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Income Tax Return Filing

  • Gainme is fast, safe, and easy for ITR E-filing. Get started by filling this form!
  • Completely online service - No physical presence required
  • CA Accredited Guidance At Every Process

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

However, e-filing income tax returns in India through the official website involves filing ITR forms. There is a different ITR form for individual and ITR form for salaried person. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.

Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. Vakilsearch files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax returns.

Required Documents

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PAN Card of the business entity/proprietor

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Aadhar card of proprietor

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PAN Card of all partners/directors/trustees in case of firms/companies/LLP/Trust

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Aadhar Card of all partners/directors/trustees

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All Bank Statements- Saving

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DSC of signing person where the accounts are audited

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In case of business & profession- cancelled cheque of current account

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Proof of investments made- LIC, Mutual funds, NSC, Sukanya Samridhi, PPF, Donation receipts, NSS, Tuition Fees paid, Rent paid receipt etc.

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Documents of purchase or sale of properties/ investments

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Global report in case of share transactions

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Form 16 in case of salaried person

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Details of house rental income generated (in case of house owner)

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Loan repayment certificate or schedule (in case of housing loan)

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A copy of Financial statements (Balance Sheet, Trading & P&L), Cash Flow Statement (in case of companies), capital account of owner/ partners

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A copy of audit report (if accounts are audited)

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Receipt & Payments Statement where books of accounts are not maintained

Required Documents

PAN Card of the business entity/proprietor

Aadhar card of proprietor

PAN Card of all partners/directors/trustees in case of firms/companies/LLP/Trust

Aadhar Card of all partners/directors/trustees

All Bank Statements- Saving

DSC of signing person where the accounts are audited

In case of business & profession- cancelled cheque of current account

Proof of investments made- LIC, Mutual funds, NSC, Sukanya Samridhi, PPF, Donation receipts, NSS, Tuition Fees paid, Rent paid receipt etc.

Documents of purchase or sale of properties/ investments

Global report in case of share transactions

Form 16 in case of salaried person

Details of house rental income generated (in case of house owner)

Loan repayment certificate or schedule (in case of housing loan)

A copy of Financial statements (Balance Sheet, Trading & P&L), Cash Flow Statement (in case of companies), capital account of owner/ partners

A copy of audit report (if accounts are audited)

Receipt & Payments Statement where books of accounts are not maintained

Benefits of Income Tax Return Filing

  • Avoid tax notices

    Taxpayers are served notices from the IT Department if they fail to file the returns timely

  • Allow carry forward of losses

    If the business has incurred losses, the return should be filed timely so that such losses can be carried forward and set off against profits for up to 8 years so as to lower future tax liability

  • Claim Refund of TDS

    If TDS has been deducted on your income by any person, you should timely file your return so that refund of excess TDS deducted may be claimed

  • Helps in faster loan processing

    ITR filed with Government indicates financial worth of the taxpayer. Before lending money, all banks and financial institutions ask for copies of IT Return to track the repayment capacity of borrower

  • Avoid late fees under section 234F

    If any person is liable to file his IT Return but fails to file it timely, he may be liable for maximum penalty up to Rs. 10,000 depending upon total income and quantum of delay

  • Quick Visa Processing

    Most embassies and consulates require to submit IT Returns for last 3 years for visa processing

  • Note

    Documents required may vary depending upon ITR form, our associate is always here to guide you

INCOME TAX RETURN FILING- SALARIED PERSON

Basic

  • Covering Salary Income without retirement benefits
  • One House Property Income
  • Income from other sources
  • Income Tax Deductions

Standard

  • Covering Basic Plan
  • Multiple Employers Form 16
  • Multiple House Property Income
  • Income from Other Sources
  • Deductions under Income Tax

Advanced

  • Covering Standard Package
  • Capital Gain Income
  • Salary Arrears & Relief u/s 89(1)
  • Salary Retirement Benefits

Custom

Frequently Asked Question

What are the due dates of filing Income Tax Return?

The due dates of filing ITR are mentioned below:

  • Individual, HUF, BOI and AOP or other persons who are not required to get their accounts audited:- On or before 31st July of next year
  • Companies and other taxpayers where accounts are required to be audited:- on or before 31st October of the next year

Whether Nil ITR is mandatory to be filed?

All the business entities namely companies, partnership firm, LLPs must file ITR even if their total income is zero. However, in case of individuals and HUF, ITR is required to be filed where total income exceeds Basic Exemption Limit

Do I need to file return if there is a loss in business?

Yes, where there is a loss in business, you must definitely file return and that too on or before due date, so that you may carry forward the losses to next years and set off such losses against future income for 8 years. If return is filed after due date, carry forward benefit will not be available

Is it necessary to attach any documents along with the ITR filed?

No, taxpayers are not required to attach any documents like proof of income, proof of deductions or investments claimed along with the ITR. However, he must keep such documents with him as the tax authorities may call upon him to provide such documents to substantiate his income at the time of assessment

What is the penalty for late filing of IT Return?

The late filing fee depends upon the period of filing as below:

  • For small taxpayers:-
    • Taxpayers with a Gross Total Income above Rs. 2.5 Lakhs but upto Rs. 5 Lakhs, late fees shall be Rs. 1,000 where ITR is filed after due date but before 31st March
  • For other taxpayers:-
    For taxpayers having Gross Total income above Rs. 5 Lakhs:
    • If return is filed after due date but till 31st December:- Rs. 5,000 late fees will be levied
    • If return is filed after 31st December but upto 31st March:- Rs. 10,000 late fees will be levied

In case of individuals and HUF where the Gross Total Income does not exceed basic Exemption Limit, no late fees shall be levied