Income Tax Return Filing
Get your Income Tax Return (ITR) filed in just one click.
What is Income Tax Return Filing (ITR)?
In Income Tax Return (ITR) taxpayer, whether it be an Individual, Hindu Undivided Family (HUF), Partnership Firm, LLP, Company and other assesses, declare details of their income, claims, exemptions, and deductions which are applicable on it and the amount of tax payable on such income. The ITR also reflects the amount of tax paid by the taxpayer.
Frequency of Filing of Income Tax Return (ITR).
Every assessee who is liable to file an income tax return has to file a return on annual basis.
Who is require to File Income Tax Return (ITR)?
In the following conditions, Income Tax Return (ITR) is required to file.
- Every resident individual in India, whose Gross Taxable Income is more than Rs. 2.5 Lakh in previous Financial Year.
- A resident individual who deposited amount of money more than 1 Crore in one or more Current Accounts in previous Financial Year.
- A resident individual who incurred foreign travel expenses more than Rs 2 Lakh in previous Financial Year.
- A resident individual who incurred Electricity Expenses more than Rs 1 Lakh in previous Financial Year.
- Every Company, Partnership Firm, Limited Liability Partnership (LLP), Trust, Political Parties are liable to file Income Tax Return (ITR) in every case, even having no transaction.
What are the types of Income Tax Returns (ITR) and Due Date?
There are many types of Returns under Income Tax Laws. Following are the types of returns:
| S. No. | Type of Income Tax Return (ITR) | Applicability | Due Date |
| 1. | ITR-1 | Form ITR-1 can be used by Individual who has an annual income of less than Rs. 50 Lakh earned through the source of Salary or Pension and having only one house as property. | 31st July of end of Financial Year. |
| 2. | ITR-2 | Form ITR-2 must be filed by individuals who are NRI, Director in Company and Shareholder of a private company or having Capital Gain Income, Income from Foreign Source, having two or more house property or having income more than Rs. 50 Lakh in previous Financial Year. | 31st July of end of Financial Year |
| 3. | ITR-3 | Form ITR-3 must be filed by Individuals who are professionals or persons who are operating a proprietorship business in India. | 31st July of end of Financial Year Or 31st October of end of Financial Year in case of Audit Assessee. |
| 4. | ITR-4 | Form ITR-4 can be filed by taxpayers enrolled under a presumptive taxation scheme. The taxpayer must have income less than Rs. 2 Crores from business and /or less than Rs. 50 Lakh from the profession. | 31st July of end of Financial Year. |
| 5. | ITR-5 | Form ITR-5 must file by Partnership Firm, LLP, Association of Persons, and Body of Individuals to report their income and computation of tax. | 31st July of end of Financial Year Or 31st October of end of Financial Year in case of Audit Assessee Or 30th November of end of Financial Year in case of Transfer Pricing Transactions. |
| 6. | ITR-6 | Form ITR-6 must file by Companies Registered in India. | 31st October of end of Financial Year. Or 30th November of end of Financial Year in case of Transfer Pricing Transactions. |
| 7. | ITR-7 | Form ITR-7 must file by entities claiming exemption as Charitable / Religion Trusts, Political Parties, Scientific Research Institutions, and Colleges / Universities. | 31st July of end of Financial Year Or 31st October of end of Financial Year in case of Audit Assessee. |
What are the benefits of Income Tax Return (ITR) Filing?
Out of the many benefits of income tax return (ITR) filing, there are some important benefits of income tax return filing:
- An individual who has filed his/her Income Tax Return (ITR) can avail easily the vehicle loans, home loans, education loans, business loans and other kind of loans from bank as bank ask for copy of Income Tax Returns (ITRs).
- If you have refund claim is due on income tax department through TDS deduction, can be avail refund (if refundable) only through filing of Income Tax Return (ITR).
- If you incurred any Capital Losses, you can carry forward the loss only through filing of ITR.
- If you are planning to travel overseas, there might be chances that at the time of visa interview, you are require to furnish your Income Tax Return (ITR) of last years.
- If you are planning to buy any Life Insurance Policy / Term Plan of higher amount like of Rs. 50 Lakh or Rs. 1 Crore, then the insurance companies may ask you the copy of Income Tax Return (ITR).
- If you are planning to obtain any Govt tender, you may have your income tax return filed of last years.
How myaccountants.in can help you to file your Income Tax Returns?
myaccountants.in has knowledgeable and experienced team members to guide you and resolve your queries related to everything about Income Tax Return Filing. You can follow the steps given below to get your Income Tax Return File through us.
Step 1. Book your service by making payment for selected service and you can ask queries related to the service in case of any doubt.
Step 2. After receipt of your payment, our team member will contact you to understand your requirements and guide you to send the required documents for Income Tax Return Filing.
Step 3. Our team will start the process of Income Tax Return Filing on the same day you provide the required documents, returns, and information.
Step 4. Our team members will prepare the computation of income for Income Tax Return Filing.
Step 5. Our team member will send you the computation of income to confirm.
Step 6. After confirmation is received from your side, our team member will file the return and will inform you to pay the tax (if payable).
Step 7. After successful payment of income tax on the income tax portal from your side (in case of tax payable), our team member will submit the return and ask you the OTP (in case of Individual Assessee) to authenticate the submitted return. Our team member will inform you to authenticate the submitted return through DSC (in case of Individual Assessee whose accounts are liable to audit and in case of LLP / Company assessee).
Step 8. After successfully filing the Income Tax Return, our team will send you a copy of filed return on your email ID.
General Questions and Doubts related to Income Tax Return Filing.
Q 1. What are the Investment Plans under Tax Saving Scheme for Individuals?
Ans. An Individual can save the tax up to Rs. 1.5 Lakh through investing his/her income in Life Insurance Policy, Public Provident Fund (PPF), Long Term Mutual Funds, Bank Fixed Deposits, Payment of Tuition Fee, Deposit under Sukanya Samridhi Yojna, National Saving Certificate, Equity Linked Saving Schemes (ELSS), Pension Funds, etc.
Q 2. Who is liable for Tax Audit under Income Tax Act, 1961?
Ans. Businesses having the Gross Turnover or Gross Receipts exceeds Rs. 1 Crore (Rs. 10 Crore if total Cash Receipts or Expenditure is less than 5% of total Receipts or Expenditure) in the previous year is liable to Audit its Books of Accounts.
Professional having Gross Receipts more than Rs. 50 Lakh in the previous year is liable to Audit its Books of Accounts.
Q 3. Can anyone file its Income Tax Return after the Due Date?
Ans. Yes, an income tax return can be filed even after the due date of return filing after paying penalties up to the date of 31st December (For Financial Year 2021-22 onwards) of the year next to the Financial Year or before any notice is received from the tax department.
Q 4. Can Income Tax Return be revised?
Ans. Yes, the income tax return can be revised any number of times whenever you require up-to-the-date of 31st December (For Financial Year 2021-22 onwards) of the year next to the Financial Year or before any notice is received from the tax department.
Q 5. What are the penalties or late fees for the late filing of income tax returns?
Ans. Below are the late filing fees of income tax returns (For Financial Year 2021-22 onwards):
- Late filing between 1st August and 31st December – Rs. 5,000.
- Penalty if taxable income is less than Rs. 5 Lakh – Rs. 1,000.