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Income Tax Return Filing

Income Tax is a tax levied upon the individual’s income and collected by the central government. Income Tax is calculated at specified rates on the total income of an individual and thus paid to the central government.

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Overview of Income Tax Return Filing

The income earned by the individuals and companies are subjected to tax. The tax levied on the earnings of a person is Income tax, which is collected and managed by the Central Government. Such tax on income earned is due in the same financial year wherein it is accrued in the form of credit tax. But the tip and calculation of the salary as well the tax liability is presented in the Assessment Year. This implication form is known as Income Tax Return. The time limit for filing ITR is different for various taxpayers based on the guidelines. ITR Filing is mandatory for Taxpayers whose income surpasses the prescribed income limit. This process is regulated under the Income Tax Act 1961.

The information contains details about the income earned during the time of 1st April to 31st March.

Targets: Who Should File an Income Tax Return?

  • Individuals (Resident of India & NRI's) – Necessary for people surpassing the prescribed income limit. Optional for others
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firm
  • The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.

Income Tax Return Filing

Individual & Hindu Undivided Family

Income

Age: less than 60 years

From 60 years to less than 80 years

From 80 years and above

Up to Rs. 2,50,000/-

- - -

Rs. 2,50,001/- to Rs. 3,00,000/-

5% - -

Rs. 3,00,001/- to Rs. 5,00,000/-

5% 5% -

Rs. 5,00,001/- to Rs. 10,00,000/-

20% 20% 20%

Above Rs. 10,00,000/-

30% 30% 30%

Other than Individuals

#Surcharge and education cess is levied additionally

Business Structure

Base Tax Rate

Partnership Firm/LLP

30%

Domestic Company

-

Not availing any exemptions or incentives

22%

Manufacturing Business incorporated after 1st October 2019 and not taking any incentives or exemptions

15%

Availing any exemptions or incentives- turnover up to 400/- crore during FY 2017-18

25%

Foreign Company

40%

In any other case

30%

The Manner of Income Tax Return Filing

A taxpayer has to file ITR electronically. There are some exceptions as under.

  • An individual above the age of 80 years
  • An individual with revenue less than Rs. 5 Lakh and has no return to be claimed

Latest Amendment in Income Tax Return

Changes in Tax Rate

Government of India has recently introduced some changes in the income tax rules with the motive to financially combat the spread of coronavirus. Here are the changes that will be implemented in the year 2020:

  • As per the new tax rate, no taxable amount is payable for income upto 2.5 lakh;
  • 5% is payable for income between Rs2.5lakh and upto 5 lakh;
  • 10% of income is imposed on those who are earning between 5lakh and upto 7.5 lakh;
  • those who earn between Rs7.5lakh to 10lakh are liable to pay 15%;
  • 20% for income between 10 lakh and upto 12.5 lakh;
  • earners between 12.5 lakh to 15 lakh are liable to pay 25%; and
  • for income above 15lakh 30% is imposed.

Changes in ITR Forms

  • You are not authorized to file ITR-1 form, if you have dividend as taxable income from domestic companies.
  • Those who are member of a joint ownership of a house property cannot file ITR-1 or ITR-4
  • Taxpayers need to answer the following questions in relation to deposits in current accounts, foreign travel and electricity bills in all the ITR forms:
  1. “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?"
  2. “Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?"
  3. “Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?"

Directory: Individuals for whom Deductions Provided

Type

Extreme limit

Under section 80C, 80CCC, 80CCD for insurance policies, LIC, PF,

150,000/-

Interest on saving bank account

 10,000/-

Equity saving scheme

50% of the total amount invested but maximum 25000/-

Medical Insurance Premium under 80D

Up to 75000/-*

Medical Insurance Premium under 80D for senior citizen

Up to 100,000/-*

Interest on loan from financial institutions for higher education

Interest- maximum for 8 years subject to conditions

Interest on loan from financial institutions for the acquisition of residential property

50,000/-

Interest received from savings bank account

10,000/-

Investment in long term infrastructure bond notified by government

20,000/-

Donation to trust/charitable institutions under 80G

Depends on the type of donation

Advantages of Filing Income Tax Returns

Advantages of Filing Income Tax Returns
  • Precise Financial Document

    ITR Filing certificates are evidence of financials. Peculiar financial documentation is a requirement for availing loan or visa.

  • Avoid interfaces from the Tax Authority

    In the matter of late or wrong docility of ITR, a warning is served by the Income Tax authority/department.

  • Sustain Losses

    With ITR Filing, losses can be carried forward against house property & depreciation.

  • Repayment

    During terms of 'Income Tax Return filing', you can demand an Income Tax Refund.

  • Quick Visa Movement

    Supposing fast visa processing, governments/embassies request for the submission of 'Income Tax Return' for the latest three times.

  • Commercial Goodness

    The ITR registered with the Government determines the retail value of the taxpayer. The development of ITR shows the business capacity and also improves the capital foundation of a person. Therefore, the track of income and financial worth is decided by the beforehand filed ITR.

  • Loan Appearances plus 'High-Risk' protection

    The estimates and the capital base determined by the income tax return are applicable for loan processing. The More leading the financial value, the more comfortable the loan applications.

Documents needed for Income Tax Return Filing

  • Necessary erudition such as' PAN', 'Aadhar card number.'
  • Feature/details of the current address will be needed.
  • Bank account particulars will be mandatorily needed for the provided financial year.
  • Additional disclosures concerning income from payroll, fixed securities, savings bank account details are also needed.
  • Data regarding deduction required under section 80
  • Data concerning TDS return filing and advance tax payments.
  • The salaried/waged person should present the TDS Certificate, mostly known as Form 16
  • You should review Form 26AS are filing your returns. It determines the amount of tax subtracted from your salary and installed with the IT department by your company.
  • Interest declaration – Interest on savings accounts via 80TTA

Complete guide:

Step-by-Step Process of ITR Filing

  • Computation of Income and Tax Amount

    The taxpayer is expected to determine his/her earnings as per the income tax law stipulations relevant to him/her.

  • Tax Subtracted at Spring of TDS documents & Form '26AS.'

    The taxpayer must compile his TDS value from the TDS receipts received by him for all the four divisions of the fiscal year. Form 26AS supports the taxpayer in integrating the same.

  • Determine Income Tax Return Form

    The taxpayer ought to determine the income tax form/ITR Form suitable for filing his income tax return. After finding the income tax form, the taxpayer can continue with the filing of the income tax return application.

    There are two methods possible for filing–'online' and 'offline'. The online system is open only for ITR 1 and ITR 4; it is not feasible for forms of other kinds of individual taxpayers. The offline mode (creating XML and uploading) is ready for all types of income tax forms.

  • Download ITR Utility

    Go to Site www.incometaxindiaefiling.gov.in

    Click on 'IT Return Preparation Software' title on the right card.

    itr itr
  • Insert Detailed in the Form

    Simultaneous downloading the offline profile utility, fill in the important features of your income. Check the tax obligatory or the refund receivable as per the estimations of the service.

  • Confirm

    Agree on the 'Validate' button to secure all the needed data is filled.

  • XML format

    After successfully authenticating, agree on the 'Generate XML' button on the right-hand facet of the file to regenerate the file into an 'XML file' form.

  • Upload XML to Income tax Return portal

    Log in to the income tax e-filing portal and agree o' the "-File' tab to select' the 'Income Tax Return' title.

    itr

    Give the necessary items such as PAN, evaluation year, ITR form number, and the servility mode. Cherish to choose the title ‘Upload XML’ from the drop down writing to the field title ‘Submission Mode’.

    itr

    Connect the XML file from your machine and agree on the ‘Submit’ button. Pick one of the prepared verification modes:

  • Aadhaar OTP, 
  • electronic confirmation code (EVC), or 
  • Shipping manually signed copy of ITR-V to CPC, Bengaluru.
Common Points to be Noted While filing Income Tax Return
  • Select Correct form

    One must select the proper ITR form based on the Income and classification of the taxpayer.

  • Select Correct Assessment Year

    Specific assessment year must be taken into consideration at the time of ITR filing; contrarily, it may attract double money-gathering and undesired penalties.

  • Insert Correct input of items

    At the point, if ITR, it must be guaranteed that personal knowledge of the assesse such as 'name', 'address', 'Email Id', 'mobile number', 'PAN', 'date of birth' are right.

  • Disclose the full reference of Income

    All the Income produced from any source other than the original text must be fully revealed irrespective of the point that it is chargeable Income or exempt.

  • Attach TDS with form 26AS

    Form 26AS must be combined with type 16.

  • Confirmation of a return

    Following the Income-tax return filing, it need be e-verified through net-banking, or EVC method on the mobile number and through email.

  • Belated Tax Payer

    Following section 234A of the 'income tax' act, if the assessee has finished a belated ITR, then he is subjected to pay the tax onward with 1% interest per month. Thus, the taxpayer should pay the fine for the belated ITR.

  • Revision of ITR

    Fundamentally As per the 'finance act, 2016', the belated ITR can also be improved or revised. i.e. any mistakes have performed while filing the income tax return.

Filling at a stretch for Three years?

No,

  • None can file the ITR for the latest three years at a go in one year. For example, the financial year is 'April 1 2019 – March 31 2020', later, the Income received during this fiscal year matches taxable in the tax year. i.e. from 'April 1 2020' -'March 31 2021'. Hereabouts the deadline is 'July 31, 2020', for salaried/ self-employed/contract workers and 'September 30' for the organisations, a working companion of a firm, etc.
  • Although, it may get subjected to limited exceptions. Ordinarily, the government will increase the deadline for some periods as multiple problems can be covered by the taxpayers while filing the tax returns.

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Penalty for Negligence of Filling

In matter, a demand notice under section 156, has been assigned to the Taxpayer for the amount of tax. Formerly before-mentioned amount, as per section 220(1), shall be met within 30 days of the service of the notice at the place and to the person specified in the notice. If the taxpayer errors in payment of any tax due, then disassociated from other penal provisions, he will be treated as an assessee in failure. Nevertheless, the penalty cannot beat the amount of arrears in tax. Before punishing, the Taxpayer is given a fair opportunity of being heard.

Delay Receiving TDS/TCS reports

  • Each Taxpayer is responsible for deducting tax at source for furnishing the report of TDS, under Section 200(3). Likewise, every person liable to collect tax at the beginning, as per Section 206C (3), has to file a budget in respect of TCS- Return.
  • If it fails to deposit the TDS/TCS return on or ere the due date appointed, then he shall be responsible for paying a sum of Rs. 200 for every day of the delay, Under Section 234E. 

Fine from Undisclosed Income References

The AO is lifted to levy penalty at the flow of 10% of the tax under Section 68, 69, 69A, 69B, 69C or 69D, due if any increase is made unsatisfactorily.

Charge for Negligence Present Returns of income

  • 5000 if ITR is filed on or before 31 December of the tax year.
  • 10,000 in any different case.
  • Nevertheless, if the total income of the person than Rs. 5 lakh, later the fee payable shall be Rs. 1000. 

Frequently Asked Questions

This implication form is known as Income Tax Return. The time limit for filing ITR is different for various taxpayers based on the guidelines.

Form 16 can be coined as Salary TDS- Tax Deducted at Source Certificate that an executive issue for the TDS subtracted.

The excess tax can be demand back as a return by filing your Income-tax return. It will be returned and recognised back into your bank account through 'ECS transfer'. It is necessary to make sure no errors are made while considering bank details such as 'account number', 'IFSC code' in the ITR form.

All the company and business entities need file ITR even if their total income or tax due is zero. In a matter of an individual, when revenue exceeds the basic exclusion limit, it is advised to file ITR to avoid investigation from the 'Income Tax Department'. Additionally, if your tax liabilities is zero and have offered the ITR before, it is essential to be filed. The identical can be provided as proof of revenue whenever needed.

Yes, finishing ITR in case of loss would be in your business itself. With online ITR filing, you can move forward the damages/losses to a specific expected financial year to set off losses upon the future profits.

  • Individuals (Resident of India & NRI's) – Necessary for people surpassing the prescribed income limit. Optional for others
  • Sole Proprietor
  • Companies
  • LLPs and Partnership Firm 
  • The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.
  • Income Tax section allows reducing the ITR if the new ITR includes oversight or wrong report accidentally
  • A taxpayer can register the amended return up to the end of Annual Year (2018-2019, 31 March 2020) or before the conclusion of the assessment whichever is prior 
  • Reconsidered ITR can be filed for any number of times with genuine case

In matter you fail to file the return on a scheduled date, there is a prerequisite to filing return up to a particular time. Nevertheless, with a late filing fee and reduced interests, the late arrival can be filed before the end of Assessment Year for the concerned financial year.

  • Precise Financial Document 
  • Avoid interfaces from the Tax Authority
  • Sustain Losses
  • Repayment
  • Quick Visa Movement
  • Commercial Goodness
  • Loan Appearances plus 'High-Risk' protection

There are two methods possible for filing–'online' and 'offline'. The online system is open only for ITR 1 and ITR 4; it is not feasible for forms of other kinds of individual taxpayers. The offline mode (creating XML and uploading) is ready for all types of income tax forms.

In that case, the deadline is one year from the end of the next fiscal year. Accordingly, in the case of F.Y. 2017-18, the last day of filing would be '31 March, 2019'.

If it fails to deposit the TDS/TCS return on or ere the due date appointed, then he shall be responsible for paying a sum of Rs. 200 for every day of the delay, Under Section 234E.

  • 5000 if ITR is filed on or before 31 December of the tax year.
  • 10,000 in any different case.
  • Nevertheless, if the total income of the person than Rs. 5 lakh, later the fee payable shall be Rs. 1000. 

Following, section 234A of the 'income tax' act, if the assessee has finished a belated ITR, then he is subjected to pay the tax onward with 1% interest per month. Thus, the taxpayer should pay the fine for the belated ITR.

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