Income Tax Return Filing

Every person whether (Individual/HUF/Company/LLP/Trust/Firm) are liable to pay tax on the income earned during a financial year. The tax levied on their income is known as Income Tax and is collected by Central Government. Every person shall file Income Tax Return with the Income Tax Department to intimate about the income earned by them and tax payable and paid thereon. The forms used to file return are different for different taxpayers based on criteria. Such taxpayers are also known as “Assessee” for the purpose of Income Tax

 

 

Checklist for Income Tax Return Filing (ITR return)

Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns.

 

Last Date for Filing Income Tax Returns

So if you come under the taxable income make sure to file it before the last date.

• Individuals or a firm that are not liable for audit should file income tax returns before July 31 of every year.
• An institution or a company that is liable for an audit should file its IT returns before September 30 of every year.
• Individuals and companies filing belated returns should complete before March 31 of every year

 

Who Should File an Income Tax Return?

According to the Income Tax Department, the following entities are required to file yearly IT returns:

• Salaried individuals with gross income exceeding the exemption level before deductions under sections 80C to 80U
• Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT returns
• Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
• Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
• Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
• Individuals and businesses seeking tax refunds
  
• NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets

 

How to File Your Income Tax Return Online

First and foremost have all the soft copies, scanned copies of all the required documents like your bank statement and last year's return. You should also fill out income tax Form 16.

• Step 1: Submit all the required documents to our experts
• Step 2: Through the registered portal our experts will file your income tax returns online
• Step 3: ITR form will be selected based on your category, and experts will fill in all required information and claim any applicable exemptions
• Step 4: Our experts will inform you regarding the tax payable amount if any after all exemptions
• Step 5: Subsequently your income tax returns will be filed without any hassle.

Note: Make sure to fill in accurate details in every field of the form, and select the applicable ITR form based on your criteria. If you have any doubts you can reach out to our expert and they will help you out.

You should know that non-compliance with filing of income tax returns can result in huge penalties. So why take that risk, when you can easily get an expert to file your income tax returns!

 

Points to be Considered During Efiling of ITR

• Choose the correct income tax return form
• Clearly identify the heads of income under which it is taxable
• Declare all your assets if your income is more than Rs. 50 lakhs in a year.
• Keep all documents and proofs safe for any future reference.
• Should mention your Aadhar Number
• Study your Form 26AS i.e. tax credit statement
• Check your personal details
• Also add interest income earned from fixed deposits
• Don’t hide any of your source of income
• Report your exempted income
• Should verify your income tax returns

 

Steps to File Income Tax Return eFiling Online

• Visit https://incometaxindiaefiling.gov.in and create your e filling account.
• Your PAN number will be your login id and you have to create account using the PAN number as login Id and password.
• Login on the website using your PAN number and password
• You now have to link your Aadhar card mandatory.
• You should choose the option of ‘link Aadhaar’ under the profile setting tab. Enter details as per Aadhar card like name, Aadhar number etc. and then confirm and link your Aadhar card to your Income tax account.
• Open form 26AS under the quick link menu. Form 26 AS contains summary of the taxes you have paid over the financial year and includes tax deducted at source, advance tax and self-assessment tax.
• Then download the correct ITR form as mentioned above
• Download the ‘excel utility’ of the Income tax return and fill in details like Name, PAN, Address, Date of birth, Email ID, Mobile number, choose whether original or revised return, Other taxable income, Investments, Taxes deducted, Bank details etc.
• After filling the details click on ‘validate’ button on all sheets of the excel utility.
• Once all sheets are validated click on calculate tax
• Pay the tax payable if any and provide the challan details in the ITR form.
• Click on generate ‘XML’ and save the XML file on your desktop.
• Go to your account on the website and click on ‘upload return’.
• Fill in the ITR form, name, assessment year and upload the XML File. If you have digital signature, then upload it too.
• Click on ‘submit’.
• You will get an acknowledgement. Take a print of the acknowledgement.
• If your have given your digital signature, then your income tax return filling process is complete.
• If not, then you will receive a form ITR-V which is an acknowledgement and verification. You can print the same and sign using blue pen and then post it to the income tax department within 120 days of e-filling at: Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100 within 120 days of e-filing. You will then receive an acknowledgement of receipt of ITR-V by email and SMS.

 

ITR FORM	CATEGORY OF TAXPAYER
Form ITR-1 (SAHAJ)	Individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 Lakhs having income from salaries, one house property, other sources (Interest etc.) and agricultural income up to Rs. 5,000
Form ITR-2	Individual (other than covered in above category) and HUF not having income from profits and gains of business or profession
Form ITR-3	Individual and HUF (other than above 2 category) and having income from profits and gains of business or profession
Form ITR-4	Individual, HUF and Firm (Other than LLP) being a resident having total income upto INR 50 Lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Presumptive Income)
Form ITR-5	Person other than Individual, HUF, company and person filing Form ITR-7
Form ITR-6	Companies other than companies claiming exemption under section 11
Form ITR-7	Persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) only