Income Tax Return Filing

Every Individual, NRIs, Partnership firms, LLP, Companies and Trust are required to file their Income-tax return each financial year. We provide ITR filing services with dedicated professional support across India at a very affordable price. We extend our support from computation to filing through 100% online process.

Income Tax Return Filing FY 2023-24

Individual and NRI are required to file their ITR if their income exceeds Rs.2.5 lakhs per annum. However, Proprietorship firms, partnership firms, LLPs and companies are required to file income tax return irrespective of turnover, revenue, profit or loss.
Income Tax Return is a form in which the taxpayers or assessee file information about his income earned and tax applicable to the Income-tax department for each financial year. This declaration is used to determine the tax liability of the Taxpayer. The last date of submitting the Income Tax Return for Individual, Partnership & LLP is 31st July, while for Companies it is 30th September.

Heads Of Income

Every Individual who receives income in India is subject to income tax under the Income Tax Act, 1961. Under the Income Tax Act, there can be five different heads/source of income for computation

  • Income from Salary
  • Income from House Property
  • Income from capital gains
  • Income from Profits and Gains of Profession or Business.
  • Income from Other Sources

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Advantage of Filing Income Tax Returns within Due Date

  • Processing Of Documents

While applying for loans, the eligibility and quantum of loan would depend on income which can be established through filed ITRs. Generally, financial institution or bank ask for 3 Years ITR for loan processing.

  • Visa Processing

If you are planning to travel overseas, most embassies & consulates demand you to provide copies of your tax returns for the past couple of years at the time of the visa application.

  • Carry Forward Losses

If you file the Income-tax return within the due date, You will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.​

  • Certificate of Appreciation

If you are one of those individuals, and have paid taxes and filed returns on time, Ministry of Finance issue a certificate of appreciation in the name of Taxpayer.

  • Income Tax Refund

There could be a possibility that there has been tax deducted at source (TDS) on income or  some investment made in the name of the Individual . If TDS has been deducted, one will have to file the ITR to claim a refund of the same.

  • Establishing Income Proof in Compensation

Although the Motor Vehicles Act does not make it compulsory to provide the ITR while arriving at compen-sation in case of accidental death or disability, the claims tribunal agreed procedures approved by Delhi High Court mentions the need for ITR in case of self-employed persons.

  • Avoid Penalty

There are specific penalty provisions in case taxpayer does not file ITR on time. The penalty is charged, on the late payment of income tax.

  • To avoid notice from I.T. Department

In case of late or wrong submission of Income Tax Return (ITR) , a notice may be served by the Income Tax department. 

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Types of Income Tax Return Forms

incometax

ITR 1 or Sahaj is the Income Tax Return Form for individuals having income includes salary/ pension/ family pension and interest income, Income from One House Property or Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Agricultural income up to Rs. 5000.

ITR 2 form is for Individuals and HUFs not having income from profits and gains of business or profession Including
income from Winnings from Lottery and Income from Race Horses)
Total income should be more than Rs 50 Lakhs
If Individual is a Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Non-resident Income from Capital Gains and
Agricultural income more than Rs 5,000

ITR 3 form is for individuals and HUFs having income from profits and gains of business or profession.

ITR 4 form is applicable to individuals and HUFs, Partnership firms having income up to 50 lacs from a business or profession including those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

ITR 5 form is applicable for LLPs (Limited Liability Partnership), AOPs (Association of Persons), Artificial Juridical Person (AJP), BOIs (Body of Individuals), Estate of insolvent, Estate of deceased, Business trust and investment fund.

ITR 6 is for Companies other than the companies claiming exemption under sec. 11 (Income from property held for religious or charitable purposes).

For persons including companies required to file the return under section 139 (4A), or 139 (4B), or 139 (4C), or 139 (4D), or 139 (4E), or 139 (4F) of Income Tax Act.

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