Quick & Affordable ITR Filing Services in Odisha
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4.9/5 Happy Reviews✔ Complete your ITR filing process comfortably from home, and/ or visit our Bhubaneswar office for a more personal touch.
✔ Our experienced team ensures accuracy, compliance, and top-notch service.
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✔ Complete your ITR filing process comfortably from home, and/ or visit our Bhubaneswar office for a more personal touch.
✔ Our experienced team ensures accuracy, compliance, and top-notch service.
✔ Transparent pricing with no hidden charges, guaranteeing complete satisfaction.
FILE YOUR
INCOME TAX RETURN TODAY
INCOME TAX RETURN TODAY
Why Legal Terminus is Your Best Choice for ITR Filing in Odisha
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What Our Clients Say
Very professional and efficient ITR filing services. Thank you.
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Legal Terminus provides best ITR filing services in Bhubaneswar.
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Know Income Tax Filing
Filing your Income Tax Return (ITR) is an important responsibility for every taxpayer in India. It means sharing details of your income, deductions, and taxes paid with the Income Tax Department. Filing early helps avoid mistakes and last-minute technical issues, making the process smoother.
At Legal Terminus, we make ITR filing simple, fast, and stress-free. Whether you’re a salaried person, freelancer, or business owner, Legal Terminus ensures your taxes are filed correctly and on time.
Who Must File Income Tax Returns (ITR) in India: A Complete Guide
Filing your Income Tax Return (ITR) is not just a legal requirement, but also a financial responsibility. It applies to a wide range of individuals and entities, based on their income and financial activities. Here’s a breakdown of who must file their ITR in India:
- Salaried Individuals
If your annual income exceeds the basic exemption limit, you are required to file an ITR. - Self-Employed Professionals
Freelancers, consultants, doctors, lawyers, designers, and other independent professionals earning above the exemption threshold must file an ITR. You can also claim business-related expenses as deductions. - Business Owners (including SMEs & MSMEs)
All business entities, including sole proprietorships, partnerships, LLPs, and private limited companies, must file ITR annually, regardless of profit or loss. - Directors and Partners
Directors of private limited companies and partners in LLPs must file ITR to report their share of income and financial involvement in the company or partnership. - Dividends (mutual funds, stocks, etc.)
- Interest (from FDs, bonds, etc.)
- Capital gains (from stocks, crypto, mutual funds)
you must file an ITR to report and pay any applicable taxes.
Dividend, Interest, and Capital Gains Earners
If you receive income from:
- NRIs and RNORs
Non-Resident Indians (NRIs) with income in India exceeding the exemption limit must file an ITR. Resident Not Ordinarily Residents (RNORs) may also need to file based on foreign income or assets. - Foreign Asset or Income Holders
Indian residents with foreign assets (such as overseas bank accounts or property) or foreign income must file an ITR, even if their taxable income is below the exemption limit. - High-Value Transaction Individuals
You need to file an ITR if you have:- Deposited Rs. 1 crore or more in a bank account
- Spent over Rs. 2 lakh on foreign travel
- Paid more than Rs. 1 lakh in electricity bills in a year
- Claiming Tax Refunds
If you’ve paid excess tax (through TDS, advance tax, etc.), you must file an ITR to claim your refund. - Charitable and Religious Trusts
Charities, religious institutions, and organizations managing voluntary contributions must file ITRs annually to ensure tax compliance and financial transparency.
ITR Filing Checklist for Individuals
S.No. | Question | Yes | No |
1 | Is your annual income above the basic exemption limit (₹2.5 lakh for individuals below 60 years)? | ☐ | ☐ |
2 | Are you a self-employed professional (like a freelancer, doctor, lawyer) earning above the exemption threshold? | ☐ | ☐ |
3 | Do you own a business (including SME or MSME) as a sole proprietor? | ☐ | ☐ |
4 | Are you a director in a private limited company or a partner in an LLP? | ☐ | ☐ |
5 | Have you received dividends, interest, or capital gains (from stocks, mutual funds, FDs, bonds, crypto, etc.)? | ☐ | ☐ |
6 | Are you a Non-Resident Indian (NRI) with income in India exceeding the exemption limit? | ☐ | ☐ |
7 | Are you a Resident Not Ordinarily Resident (RNOR) with taxable foreign income or assets? | ☐ | ☐ |
8 | Do you hold foreign assets (like overseas bank accounts or property) as an Indian resident? | ☐ | ☐ |
9 | Have you made any high-value transactions such as: | ||
– Deposited ₹1 crore or more in a bank account? | ☐ | ☐ | |
– Spent over ₹2 lakh on foreign travel? | ☐ | ☐ | |
– Paid more than ₹1 lakh as an annual electricity bill? | ☐ | ☐ | |
10 | Have you paid excess tax (like TDS, advance tax) and want to claim a refund? | ☐ | ☐ |
11 | Are you a beneficiary of a trust or charitable/religious institution with voluntary contributions? | ☐ | ☐ |
Note: If you answer “Yes” to any of the above, filing an ITR is mandatory.
Income Tax Slab Rates
The Finance Act 2024 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime. The old tax regime refers to the system of income tax calculation and slabs that existed before the introduction of the new tax regime. In the old tax regime, taxpayers have the option to claim various tax deductions and exemptions.
In “non-business cases“, option to choose the regime can be exercised every year directly in the ITR to be filed on or before the due date specified under section 139(1).
In case of eligible taxpayers having income from business and profession, new tax regime is default regime. If assessee wants to opt out of new tax regime, they can furnish Form-10-IEA on or before the due date u/s 139(1) for furnishing the return of income. Also, for the purpose of withdrawal of such option i.e. opting out of old tax regime shall also be done by way of furnishing Form No.10-IEA. However, option to switch to old tax regime and withdraw the option in any subsequent AY is available only once in lifetime for eligible taxpayers having income from business and profession.
Tax rates for Individual (resident or non-resident) less than 60 years of age anytime during the previous year are as under:
Old Tax Regime | New Tax Regime u/s 115BAC | ||||
Income Tax Slab | Income Tax Rate | *Surcharge | Income Tax Slab | Income Tax Rate | *Surcharge |
Up to ₹ 2,50,000 | Nil | Nil | Up to ₹ 3,00,000 | Nil | Nil |
₹ 2,50,001 – ₹ 5,00,000** | 5% above ₹ 2,50,000 | Nil | ₹ 3,00,001 – ₹ 7,00,000** | 5% above ₹ 3,00,000 | Nil |
₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | Nil | ₹ 7,00,001 – ₹ 10,00,000 | ₹ 20,000 + 10% above ₹ 7,00,000 | Nil |
₹ 10,00,001- ₹ 50,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | Nil | ₹ 10,00,001 – ₹ 12,00,000 | ₹ 50,000 + 15% above ₹ 10,00,000 | Nil |
₹ 50,00,001- ₹ 100,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 10% | ₹ 12,00,001 – ₹ 15,00,000 | ₹ 80,000 + 20% above ₹ 12,00,000 | Nil |
₹ 100,00,001- ₹ 200,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 15% | ₹ 15,00,001- ₹ 50,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | Nil |
₹ 200,00,001- ₹ 500,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 25% | ₹ 50,00,001- ₹ 100,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 10% |
Above ₹ 500,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 37% | ₹ 100,00,001- ₹ 200,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 15% |
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| Above ₹ ₹ 200,00,001 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 25% |
Tax rates for Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year are as under:
Old Tax Regime | New Tax Regime u/s 115BAC | ||||
Income Tax Slab | Income Tax Rate | *Surcharge | Income Tax Slab | Income Tax Rate | *Surcharge |
Up to ₹ 3,00,000 | Nil | Nil | Up to ₹ 3,00,000 | Nil | Nil |
₹ 3,00,001 – ₹ 5,00,000** | 5% above ₹ 3,00,000 | Nil | ₹ 3,00,001 – ₹ 7,00,000** | 5% above ₹ 3,00,000 | Nil |
₹ 5,00,001 – ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | Nil | ₹ 7,00,001 – ₹ 10,00,000 | ₹ 20,000 + 10% above ₹ 7,00,000 | Nil |
₹ 10,00,001- ₹ 50,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | Nil | ₹ 10,00,001 – ₹ 12,00,000 | ₹ 50,000 + 15% above ₹ 10,00,000 | Nil |
₹ 50,00,001- ₹ 100,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 10% | ₹ 12,00,001 – ₹ 15,00,000 | ₹ 80,000 + 20% above ₹ 12,00,000 | Nil |
₹ 100,00,001- ₹ 200,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 15% | ₹ 15,00,001- ₹ 50,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | Nil |
₹ 200,00,001- ₹ 500,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 25% | ₹ 50,00,001- ₹ 100,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 10% |
Above ₹ 500,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | 37% | ₹ 100,00,001- ₹ 200,00,000 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 15% |
Above ₹ ₹ 200,00,001 | ₹ 1,40,000 + 30% above ₹ 15,00,000 | 25% | |||
Tax rates for Individual (resident or non-resident) 80 years of age or more anytime during the previous year are as under:
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Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and Dividend Income. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%, except when the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.
Rebate u/s 87A: Resident Individuals are also eligible for a Rebate of up to 100% of income tax subject to a maximum limit depending on tax regimes as under:
Total Income | Old Tax Regime | New Tax Regime |
Rebate under Section 87A Applicable | ||
Up to Rs. 5 Lakh | Tax rebate up to Rs.12,500 is applicable for resident individuals if the total income does not exceed Rs 5,00,000 (not applicable for NRIs | Tax rebate up to Rs.25,000 is applicable for resident individuals if the total income does not exceed Rs 7,00,000 (not applicable for NRIs |
From 5 Lakhs to 7 Lakhs | NIL | |
Note : Health & Education cess @ 4% to be paid on the amount of income tax plus Surcharge (if any) in both the regimes.
Marginal relief can be claimed from surcharge if the amount of income earned exceeding ₹ 50 lakhs, ₹ 1 crore, ₹ 2 crore or ₹ 5 crores respectively as under:
Net Income Range | Marginal Relief | |
Exceeds (Rs.) | Does not exceed (Rs.)
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50 Lakh | 1 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs |
1 Crore | 2 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore |
2 Crore | 5 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 2 crore |
5 Crore | – | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 5 crore by more than the amount of income that exceeds Rs. 5 crore. |
Applicability Of ITR Forms In India
In India, the process of ITR e-filing is streamlined through various Income Tax Return forms, each designed to cater to different types of taxpayers. Here’s a comprehensive overview of these ITR forms:
ITR-1: SAHAJ
This form is for individuals with income up to ₹50 lakhs from salary or pension, and who own only one house property. It’s the most common form used by salaried people.
ITR-2: Beyond Business
Ideal for Non-Resident Indians (NRIs), directors of companies, and shareholders of private companies. This ITR form is used if you have capital gains income or foreign income or own two or more house properties and if your income exceeds Rs. 50 lakhs.
ITR-3: Professionals and Proprietorships
This form is for people who are: Professionals like doctors, consultants, freelancers, running a proprietorship business (individual-owned).
ITR-4: Presumptive Taxation Enrollees
This income tax return form is meant for individuals who choose the presumptive taxation scheme — where their business income is up to ₹2 crores or professional income is up to ₹50 lakhs.
ITR-5: Partnerships, LLPs, and More
This income tax return form is used by partnership firms, LLPs (Limited Liability Partnerships), associations, and groups of individuals to file their returns.
ITR-6: Companies
This form is for companies registered in India, except those claiming exemption under Section 11 (like charitable organizations).
ITR-7: Special Entities
This ITR form is used by entities like charitable or religious trusts, political parties, scientific research organizations, and educational institutions such as colleges and universities for filing their income tax returns.
Due Date Chart for ITR Filing
Applicability on | Due Date |
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Documents Checklist for Income Tax Filing
Before you start filing your Income Tax Return (ITR) online, it’s important to collect all the necessary documents. This will help you file your return correctly and avoid mistakes or delays. Here’s a checklist of documents you may need:
🔹 Basic Documents
- PAN Card: Your Permanent Account Number is required for all tax-related activities.
- Aadhaar Card: Must be linked with your PAN and used for verification.
- Bank Account Details: Needed to receive any tax refunds or verify financial info.
🔹 Income-Related Documents
- Salary Slips: To confirm your monthly income from your job.
- Rent Receipts: If you’re claiming House Rent Allowance (HRA).
- Form 16: Given by your employer — shows your salary and TDS (tax deducted).
- Form 16A: For TDS on income other than salary (like interest or commission).
- Form 16B: For TDS on sale of property.
- Form 16C: For TDS on rent payments.
- Form 26AS: A tax credit statement that shows all tax paid under your PAN.
🔹 Documents for Deductions and Exemptions
- Interest Certificates: From banks or post offices for savings interest or fixed deposits.
- Home Loan Statements: If you’re claiming interest or principal deductions.
- Investment Proofs: For tax-saving options like:
- Life or health insurance
- PPF (Public Provident Fund)
- NSC (National Savings Certificate)
- ELSS (Equity Linked Savings Scheme), etc.
- Capital Gains Proof: Documents related to the sale of shares, mutual funds, or property.
- Rental Income Documents: Rent agreements and receipts if you own rented property.
- Foreign or Dividend Income Proofs: Statements showing income from abroad or dividend earnings.
FAQs about ITR Filing in Odisha
E-filing means submitting your Income Tax Return online through the Income Tax Department’s portal. It’s faster, easier, and avoids the hassles of offline filing. If you earn a taxable income, it’s mandatory to e-file your ITR.
An ITR is a form that shows your income and taxes paid during a financial year (April 1 to March 31). There are different ITR forms based on income type and category. All can be filed online.
With Legal Terminus, you can get help from expert accountants to file your return quickly and correctly.
- Convenient & Fast – File from anywhere, anytime.
- Fewer Errors – Online forms have checks for accuracy.
- Quick Refunds – Get refunds faster via direct bank credit.
- Easy Verification – Done through Aadhaar OTP or EVC.
- Legal Compliance – Avoid penalties for missing the deadline.
- Digital Records – All past returns saved online.
- Proof of Income – Useful for loans, visa, and identity verification.
- Tax Benefits – Claim deductions and reduce tax.
- Avoid Fines – Timely filing prevents penalties.
- Carry Forward Losses – Offset losses in future years.
- Faster Loan Approvals – Shows financial reliability.
- Required for Big Transactions – Like property or high-value insurance.
- Refunds – If extra tax was deducted (TDS), claim it by filing ITR.
- Mandatory in Some Cases – Even with no taxable income, if high expenses, foreign travel, or assets are involved.
Anyone earning more than the basic exemption limit must file an ITR. This includes salaried people, self-employed, and NRIs with taxable income in India.
Filing also helps in claiming refunds and creating a financial record.
Yes.
- With Form 16 – Use it to fill income and tax details easily.
- Without Form 16 – Use salary slips, Form 26AS, AIS, and TIS to file your return accurately.
Whether you have Form 16 or not, Legal Terminus can help you file your ITR smoothly.
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