What It Is?
What is Income tax return to be filed by Individual or HUF?
Income Tax return is the form to be filed by the Individual /HUF as the case may be to comply with
the requirement of the Law posed on them by the Income Tax Act.
The form contains the personal details and also the details of the income earned, details of assets
& Liabilities in some cases, and the details of the computation of Income and taxes.
One needs to know the exact details to be filed as all the forms are scrutinized by the department
and errors if any is reported. Errors may lead to additional tax liability, interest, and penalty.
Different forms have been prescribed by the department for filing income tax returns.
Below Chart shows the different forms in a different situation to be filled :
Why?
Why & When should I file the Income Tax return?
One should file the ITR under a legal obligation to do so. Sometimes the ITR is filed to claim the
excess
tax paid in case of less or no income. In other words, sometimes the ITR is filed to claim back the
refund of extra taxes paid to the Government. This also means the ITR is not only filed when u r
liable to taxes but also in the case of refunds of taxes or losses in the business.
Other Benefits
The other advantages of filing IT returns are:
Loans: To avail of the bank Loans IT return is required. Usually, Banks in India ask last 3 years'
ITR.
Visa: Many Embassies ask for a copy of ITR to know your Income Status. In case of non-filing or
non-availability of ITR, your Visa may get rejected.
Compliant and Avoid penalties: To be compliant avoid huge penalties from the IT department for
non-filing of income tax.
When the return is to be filled?
Chart reflect the ITR form and sue date along with the details of person
How We Are?
How we will help you file your income tax return?
Step 1:- Provide us the information related to your Income
Step 2:- We will inform you the related document required to file ITR. Ilustrative list of
documents is given below :
Documents required for Income Tax Return
- To fulfill IT filing in India, the d illustrative list of documents is as follows:
- Bank statements
- Proof of investments
- Login details of the IT website
- Documents on purchase and sale of investments/assets
- Challan of tax paid such as advance tax or self-assessment tax
- For businesses - a copy each of the audit report, balance sheet, trading, profit and loss
account, personal account of proprietor or partners
- For Salary - Salary Certificate
- For interest - Interest Certificate
- Any other documents substiantiating the income and expense.
- Statement of receipts and payments when no regular books are maintained
- Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual
fund, NSS, donations, etc. to support claimed deductions
- In case of rental Income- rent agreement or rent reciepts
- Any other document which we may tell you once we know your sorce of Income.
Step 3:- We will prepare the computaion of Income and ITR and will forward for your review and
approval
Step 4:- After approval and payment of taxes, we will file your ITR.
FAQs
1. My company deducts TDS. Do I still have to file my tax return?
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show
that you have paid all the taxes you needed to pay. The income tax return is also a useful document
when it comes to applying for a loan or visa.
2. How do I pay tax to the government?
You can pay the tax directly on the Income Tax Department website using your Netbanking account with
challan 280.
3. Can I file income tax returns for years I missed?
Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can
file for both FY 2015-16 and FY 2014-15 online.
4. Is it necessary to attach any documents along with the return of income?
Taxpayers are not required to attach any documents like proof of investment, TDS certificates, for
ITR return forms along with the return of income (whether filed manually or filed electronically).
However, these documents should be retained by the taxpayer and should be produced before the tax
authorities when demanded in situations like assessment, inquiry, etc.
5. If I have paid excess tax, how will it be refunded to me?
The excess tax can be claimed as a refund by filing your Income tax return. It will be refunded and
credited back into your bank account through ECS transfer. It is important to make sure no mistakes
are made while mentioning bank details such as account number, IFSC code etc in the ITR form.
6. Is it necessary to file a return of income when I don't have any positive income?
You must file your return before the due date, if you have sustained a loss in the financial year and
if you want to carry forward to the subsequent year for adjustment against subsequent years positive
income. Loss can be carried forward only if you have filed the return claiming such loss before the
due date.
7. What is the process of ITR preparation and filing?
ncome 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.
8. Want to know more about Income Tax Return in India?
Income tax is the principal source of revenue for ministries and governments around the world. The
revenue gained from the income tax filing are generally used to sponsor public duties, settle
government responsibilities, and supply goods for country residents. Therefore, every revenue
profiting entity or business in a country is liable to file for income tax returns without fail in
order to aid the government.
9. What are the classes of Income Tax?
All incomes and profits are taxable by the government of India. However, each income source has a
different taxable percentage, depending on the rate and the age of the person. For investments,
taxing rates are measured based on the time period from when it was invested in.
Under the Income Tax Act 1961, there are five sources stipulated, like salary, business or
profession, house property, capital gains and other sources. Income from other sources includes
income from residual sources.
Let us see in depth the different types of taxes, as it is an important function to be known and
understood.
10. How does Income Tax filing relate with NRIs?
NRIs also known as Non-resident Indians are entitled to settle taxes for their incomes according to
the Indian tax regime for the revenue they earn during their stay in the country. Some of the
criteria and procedures involved to file for income returns for NRIs and should be made familiar are
as follows.
- Keep a Tab on Residential position in the country
- Declare revenue and taxes in advance
- Be Mindful of Chargeable Revenues
- Keep an Account of Tariff Obligation
- Have a Good Knowledge of Double Taxation Treaty Benefit (DTAA)
- Know the ITR Divisions
- Be Informed on Excluded Revenue Information
- Admittance of Financial Information
- Specifics to be Aware off for Valuables and Obligation in ITR
- Be Sure to Authenticate the ITR