ITR Filing for Mumbai Taxpayers
Mumbai taxpayers have more moving parts in their returns than almost anywhere else in India. Many invest actively in shares and trade F&O through Mumbai's brokerages, rent out a flat in the suburbs, receive bonuses with complex salary structures, or are NRIs holding property in the city. Each of these has its own reporting rules, and the income tax department sees almost all of it through AIS.
CompanyFX reconciles your broker statements, AIS and Form 26AS, chooses the right ITR form and tax regime, and files only after you approve the computation.
Returns We Handle
- Investors: capital gains on shares, equity and debt mutual funds, bonds and unlisted shares
- F&O and intraday traders: business income in ITR-3, turnover calculation, loss carry-forward and tax audit
- Salaried professionals: bonuses, ESOPs, HRA for Mumbai rent and regime comparison
- Landlords: rental income from one or more flats, municipal tax deduction and home loan interest
- NRIs: rental income, sale of Mumbai property, Form 13 lower TDS applications and refunds
- Business owners and professionals: ITR-3 and ITR-4 with presumptive taxation where it fits
Documents to Keep Ready
- PAN, Aadhaar and bank account details
- Form 16 and salary slips
- Broker tax P&L and capital gains statements; F&O contract notes or ledger
- Rent agreement, municipal tax receipts and home loan interest certificate for let-out flats
- Sale and purchase deeds if you sold property during the year
Our Process
- You share documents online and we pull your AIS and Form 26AS.
- We reconcile every income source and compute tax under the old and new regimes.
- You review and approve the computation.
- We file the return and help you e-verify it.
- We track the refund and respond to any notice.
Serving Clients Across Mumbai
Colaba, Fort, Churchgate, Dadar, Bandra, Andheri, Powai, Goregaon, Malad, Borivali, Ghatkopar, Chembur, Mulund, Thane and Navi Mumbai, all handled online.
₹999
Starting price
- AIS and Form 26AS reconciliation
- Capital gains on shares, mutual funds and property
- F&O and intraday income (ITR-3)
- Rental income computation
- Filing and e-verification
- Notice support
Related Services in Mumbai
Frequently Asked Questions
How is F&O trading income taxed?
Futures and options trading is treated as non-speculative business income and is reported in ITR-3, not as capital gains. Losses can be set off against other business income and carried forward for eight years if the return is filed on time. A tax audit may apply depending on your turnover and profit, so we calculate turnover the way the tax rules require before filing.
What are the tax rates on shares and equity mutual funds?
For listed shares and equity funds sold on or after 23 July 2024, short-term gains (held up to 12 months) are taxed at 20%. Long-term gains are taxed at 12.5% on the amount above ₹1.25 lakh in a financial year.
How is rental income from a Mumbai flat taxed?
Municipal property tax actually paid is deducted from the rent, then a flat 30% standard deduction is allowed on the balance. Interest on a home loan for the let-out property is also deductible. The net amount is added to your income and taxed at your slab rate.
I am an NRI selling a flat in Mumbai. Why was so much TDS deducted?
Buyers must deduct TDS on the sale consideration paid to an NRI at the rate applicable to capital gains plus surcharge and cess, which is often far more than the actual tax. You can apply for a lower deduction certificate (Form 13) before the sale, or claim the excess back as a refund by filing your ITR.
Do I need to visit Aayakar Bhavan for an income tax notice?
Usually not. Most notices and assessments are handled through the faceless system on the e-filing portal. We review the notice, draft the response and file it online for you.
Which ITR form should I use?
ITR-1 is for resident individuals with salary, one house property and interest up to ₹50 lakh. ITR-2 is for capital gains or more than one house property. ITR-3 is for business or professional income, including F&O. ITR-4 is for presumptive income. Using the wrong form leads to a defective return notice.
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