Income Tax Return Filing

Filing ITR Made Easier Than Ever!


What is Income Tax Return Filing?

The income earned by the individuals and businesses are subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation form is called Income Tax Return. The form and time limit for filing ITR are different for different taxpayers based on the criteria.

Income Tax Return forms are recently modified, to simplify the user experience. But through these new or modified schedules, it is apparent that taxpayers are responsible to prove a claim of expenses, exemptions and deductions. Hence, online filing of income tax return requires assistance from experienced professionals to make sure the correct filing of your return.


Benefits of Income Tax Return Filing

Allows carry forward of losses

Most businesses in their initial years ...

Define financial worth

The ITR filed with the Government ...

Loan Processing and high risk cover

The numbers and the capital base ...

Claim refund of TDS paid from salary

Salaried personnel receives the income after ...

Online Registration

Documents Required for ITR Filing

PAN Card

PAN Card of ...

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Form 16

The salaried person ...

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Entities PAN Card

In case of ...

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Aadhar Card

In case of ...

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Cancelled Cheque of the Bank

Cancelled cheque of ...

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Bank Account Statement

The statement for ...

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Financial Statements Required

For business entities, ...

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Investment/ expenses u/s 80

Details about the ...

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Types of ITR Forms

Form for ITR Filing are Different Based on Type of Income and Business Structure

ITR 1 (Sahaj)
For all Incomes from Salary and Interest
For all incomes other than business income
For all incomes including business income
ITR 4S (Saral)
For Presumptive tax, 8% is deemed income of turnover
For Partnerships business, this ITR is used for all income
For Companies, this ITR is used for all the incomes

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Frequently Asked Questions

Explore Income Tax Return Filing

All the business entities (Company, LLP, 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. Also, if your tax liabilities is zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)

  • Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
  • Up to 30th September of next year (30th September, 2018) – 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. 2017-18, belated returns can be filed till 31st March, 2019.

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:

  • For return filed after due date but till December – late filing fees of ₹ 5,000 will be charged
  • 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. 2017-18, the last date of filing would be 31st March, 2019.

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