Income Tax Return Filing
Rs.769/-Per Filing
What is a Income Tax Return Filing?
A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount. Income Tax Return is the form in which an assesse files information about his Income and tax thereon to Income Tax Department. income tax return is a document you file with the Internal Revenue Service or the state tax board reporting your income, profits and losses of your business and other deductions as well as details about your tax refund or tax liability.
Individuals who fulfill any one of the following conditions should by law file their Income Tax Returns during a financial year.
Benefits of Income Tax Return Filing
Allows carry forward of losses
Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.
Define financial worth
The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.
Loan Processing and high risk cover
The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.
Claim refund of TDS paid from salary
Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
Documents Required for Income Tax Return Filing India
PAN Card
PAN Card of the taxpayer
Entities PAN Card
In case of company or firm, PAN card of all directors or partners is required
Aadhar Card
In case of company or firm, Aadhar card of all directors or partners is required
Cancelled Cheque
Cancelled cheque of the taxpayer’s bank account is required/div>
Bank Account Statement
The statement for concerned Financial Year is required to assess other incomes
Financial Statements
For business entities, except proprietorship, financial statements are required
Investment/ expenses u/s 80
Details about the investments made or expenditure u/s 80 must be provided
Form 16
The salaried person should provide the TDS Certificate, known as Form 16
Types of ITR Forms
Form for ITR filing are different basedon type of income and business structure
ITR 1
For Income from Salary & Interest
ITR 2
For all incomes other thanbusiness income
ITR 4
For all incomes includingbusiness income
ITR 4S
For Presumptive tax, 8% is deemedincome of turnover
ITR 5
For Partnerships business,this ITR is used for all income
ITR 6
For Companies, this ITR is used forall the incomes
How to file Income Tax Return with CCA?
1. Fill the form given on the right 2. Select your package 3. Fill the company details 4. Pay the amount & done Once you done, our expert will contact you.
Let us do all the filing work
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- Application for Name Reservation
- Documents drafting including MOA and AOA
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Frequently Asked Questions
1Whether NIL ITR is mandatory to be filed?
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.
2What are the due dates for IT return online filing?
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)
1. Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
2. Up to 30th September of next year (30th September, 2018) – Companies including other entities on which Audit provisions are applicable
3 Do I need to file return if there is a loss in my business income?
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.
4Whether payment of tax is made while IT return filing?
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.
5Can I file ITR once the last date of filing is gone?
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.
6 What is the penalty for a delay in filing ITR?
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.
7Is it possible to revise the Income Tax return even after the acknowledgement is generated?
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.