Income Tax Returns
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What is Income tax returns?
An ITR (Income Tax Returns) is a return submitted by individuals and corporations to the Indian Income Tax Department to report their income, expenses, tax deductions, and tax payments for a fiscal year. Filing an income tax return is important to ensure compliance with tax laws, claim eligible deductions, and get a refund of any excess tax paid. Besides providing the necessary paper work for several financial operations, filing an income tax return assures legal compliance and enables refund claims.
Our Income tax return Services Include:
- Document Collection
- Form Preparation
- Validation and Verification
- Timely Filing
- Error Correction
- Compliance Management
- Real-Time Tracking
- List Item
- Automated Reminders
- Audit Support
- Detailed Reporting
Frequently Asked Questions
What is an Income Tax Return (ITR) and who needs to file it?
An Income Tax Return (ITR) is a form that taxpayers use to report their income, expenses, deductions, and tax payments to the Income Tax Department of India. Individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities whose income exceeds the basic exemption limit are required to file ITR. Filing ITR helps in determining whether an individual or business has paid the correct amount of taxes
What are the various types of ITR forms available for taxpayers?
The main types of ITR forms include:
- ITR-1 (Sahaj): For individuals with income from salary, one house property, and other sources.
- ITR-2: For individuals and HUFs not having income from business or profession.
- ITR-3: For individuals and HUFs having income from business or profession.
- ITR-4 (Sugam): For presumptive income from business and profession.
- ITR-5: For partnership firms, LLPs, and associations of persons (AOPs).
- ITR-6: For companies other than those claiming exemption under section 11.
- ITR-7: For persons and entities including trusts and NGOs filing returns under specific sections of the Income Tax Act..
When is the due date for filing ITR and what happens if it is filed late?
The due date for filing ITR varies based on the type of taxpayer:
- Individuals and HUFs: 31st July of the assessment year.
- Businesses requiring audit: 30th September of the assessment year.
- Companies: 30th September of the assessment year.
Filing late can result in penalties, interest on unpaid tax, and loss of certain benefits like carry forward of losses.
What is the procedure to file ITR online?
To file ITR online, follow these steps:
- Log in to the Income Tax e-filing portal (www.incometaxindiaefiling.gov.in) using your PAN and password.
- Navigate to the ‘e-File’ section and select ‘Income Tax Return’.
- Choose the assessment year, ITR form type, and submission mode.
- Fill in the required details, including income, deductions, and tax payments.
- Validate the entries and submit the return using a Digital Signature Certificate (DSC) or Aadhaar OTP.
- Generate the acknowledgment receipt (ITR-V) and download it for future reference.
What penalties can be imposed for non-filing or incorrect filing of IT
Penalties for non-filing or incorrect filing of ITR include:
Late filing fee: Up to ₹5,000 if filed after the due date but before 31st December, and ₹10,000 if filed after 31st December.
Interest: 1% per month on the outstanding tax amount from the due date to the actual date of payment.
Prosecution: In severe cases, prosecution may result in imprisonment ranging from three months to seven years.