What is Income Tax Return Filing?

The income earned by the individuals and businesses are subject to tax. The tax levied on income of person is Income tax, which is levied and collected by Central Government. The tax on income earned is payable in the same financial year in which it is earned in form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation is called Income Tax Return. The time limit for filing ITR is different for taxpayers based on their organisation structure or the income type.  

Currently, windows for return filing for Financial Year 2017 - 18 and relevant Assessment Year 2018 - 19 is open. For Financial Year 2017 - 18, Income Tax Return forms are recently modified, that targets simplified user experience. But through this new or modified schedules, it is apparent that taxpayers are responsible to prove claim of expenses, exemptions and deductions. Hence, online filing of income tax return requires the assistance from expert Chartered Accountants. Alike the due date of filing, ITR forms are also different for the different categories of taxpayers. 


Who is required to file income tax return?

 Individuals, whose Gross Total Income exceeds basic exemption limit
 To carry forward the losses to next financial year
 Resident individual holding assets or financial interest outside India

 All companies, LLP and Partnership firm, irrespective the total income
 To claim refund of Income tax paid (TDS or otherwise)
 Resident having signing authority in a foreign account


Advantages of Income Tax Return Filing

 ITR filing allows carry forward of losses
 Loan Processing is easy based on track of ITR filed
 Buy insurance policy with high risk cover

 To claim refund from TDS paid from salary income
 It increases capital base and define financial worth
 Change of business structure


Documents Required For ITR filing

  • 1Copy of PAN Card the taxpayer
  • 2Copy of PAN Card of the partners or directors
  • 3Copy of Aadhar Card of the partners or directors
  • 4Bank Account Statement for concerned F.Y.
  • 5Cancelled Cheque
  • 6Balance Sheet and Financial Statements
  • 7Details about the Investment/ expenses u/s 80
  • 8Proof of investments & Salary Certificate (if any)
  • 9Form 16 (TDS Certificate), if applicable

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Frequently Asked Questions

Whether NIL ITR is mandatory to be filed?
All the business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of individual, when income exceeds basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liability is zero but you have already filed ITR before, it is necessary to be filed. The same can be provided as proof of income whenever requirement arises.
Which Income Tax Return is required to be filed?

Income Tax Return forms were changed for simplified user experience, which are listed below. Based on applicability, the ITR is to be filed.

1. ITR 1 (Sahaj) - For Income from Salary & Interest
2. ITR 2 - For all incomes other than business income
3. ITR 4 - For all incomes including business income
4. ITR 4S (Saral) - For Presumptive tax, 8% is deemed income of turnover
5. ITR 5 - For Partnerships business, this ITR is used for all income
6. ITR 6 - For Companies, this ITR is used for all the incomes

What are the due dates for IT return online filing?

Below mentioned are the due dates for filing ITR online (F.Y. 2017 - 18 & A.Y. 2018 - 19):

1. Up to 31st July of next year (31st July, 2018)- Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
2. Up to 30th September of next year (30th September, 2018) - Companies including other entities on which Audit provisions are applicable.

Do I need to file return if there is loss in my business income?
Yes, filing ITR in case of loss would be in your interest only. By filing ITR online, you can carry forward the losses to certain upcoming financial year to set off losses against future income.
Whether payment of tax is made while IT return online filing?
No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than advance tax already paid, the due amount must be paid with interest, if applicable.
Can I file ITR once the last date of filing is gone?
In case you fail to file the return on due date, there is a provision to file return up to certain date, however with late filing fee and reduced benefits. The belated return can be filed before the end Assessment Year for concerned financial year. That means, for F.Y. 2017-18, belated returns can be filed till 31st March, 2019.
What is the penalty for delay in filing ITR?

Late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:
1. For return filed after due date but till December - late filing fees of INR 5,000 will be charged 
2. For return filed after 31st December - late filing fees of INR 10,000 will be charged 

However, for small taxpayers with an income up to INR 5 Lakh, the fees will be limited to INR 1,000 only.

Can I revise Income Tax return, once acknowledgement is generated?
To revise ITR filed, the dead line is 1 year from the end of next financial year. Therefore, in case of F.Y. 2017-18, the last date of filing would be 31st March, 2019.

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Online filing of income tax return requires generating log in credentials based on PAN Card details of the taxpayer. Return will include the details of all the income, profit and gains from any source of business. For filing ITR, the source of incomes are categorised in five main heads. The total income of the assessee will be categorised according and the tax liability is computed based on the rates applicable. From generating credential, computation of tax to final filing, experts at LegalWiz.in makes your task easy. The whole ITR filing process is assisted by qualified Chartered Accountant. At LegalWiz.in, we cater the consumers looking for fast and affordable services. Our packages are customised based on the type of taxpayer and applicable return type for ease of access and transparency. To understand about the package details or any process related to online filing, feel free to get in touch with our experts available on call or through mail. 

Filing Income Tax return is necessary not only to inform about the income and transactions to Government, but also to create documentation evidence of your income. The benefits mentioned above make it essential for any individual, especially for the businesses. The companies and Partnership Firm including LLP must file the ITR irrespective the total income or net tax liability. Our expert would first discuss the requirement and assist you to choose appropriate option for filing ITR. Once you provide the details of income and its sources, along with other necessary details, our CA would initiate the process of filing. Online filing of income tax return is completed after the confirmation of tax computation.

At LegalWiz.in, our experts are committed to serve with better, faster and affordable online services. From ITR for individual to business filing, we assure hassle-free and transparent services backed by 100% customer satisfaction. We not only offer services to manage your business but also set and protect your business. Accounting and bookkeeping to filing GST return, we are one stop solution for all need.

Income Tax Return Filing