What is Income Tax Return?

An income tax is a tax imposed on individuals or entities for income or profits earned. For partnership and domestic companies are taxable at 30% (plus Surcharge and Health and Education Cess). The tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year.

Details required for IT filings

  • Entity Name
  • Date of Incorporation
  • PAN number of the Company
  • Registered Office Address
  • Annual Income Details
  • Financial Reports for this year filing (If accounting is done from your end)
  • Previous IT filing details (Financial Statements)
  • User ID & password for https://incometaxindiaefiling.gov.in site, if any

Due dates for filing IT return:

July 31: For individuals and firms who are not liable to audit.

September 30: For companies and others who are liable to audit.

March 31: Belated returns for individuals and companies.

You can also access and get notifications for the due dates through Google Calendar.

Why Vakilsearch

2 Working days

Just share your bank statement and cash transaction details and we'll create the financial statements. In two working days, you'll get your ITR filed.

9.1 Customer Score

We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

160 Strong Team

Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.