Income Tax Return Filings
Get Quote
1. Any Person, whose gross total income exceeds basic exemption limit. Gross total income can be received from many source of income mentioned below:-
The threshold limit of tax exemption varies person to person. As per Income Tax, there are seven types of Persons and it is as follows:-
2. Who has spent an amount exceeding Rs 2 lakh for travel to a foreign country
3. Total deposits in one or more savings bank accounts are Rs 10 lakh or more during the financial year.
4. Who has paid electricity bill exceeding Rs 1 lakh in a single bill or on aggregate basis during the financial year.
5. Aggregate TDS and TCS during the financial year is Rs 25,000 or more (For senior citizens, this limit is of Rs 50,000)
6. Anyone, who is in receipt of money or any asset, be it movable or immovable, for an amount exceeding Rs. 50,000/-
Contribution to the Nation Building, by filing Income Tax Return, we contribute in the nation building via payment of taxes.
Can avoid future litigations
It acts as a proof of income.
Refund can be claimed if it is calculated in tax calculation.
Revision of Income Tax Returns can only be done if it is filed within due dates.
If someone is planning to take loan i.e. House Loan, Car Loan, Education Loan etc. ITR is one of the important document to be submitted at the time of taking of loan
Loses can be carry forward.
1 Basic information :-
2 Password for Income Tax Portal (IF PAN IS REGISTERED)
3 Bank Statement of All the Banks for the Relevant F.Y.
4 Form 16 Part B, in case of Salary/Pension Income
5 Capital Gain Statement for Sale and Purchase of Shares
6 Nature of Business and books of accounts, if running the Business
7 Document of Sale and Purchase of Property, in case there is any sale of Property
8 Detail of Investments made for Tax Deductions
9 Whether Director in any company at any time during the Previous Year
10 Whether holding shares of unlisted company
11 Any Financial Interest or Income in Foreign country, or signing authority
12 Cash Deposit in excess of 1 crore in bank account
13 Foreign travel Details if expense more than 2 lacs
14 Electricity bill paid for more than 1 lakh
e.g. - Bank Statement, Deduction Details If Any, Form 16, Capital Gain Statement
Preferred mode of sharing the Information/Documents is the digital and it may be shared via Google drive, whatsapp or emails or any other online mode as may be discussed
Computation is prepared according to details received and reconciled with details available on income tax website, such as 26AS, AIS and TIS.
Follow-up for tax calculation is done here and in case there is any tax liability, the same is discussed
After the receipt of confirmation, the INCOME TAX return is filed.
And in case there is some Tax Liability, it is paid before filing of Income Tax Return.
Filing of Income Tax Return is done via Income Tax Form.
For different types of persons, there are different types of Forms.
The detail of Type of Income Tax Return forms are as follows:-
Source of Income | Who need to file | Late Fee | Type of ITR | Content |
Salary Income | Individual, |
Rs. 1,000(if income is below 5 lakh) Rs. 5,000(If income is above 5 lakh) | ITR 1 | Salary Income |
All types of Income, except Business Income | Individual or HUF | ITR -2 | Salary Income, | |
Business Income | Individual or HUF | ITR 3 | Business Transaction Details in the prescribed format | |
Business Income (Presumptive Taxation) | Individual or HUF or Partnership Firm | ITR -4 | Business Transaction Details in the prescribed format | |
Any Income | LLP, Partnership Firm, | ITR -5 | Detailed Information of all the transactions in the prescribed format | |
Any Income | Private Limited Company | ITR -6 | Detailed Information of all the transactions in the prescribed format | |
Any Income | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only | ITR -7 | Detailed Information of all the transactions in the prescribed format |
ITR will be considered as invalid
Yes, by submitting the response to the defected ITR , the ITR can be filed.
8% (cash) or 6% (non cash) of the turnover or gross receipt.