This form contains the information of the income tax paid by an assessee, filing of which helps
in easy acquiring of loans, visa application and also helps avoid penalties.
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Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on income of a person.
Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty.
The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
Vakilsearch offers the best service and helps you with the correct form to fill on the exact time.
The advantages of filing for IT returns are:
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.
To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling.gov.in.
Vakilsearch recommends making use of Google Calendar to get early notification of due dates and on time ITR filing.
Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:
IAs per the Income Tax Department the entities required to file IT returns annually are:
The IT Department of India has rules for all businesses operating throughout the country to file income taxes each and every year. If need be, TDS return can also be filed and advance taxes can be paid to ensure that the business complies with the IT rules and regulations.
A proprietorship firm is run by a single person called the proprietor. Proprietorship is not a separate legal entity, that is, both the proprietor (business owner) and the business are the same. Due to this, ITR filing for proprietorship is the same as that of the proprietor.
Proprietors are required to file IT returns year after year. The procedure is no different from that of individual income tax filing.
Proprietors within 60 years of age and whose income exceeds Rs.2.5 lakhs are required to file proprietorship tax returns. Proprietors above 60 years but less than 80 years of age and whose total income exceeds Rs 3 lakhs are eligible.
Proprietors above 80 years must file their IT returns if their total income exceeds Rs 5 lakhs.
As per the Income Tax Act, all partnership firms are treated as separate legal entities and are applicable for tax rates that are on par with LLP’s and companies registered in India.
Irrespective of income or loss, partnership firms are required to do IT filing. If the firm has been commercially inactive with no registered income, a NIL income tax return should be filed within the stipulated date.
All LLPs or Limited Liability Partnerships are considered separate legal entities and their income tax rate is similar to that of all companies registered in India. The Income Tax Act declares that all LLP’s must file their tax returns irrespective of the loss or gain they have incurred in that year. If the LLP has seen no business activity or registered income, then a NIL income tax must be promptly filed.
All types of business structures like Private Limited Company, Limited Company, Limited Liability Partnership company, One Person Company are registered under the Ministry of Corporate Affairs. All such companies are mandatorily required to file IT returns as prescribed by the Income Tax Act.
Any company that is registered with the Government of India and operating on Indian soil is required to submit its filed IT returns. This is equally applicable for those companies that have been dormant with no business transactions and no registered income or expenses.
To fulfill IT filing in India, the following documents are necessary:
My company deducts TDS. Do I still have to file my tax return?
Yes, you need to file. There is a difference between filing income tax return and deducting TDS. You file a tax return as a proof of the payment of all the taxes due. The IT return would also help you while applying for a visa or a loan.
How do I pay tax to the government?
You can make the payment directly to the Government on the official website of the IT Department. You may pay through net banking, along with Challan 280.
Can I file income tax returns for years I missed?
Yes. You can file delayed IT returns for all the years lapsed so far.
Is it necessary to attach any documents along with the return of income?
Income Tax Return (ITR) forms are known as attachment less forms. It means, the taxpayers do not need to attach any supporting document (such as TGS certificates, investment proofs etc.). You do not need to attach these documents whether you file your return electronically or manually. However, you must retain these documents with you in proper order. You may need to submit these to the authorities in certain situations like inquiry, assessment, audit and so on.
If I have paid excess tax, how will it be refunded to me?
You can claim for refund of your excess tax amount while filing your IT Return. Your refund will be credited into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form.
Is it necessary to file a return of income when I don’t have any positive income?
It’s necessary for you to file a return in time even if you do not have any positive income. If you have incurred a loss in any financial year, you may want to carry it forward for adjusting with the positive income in the subsequent years. This will be allowed only if you file your IT return on time, with a mention of the loss incurred.
What is the process of ITR preparation and filing?
Click here to discover the process of ITR preparation and filing.
Want to know more about Income Tax Return in India?
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What are the classes of Income Tax?
To know the classes of Income Tax, click here.
How does Income Tax filing relate with NRIs?
Know more about how Income Tax filing is related with NRIs.
Income Tax Return – Who should file and when to file?
Click here to know the full details on the Income Tax Return.
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.
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.
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.
Delayed deposit of TDS will attract only 9% penalty instead of 18%