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Income Tax Return (ITR) Filing

Income Tax Return (ITR) Filing

Income Tax Return (ITR) Filing

Simplify compliance with online ITR return filing assisted by our experts

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      What is a Income Tax Return (ITR) Filing?

      Income Tax Return is a return on income of a person to be filed with the Income Tax Department. It is every citizen’s responsibility to file Income Tax even if the person’s income does not fit into the slab rates provided. The IT department verifies these declarations of income and any amount paid in excess is refunded. All entities are required to file the taxes on time to avoid penalty. The form that contains information of income and tax paid of an assessee is called Income Tax Return such as ITR 1, ITR 2, ITR 4, ITR 4S, ITR 5, and ITR 6.

      Types of ITR Forms

      Form for ITR filing are different based on type of income and business structure

      ITR 1 (Sahaj)

      For Income from Salary & Interest

      ITR 4S (Saral)

      For Presumptive tax, 8% is deemed income of turnover

      ITR 2

      For all incomes other than business income

      ITR 5

      For Partnerships business, this ITR is used for all income

      ITR 4

      For all incomes including business income and more

      ITR 6

      For Companies, this ITR is used for all the incomes

      Types of ITR Forms

      Form for ITR filing are different based on type of income and business structure

      ITR 1 (Sahaj)

      For Income from Salary & Interest

      ITR 4

      For all incomes including business income and more

      ITR 4S (Saral)

      For Presumptive tax, 8% is deemed income of turnover

      ITR 2

      For all incomes other than business income

      ITR 5

      For Partnerships business, this ITR is used for all income

      ITR 6

      For Companies, this ITR is used for all the incomes

      Benefits of Income Tax Return (ITR) Filing

      Easy access to loans

      Filing of IT returns will make it easier for a person to get his loan sanctioned as the bank looks into the records of last year’s returns filed by the person to gauge the credibility of such person.

      Easy access to export benefits

      If the business has timely filed the income tax returns, it will be easier to claim exports benefits/ incentives as IT returns are an important document while applying for such incentive schemes

      Avoid penalties

      Non-filing or late filing of income tax returns would amount to hefty penalties along with interest. Hence it is always better to file it to avoid legal repercussions.

      Documents required for Income Tax Return (ITR) Filing

      PAN

      PAN Card of the taxpayer

      Entities PAN Card

      In case of company or firm, PAN card of all directors or partners is required

      Aadhar Card

      In case of company or firm, Aadhar card of all directors or partners is required

      Cancelled Cheque

      Cancelled cheque of the taxpayer’s bank account is required

      Bank Account Statement

      The statement for concerned Financial Year is required to assess other incomes

      Financial Statements

      For business entities, except proprietorship, financial statements are required

      Investment/ expenses

      Details about the investments made or expenditure u/s 80 must be provided

      Form 16

      The salaried person should provide the TDS Certificate, known as Form 16

      How will we help?

      Collecting Data
      • We will collect the data and collate the information which will then be uploaded in the form.
      Filing various returns

      • We will help in filing quarterly returns within the time limit prescribed so as to avoid penalties and legal actions and also help in revising the returns already filed if there are any errors committed during filing the previous returns.

      Advising

      • We will help you understand the transactions that require tax to be deducted at source and advise as to how to deduct the tax, file returns and deposit it with the government. If the business is not already deducting tax at source for transactions, our team will guide and advice on the same.

      Frequently Asked Questions

      All you need to know before applying for Income Tax Return (ITR) Filing:

      All the business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

      The due dates for filing ITR online are mentioned below – let’s take an e.g. of  (F.Y. 2017 – 18 & A.Y. 2018 – 19)

      1. Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
      2. Up to 30th September of next year (30th September, 2018) – Companies including other entities on which Audit provisions are applicable

      Yes, filing ITR in case of loss would be in your interest itself. With online ITR filing, you can carry forward the losses to a certain upcoming financial year to set off losses against the future profits.

      No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.

      In case you fail to file the return on a due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2017-18, belated returns can be filed till 31st March, 2019.

      Late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:
      1. For return filed after due date but till December – late filing fees of ₹ 5,000 will be charged
      2. For return filed after 31st December – late filing fees of  ₹10,000 will be charged

      However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.

      To revise the filed ITR, the deadline is 1 year from the end of the next financial year. Therefore, in the case of F.Y. 2017-18, the last date of filing would be 31st March, 2019.

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