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Income Tax Return Filing
Filing an ITR is where a claim for an expense, an exemption or a deduction has to be justified. We pick the right form, compute the tax and file it.
- The right ITR form picked for your income, which is where most filings go wrong
- Tax computed and checked by a chartered accountant
- The return filed online and the acknowledgement shared with you
- A dedicated relationship manager from start to finish
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What an income tax return is
What the return does, when it is due, and why filing it on time matters even when there is no tax to pay.
Income earned by an individual or a business is subject to income tax, levied and collected by the central government. The tax is payable during the financial year in which the income arises, as advance tax; the return is how the income and the liability are declared afterwards, in the assessment year.
Which form you file, and by when, depends on who you are and what you earn. The forms have been reworked to be easier to complete, but the effect of the newer schedules is that a taxpayer now has to substantiate a claim for an expense, an exemption or a deduction rather than simply assert it.
Filing on time matters even where the tax works out at nil. Two things are lost by filing late: money, through the late fee and interest, and the right to carry a business or capital loss forward, which is only available on a return filed by the due date.
- Due date
- 31 July
- Individuals and others not under audit
- If audited
- 31 October
- Companies and anyone under the audit provisions
- Belated return
- By 31 December
- Of the assessment year, with a late fee
- Revised return
- By 31 December
- Of the assessment year
- Late fee
- Up to ₹5,000
- ₹1,000 where total income is up to ₹5 lakh
- Losses carried forward
- 8 years
- Only on a return filed by the due date
- Turnaround
- 2 to 3 working days
- From the day your documents reach us
Why taxpayers choose LegalWiz.in
- A qualified chartered accountant computes and reviews the return
- Consultancy on which ITR form applies to your income
- A dedicated relationship manager with on-call support
- The entire filing handled online
- Quick turnaround and economical pricing
- Thousands of happy customers across every state in India
What the service covers
Picking the form is not paperwork. It decides which schedules you have to complete and what you are allowed to claim.
- Consultancy on the appropriate ITR form for your income
- Collection and review of the documents against the checklist
- CA-assisted preparation of the return
- Computation of the income tax payable
- Online filing of the income tax return
- The ITR acknowledgement, shared with you
Income tax is paid during the financial year in which the income is earned. Where the liability on the return exceeds the advance tax already paid, the balance is paid at filing, with interest where it applies.
Filing late costs twice
The late fee
Up to ₹5,000, and ₹1,000 where total income is up to ₹5 lakh. Charged whether or not any tax is due.
Interest
Payable on any tax outstanding, from the due date until it is paid.
The carried-forward loss
A business or capital loss can only be carried forward if the return was filed by the due date. File late and the loss is gone, which for a young business is usually the larger of the two costs.
Why the return is worth filing properly
Losses can be carried forward
Most businesses lose money in their early years. A business or capital loss can be carried forward for up to eight years and set against future profits, which lowers the tax on them. It is only available on a return filed by the due date, so a belated return gives it up.
It establishes what the business is worth
A filed return is the record of a taxpayer’s financial position. Investors and institutions look at the returns filed to judge the capacity of a business, and a consistent history is worth more than any single year.
Loans and high-value cover
Lenders assess a loan application against the figures the returns show, and the same applies to high-value insurance. The stronger the record, the easier the process.
Refund of TDS already deducted
A salaried person is paid after TDS has been taken. Where the eligible deductions bring the actual liability below what was deducted, the excess comes back as a refund, but only where the return is filed.
Which ITR form applies to you
Picking the wrong one is the commonest reason a return has to be revised. The form is decided by who you are and by what your income is made of.
| Attribute | Who files it | Income it covers |
|---|---|---|
| Individuals and HUFs | ||
| Resident individualsA resident individual with total income within the prescribed limit. Not available to a director of a company, or to anyone holding unlisted equity shares. | Salary and simple incomeSalary or pension, income from one house property, and income from other sources such as interest. No capital gains and no business income. | |
| Individuals and HUFsAnyone who does not have income from a business or a profession. | Everything but business incomeCapital gains, more than one house property, foreign income or foreign assets, and income above the ITR-1 limit. This is the form for a salaried person who also sells shares or property. | |
| Individuals and HUFs in businessAnyone carrying on a business or a profession and keeping regular books, including a partner in a firm. | Business and professional incomeIncome from a business or profession, together with anything else the taxpayer earns. It is regularly confused with ITR-4 below, which is where a good many wrong filings start. | |
| Presumptive taxpayersA resident individual, HUF or firm other than an LLP, opting for the presumptive scheme and within the prescribed income limit. | Presumptive business incomeIncome declared on a presumptive basis rather than from books: 6% of turnover received through banking channels and 8% of the rest, or the prescribed rate for a profession. | |
| Firms, companies and others | ||
| Firms, LLPs, AOPs and BOIsA partnership firm, a limited liability partnership, an association of persons or a body of individuals. | All income of the entityEverything the firm or LLP earns, whatever its source. | |
| CompaniesEvery company other than one claiming exemption under section 11, which covers income from property held for charitable or religious purposes. | All income of the companyEverything the company earns. It is filed electronically with a digital signature. | |
| Trusts and institutionsPersons, including companies, required to file under sections 139(4A) to 139(4D): charitable and religious trusts, political parties, research associations, and specified institutions. | Income of the trust or bodyIncome held for a charitable or religious purpose, or the income of the specified body. | |
| Next step | ||
Swipe the table sideways. Open any attribute to read the detail behind both answers.
Customer reviews
What our clients say
- Rated 5 out of 5
As an Educator, I am delighted with the Services provided by Legalwiz and highly recommend this platform to everyone, regardless of their field of interest or profession.
PUSHPINDER KAURNovember 2024 - Rated 5 out of 5
Ms. Mirza, always responded with calmness, speed and accuracy. Never a moment of please remind me later or Oh I forgot, just delivery, in time.
Sasi KumarOctober 2024 - Rated 5 out of 5
Thank you very much for a good professional job & ability to solve any technical issues!
Oriental Wind Pvt Ltd CoSeptember 2024 - Rated 5 out of 5
LegalWiz is always pro-active and overall good service
Pankaj ThakkarAugust 2024 - Rated 5 out of 5
It was a smooth compliance filing with LegalWiz. Looking forward to keeping the same success by assisting as and when required.
EMBVERSE LLPJuly 2024 - Rated 5 out of 5
I trust LegalWiz from the last 2-3 years as I got my trademark registered from them. I must say that I saved almost 70% of my money while doing business with LegalWiz with expert services and their executives are always well spoken.
Mr MayurAugust 2023 - Rated 5 out of 5
Good services - on request they went in detail and checked the necessary statements
Jay ShethJuly 2023 - Rated 5 out of 5
Given complete information regarding the financial details and the implications of the tax filings.
Uma ShankarJuly 2023
Documents required for ITR filing
Which of these apply depends on who is filing. A salaried person needs the first few; a business needs the rest as well.
PAN card
The PAN of the taxpayer.
PAN of directors or partners
For a company or a firm, the PAN of all directors or partners.
Aadhaar card
For a company or a firm, the Aadhaar of all directors or partners.
Form 16
The TDS certificate issued by the employer, for a salaried person.
Bank account statement
For the financial year concerned, used to identify other income.
Cancelled cheque
Of the taxpayer’s bank account, for any refund due.
Financial statements
For a business entity other than a proprietorship.
Deductions under Chapter VI-A
Details of the investments made and expenditure incurred that qualify for a deduction under section 80.
File your ITR in three easy steps
Step 01
Answer a few quick questions
- Pick the package that fits what you need
- Spend less than 5 minutes on a simple set of questions
- Share the basic details and documents against the checklist
- Pay through a secure payment gateway
Step 02
Our experts take over
- You are assigned a dedicated relationship manager
- The appropriate ITR form is identified for your income
- The income tax payable is computed and reviewed by a chartered accountant
- The return is filed online
Step 03
Your ITR is filed
- The whole process takes 2 to 3 working days
- The ITR acknowledgement is shared with you
Subject to government processing time.
How long the filing takes
Three working days from the day your documents reach us.
Day 1
1 of 3 working days
- Discussion and collection of the basic information
- Consultancy on the appropriate ITR form
- Collection of the required documents
Day 2
1 of 3 working days
- Computation of the income tax payable
- Review by a chartered accountant
Day 3
1 of 3 working days
- Online filing of the income tax return
- The ITR acknowledgement shared with you
Subject to government processing time.
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Do I have to file a nil return?
Every business entity, whether a company, an LLP or a firm, files even where its total income or tax payable is zero.
For an individual it becomes compulsory once income crosses the basic exemption limit. Below that it is still worth filing: it is accepted as proof of income when it is asked for, and a gap in a history of returns invites questions.
What are the due dates?
They depend on whether the taxpayer is subject to audit:
- 31 July of the assessment year, for individuals, HUFs, bodies of individuals and associations of persons not covered by the audit provisions
- 31 October of the assessment year, for companies and anyone to whom the audit provisions apply
Do I have to file if my business made a loss?
Yes, and it is in your own interest. Filing is what lets a business or capital loss be carried forward and set against future profits.
The carry-forward is only available on a return filed by the due date. A belated return costs the late fee and the loss.
Is the tax paid when the return is filed?
No. Income tax is paid during the financial year in which the income is earned, as advance tax.
Where the liability on the return works out higher than the advance tax already paid, the balance is paid at filing, with interest where it applies.
Can I file after the due date?
Yes. A belated return can be filed up to 31 December of the assessment year, with a late fee and with reduced benefits, the carry-forward of losses among them.
After that date an updated return may still be possible in some circumstances, on payment of additional tax.
What is the late filing fee?
Up to ₹5,000 where the return is filed after the due date.
For a small taxpayer with total income up to ₹5 lakh the fee is limited to ₹1,000.
Can a return be revised after it has been acknowledged?
Yes. A revised return can be filed up to 31 December of the assessment year, the same deadline that applies to a belated return.
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