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Income Tax Return Filing

Income Tax Return Filing starting from Rs.599/-

Income Tax Return Filing

Income Tax Law of India is governed by the Government by enacting the law as Income Tax Act,1961. The Government imposes a tax on all taxable income of all persons who are individuals, HUF, companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. The  levy of tax on these person is depends upon his residential status of the person depending upon No. of days resides in india. Every individual who qualifies as a resident of India as per the rules and Income Tax Act is required to pay tax on his or her global income. Every financial year taxpayers have to file Income Tax Return to Income Tax Department within due date and form as prescribed by Central Board of Direct Taxes. Income Tax Department functions under the Department of Revenue of the Ministry of Finance of India.

Income Tax Return:

An Income tax return (ITR) is a form used to file information about income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.

As per the income tax laws, the return must be filed every year by an individual, if individual earns income during the financial year more than minimum basic exemption limit of individual. The income could be in the form of a salary, business profits, income from house property, dividends, capital gains, interests or other sources of Income etc.

Tax returns have to be filed by a person before a specified date. If a taxpayer fails to abide by the deadline, person shall to pay a penalty as per Income Tax Act,1961.

Is it mandatory to file Income Tax Return?

As per the Income Tax Act,1961, it is compulsory to file income tax returns if income is more than the basic exemption limit as prescribed in Income Tax Act. The income tax rate is pre-decided in the Union Budget of India as passed by the parliament of india at every February of the year before the beginning of new financial year.

Who should file Income Tax Returns?

According to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India:

  1. All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.

  2. All registered companies and Firm that generate income, regardless of whether they have made any profit or not through the year.

  3. Those who wish to claim a refund on the excess tax deducted/income tax they have paid.

  4. Individuals who have assets or financial interest entities that are located outside India.

  5. Foreign companies that enjoy treaty benefits on transactions made in India.

  6. NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.

Due dates for Income Tax Return Filing:

  1. July 31: A firm or individuals who are not liable for audit.
  2. September 30: A company or other who is liable to audit.
  3. March 31: All individuals and companies filing belated returns.

Slab Rate of Income Tax:

Individual, HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under and each tax slab has a different tax rate.

Total Income Existing Proposed (Option)
Individual, HUF, AOP, BOI 
0 – 2,50,000 Nil Nil
2,50,001 – 5,00,000 5% 5%
5,00,001 – 7,50,000 20% 10%
7,50,001 – 10,00,000 15%
10,00,001 – 12,50,000 30% 20%
12,50,001 – 15,00,000 25%
More than 15,00,000 30%

Firms have a fixed rate of tax of 30% of profits and Indian companies have a fixed rate of tax of 25% of profits.

Advantage of Income Tax Return Filing
01
Processing of Loans & Visa

If you apply for any loans such as a home loan,business loan,mortgage loan, car loan, personal loan etc., the eligibility and quantum of loan would depend on your income. This can be established through filed ITR. ITR will help your lender to assess your repayment capacity.If you plan to travel overseas, proof of earning is required.

02
Claiming Refund

There could be some TDS cut on some investment. And you will have to file the ITR to claim a refund of the same. Or If your employer deduct more tax on your behalf or you may have paid excess tax on your income then filing of ITR by consideration your actual tax-saving investments or insurances you will enable to get a refund from the IT department.

03
Carry forward Losses

As per Income tax rules, losses are allowed to be carried forward and set off against capital gains. But this applies only to those individuals who file ITR in the relevant assessment year.

04
Avoid late fees and Tax Notices

By filing of ITR, Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh and Avoid Tax Notices from the IT department for delayed & missed return submissions.

Basic Features of Income Tax Return
Proof of income

Income Tax Return documents serve as income proof of Person for the particular financial year. Its reflect the financial position and performance of income or losses during the financial year.

Proof of income

Income Tax Return documents serve as income proof of Person for the particular financial year. Its reflect the financial position and performance of income or losses during the financial year.

Sign as you are responsible citizen of India

By Filing of Income Tax Returns is a sign that you are responsible citizen of India. Your contribution by paying taxes to the government, the government eligible to spend the money in the infrastructure, Healthcare, Education, Farmer Subsidy and social expenditure to build better nation.

Sign as you are responsible citizen of India

By Filing of Income Tax Returns is a sign that you are responsible citizen of India. Your contribution by paying taxes to the government, the government eligible to spend the money in the infrastructure, Healthcare, Education, Farmer Subsidy and social expenditure to build better nation.

Establishing Income in Compensation Cases

ITR for self-employed persons helps to establish the income of the person to arrive at appropriate compensation in case of accidental death or disability or any happening of the events as per contract.

Establishing Income in Compensation Cases

ITR for self-employed persons helps to establish the income of the person to arrive at appropriate compensation in case of accidental death or disability or any happening of the events as per contract.

Filing of Tenders

ITR is the only proof of income and tax payment for them in all sorts of financial transactions by showing the turnover of individual and Financial Assets and Liabilities at the end of Financial Year. For filing of Tender, they may be asked to show their tax return receipts of the previous 3 to 5 years for fulfillment of the eligibility criteria of tender.

Filing of Tenders

ITR is the only proof of income and tax payment for them in all sorts of financial transactions by showing the turnover of individual and Financial Assets and Liabilities at the end of Financial Year. For filing of Tender, they may be asked to show their tax return receipts of the previous 3 to 5 years for fulfillment of the eligibility criteria of tender.

How to Filing of ITR:

Make Enquiry

Click on Get Started Button and Share your Contact Details

Make Payment

Pick a Package that best fits your requirements and Make Online Payment for your Order.

Submit Documents

Submit Documents and your Form 16 Using Online Dashboard or Mail to us.

Work Completed

Work will be completed by us and updates delivered Online and Get your Acknowledgement of ITR online.

Documents required for Income Tax Return Filing:

  • PAN CardPAN Card of person.
  • Identity ProofAadhar card of Individual.
  • Bank StatementBank Account Statement of Financial year of person.
  • ITR of PersonCopy of the previous year’s tax return if any.
  • Investment ProofSavings Certificates, Deductions, Donations, Premium receipts etc.
  • Interest statementInterest statement that shows the interest and principal paid.
  • Financial Statement of PersonBalance sheets, Profit & Loss account statements, and other requisite Audit Reports if any.
  • Property DetailsDetails of Property purchase and sales or Rent receipts from tenants and details of tenants.
  • Investment IncomeDetails of Investment Income/Losses
  • Form 16/16ATDS Certificates from Employer / other persons.

Frequently asked questions on Income Tax Return Filing

1.What is Form 26AS?

Ans. Form 26AS is a document containing particulars of various taxes deducted from your income by various entities such as your bank, your employer or even your insurance agency. It is a consolidated credit statement issued at the end of every financial year under Section 203AA of the Income Tax Act, 1961.

2.If I have paid excess tax how will it be refunded to me?

Ans. A refund is due only when you have proof to show that you paid more than your liability. This usually happens when the advance tax or self-assessment tax is more than the tax you are required to pay or when the tax deducted at source is more that your total tax liability. After you file your returns you get refund.
.

3.Who needs to File ITR?

Ans. Every person or entity is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates.
1. Individual – Salaried, Self-employed or Professional,
2. Hindu Undivided Family (HUF)
3. Company
4. Firm
5. Association of Persons (AOP)
6. Local Authority
7. Artificial Juridical Person
8. Body of Individuals (BOI)
9. Political Party,
10. Educational or medical institution,
11. Trade Union, etc.

4.What is Previous Year and Assessment Year?

Ans. Previous Year is the same as the Financial Year in which the income is earned. Tax is payable on the income earned during this Previous Year. And this tax is payable in Assessment Year, which is the year next to the Financial or Previous Year. For example, for the Income earned in Financial Year (Previous Year) April 1, 2019, to March 31, 2020, the liability to pay tax will fall in 2020-2021, known as the Assessment Year.

5.How to pay Income Tax?

Ans. You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. Payment is to be made in Challan-280 in both cases. The Challan must be filed accurately for further processing.

6.Can i claim the deduction missed out form 16 issued by employer?

Ans. Yes. If some exemptions or deductions got left out from Form-16, you can claim the same in ITR. Various deductions u/s 80 such as ELSS, PPF, Life and health insurance, NSC, Children tuition fees, 5-year fixed deposits, donation for charity, repayment of home loan, or even HRA can be claimed.

7.My company deducts the TDS. Do I still have to file my tax return?

Ans.Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you’ve paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.

8.What is ITR-V?

Ans. ITR-V is a 1-page document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return if you not e-verify your return.

9.Is it mandatory for me to do the ITR efiling or can someone else do it on my behalf?

Ans. You can seek the help of chartered accountants and agencies dedicated to ITR filing. Also you can always take assistance from CA to file IT returns with the Company Suggestion you can get an expert CA to calculate your taxes and e-file your tax return on your behalf.

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PACKAGES FOR INCOME TAX RETURN FILING

 

SALARY INCOME

₹599/-

INCOME COVERED

Salary Income
House Property Income
Interest on Savings A/c
Interest on FD

CAPITAL GAIN INCOME

₹1,499/-

INCOME COVERED

Salary Income
House Property Income
Interest on Savings A/c
Interest on FD
Capital Gain Income
Shares Income
Property Sale Income
Brought Forward Losses

BUSINESS INCOME

₹2,499/-

INCOME COVERED

Salary Income
House Property Income
Interest on Savings A/c
Interest on FD
Capital Gain Income
Shares Income
Property Sale Income
Brought Forward Losses
Business Income
Balance Sheet
Profit & Loss Statement

Note

Types of Income Tax Return Form:

ITR-1

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources.

ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession.

ITR-3

For individuals and HUFs having income from profits and gains of business or profession.

ITR-4

For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE.

ITR-5

For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7.

ITR-6

For Companies other than companies claiming exemption under section 11.

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