Income Tax Return Filing in India

Income Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Income tax return (ITR) is a valid legal document which proves that all the taxes have been paid on the income earned by the assesse in a particular financial year. It contains all the necessary details of the annual income earned and the taxes paid thereupon.

 

Documents Required for Income Tax Return

  • Documents Required for GST Registration

    Documents Required

    • PAN, Aadhaar Card number and Current Address
    • Details about all the bank accounts you've held in the given financial year
    • Details about your income from salary, fixed deposits, savings bank account, etc.
    • Information of all the investments which are allowable under Section 80.
    • Produce tax payment information such as TDS and advance tax payments

Income Tax Return Filing Process

  • Step 1

    1. Provide your details and get a call back to discuss your tax situation

  • Step 2

    Email your tax documents to the expert upon confirmation of the service

  • Step 3

    Pay taxes to get your return diligently prepared and filed by our expert

  • Step 4

    Email you at the proof of your filling

Our Prices

Income Tax Return

For Salaried Person

899 .00

Inclusive of all taxes

For Business Return

2999 .00

Inclusive of all taxes

For Presumptive Taxation

1999 .00

Inclusive of all taxes

Frequenlty Asked Questions

ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty.

E.g., In case of income earned during FY 2016-17, the belated return can be filed up to 31st March, 2018.

Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government assumes rights over the taxes pai  d by you. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract levy of penalty.​​

If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit.

A return can be revised before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. w.e.f A.Y 2018-19)

However for the earlier Assessment Years preceding to the Assessment Year 2018-19 , a return can be revised before the expiry of one year from the end of the Assessment Year or before the completion of the assessment by the Department; whichever is earlier. (till A.Y 2017-18).

If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically. ​​​

Revised return can be filed online under Section 139(5).​​

Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income.​​

section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.

Any capital asset held by a person for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset.

However, in respect of certain assets like shares (equity or preference) which are listed in a recognised stock exchange in India, units of equity oriented mutual funds, listed securities like debentures and Government securities, Units of UTI and Zero Coupon Bonds, the period of holding to be considered is 12 months instead of 36 months.

In case of unlisted shares in a company, the period of holding to be considered is 24 months instead of 36 months.

With effect from Assessment Year 2018-19, the period of holding of immovable property (being land or building or both), shall be considered to be 24 months instead of 36 months.

The taxability of capital gain depends on the nature of gain, i.e. whether short-term or long-term. Hence to determine the taxability, capital gains are classified into short-term capital gain and long-term capital gain. In other words, the tax rates for long-term capital gain and short-term capital gain are different. Similarly, computation provisions are different for long-term capital gains and short-term capital gains.​