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Filing of Income Tax returns

Income tax return is a tax form containing details about the income earned under the various heads and tax payable on such income earned. Income is divided into 6 major heads and there are 8 ITR forms that have been made available by the Income Tax department. Following is the list of such forms:

ITR form

Description

ITR-1- Sahaj

For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

ITR-2

For Individuals and HUFs not carrying out business or profession under any proprietorship

ITR-3

For individuals and HUFs having income from a proprietary business or profession) (Please see rule 12 of the Income-tax Rules, 1962

ITR-4

For Individuals/HUF having income from presumptive business or profession

ITR-4 (Sugam)

For Presumptive Income from Business & Profession

ITR-5

For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR-6

For Companies other than companies claiming exemption under section 11

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

RETURN FILING









Current year
Previous year

Current year
Expected turnover




Advantages of Filing ITR:

  • Compliance with Income Tax Act: Every person earning income exceeding the minimum threshold shall need to file the ITR within the specified due date.
  • Availing future loans: For availing long terms loans or Overdraft facility, every bank asks for the copy of the ITR filed for previous years to judge the credit worthiness of the person.
  • Claiming Income Tax refund: Every person shall need to file the ITR to claim the refund of excess tax deducted in the form of TDS.
  • Visa Processing: Foreign consultants ask for the copy of the ITR filed for past years at the time of visa interviews.
  • Filing of Government tender: The Government has a pre-condition to submit the copy of the ITRs filed for past years to be eligible for applying for Government tenders.

Process:



Collecting all the documents relevant for the preparation of return.


Computation of tax liability and preparation of tax return.


Sending the Computation and return for the clients review.


E-Filing of return on the Income tax e-filing portal.

Documents Required:


  • A copy of last year’s tax return;
  • Bank statements;
  • Form 16- for salaried Individuals/ Form 16A- for others;
  • Copy of proofs of deductions;
  • Copy of Adhaar Card;
  • Copy of Passport;
  • Interest statement showing interest paid to you throughout the year;
  • Balance Sheet, P&L account statement and other Audit Reports wherever applicable.

FAQ’s


1. What is the Return of Income?

– 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.

2. Are any documents required to be attached along with the return?

– ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income.

3. What is Financial year and Assessment Year?

– Financial year is the year for which the ITR is filed and Assessment year is the year succeeding the Financial year i.e. the year in which return is filed and income is assessed. For example, for the year ended March 31, 2016, FY is 2015-16 and Assessment year for this FY is 2016-17.

4. What is the due date of filing of ITR?

Type of Assessee’s

Due Date

Assessee’s governed by Transfer pricing provisions and liable to tax audit

30th November

Assessee’s liable to tax audit or partners of the firm liable to tax audit

30th September

Other assessee’s (individuals, etc)

31st July

 

5. What is the penalty for late filing of Income Tax return?

– A penalty of Rs 5,000 shall be levied in case of failure to file the ITR by 31st March of the succeeding year for which the return is to be filed. However, with regard to delay in filing of ITR for FY 2016-17, the penalty shall be Rs. 5,000 in case of failure to file the return by due date and Rs 10,000 in case of failure to file ITR by 31st December.

6. Can a return by revised?

– Yes. Only those return which have been filed on or before the due date of filing can be revised.

7. Whether excess taxes paid are refunded to the assessee?

– For claiming the said Income tax refund, filing of the ITR is mandatory. The said refund can be claimed at the time of filing of the ITR.

8. Who all are liable to tax audit?

– You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Crore in case of Business and Rs. 25 lakhs in case of profession.

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