Income Tax Return Filing

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Income Tax Return Filing in India. Get Online ITR eFiling Service with our professionals. Get Quick, Hassle-free ITR eFiling at Affordable Fees.

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Income Tax Return Filing Online in India - An Overview

Income Tax Return is a form provided by the Income Tax Department which is used to file the income tax.
Income tax is a tax imposed by the Government of India on the income of a person.

Filing income tax is every citizen’s responsibility if income exceeds the maximum exemption limit. The Income Tax department verifies these declarations of income and if any amount has been paid in excess by the assessee, the department refunds the amount to the assessee’s bank account. All entities are required to file the return and pay taxes (if any) on time to avoid penalties.

The Income Tax Return form that contains information on the source of income and tax paid of an assessee is known as Income Tax Return. The IT Department of India has various forms for it, like- ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

LegalMaps offers an effortless and easy way with the best service and helps you to select the correct form to fill on the exact time.

Things to remember during income tax return filing

  • File ITR before the due date, do not wait for it.
  • Always collate all the documents needed to file the ITR.
  • Pick the correct IT return form. This is the most important one.

Why file Income Tax returns?

Benefits

The advantages of filing for income tax returns are:

  • Loans: Bank loans such as education loans, personal loans, vehicle loans, can be availed easily as they require last 3 year’s income tax returns.

  • Visa: As Immigration centres scrutinize many documents and ITR proofs is a necessary document for visa applicants.

  • Avoid penalties: Hefty amounts would be charged for non-filing of IT returns and hence it is always better to file ITR to avoid legal repercussions.

Income Tax Refunds & Assessees Responsibility

An assessee/taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the net tax liability. In order to claim the refund, the taxpayer must have to file the IT returns within the due date.

Taxpayers/assessees usually receive notices by the income tax department to ensure they complete the filing process without any delays. Any loss against depreciation, house property, business loss and any source of loss not set off against the total income can be carried forward to the subsequent years.

How to file your IT return online?

A Detailed Process

To file your income tax returns, gather all documents like bank statements, last year’s return, etc.
Log on to www.incometaxindiaefiling.gov.in

  • Register at the portal using the PAN number. It becomes your ID.
  • View Form 26AS, it shows the tax deducted by the employer (For salaried person). The TDS on Form 16 (For salaried person) should match this amount.
  • Download the applicable ITR Form, if you do not know the right form, consult LegalMaps.
  • Complete the entire form by filling in the necessary details and then submit it.
  • Click the ‘Calculate Tax’ button, to know your tax liability also known as ‘payable amount’.
  • If applicable, pay the same.
  • Enter the challan details on the tax return section of the ITR form.

Due dates for filing income tax return

  • July 31: Individuals or firms who are not liable for audit.
  • September 30: A company or other entity that is liable to audit of there books of account.
  • March 31: All individuals, firms and companies filing belated returns.

 

LegalMaps recommends making use of Google Calendar to get early notification of due dates of ITR filing.

Income Tax Return acknowledgment

Once ITR is filed, an acknowledgment slip in duplicate is issued automatically by the system. It consists of details like:

  • Name
  • Address
  • Status
  • Permanent Account Number
  • A brief statement of taxable income
  • Deductions
  • Tax paid
  • Verification

Who should file IT return?

As per the IT Department the entities required to file income tax returns annually are:

  • Every company, be it a private limited company, LLP or partnership firm irrespective of the income or loss must file IT returns.
  • Individuals enjoying income from house property, income from interest, fixed deposits, stocks, mutual funds, bonds, etc.
  • Individuals receiving income from property under religious trusts, charitable trusts or income from voluntary contributions.
  • Individuals or companies who want to claim tax refunds need to file ITR on time.
  • Salaried persons whose gross total income before deductions under section 80C to 80U exceeding the maximum exemption limit.
  • All individuals with foreign assets, foreign income, NRI’s and tech professionals on onsite deputation.


For Business Tax Return Filing:

The Income Tax Department of India has rules for all businesses operating throughout India 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 income tax rules and regulations.

Proprietorship Tax Return Filing:

A proprietorship firm is run by an individual called the proprietor. Proprietorship is not a separate legal entity, that is, both the business and the proprietor (business owner) are the same. That’s why ITR filing for a proprietorship is the same as that of the proprietor.

Proprietors are required to file income tax returns year after year. The procedure is the same as that of individual income tax filing.

Requirements For Filing Proprietorship Tax Returns:

Proprietors below 60 years of age and whose income exceeds ₹2.5 lakhs are required to file proprietorship tax returns. Proprietors above 60 years but below 80 years of age and whose total income exceeds ₹3 lakhs are mandatory, and other situations it is optional.

Proprietors above 80 years must file their ITR if their total income exceeds ₹5 lakhs.

Partnership Firm Tax Return Filing:

As per the Income Tax Act, a partnership firm is treated as a separate legal entity and is applicable for tax rates that are on par with companies and LLPs registered in India.

Requirement For Filing Partnership Firm ITR:

Irrespective of income or loss, a partnership firm is required to do IT filing. If the partnership firm has been commercially inactive with no registered income, a NIL ITR should be filed within the stipulated date.

LLP Tax Return Filing:

All LLP or Limited Liability Partnership is considered a separate legal entity 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 ITR irrespective of the loss or gain they have incurred in that financial year. If the LLP has seen no business activity or registered income in the financial year, then a NIL ITR must be promptly filed.

Company Tax Return Filing:

All types of business structures such as Private Limited Company, Limited Company, Limited Liability Partnership company, One Person Company are registered under the Ministry of Corporate Affairs. All such business structures are mandatorily required to file ITR as prescribed by the Income Tax Act.

The requirement for filing company tax returns:

Any company that is registered with the Government of India and operating on any part of Indian is required to submit its filed ITR. This is equally applicable for those companies that have been commercially inactive with no business transactions and no registered income or expenses.

Documents required for Income Tax Filing in India

To fulfill ITR in India, the following documents are necessary:

  • Bank statements
  • Proof of investments (if any)
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets (if any)
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received yet, a copy of filed PAN application and its acknowledgment
  • If not applied for PAN, a PAN application form duly filled in with two passport size photographs
  • For businesses – a copy each of the trading, profit and loss account, balance sheet, audit report, personal account of proprietor or partners
  • Statement of receipts and payments in case no regular account books are maintained


Optional documents to claimed deductions

Receipts of payment of:

  • Insurance premium
  • Provident purchase of NSCs
  • New equity shares
  • Mutual fund
  • NSS
  • Donations, etc.

How can we help you? - Why LegalMaps?

Some of the best reasons to choose us are:

> Easy to file your income tax return online.
> No hassle compliances as we completely take control of them.
> Your ITR form will be filed duly

Our IT representative are available to explain the whole process and clear any queries you may have.

Although the Income Tax portal has a user-friendly interface, the ITR Form have a lot of complex fields. Hence, it is highly recommended that you seek the help of a professional for submitting the ITR, the required procedures, furnishing your returns and completing other formalities in the portal.

FAQs on Income Tax Return Filing

Yes, deducting TDS and filing a tax return are two different compliances. Basically you file an income tax return to show that you have paid all the taxes amount you liable to pay. The income tax return is also a useful document when it comes to applying for a loan such as education loan, personal loan, vehicle loan, or visa.

You can pay the tax amount directly on the Income Tax Department portal using your Netbanking account with challan 280.

Yes, in any given financial year, you can file for the last 2 years. For e.g in FY 2020-21, you can file for both FY 2019-20 and FY 2018-19 online.

Taxpayers are not necessary to attach any documents such as proof of TDS certificates, investment, for ITR return forms along with the return of income (whether filed both situations, manually or filed electronically). However, all those documents should be retained by the taxpayer/assessee and should be produced before the income tax authorities when demanded in situations such as assessment, inquiry, etc.

The excess income tax can be claimed as a refund by filing your Income tax return on time. It will be refunded and credited back into your given bank account through ECS transfer. It is most important to make sure no errors/mistakes are made while mentioning your bank details such as account number, IFSC code, etc in the ITR form.

You must file your income tax return before the due date if you have sustained a loss in the FY (financial year) and want to carry forward to the subsequent year for adjustment against subsequent year’s positive income. Loss in the FY can be carried forward only if you have filed the return claiming such loss before the due date prescribed by the Govt.

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