an individual taxpayer or a corporate entity, the professional ensures a smooth filing experience with minimal confusion.

Automated Tax Calculations and Validations

• The professional offers real-time tax calculations based on inputs. Automated checks and validations are in place to ensure the correctness of data, reducing the chances of errors or mistakes that could lead to penalties or unnecessary delays.

Document Upload and Integration

• Jus Veritas allows users to upload and integrate necessary documents such as Form 16 (for individuals), audit reports, balance sheets, profit & loss statements, and more. This reduces the risk of missing essential documents and ensures comprehensive filing.

Timely Alerts and Notifications

• The professional sends timely reminders about filing deadlines, due dates for advance tax, and payments for both individuals and businesses, helping users stay compliant without missing deadlines.

Secure and Confidential

• Jus Veritas ensures that all personal and financial data is securely handled. The professional uses encryption and advanced security protocols to ensure that users’ data is kept confidential.

Support for Tax Filing Rectifications

• In case of mistakes or missed details, Jus Veritas provides easy options for taxpayers to rectify their returns through the Income Tax Rectification Process under Section 154, which helps ensure that the correct tax return is filed.

Why Use Jus Veritas for Filing Your Income Tax Returns?

• Time-Saving: Jus Veritas automates much of the filing process, reducing the time required for data entry, tax calculation, and form submission.
• Error-Free Filing: By using pre-filled data and automated validations, Jus Veritas minimizes the risk of errors in filing returns.
• Cost-Effective: Jus Veritas offers affordable pricing options for both individuals and businesses, saving money that would otherwise be spent on hiring tax consultants.
• Customer Support: Jus Veritas provides customer support through chat, phone, or email to assist users with any queries they may have during the filing process.
• Compliance and Updates: The professional ensures that users remain compliant with the latest tax laws and updates, so they don’t miss out on new exemptions, deductions, or changes in tax rates.

General information about INCOME TAX

Income tax is levied by the central government of India on the income earned by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. The income tax system in India is progressive, meaning that higher earnings are taxed at a higher rate. The amount of tax an individual or company has to pay depends on their taxable income—the income remaining after deductions, exemptions, and allowances.

Key Aspects of the Income Tax System:

• Progressive Tax Rates: The tax rates increase as income rises, meaning individuals with higher incomes pay a higher percentage of their income in taxes.
• Taxable Income: Taxable income is calculated after deducting allowable expenses, exemptions, and deductions.
• Tax Year: In India, the financial year (FY) runs from April 1 to March 31 of the next year, while the assessment year (AY) is the year in which the income is assessed (the year following the financial year).

Income Tax for Individuals

Tax Slabs for Individuals

In India, income tax rates are based on income slabs that differ for individuals below 60 years of age, senior citizens (60 to 80 years), and super senior citizens (80 years and above). The income tax slabs for individuals under 60 years of age for the FY 2024-25 (Assessment Year 2025-26) are as follows:

Senior Citizens (60 to 80 years):

Super Senior Citizens (Above 80 years):

Deductions and Exemptions for Individuals

The Income Tax Act provides several deductions and exemptions to reduce taxable income:

1. Section 80C: Deductions up to ₹1.5 lakh for investments in specified financial products, such as Provident Fund (PF), National Savings Certificate (NSC), Life Insurance Premium, etc.
2. Section 10(14): Exemptions on house rent allowance (HRA) for salaried employees who live in rented accommodation.
3. Section 80D: Deduction for premiums paid for health insurance.
4. Section 24(b): Deduction of up to ₹2 lakh on home loan interest for self-occupied property.
5. Section 80E: Deduction for interest on loans taken for higher education.
6. Standard Deduction: A flat deduction of ₹50,000 is available to salaried individuals and pensioners.

Income Tax for Companies in India

Income tax for companies is based on their total income, which includes income from business operations, capital gains, and other sources. The taxation framework for companies differs based on their type (domestic or foreign companies) and annual turnover.

Tax Rates for Companies

For the financial year 2024-25, the income tax rates for companies in India are as follows:

1. Domestic Companies (Turnover up to ₹400 crore in the previous year):
   • Tax rate: 25% on net taxable income.
2. Domestic Companies (Turnover above ₹400 crore in the previous year):
   • Tax rate: 30% on net taxable income.
3. Foreign Companies:
   • Tax rate: 40% on net taxable income.

Minimum Alternate Tax (MAT)

• MAT applies to companies with book profits but no taxable income. The tax rate for MAT is 15% on book profits, and it is levied if the tax payable under regular provisions is lower than the MAT.

Tax Incentives for Startups

• Startups are eligible for a tax holiday under Section 80-IAC for the first three years of operations (if they meet specific conditions such as being incorporated between April 1, 2016, and March 31, 2023).
• Certain deductions and exemptions are available for companies involved in research and development (R&D), such as under Section 35(2AB).

Deductions for Companies

• Companies can deduct business expenses that are wholly and exclusively incurred for earning income, such as:
  • Employee salaries and benefits.
  • Rent, utilities, and depreciation of assets.
  • Interest on loans.
  • R&D expenses.
  • Contributions to pension funds and charitable donations.

Income Tax Due Dates for the Financial Year 2024-2025 in India

The due dates for filing income tax returns (ITR) in India for the Financial Year (FY) 2024-2025 (Assessment Year 2025-2026) depend on the type of taxpayer (individual, company, etc.) and whether the taxpayer is required to undergo a tax audit. Below are the key due dates:

1. Due Dates for Individuals (Non-Audit Cases)

For individuals, including Hindu Undivided Families (HUFs), who do not require a tax audit, the due date for filing income tax returns is as follows:

• Due Date: July 31, 2025
  This is the standard due date for individuals, including salaried employees, freelancers, and those with business income not requiring a tax audit.

2. Due Dates for Individuals (Audit Cases)

If an individual is subject to a tax audit (e.g., for business income or professional income), the due date for filing the return is extended:

• Due Date: September 30, 2025
  This extended deadline applies to individuals whose financial statements are audited under Section 44AB of the Income Tax Act.

3. Due Dates for Companies

For companies, the filing due date also depends on whether the company is subject to a tax audit or not. The general due dates for corporate tax filings in India are:

• Due Date: September 30, 2025
  This applies to most companies, including domestic companies, who are required to file their income tax return with or without a tax audit.

4. Due Date for Filing Belated Returns

In cases where a taxpayer misses the original due date, a belated return can still be filed. The due date for filing a belated return for the FY 2024-2025 is:

• Due Date for Belated Returns: December 31, 2025
  This is the last date to file a belated return for the FY 2024-2025.

Latest Guidelines for Filing Income Tax Returns for Individuals and Companies (FY 2024-2025)

The Income Tax Department of India has issued various guidelines for filing income tax returns for the Financial Year 2024-2025, which include clarifications on tax compliance, the filing process, and new rules applicable to taxpayers.

Here are the important guidelines for individuals and companies:

General Guidelines for Filing Income Tax Returns (ITR)

a. Choose the Correct ITR Form

The Income Tax Department provides different forms depending on the nature of income and the taxpayer’s status. It is essential to choose the correct form to avoid delays or errors.

• ITR-1 (Sahaj): For individuals with income from salary, pension, one house property, or other sources.
• ITR-2: For individuals with income from multiple sources or more than one house property.
• ITR-3: For individuals or Hindu Undivided Families (HUFs) having income from a business or profession.
• ITR-4 (Sugam): For taxpayers opting for the presumptive taxation scheme under section 44AD, 44ADA, or 44AE.
• ITR-6: For companies other than those claiming exemption under section 11 (charitable institutions, etc.).
• ITR-7: For companies, trusts, and others who are required to file returns under sections like 139(4A), 139(4B), 139(4C), or 139(4D).

b. E-Filing of Returns

Income tax returns for FY 2024-2025 should be filed online through the Income Tax E-Filing Portal. The e-filing system is mandatory for most taxpayers and provides an easier way to file returns.

c. Mandatory Aadhaar Linking

It is mandatory for all taxpayers to link their Aadhaar number with their Permanent Account Number (PAN) as per the guidelines of the Income Tax Department. Returns will not be processed if Aadhaar and PAN are not linked.

d. Use of Digital Signature for Companies

For companies filing their returns, it is mandatory to verify the return using a digital signature certificate (DSC). This is required to validate the authenticity of the company’s financial information.

e. Pre-filled Data and PAN-based Pre-filing

The Income Tax Department now allows pre-filled data (such as salary income, tax deducted at source, and interest income) to be downloaded from the tax portal. Taxpayers can use this data while filing their returns, which simplifies the filing process.

Key Guidelines for Filing Income Tax Returns for Individuals

a. New Tax Regime and Old Tax Regime

For the FY 2024-2025, individuals have the option to choose between the new tax regime and the old tax regime while filing their returns:

• New Tax Regime: This regime offers reduced tax rates, but taxpayers are not allowed to claim most deductions and exemptions.
• Old Tax Regime: In this regime, individuals can claim various deductions and exemptions, such as deductions under Section 80C, 80D, HRA, etc.

It is important to note that taxpayers can choose either regime, but once the choice is made, it must be consistent throughout the assessment year.

b. Rebate under Section 87A

• Under the new tax regime, individuals with a total income of up to ₹5 lakh are eligible for a rebate of ₹12,500 under Section 87A.
• This rebate reduces the tax liability, essentially bringing the tax payable to zero for taxpayers with total income up to ₹5 lakh.

c. Tax Deducted at Source (TDS)

• Individuals must check the Form 26AS to verify the tax deducted by employers or other sources of income. This form helps ensure that the tax credit is correctly reflected.
• If TDS is not deducted or is deducted incorrectly, the taxpayer must file an application to rectify it before filing the return.

d. Health and Education Cess

A Health and Education Cess of 4% is levied on the total tax payable. This applies to both individual and company taxpayers.

e. Reporting Foreign Income

• Individuals who have income from foreign sources (e.g., foreign assets, bank accounts, or income) must declare it in their tax return.
• Such individuals may be required to fill out Schedule FA (Foreign Assets) to report their foreign income and assets.

Key Guidelines for Filing Income Tax Returns for Companies

a. Tax Audit Compliance

• Companies with a turnover of ₹1 crore or more are required to undergo a tax audit under Section 44AB of the Income Tax Act.
• The auditor must submit the Tax Audit Report before the company can file its return.

b. Transfer Pricing Regulations

• Companies involved in international transactions or specified domestic transactions must comply with transfer pricing regulations under Section 92.
• Transfer pricing documentation and reports must be submitted along with the income tax return.

c. Advance Tax Payments

• Companies are required to pay advance tax in four installments during the year, generally by June 15, September 15, December 15, and March 15.
• Advance tax payments help in spreading the tax burden across the year and avoid interest charges.

d. MAT and Corporate Tax Rates

• Companies subject to Minimum Alternate Tax (MAT) will be taxed at a rate of 15% on book profits.
• The corporate tax rates for domestic companies vary depending on their turnover, with rates of 25% for companies with turnover up to ₹400 crore and 30% for those with higher turnover.

e. Corporate Social Responsibility (CSR) and Tax Reporting

• Companies required to spend on Corporate Social Responsibility (CSR) under the Companies Act must report their CSR activities in their tax return.
• Contributions to eligible CSR activities are deductible under Section 80G, subject to certain conditions.

Important Considerations for Filing Returns

• Penalty for Late Filing: Taxpayers who miss the filing deadline (July 31 or September 30) may be subject to a late filing penalty. The penalty for delayed filing ranges from ₹1,000 to ₹10,000, depending on the filing date.
• Interest on Late Payment: Interest under Section 234A, 234B, and 234C is levied if there is any delay in the payment of taxes due.
• Rectification of Errors: If any errors are found in the filed return, taxpayers can apply for rectification under Section 154.