Income Tax Return

         Every person has to furnish a return of his total income, if the total income exceeds, the maximum amount which is not chargeable to income-tax. Income Tax Filing Online 100% Online Process Further, in respect of an individual, HUF, Association of Persons, Body of Individuals, Artificial Juridical Person, filing of return of income shall be compulsory if their total income exceeds the maximum amount which is not chargeable to income tax. The citizens of India are required towards filing an Income Tax Return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate. should be obligatory for a Company or firm to file a return of income in every case.LEGAL356 is the best business and legal services platform for services relating to Income Tax Filing Online, offering a variety of Tax filing services like Income Tax Filing Online, PF, TDS, and ESI returns

                       Advantages of Income Tax Filing Online

• Avoid penalties by filing the ITR Returns and file on time to avoid the late fees.

• Online verification of ITR through electronic mode, at the convenience of your office or home.

• Easy Loan approval is only possible if you file the ITR Returns.

• Required for Visa Processing, ITR Returns copies are required while visa processing.

• Claim Tax refund, if due by filing the ITR Returns on time.

• Carry Forward of Losses.

• ITR can be used as Address proof & Income proof.

Who has to file Income Tax Filing Online

The citizens of India are required towards filing an income tax return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate.

• Useful for the salaried taxpayers of government and a private company, with every head of Salary which also includes agricultural income.

• Private company employees could use to perform their Flexi allocation as well as tax planning.

• The calculation of tax and rebate of agricultural earning to arrive at the annual tax liability

• Marginal rebate on surcharges where the total income exceeds Rs. 50 Lakh and Rs. 1Crore.

• Individual Form 16 Part B generation, are helpful for small-size companies.

• Automated HRA exemption /Section 80GG deduction calculation is dependent on the income and lease payments.

• Validating the limits Chapter VI a deduction, Housing loan interest set off, and additional surcharge impacts.

Surcharge and cess for income Rs 50 Lakh or above

• A surcharge of 10% is levied on income tax if the total income is between Rs 50 Lakh and Rs 1 Crore

• A surcharge of 15% is levied on income tax if the total income is over and above Rs 1 Crore.

• Due Date for Income Tax Filing Online

  Every Person, who is liable to pay Income Tax, has to file the Return of Income Voluntarily Without waiting for the notice from Assessing Officer. The time limit for filing of the return by an Assesses if his total income exceeds the maximum amount not chargeable to tax shall be as follows:

  Company

  30th Day of September of the Assessment Year Person/Working Partner of Firm, whose accounts are to be audited30th Day of September of the Assessment Year Assesses being a company, which is required to furnish a report under section 92E30th day of November of the assessment year In the case of Other Assesses31st Day of July of the Assessment Year

  Belated Return

  Any person who has not filed the return within the time allowed as above may file a belated return at any time before the end of the relevant assessment year or – before the completion of the assessment whichever is earlier.

  Revised Return

  An Assesses, who needs to make any amendments, additions or changes as may be found necessary by him, can file a Revised Return of Income. Such a revised return may be filed by the Assesses at any time – before the expiry of the relevant assessment year – before the completion of the assessment whichever is earlier.

  Late Filing Fee if not filed on time:

  Where a person, who is required to furnish a return of income, fails to do so within the prescribed time limit under section 139(1), he shall pay, by way of fee, a sum of –e-Filing DateTotal Income does not exceed Rs. 5 LakhTotal Income above Rs. 5 LakhUp to 31st July 2019 Rs. 0Rs. 0Between 1st Aug, 19 to 31st Dec, 19Rs. 1,000Rs. 5,000Between 1st Jan, 20 to 31st March 2020Rs. 1,000Rs. 10,000Further if not filed on or before the due date you can not revise your return and losses if any cannot be carried forward

  Refund

  Refunds arise in those cases where the amount of tax paid by a person or on his behalf is greater than the amount with which he is properly chargeable for that year.

  Under the following circumstances the refunds may become due:

  • The tax deducted at source is higher than the amount of tax payable, as determined on regular assessment;

  • The amount of advance tax paid or tax paid on the basis of self- assessment exceeds the tax payable as determined on regular assessment;

  • The tax determined and paid on the basis of regular assessment gets reduced as a result of rectification of mistake which had crept in the assessment or is reduced in appeal or revision;

  • The same income is taxed in India and in a foreign country and the Assessee is entitled to double taxation relief.

  Particulars to be furnished with the Return.

  The prescribed form of the return shall, in certain specified cases, require the Assessee to furnish the particulars of –

  • Income exempt from tax.

  • Assets of the prescribed nature and value, held by him as a beneficial owner or otherwise or in which he is a beneficiary.

  • Bank account and credit card held by him.

  • Expenditure exceeding the prescribed limits incurred by him under prescribed heads.

  • Such other outgoings as may be prescribed.

  Documents required for Filing Income tax Return

  • Personal Details of the Accessed, as per Pan Card.

  • Date of Incorporation for Company/firm.

  • PAN number of the Company.

  • Aadhar Card Number.

  • User ID & password of the Income Tax website.

  • Registered Office Address.

  • Annual Income Details.

  • Financial Reports for the Financial year, for which IT Return has to file.

  • Financial Statements of the previous years.

  Type of Income Tax Returns

  Returns Details

• ITR-1

  Individuals being a Resident (other than not ordinarily Resident) having total income up to Rs. 50 Lakhs, having income from salaries, one house property, other sources (Interest, etc.), and Agricultural income up to Rs. 5 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares

  ITR-2

  For Individuals and HUFs not having income from profits and gains of business or profession

  ITR-3

  For Individuals and HUFs having income from profits and gains of business or profession

  ITR-4

  For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income up to Rs. 50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE

  (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

  ITR-5

  Return of Income – For persons other than,

  Individual; HUF; Company, and Person filing Form ITR-7

  ITR-6

  Return of Income – For companies other than companies claiming an exemption under section 11.

  ITR-7

  Return of Income – For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

  ITR-V

  Acknowledgment