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INCOME TAX RETURN

Starting @1999

TO WHOM IT IS APPLICABLE?

  • Individuals (Resident of India & NRI’s) – Mandatory for people exceeding the prescribed income limit. Optional for others
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firm
  • Trusts

The ITR filing is mandatory for Partnerships Firm, Sole Proprietorship Firm, Companies, and LLPs irrespective of their turnover, income, profit or loss.

DOCUMENTS REQUIRED

  1. PAN
  2. Aadhar Card
  3. All bank account details
  4. All income details like salary, rent, capital gain, income from business and details of other income
  5. Details of Deductions
  6. Any tax payment already made

ADVANTAGES & BENEFITS

To Avoid Notice from the Income Tax Authority

In case of late or wrong submission of ITR, notice is served by the Income Tax department.

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Income Tax Refund

At the time of Income Tax Return filing, you can claim for Income Tax Refund.

Proper Documentation of Financials

ITR Filing documents are proof of financials. Proper financial documentation is a must for availing loan or visa.

Carry Forward Losses

With ITR Filing, losses can be carried forward against house property & depreciation.

For Speedy Visa Processing

For speedy visa processing, embassies ask for the submission of Income Tax Return for the last 3 years.

FAQs

All the business entities (Company, LLP, and 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.

The due dates for filing ITR online are mentioned below – let’s take an e.g. of  (F.Y. 2019 – 20 & A.Y. 2021 – 22)
Up to 31st July of next year (31st July, 2020) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
Up to 30th September of next year (30th September, 2020) – 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. 2019-20, belated returns can be filed till 31st March, 2021.

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. 2019-20, the last date of filing would be 31st March, 2021.

Best judgement assessment could be carried out by an assessing office on the basis of relevant material with their disposal. Such a situation may arise in case of non-filing of the income tax return.

Financial year is the year in which an income is earned, and the assessment year is the year following the financial year in which evaluation of income is done.

Even if you don’t have Form 16 you can file your income tax return. For this, you must have your pay slips. We can help you with the same.

No, while filing income tax return there is no need to file any other document. However, documents may be asked by the authorities for the purpose of assessment, inquiry, etc.

In order to prevent any kind of fraud, you should not share your PAN and password details. You can take the assistance of chartered accountants and CA firms for income tax return filing. We have a team of dedicated chartered accountants for this purpose.

After income tax return filing, a document is received by you which is ITR V. One has to take a print of that, sign and send within 120 days of income tax return filing to the Income Tax Department.

In case agricultural income is up to Rs.5000 then ITR 1 can be filed. However, if the agricultural income exceeds Rs.5000 then ITR 2 is required to be filed.

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