Income Tax Return Filings

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Who is Required
Advantages
Docs Required
Process
return-tax

Who is required to file the ITR

1. Any Person, whose gross total income exceeds basic exemption limit. Gross total income can be received from many source of income mentioned below:-

  • Salary Income
  • Income From House Property
  • Capital Gain
  • Business Income
  • Other Sources of Income

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:-

  • Individual Person
  • Hindu Undivided Family
  • Company
  • Partnership Firm
  • AOP or BOI
  • Local Authority
  • Artificial or Juridical Person

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/-

Advantages

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.

 

 

 

Docs / Information Required

1  Basic information :-

  • Copy of PAN card.
  • Copy of Aadhar card
  • Phone no and Email id

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   

  • FD (more than 5 year)
  • PPF/LIC/Health Insurance/Health checkup
  • Housing loan/Education loan/Mutual fund
  • Donation made in PM CARE FUND
  • Any other Investment Eligible under chapter via sec 80D of Medical Expenditure
  • Medical Treatment
  • Rent Payment 80GG

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  

Process of Filing the ITR

1

Follow-up for required details and documents depending upon source of Income.

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

2

Updating the required details on Income Tax Portal or Income Tax Software.

3

Preparation of IT Computation:-

Computation is prepared according to details received and reconciled with details available on income tax website, such as 26AS, AIS and TIS.

4

Sharing of IT Computation for Review and Confirmation for filing

Follow-up for tax calculation is done here and in case there is any tax liability, the same is discussed

5

Filing of Income Tax Return

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.

5

E-verification of Income Tax Return. It is generally done via Aadhar OTP, however there are other ways as well.

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:-

Types of Source of Income and ITR Forms:-

Source of Income

Who need to file

Late Fee

Type of ITR

Content

Salary Income

And/ Or

One House Property Income

And/ Or
Other Source Income

Individual,
Resident,
Total Income is less than 50 lakh,
Salary Income,
One House Property,
Other Source,
Agriculture Income upto 5,000

 

 

 

 

 

 

 

 

 

Rs. 1,000(if income is below 5 lakh)

Rs. 5,000(If income is above 5 lakh)

ITR 1

Salary Income
Other Income
Detail of Taxes paid

All types of Income, except Business Income

Individual or HUF

ITR -2

Salary Income,
Other Income,
Cap Gain Details
Taxes Payments

Business Income

Individual or HUF

ITR 3

Business Transaction Details in the prescribed format

Balance sheet
Profit and Loss
Nature of Business

Business Income (Presumptive Taxation)

Individual or HUF or Partnership Firm

Total Income less than 50 lakh


ITR -4

Business Transaction Details in the prescribed format

Turnover Detail
% of Profit declared as profit
Nature of Business

Any Income

LLP, Partnership Firm,
AOP,
BOI

ITR -5

Detailed Information of all the transactions in the prescribed format

Any Income

Private Limited Company

Public Limited Company

excluding the Companies claiming exemption U/s 11

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

FAQs

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.

 

 

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