Income Tax Returns
Senixa Legal helps you in filing your Income Tax Return. Prices Starting from INR 899/- only.
Step 1
Submission and verification of documents.
Preparation of Your Return
Income Tax Returns
ITR or Income Tax Return is the form in which an individual files information about his/her Income and tax thereon to the Income Tax Department. The Income Tax Act, 1961, and the Income Tax Rules, 1962, impels the taxpayer to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every ITR Form is applicable to a certain section of the individuals. Only those Forms which are filed by the eligible individuals are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the individual and the category of the individual.
Types of Income Tax Return (ITR):
ITR 1: This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.
ITR 2: This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income, or other sources.
ITR 3: This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).
ITR 4: This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for a presumptive income scheme.
ITR 5: This return is for Firms, LLPs, the Body of Individuals (BOI), and the Association of Persons (AOP).
ITR 6: This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company.
Benefits of Filing Income Tax Return (ITR):
For every individual or entity whose income exceeds the threshold limit mentioned in the Income, Tax Act-1961 is mandatory to file the return and updating their ITR status. There are certainly many benefits of filing of ITR:
Avoid Penalty up to INR 10,000/-: This year, the government has introduced a new section in the Income Tax Act-1961, i.e. section 234F wherein failing to file ITR on due date July 31, 2018, attracts a mandatory penalty of ₹ 5,000/- that may extend up to ₹ 10,000/- if not filed before 31st December 2018.
Avoid Tax Notice of non-filing of ITR: Remember, Uncle Sam is having an eye on your ITR status! In case you fail to duly file your Income Tax Return, you may get a tax notice from the Income Tax department, which would land you up in trouble. Better you timely fulfill the ITR filing process.
Get TDS Refund Back: If your client or employer deducts your TDS while making payment, it might be that you’re eligible for Tax Refund. On filing Income Tax Return, you can claim your TDS credit and get a refund back excess TDS deducted over your net tax liability.
Ease in Availing Loans: Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan. Income declared in Income Tax Return depicts your financial credibility which helps you to sanction loan easily.
Can take input or carry forward losses: Timely filing of income tax return make you eligible to carry forward your business & capital losses, if any, during a financial year which can be adjusted against income earned in the subsequent years and ultimately save your taxes.
The due date for filing Income Tax Returns:
Due dates of filing income tax return for FY 2018–19 (AY 2019–20) are as under:
| Particulars AY: 2019-20 | Due Date |
| Individuals, HUF, BOI, AOP (Income Tax Return by an individual whose Books of Account are not required) | 31 August 2019 |
| Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited | 31 August 2019 |
| Filing ITR Due Date for (An individual who are required to furnish report under sec 92E) [TRANSFER PRICING] | 30 November 2019 |
| Due date of filing the Income Tax Return by businesses whose Books of Account require an audit | 30 September 2019 |
Penalty on late filing of ITR (effective from 1 April 2018):
As per the new law from this year, Individuals will have to pay a late fee after the last date to file an income tax return for the FY 2018-19
- Rs 5000 if tax is filed after the due date of 31 August but before 31 December of that assessment year (in this case 31 December 2019).
- Rs 10,000 if tax is filed after 31 December but on or before 31 March of the relevant assessment year (in this case from 1 January to 31 March 2020.
- Rs 1000 if total income does not exceed Rs 5,00,000
How to File Income Tax Return
Fill Simple Checklist
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Name Approval
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
Registration
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
FAQs On Income Tax Returns
What are the due dates for filing Income Tax Returns?
- For Individuals, the last date of filing an Income Tax Return is 31st July of the next financial year
- For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax Return is 30th September of the next financial year
What if I am not able to file my income tax return on time?
If you mandatorily require filing an income tax return but failed to do so then you are liable to pay a penalty amounting to INR 5000.
I have filed my income tax return incorrectly what should I do?
You can file a revised return & correct the mistakes/errors. The revised return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year.
Who can not file ITR 1?
- If your total income exceeds Rs 50 lakhs.
- If you have foreign assets
- If you have agricultural income which is more than Rs. 5,000,
- If you have taxable capital gains
- If you have income from business or profession
- If you have income from more than one house property
Who can not file ITR 2?
This Return Form should not be filed by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession.
Who can not file ITR 3?
The old ITR-4 tax form has been renamed ITR-3. If you’ve e-filed an ITR-3 for FY 2015-16, then you must file an ITR-2 now.
Who can not file ITR 4?
The old ITR-4S tax form has been renamed ITR-4. If you’ve e-filed an ITR-4 for FY 2015-16, then you must file an ITR-3 now.
Still, have confusion?
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