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Income tax return

As per the Income Tax Act, 1961, and the Income Tax Rules, 1962, every Indian citizen and other people who are earning and source of earning from India are mandatory to file their returns with the Income Tax Department at the end of every financial year. The ITR should be filed before the specified due date.

ITR FORM

ITR 1

For 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 sections 44AD, 44ADA or 44AE
(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

ITR 5

For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

ITR 6

For Companies other than companies claiming exemption under section 11.

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

Due date for filing return of income

The assessee is obliged to voluntarily file the return of income without waiting for the notice of the Assessing Officer calling for the filing of the return.

The due date for filing of the return by an assessee if his total income of any other person in respect of which he is assessable exceeds the maximum amount not chargeable to tax, shall be as follows :

31st day of October of the Assessment Year, where the assessee is –

  • a company,
  • a person, other than a company whose accounts are required to be audited under the Income-tax Act or any other law, for the time being in force,
  • a working partner of a firm whose accounts are required to be audited under this Act or under any law for the time being in force.
E-filling Return
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All about income tax return

Individuals who fulfill any one of the following conditions should by law file their Income Tax Returns during a financial year:

  1. People whose gross total income (before any deductions exceed ₹2.5 lakh in FY or ₹3 lakh for senior citizens or ₹5 lakh for super senior citizens).
  2. Companies or firms are irrespective of whether you have income or loss during the financial year.
  3. Those who tax excess tax paid and want to claim an income tax refund.
  4. Those who have an excess loss and want to carry forward a loss under a head of income.
  5. Resident individuals having an asset or financial interest entity located outside of India. (Not applicable to NRIs or RNORs).
  6. Residents person having an account and signing authorities in a foreign account. (Not applicable to NRIs or RNORs).
  7. Those who earned income from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  8. Foreign companies taking treaties ( DTTA) benefit from a transaction in India.
  9. NRIs, who have income from a source in India which is that exceeds ₹2.5 lakh in FY, are required to file an income tax return in India.
Income Tax Return Filling

Basic

INR Mention in Description

One Time Fee

  • Income Tax Return ( Salary) Rs. 500/-
  • Income Tax Return ( 44AD) Rs. 1,000/-
  • Income Tax Return ( Capital Gain) Rs. 2000/-
  • Income Tax Return ( Business Income) Rs. 2,500/-
  • Income Tax Return ( for Company/LLP) Rs. 5,000/-

Service Provide Within 7 Days

Standard

INR 4,999/-

One Time Fee

  • Income Tax Return Customise in any head
  • Consultancy on Income Tax

Service Provide Within 2 Days

Premium

INR 6,999/-

Yearly Fee

  • Yearly Income Tax Compliances
  • Consultancy on time
  • Tax Planning
  • Services Provided Before the Due Date

Frequently Asked Questions

No, ITR forms, are now online there is no need to attach the documents related to income or source of income.  However, these documents should be retained by the taxpayer and produced before the tax authorities at the time of income tax assessment and notice issued from income tax authorities.

I-T Department has established an independent portal for the e-filing of returns.  The Income tax department has provided a free e-filing utility (i.e., software) to generate e-return and furnishing of return electronically.

Yes, The excess tax can be claimed as a refund by filing your income tax return (ITR). After your return is processed and provided the tax department accepts your refund claim, the amount claimed as a refund would l be credited back to your bank account through Electronic Clearance Service (

ECS

) transfer. You would also get an email intimation for the same. The I-T Department has been making efforts to settle refund claims at the earliest.Remember from March 1, 2019, the department will issue only e-refunds and only in those bank accounts which are linked with PAN and have been pre-validated with the e-filing website of income tax department.

.A taxpayer may pay tax in any of the following forms:

  • Tax Deducted at Source (TDS).
  • Tax Collected at Source (TCS).
  • Advance tax or self-assessment tax or payment of tax on regular assessment.

The I-T Department maintains a database of the total tax paid by a taxpayer (i.e., the tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the I-T Rules disclosing the details of tax credit in a tax-payer’s his account as per the database of the I-T Department. In other words, Form 26AS will reflect the details of tax credit appearing against in the Permanent Account Number (PAN) of the taxpayer as per the database of the I-T Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc. The I-T Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.

Following is the list of some important steps/points/precautions that need to be kept in mind while filing I-T return:

First and foremost, file I-T return on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing I-T return:

  • Losses (other than house property loss) cannot be carried forward.
  • Levy of interest under Section 234A/234B/234C as applicable.
    • Exemptions/deductions under Section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
    • Late filing fees of Rs 5,000 if returns are filed on or after 1 August, 2018 and 31 December 2018. Rs 10,000 if returns are filed between 1 January, 2019 and 31 March, 2019. However, as relief to small taxpayers not earning more than Rs 5 lakh, the maximum amount of penalty will be Rs 1,000.
    • Secondly, taxpayer should download Form 26AS and should check actual TDS/TCS/tax paid. If any discrepancy is observed then suitable action should be taken to correct it.Third, compile and carefully study the documents to be used while filing I-T return, like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with I-T return.