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Income Tax Return
The Easiest, Fastest, And Most Cost-Effective Method Of Filing Your Income Tax Return
How do we help you file ITR in the most hassle-free way?
Depend on tax professionals to prepare your tax returns.
We assist you in legally reducing your tax liabilities.
We assist you in calculating the proper tax obligation and obtaining the appropriate refund.
Individuals, corporations, partnerships, trusts, and other entities file ITRs with us.
File income tax return online india for all types of Business
File income tax return online india is the mechanism by which a company must disclose its revenue and expenses to the Internal Revenue Service. Every year, all businesses operating in India, whether small or large, are required to file Income Tax returns. Companies’ tax returns are more complex than those of private taxpayers.
A company tax return is nothing more than a declaration of the company’s earnings and expenses. If the company makes a profit, the tax must be paid on that profit. A company may also be expected to file TDS or pay advance tax in addition to filing taxes. A business’s tax returns will also provide information on its assets and liabilities.
Advantages to file income tax return online india
It enables a taxpayer for loan processing.
It aids in obtaining a TDS refund or some other overpayment of tax.
It also helps losses to be carried forward.
It transforms an individual into a responsible citizen.
It aids in the avoidance of penalty clauses.
Considered a kind of financial proof when applying for a loan or a visa.
Aids the government in keeping track of taxpayer money.
Eligibility criteria for File Income Tax Return
According to the Income-tax department, the following organizations are expected to File Income Tax Return annually:
- Regardless of profit or loss, any corporation, whether private limited, LLP, or partnership, is required to file IT returns.
- Individuals that earn money from mutual funds, bonds, securities, fixed deposits, interest, and other sources.
- Individuals who receive revenue from charitable trusts, religious trusts, or donations made voluntarily.
- Individuals and businesses seeking tax refunds.
- Salaried individuals with gross income above the exemption cap until deductions under sections 80C to 80U.
- NRIs and tech workers on onsite deputation, as well as those with international income or properties.
- People who have changed their minds about a job are also qualifying.
Types of income tax efiling
There are up to 7 kinds of online income tax return filing Forms, currently. We have split them into 2 parts:
| Types | Particulars | ||||
|---|---|---|---|---|---|
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ITR 1 (Sahaj) |
ITR 1 (Sahaj) is for individuals who receive money from a pension, a single-family home, agriculture, and other sources. Individual residents with a total income of up to Rs. 50 lakhs and agricultural income of up to Rs. 5,000 must fill out this form. |
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ITR 2 |
Individuals and HUFs who earn money in a currency other than PGBP (profits and gain of business or profession). It may be from a capital gain, a lottery, or foreign assets, for example, with a total income of more than Rs. 50 lacs. Agriculture income should be greater than Rs. 5,000. It is also filed by those who made unlisted equity investments during the fiscal year. |
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ITR 3 |
Individuals and HUFs with incomes and gains from a company or career can file Form ITR 3. It must also be filed by individuals who earn money as a partner in a company. |
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ITR 4 (Sugam) |
Individuals, HUFs, and Firms (other than LLPs) who are residents and have a total income from industry or profession of up to Rs.50 lakhs. It also applies to those who have chosen the presumptive income scheme under the Income Tax Act's Sections 44AD, 44ADA, and 44AE. |
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ITR – 5 |
Entities another than,- (i) individual, (ii) HUF, (iii) company, and (iv) Form ITR-7 filing person |
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ITR – 6 |
ITR 6 is a tax return that is filed by businesses that are not eligible for an exemption under section 11 of the Internal Revenue Code (Income from property held for charitable or religious purposes). |
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ITR – 7 |
It must be filed by those who come under section 139(4A), section 139 (4B), section 139 (4C), or section 139 4(D), which may be a person or a corporation. |
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Procedure for e filing income tax
- Step 1: Log on to the portal
Use AapkaCA to access the Income Tax Department’s portal and file returns online. Your Permanent Account Number (PAN) will act as your user ID when you register.
- Step 2: Download a suitable ITR form
Go to e-filing for the applicable assessment year under ‘Download’ and pick the required Income Tax Return (ITR) form. If you are a salaried person, download ITR-1’s (Sahaj) return preparation program.
- Step 3: Specifying details in Form 16
Open the downloaded Return Preparation Software (excel utility), follow the instructions, and enter all of the information from your Form 16.
- Step 4: Measure all relevant tax details
Assess the tax due, pay the tax, and enter the related challan information in the tax return. You can skip this move if you don’t owe any money in taxes.
- Step 5: Confirm the above details
Verify the information you entered and create an XML file that is saved to your computer automatically.
- Step 6: Submit return
Upload the XML file in the ‘Submit Return’ folder.
- Step 7: Digital signature
When asked, you can digitally sign the paper. You can skip this stage if you don’t have a digital signature.
- Step 8: Approval from ITR verification
On your phone, a message announcing effective e-filing appears. The ITR-Verification acknowledgment form is created and can be downloaded. It’s also sent to your registered email address.
- Step 9: income tax india e filing verify
You can e-verify the return by any one of the below six methods:
1) Netbanking
2) Bank ATM
3) Aadhaar OTP
4) Bank Account Number
5) Demat Account Number
6) Registered Mobile Number & E-mail id. E-verification excludes the need to give a physical copy of the ITR-5 acknowledgment to CPC.
Documents required for income tax india e filing
The following documents are required for income tax india e filing :
-
- Statements from the bank.
- Evidence of investment.
- TDS Certificates in Form 16 or 16A, depending on the situation.
- Purchase and selling documents for investments/assets
- Profit challans, such as advance tax or self-assessment tax challans.
- A copy of the filed PAN application and its acknowledgment if the PAN is applied but not issued.
- If you haven’t already applied for a PAN, you’ll need a completed PAN application form as well as two passport-size photos.
- A copy of the audit report, balance sheet, trading, profit, and loss record, and personal account of the proprietor or partners for companies.
- When no daily records are kept, a statement of receipts and payments is made.
- To help claimed deductions, keep receipts for payments of insurance premiums, provident purchases of NSCs, new stock investments, mutual funds, NSS, donations, and so on.
Different ITR Deductions Available in India
- Deduction under Section 80C
The sums charged or deposited in PF, PPF, LIC premiums paid, NSC (National Savings Certificate), ULIP, principal repayment of a housing loan, tuition costs term deposit in the bank, Senior Citizen savings scheme deposit, and so on.
- Deduction under Section 80D
Individuals and HUF will report it for medical insurance and preventive health checkups.
- Deduction under Section 80E
Individuals who have taken out a loan for higher education will claim an 80E deduction for the interest paid on the loan.
- Deduction under Section 80EE
This section allows you to claim an extra deduction, such as interest charged on a home loan paid by EMI.
- Deduction under Section 80G
The deduction below section 80G is claimed in respect of the donations to special funds, charitable institutions.
Penalties for income tax india e filing
Under the Income Tax Act, different penalties have been directed for various defaults committed by the taxpayer. Some are required, while others are being considered by the tax authorities. The provisions relating to the various penalties that can be imposed are mentioned below.
Incorrect Form
If the returns were filed on the wrong form, they will be considered “defective,” and the assessee will be required to file an updated ITR on the correct form.
The taxpayer now has some time to correct the error. And, according to Section 139, the return must be filed within 15 days of receiving the intimation (9). The assessing officer (AO) can extend this time limit if the assessee requests it. If the defect is not corrected within the specified period, the return will be considered invalid. That’s the same as failing to file a return at all.
Hence, the person will be challenging all the penalties directed to not filing ITR. As well as, interest will get charged, u/s 234A, for the late.
Under-reporting
If it is noticed that the person’s real income exceeds his or her declared income. Alternatively, when income exceeds the basic exemption cap but no return is filed. A penalty of 50% of the tax due on such unreported profits would be imposed.
If under-reporting is due to income misreporting, 200 percent of the tax will be collected.
Late Filing
A fine of Rs. 5000 will be imposed if you file after 31st July (it was extended to 31st August for AY 2019-2020) but before December, according to Section 234F of the Income Tax Act. The fine for returns filed after December is Rs. 10,000.
The IT department has announced that a maximum penalty of Rs. 1,000 would be imposed to provide relief to small taxpayers. Your total income must be less than Rs 5 lakh to qualify.
ITR due date extended Forms for AY 2021-22
No major improvements to the ITR Forms have been made about last year’s ITR Forms in light of the current COVID pandemic and to make things simpler for taxpayers. Amendments to the Income-tax Act of 1961 resulted in just the bare minimum of adjustments. There has been no improvement in the way ITR Forms are filed this year compared to last year. For income received in the fiscal year 2020-21, the assessment year is 2021-22. In the assessment year 2021-22, the ITR must be filed for income earned among April 1, 2020, and March 31, 2021, with the last date being July 31, unless the government extends it.
The assessment year (AY) is the year after the financial year (FY). The income gained during the fiscal year is measured and taxed at this time. The fiscal year (FY) and the academic year (AY) both start on April 1 and end on March 31.
Taxpayer and Due Date :
- Assesses whose books of accounts are not needed to be audited-31st July
- Assesses whose books of accounts are needed to be audited-30th September
- Assesses whose accounts are not expected to be audited (not having international/specified domestic transactions)-31st October
- Assesses having audited books of accounts and international/detailed domestic transactions-30th November
Recent Changes in income tax efiling
The deadline for filing tax returns e filing 2019 20 has been extended.
- The date is November 23, 2020 :
The deadline for tax returns income tax e filing 2019 20 has been extended to December 31, 2020. Schedule 112A, a major amendment in the ITR form that discloses details of the selling of an equity share or unit of an equity-oriented fund on which Securities Transaction Tax (STT) is charged, has been introduced.
- TDS Penalty Deduction:
The penalty for a late TDS deposit will be reduced to 9% instead of 18% on February 24th.
- The deadline for filing ITRs has been stretched:
The Central Board of Indirect Taxes has extended the tax filing deadline until July 30th. Yes, taxpayers can now file returns e filing 2019 20 until November 30, 2020, rather than July 31 and September 30.
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