Filing of Income Tax return is necessary if you have earned any income. File your ITR with Instant Professionals at INR 899/- only.
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An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure.
If you have paid more taxes than “payable”, you are entitled to Income tax refund. If the reverse is the case, you should pay remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns.
Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements.
Filing ITR in India is completely online and paperless. There is no need for you to submit physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.
Income Tax return due date:
Income Tax Return Due date for FY 2018-19:Important: The due date of Income Tax Return Filing (IT Returns) for FY 2018-19 has further been extended from 3oth September, 2020 to 30th November, 2020.
Income Tax Return Due date for FY 2019-20:
Important Update- Due date for Income Tax Return Filing has been extended
Read the whole list: Income Tax return Filing- Extension of due dates
InstantProfessionals.in is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Filing online Income Tax Returns (IT Return filing) is easy, seamless, cheapest and quickest with InstantProfessionals.in! Apart from Income Tax returns, InstantProfessionals.in also helps you to file GST Returns, TDS Returns, PF Returns and ESI Returns easily. You may get in touch with our compliance manager on 09643203209 or email info@InstantProfessionals.in for free consultation.Easy EMI's | Transparent Pricing
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.If you have taxable Income in India, you must file your ITR in India. This is applicable for an individual if his/her taxable income exceeds INR 2.50 Lakh. In case you are a Company. LLP or Partnership Firm, it is mandatory for you to file ITR irrespective of your income or loss.
Filing Income tax Return enhances your credibility and your credit availing capacity from the bank perspective. Even if you are not liable for ITR filing for any reason, it is a good practice to file the same. Your ITR serves as a proof of your Income. No other document does this job.
If you have incurred any losses in your business on account of expenses or depreciation, you must file your return in order to carry forward those. The benefit of this can be availed once you have taxable income. Such losses, then, can be set off against taxable profits.
A good track record of regular ITR Filing shows your financial strength and is indicative of your regularity. This helps you to obtain quick bank loans and also visa. Hence, it is advisable to file ITR on regular basis.
For any reason, if your TDS has been deducted and the same is higher than your actual tax payable, such a claim of refund can only be done by filing a correct IT return in time. You won’t get your refunds if you don’t file your ITR.
There are many criteria defined under the Act, in which you may be served legal notice if you have not filed your ITR. Filing your ITR correctly and in time can ensure that you don’t have to face any of these.
It is mandatory for every Private Limited company (other than the companies claiming exemption under section 11) to file the return of income irrespective of amount of income or loss in Form ITR 6 Also, Companies are required to file Form ITR 7. The due date for ITR filing for Pvt Ltd Co. (Audited / Non audited) for FY 2019-20 is 30th November, 2020. Know more about Company annual Filing.
In case of One person Company, one person is required to file the return of income irrespective of amount of income or loss made by One Person Company in Form ITR 6 Also, one person companies are required to file ITR in Form ITR 7. The due date for ITR filing for Private Limited company (Audited / Non audited) for FY 2019-20 is 30th November, 2020. Know more on OPC annual Filing.
It is mandatory for every Limited Liability Partnership (LLP) to file the return of income irrespective of amount of income or loss in Form ITR 5. The due date for ITR filing for Limited Liability Partnership (Audited / Non audited) for FY 2019-20 is 30th November, 2020. The due date for Tax audit report fling is 31st October, 2020. Click to know more LLP Annual FIling
All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakh. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakh. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakh. All Partnership Firms, Companies, LLPs are required to file income tax return each year, irrespective of income or loss. Even if there was no transaction, then a NIL ITR must be filed before the due date.
Tax Audit is compulsory if any business has a total sales of over Rs.1 crore or Profession, which has gross receipts exceeding Rs. 50 Lakh in a financial year. Additionally, in some cases, Tax Audit is compulsory even if such limits have not exceeded. A business under Tax audit should file ITR and Tax Audit Report by 30th September every year. In case of a Company, Audit is mandatory irrespective of Turnover. Similarly, in case of LLP, Audit is mandatory if Turnover Exceed Rs. 40 Lakh or Contribution Exceed Rs. 25 Lakh. Suggested Read: Tax Audit u/s 44AB
A Proprietorship Firm should file Income Tax Return in Form ITR-3 or ITR-4-Sugam. A Partnership Firm and LLP should File ITR in Form-5. A Company should use Form ITR-6 for filing of Income Tax Return. In case of a charitable Trust, a return should be filed in Form ITR-7. A return has to be digitally signed in case Tax Audit is applicable. It is mandatory in case of Companies and LLPs. In other cases, you have an option of E-Verifying through Aadhar or net banking. Alternatively, you may also physically sign the ITR-V (Ack) and send to CPC for processing.