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Income Tax Return Filing

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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

Every person whether (Individual/HUF/Company/LLP/Trust/Firm) are liable to pay tax on the income earned during a financial year. The tax levied on their income is known as Income Tax and is collected by Central Government. Every person shall file Income Tax Return with the Income Tax Department to intimate about the income earned by them and tax payable and paid thereon. The forms used to file return are different for different taxpayers based on criteria. Such taxpayers are also known as “Assessee” for the purpose of Income Tax

 

ITR FORM

CATEGORY OF TAXPAYER

Form ITR-1 (SAHAJ)

Individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 Lakhs having income from salaries, one house property, other sources (Interest etc.) and agricultural income up to Rs. 5,000

 

Form ITR-2

Individual (other than covered in above category) and HUF not having income from profits and gains of business or profession

Form ITR-3

Individual and HUF (other than above 2 category) and having income from profits and gains of business or profession

Form ITR-4

Individual, HUF and Firm (Other than LLP) being a resident having total income upto INR 50 Lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Presumptive Income)

Form ITR-5

Person other than Individual, HUF, company and person filing Form ITR-7

Form ITR-6

Companies other than companies claiming exemption under section 11

Form ITR-7

Persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) only

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

₹ 599
  • Salary/Pension (Single Form 16)
  • Single House Property Income
  • Agricultural Income
  • Income from Interest & Dividends
  • Deductions from Income (80C/80D etc.)
  • Total Income upto Rs. 50 Lakhs

Standard

₹ 1100

10% off

  • Salary/ Pension (Multiple Form 16)
  • More than one House Property Income
  • Agricultural Income
  • Income from interest & Dividends
  • Deductions from Income (80C/80D etc.)
  • Total Income upto/ More than Rs. 50 Lakhs

Advanced

₹ 1800

10% off

  • Salary/ Pension (Multiple Form 16) & Section 89 Relief on arrears
  • More than one House Property
  • Agricultural Income
  • Income from Other Sources
  • Capital Gains on Shares/MF/Others
  • Deductions from Income (80C/80D etc.)

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 total income of the taxpayer as below:

  • For Individual or HUF:
  • For those having total income upto Rs. 2,50,000: Nil
  • For those having total income between Rs. 2,50,000 & Rs. 5Lakhs: Rs. 1,000
  • For those having total income above Rs. 5 Lakhs: Rs. 5,000

 

  • For Companies/LLP/Firm:
  • For those having total income upto Rs. 5 Lakhs: Rs. 1,000
  • For those having total income above Rs. 5 Lakhs: Rs. 5,000

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