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Income Tax Return Filing

ITR Filing is a mandatory process which has to be followed by the taxpayer for multiple reasons for instance, maintenance of the financial records and for availing loan. Get your Income Tax Return filing done by Corpbiz, one of the leading tax consultants.

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Overview of Income Tax Return Filing (ITR Filing)

The income earned by the individuals and companies is subject to tax liability therefore, they have to file income tax return with the income tax department as per the provisions of Income Tax Act, 1961. The tax levied on the income is collected by the Central Government.

Who is Eligible to file an Income Tax Return?

  • Individuals (Indian residents & NRI's) – Necessary for those whose income is exceeding the prescribed limit.
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firms

    (The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit, or loss.)

  • Individuals getting income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property, etc.
  • Individuals obtaining income from property under charitable trusts, religious trusts, or income from voluntary contributions, and also who want to claim tax refunds.
  • Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit.
  • All individuals with foreign income and assets, NRI’s and technology professionals on onsite projects.

ITR Filing

Type of Income Tax Return Filing Forms

  • ITR 1 (Sahaj)

    For individuals earning income from salary, single house property, agriculture, & income from other sources. This form is to be filed by individual residents having total income up to Rs. 50 lakhs and agricultural income up to Rs. 5,000.

    Note Not applicable to individual being director in a company or has invested in unlisted equity shares or having foreign assets or foreign income.

  • ITR 2

    For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc. while total income should exceed Rs. 50 lacs. In case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year.

  • ITR 3

    For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm.

  • ITR 4 (Sugam)

    For Individuals, HUFs, and Firms (other than LLP) being a Resident having entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

    Note

    Not applicable to individual director in a company or who has invested in unlisted equity shares

  • ITR 5

    ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals) etc.

  • ITR 6

    ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).

  • ITR 7

    It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.

What are the Benefits of ITR Filing?

  • It makes tax payer eligible for loan processing.
  • It helps in claiming TDS refund or any other tax paid in excess.
  • Also, it allows carry forward of losses.
  • It makes individual a responsible citizen.
  • Helps in avoiding penalty provisions.
  • Considered as a financial evidence for availing loan or visa.
  • Helps government in keeping track of the income of taxpayer.

What Documents are required to file Income Tax Return?

  • Copy & PAN of Aadhaar
  • Address details
  • Bank Account details
  • Additional disclosures with reference to income from payroll & fixed deposits
  • Data required for claiming deduction
  • Data required regarding TDS return filing and advance tax payments
  • Investment proof
  • TDS certificate in Form 16
  • Interest income certificate in Form 16A
  • Form 26AS

What is the Procedure for Filing Income Tax Return?

  • Collection of necessary documents such as Form 16 (TDS Certificate issued by the employer in case tax is deducted from salary), Form 16A (It is issued by the bank for TDS deducted on the interest payment on the fixed deposit) in the TRACES format & capital gain statement. TDS certificate should be digitally signed by the taxpayer. 
  • Download Form 26AS & cross check with TDS certificate to ensure that tax deducted from your salary or from your interest income is deposited with the government.
  • In case of any error, rectify Form 26AS. If the error is not rectified, taxpayer won’t be able to claim credit on deducted tax.
  • Next step is to calculate total income chargeable to tax.
  • After this, taxpayer needs to calculate tax liability.
  • Once all the taxes are paid, you can proceed for Income Tax Return filing. You can only claim for refund if you file income tax return.
  • Verification of Income Tax Return
  • Receive e-verification acknowledgement
  • Department will process your return and will communicate through mail.

Penal Provisions

  • Under section 156, a demand notice is given to the taxpayer for the payment of tax.
  • The amount determined should be paid within 30 days of the notice at the place and to the person specified in the notice.
  • If the taxpayer makes default in the payment of tax due, he will be treated as an assessee in failure.
  • Before levying penalty, a fair opportunity of being heard is given to the taxpayer.

What are the Due Dates for FY 20-21?

Taxpayer

Due Date

Assessee whose books of accounts are not required to be audited

31st July

Assessee whose books of accounts are required to be audited

30th September

Assessee whose accounts are not required to be audited (not having international/specified domestic transactions)

31st October

Assessee having audited books of accounts and international/specified domestic transactions

30th November

Tax Rates

Particulars

Tax rate

When the turnover or gross receipt of the company does not go beyond Rs. 400 crores in the previous year

25%

Company opted for section 115BA

25%

Company opted for section 115BAA

22%

Company opted for section 115BAB

15%

Any other domestic company

30%

In case of co-operative society

Income Up to Rs. 10,000

10%

Income from Rs. 10,001 to Rs. 20,000

22%

Income above Rs. 20,000

30%

Slab Rates

Annual Income

Slab Rate

Upto Rs. 2.5 Lakh

Exempt

Rs. 2.5 Lakh to Rs. 5 Lakh

5%

Rs. 5 Lakh to Rs. 7.5 Lakh

10%

Rs. 7.5 Lakh to Rs. 10 Lakh

15%

Rs. 10 Lakh to Rs. 12.5 Lakh

20%

Rs. 12.5 Lakh to Rs. 15 Lakh

25%

More than Rs. 15 lakh

30%

Note* As per the financial bill 2020 for financial year 2020-21.

In order to claim above mentioned tax rates, following exemptions and deductions allowed / disallowed.

Cannot be claimed under New Tax Regime

Allowed

Deductions under chapter VIA

Contribution to pension account

Leave Travel Allowance

Transport allowance to handicapped

House Rent Allowence

Daily allowance given under certain conditions

Standard deductions of Rs. 50,000

Travel allowance or transfer

Entertainment allowance / employment allowance / Professional tax

Interest can be claimed in respect of loan taken on a rented out property

Interest repayment on housing loan / Interest paid on education loan

Gratuity

Family pension

Lump sum pension (1/3rd will be exempt if gratuity received or ½ will be exempt if not received)

Losses cannot be set off from previous assessment year

leave encashment on retirement up to Rs. 3 lakh

Depreciation cannot be claimed

Interest and maturity amount from PPF and Sukanya Samriddhi

Medical insurance premium

Maturity proceeds from the life insurance policy

PF contribution, tution fee, life insurance premium or any other investment

Employer’s contribution to NPS, superannuation fund and EPF up to Rs. 7.5 lakh

Surcharge

Particulars

Rate

If total income exceeds Rs. 50 lakhs but not exceeding Rs. 1 Cr.

10% of the income tax

If total income exceeds Rs. 1 crore but not exceeding Rs. 2 Cr.

15% of the income tax

If total income exceeds Rs. 2 crore but not exceeding Rs. 5 Cr.

25% of the income tax

If total income exceeds Rs. 5 crore

37% of the income tax

Education cess

4% of income tax plus surcharge

Late Filing Fee for FY 2019 -2020

Penalty for late Income Tax Return Filing u/s 234F

Due Date

Income below Rs. 5 Lakhs

Income above Rs. 5 Lakhs

10th January 2021

-

-

10th January 2021 to 31st March 2021

Rs. 1000

Rs. 10,000

Recent Amendments

For Assessment Year 2020-21, CBDT has changed the eligibility conditions for filing form ITR-1 and form ITR-4.

  • A taxpayer who is a joint owner of a house property is permitted to file form ITR-1 and form ITR-4 if the other conditions are met by the taxpayer.
  • Form ITR-1 is valid for those individuals who have deposited in excess of Rs 1 crore in bank accounts or if they have incurred Rs. 1 lakh / Rs. 2 lakh on electricity or foreign travel, respectively.

CorpBiz Procedure for ITR Filing

Kindly utilize the steps given above to integrate legally and securely ITR Filing and get the benefits in the form of better-quality of business exposure. Our CorpBiz experts will be at your disposal for assisting you with guidance concerning ITR Filing for the smooth functioning of your business/Occupation in India. CorpBiz professionals will assist you in planning seamlessly at the least cost, confirming the successful conclusion of the process.

It is advisable that an attorney with “Income Tax experience” must be appointed to overwhelm many of the potential pitfalls that creep around within ITR Filing and to understand the requirement in detail. The elementary information would be mandatory from your end to start the process. The Attorney will begin working on your request once all the information is provided, and the payment is received.

Why CorpBiz?

CorpBiz is one of the platforms which coordinate to fulfill all your legal and financial requirements and connect you to consistent professionals. Yes, our clients are pleased with our legal service! Because of our focus on simplifying legal requirements, they have consistently regarded us highly and providing regular updates.

Our clients can also track at all times the progress on our platform. If you have any questions about the ITR Filing process, our experienced representatives are just a phone call away. CorpBiz will ensure that your communication with professionals is charming and seamless.

Frequently Asked Questions

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 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.

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 (Indian residents & NRI's) – Necessary for those whose income is exceeding the prescribed limit.
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firms
  • 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 

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.

  • It makes tax payer eligible for loan processing.
  • It helps in claiming TDS refund or any other tax paid in excess.
  • Also, it allows carry forward of losses.
  • It makes individual a responsible citizen.
  • Helps in avoiding penalty provisions.
  • Considered as a financial evidence for availing loan or visa.
  • Helps government in keeping track of the income of taxpayer.

If it fails to deposit the TDS/TCS return on 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.

  • (Total Income)Exceeds Rs. 5 Lakh ->( Return filed )After 10th Jan 2021 for A.Y. 2020-21 -> (Fee (Penalty)Rs. 10,000/-
  • Upto Rs. 5 Lakh ->After 10th Jan 2021 for A.Y. 2020-21 ->Rs. 1,000/-

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