Income Tax Returns Filling

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Income Tax Returns Filling

What is Income Tax Return ?

Income tax return is a kind of form which assessee needs to file which will further contain information about his income and tax guiding the income tax department. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 are some different forms.

Various Forms of Income Tax Returns

ITR 1 or SAHAJ

1. Income from following source (less than 50 lacs)
a) Salary/ pension
b) House Property
2. Additional source( other than lottery revenue and race horses revenue)

ITR 2

1.Income from
a) Salary/ pension
b) House Property
2. Additional sources(including lottery revenue and race horses income)
a) Capital Gains
b) Income as a partner in the firm
c) Agricultural income than Rs 5,000
d) Foreign Assets/Foreign income

ITR 3

1. Carrying on a business or profession
2. Return may include income from, Salary/Pension, House property and Income from other sources

ITR 4

The new ITR 4 applies to persons and HUFs who, according to Sections 44AD, Sections 44ADA and Sections 44AE of the income tax law, have earned income from a trade or corporation and have opted for the presumptive income scheme.

ITR 5

ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals)

ITR 6

1. For Companies other than claiming exemption under section 11 (such as Income from property held for charitable or religious purposes)
2. This return has to be filed electronically only.

ITR 7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
1. Under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or in part for religious purposes only.
2. Under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
3. Submission is required under section 139(4C) by:
3(a). Scientific research association;
3(b). News agency ;
3(c). Association or institution under 10(23A);
3(d). Institution referred to in section 10(23B);
3(e). Fund or institution or university or other educational institution or any hospital or other medical institution.
4. Under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Filing Income Tax Return Online

Electronic filing which is also considered as filing income tax return online is the easiest way to file your income tax returns. There are basically two ways to file the returns.

1. Traditional way

This includes offline techniques where you have to go to the income tax department's office physically to file your returns.

2. Filing income tax return online

This includes the online technique which has been emerged over the past few years. This is because it is much easier and does not require any kind of printed documents. Additionally, it can be done free of cost.

Benefits of Filing Income Tax Returns

1. Avoid Penalty up to INR 10,000/-

According to the law, if the return is filed after 1st January, the penalty charges can go up to Rs. 10,000. But the government provided ease the small taxpayers by reducing this penalty to a maximum of Rs. 1000 for taxpayers with a turnover of less than Rs. 5 lakh.

2. Avoid Tax Notice of Income Tax Return

If you fail to properly file your Income Tax Return, you may receive a tax notice from the Income Tax Department that would get you in trouble. Better you timely fulfill the ITR filing process.

3. Refund of TDS

If your client or employer deducts your TDS while making the payment, it might be that you’re eligible for Tax Refund. On filing Income Tax Return you can claim your TDS credit and get a refund back excess TDS deducted over your net tax liability.

4. Easily get Loan

Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan. The receipts giving you financial integrity are shown in the return of the income tax, allowing you to quickly penalize the loan.

5. Losses carry forward

Timely filing of income tax return makes you eligible to carry forward your business & capital losses, if any, during a financial year which can be adjusted against income earned in the subsequent years and ultimately save your taxes.

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FAQ(Frequently Asked Questions)

ITR means Income Tax Return. It is a form which contains the details of income earned and taxes paid on such income by a person to the Income-tax Department. It also allows carry- forward of loss and to claim refund from income tax department
Return Form Applicable for Income from/to
ITR – 1 (SAHAJ)  salary or pens ion income or  single house property (not brought forward loss) or  other sources (not from lottery winnings and race horses)
ITR - 2  An Individual  Hindu Undivided Family (whose income is not so as to pay income-tax under profits/gains of business/profession)
ITR - 3  Individual  Hindu Undivided Family (whose income is charged to pay tax under business or profession)
ITR - 4 (SUGAM)  Individuals  Hindu Undivided Family(HUF)  Partnership firm
ITR - 5 This Form can be used by a person being in  Firm  Limited Liability Partnership(LLP)  Association of Persons (AOP)  Body of individuals (BOI)  Artificial juridical person as in section 2(31)(vii),  co-operative society and local authority. (Not applicable for trusts, political parties, institutions, colleges, investment fund etc.)
ITR - 6  Company (other than charitable/religious trust as under section 11a)
ITR - 7  Trusts  Political parties  Institutions  Colleges  Investment fund​ITR - V Acknow​ledgement of filing the income return .
​​​The Income Tax Return Form can be filed in the following ways,
(i) In a paper form;
(ii) Electronically under digital signature;
(iii) Filling the data in the return electronically, under electronic verification code;
(iv) Filling the data in the return electronically and then submitting the verification of the return in Return Form ITR-V;
Note  Incase (iv) is used without digital signature, then the individual should take two printed copies of Form ITR-V.
 One copy of ITR-V, duly signed, is to be sent (within 120 days) by post to Income-tax Department - CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka)  The other copy may be kept by the taxpayer for his record.
​​​​​​​​No, documents are not to be attached with the application (whether filled manually or electronically), but they are to be presented before tax authorities, if asked.
​​​​Income-tax Department’s official website can be used for e-filing of return of income. i.e. www.incometaxindiaefiling.gov.in
​It provides free e-filing utility to generate e-return and apply for return electronically. It can be downloaded from www.incometaxindiaefiling.gov.in​ with instructions.
​​​In case of any doubts on e-filing, an individual can contact on 1800 180 1961.​​
​​​E-payment-process of paying of tax electronically using net banking or debit/credit card.  E-filing -process of filing electronically the return.
​​No, if not filing the return in case there is taxable income, the penalty will be applied as per the Act of Income-tax.​
​​​​Filing of return :  Is a duty towards the development of the nation  It validates credit worthiness before financial institutions  Makes one eligible to financial benefits from banks and other institutions
​​E-filing of return can be
 Filed from any place and at any time
 Saves efforts & time.
 Simple, easy and faster.
 It is processed faster
If you wish to carry/take forward it, next year the loss for adjustment against next year(s) positive income, a claim of loss must be filed before the due date.
​No, there is no late filing fee/penalty under section 234F, if an individual is not required to file ITR as per section 139 .
​​​​​​​​​Yes, you will have to pay interest on tax as per section 234F. The penalties are as follows: i. Rs. 5000, if filed on 31stDecember or before it, of the year of assessment ii. In other case, Rs. 10,000 But, late filing fee <=Rs. 1000 (if income < = Rs. 5 lakh.)
​​​​​The excess amount paid can be claimed as refund by filing Income-tax return, which will be refunded through ECS transfer into the bank account.
​The return can be revised any time during the year or before the assessment made, whichever is earlier.  The format of return filed should be same as that of original i.e. manual or electronic.
If a person after submitting the return finds any mistake, omission or any wrong statement, then return should be revised within specified time limit. A return can be revised before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. However for the earlier Assessment Years earlier to the current Assessment Year, a revision can be made before one year ends/expires after Assessment Year ended or before assessment is completed by the Department, whichever is earlier.
​​​​Yes, it is advised to keep the copies of the returns of the previous years since legal proceedings under the Income-tax Act can take up to four or six years