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Income Tax Returns

Filing of Income Tax return is necessary if you have earned any income. File your ITR with EbizFiling at INR 1199/- only.

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Income Tax Returns

All you need to know

 What is Income Tax return? 

An Income Tax Return (ITR) is a form where taxpayers declare their taxable income from all sources, eligible deductions, and any taxes paid (e.g., TDS or advance tax). If you’ve paid more taxes than what is “payable,” you may be eligible for an income tax refund. If you owe additional taxes, you need to pay the outstanding amount before filing your return.

 

Income tax is typically paid in advance through Tax Deducted at Source (TDS) or Advance Tax. When filing your ITR, ensure you disclose all sources of income and taxes paid accurately.  

 

Why EbizFIling?

EbizFiling.com 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 EbizFiling.com! Apart from Income Tax returns, Ebizfiling also helps you to file GST Returns, TDS Returns, PF Returns, and ESI Returns easily. You may get in touch with our compliance manager at 09643203209 or email info@ebizfiling.com for a free consultation.

Charges for Income Tax return filing in India

Choose Your Package

ESSENTIAL

1199/-

(All Inclusive)

  • Income Tax filing of 1 year of Salaried Individual

ENHANCED

1999/-

(All Inclusive)

  • Income Tax filing of 1 year for non- audit assessee

ULTIMATE

3499/-

(All Inclusive)

  • Income Tax filing of 1 year for audit assessee upto a turnover of Rs. 2 Cr

Different forms for ITR Filing

In India, the Income Tax Department provides various Income Tax Return (ITR) filing forms, each for different types of taxpayers and sources of income. Here are the primary ITR forms used for filing tax returns in India:

  1. ITR-1 (Sahaj): This form is for individuals who have income from salary, property of one house, other sources (except lottery winnings and income from racehorses) and total income up to ₹50 lakh.
  2. ITR-2: Individuals and Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 and have income from sources other than profits and gains from business or profession.
  3. ITR-3: For Individuals and HUFs with income from profits and gains from business or profession.
  4. ITR-4 (Sugam): This form is meant for assumed income from business and profession. It applies to individuals, HUFs and firms (other than LLPs) having total income up to ₹ 50 lakhs and filing under sections 44AD, 44ADA or 44AE.
  5. ITR-5: For persons other than individual, HUF, company and person filing Form ITR-7. It includes firms, LLPs (Limited Liability Partnerships), AOPs (Associations of Persons), BOIs (Body of Individuals), artificial legal entities, cooperative societies and local authorities.
  6. ITR-6: For companies other than companies claiming exemption under section 11 (charitable or religious trusts).
  7. ITR-7: For persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This form is for persons, including companies, required to provide a return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F ).
  8. ITR-V: This is the confirmation form that is generated after online filing of returns. It must be signed and sent to the CPC (Centralized Processing Center) of the Income Tax Department within 120 days of the electronic filing of the return.

Penalties in Income Tax Return E-Filing

1. Late Filing Penalty

If you fail to file your income tax return (ITR) by the due date, a penalty may be levied under Section 234F. For the current assessment year (AY 2023-24), the penalty for filing after the due date but before December 31 is up to ₹5,000. For income below ₹5 lakhs, the maximum penalty is ₹1,000.

2. Penalty for Incorrect Information

Providing incorrect or misleading information in your ITR can attract penalties under Section 270A. If discrepancies are identified during assessment, the penalty will depend on the severity of the error and can range from 50% to 200% of the under-reported tax.

3. Under-reporting Income Penalties

Concealing income or under reporting it can result in penalties under Section 270A. The penalty typically ranges from 50% of the tax payable for under-reported income to 200% for cases of intentional concealment.

4. Failure to Pay Tax on Time

If you do not pay the full tax liability by the due date, interest is charged under Sections 234A, 234B, and 234C of the Income Tax Act. The interest rates are calculated on the unpaid tax amount for delays in filing, advance tax payments, or overall tax settlement.

5. Failure to File ITR

Not filing a mandatory income tax return can lead to legal notices, penalties, and fines. Continuous non-compliance may result in prosecution under Section 276CC, which includes imprisonment and fines.

What are the eligibility criteria for Income tax return filing?

Eligibility criteria for filing an Income Tax Return (ITR) may vary depending on the tax laws and regulations of a particular country. However, here are some common eligibility criteria that individuals usually need to meet in order to file an income tax return:

  1. Income Threshold: Persons whose total income during a financial year exceeds a specified threshold set by the tax authorities are generally required to file an income tax return. This threshold may vary depending on factors such as age, sources of income, and residential status.
  2. Residential Status: Tax liability and filing requirements may vary depending on an individual’s residential status, such as resident, non-resident, or resident but not ordinarily resident as defined by a country’s tax laws.
  3. Age: Some countries have specific filing requirements based on the taxpayer’s age. For example, certain tax benefits or deductions may be available to seniors or individuals under a certain age.
  4. Sources of Income: Individuals earning income from a variety of sources, such as salary, business or profession, capital gains, real estate, or other investments, may be required to file a tax return depending on applicable tax laws and limits for each income category.
  5. Taxable Transactions: Taxpayers who engage in certain taxable transactions, such as selling property, receiving gifts, or earning income from abroad, may have additional filing or reporting obligations.
  6. Claiming Deductions or Exemptions: Individuals who wish to claim deductions, exemptions, or tax credits under the tax laws must usually file an income tax return to take advantage of these benefits. This includes deductions for investments, expenses, gifts, or other eligible expenses.
  7. Mandatory filing requirements: In some cases, even if an individual’s income is below the taxable threshold, they may still be required to file a tax return if they meet certain criteria set by the tax authorities. This could include cases where a taxpayer wants to claim a refund of taxes deducted at source or if they are entitled to certain tax credits or benefits.

Why You Should File Income Tax Returns

Points to make your decision easy

Taxable Income

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.

Credibility

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.

Carry Forward Losses

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.

Financial Strength

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.

Tax Refunds

If your TDS has been deducted and the same is higher than your actual tax payable, such a claim for a refund can be done by filing a correct IT return. You won’t get your refunds if you don’t file your ITR.

Avoiding Tax Notices

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.

Documents Required for Income Tax Returns

For Salaried Individuals

  • PAN (Permanent Account Number)
  • Form 16
  • Salary Slips
  • Details of Other Sources of Income (If any)
  • Bank Statements
  • Proof of Deductions
  • Loan Statements (If any)

For Businesses

  • PAN (Permanent Account Number)
  • Financial Documents
  • Audit Report (if applicable)
  • GST Returns
  • TDS Certificates
  • Details of Other Income
  • Advance Tax Payments

ITR Compliance for Private Limited company, OPC & LLP

ITR compliance for Pvt Ltd Co.

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.

ITR Compliance for OPC

In the case of One Person Company, one person is required to file the return of income irrespective of whatever the 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 in the duly time.

ITR compliance for an LLP

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.

How to File Income Tax Return

 

5 Easy Steps

1

Submit Documents

2

Verification of Documents

3

Selection of Appropriate Form

4

Preparation of Your Return

5

ITR Filed & Ack. Generated

Who Should File

Income Tax Returns, IT returns, ITR filings, EbizFilingAll proprietors below the age of 60 years are required to file income tax returns if total income exceeds Rs. 2.5 lakh. In the case of proprietors above 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 are required to file income tax returns if the total income exceeds Rs.5 lakh.  All Partnership Firms, Companies, and LLPs are required to file ITR every 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

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 been exceeded. A business under Tax audit should file ITR and Tax Audit Report by 30th September every year. In the case of a Company, Audit is mandatory irrespective of Turnover. Similarly, in the case of LLP, Audit is mandatory if Turnover Exceed Rs. 40 Lakh or Contribution Exceed Rs. 25 Lakh.

Forms

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.

Online Process for Filing Income Tax Return (ITR)

1. Register/Login to the Income Tax Portal

Visit the Income Tax Department’s official e-filing website www.incometax.gov.in and log in. First-time users must register using their PAN, Aadhar, and contact details.

2. Choose the Right ITR Form

Select the appropriate ITR form based on your income sources, residential status, and other factors:

  • ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakhs, including income from one house property or other sources (excluding lottery).
  • Other forms, such as ITR-2, ITR-3, or ITR-4, cater to different taxpayer categories.

3. Gather Required Documents

Ensure you have the following:

  • PAN and Aadhar card.
  • Form 16 (for salaried individuals).
  • Form 26AS and Annual Information Statement (AIS).
  • Bank account details and investment proofs for deductions.

4. Fill the ITR Form Online

Enter your details, such as personal information, income sources, tax-saving deductions (e.g., under Section 80C), and advance tax payments.

5. Validate and Cross-Check Details:

Verify that all details are accurate and that no income or deductions have been omitted. Mistakes can lead to penalties or notices.

6. Compute Tax Liability

The portal will calculate your total tax liability after considering deductions and advance tax. Confirm the accuracy of the calculated amount.

7. Submit the Return

After reviewing, submit your ITR. You can opt to file it with or without a digital signature.

8. Download ITR-V

Post-submission, download the acknowledgment receipt, ITR-V. It serves as proof of filing.

9. Verify Your Return

Complete the verification within 120 days of filing:

  • Use Aadhaar OTP, Net Banking, or an EVC (Electronic Verification Code).
  • Alternatively, send a signed physical copy of ITR-V to CPC Bangalore by speed post.

1o. Acknowledgment of Verification

Once your ITR is verified, you will receive an acknowledgment email from the Income Tax Department confirming successful filing.

11. Track Refund Status (if applicable)

If eligible for a tax refund, monitor its status through the e-filing portal or the TIN-NSDL website. Refunds are processed after return verification and assessment.

Ebizfiling, FAQ's on Appointment of Auditor

FAQs On Income Tax Returns

Get answers to all your queries

  • I do not have Form 16? How do I file my return?

    You need not worry about the same. You may still file your return. Please get in touch with us and we will do the rest.
    File your ITR 1 online for 2021-22 with Ebizfiling at affordable prices

  • Where should the books of accounts of business be kept and for how long?

    All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of eight financial years.

  • What is the purpose of Form 26 AS?

    Form 26 AS is consolidated tax statement (Form 26AS) is used as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return.

  • What is the last date for investment under section 80C?

    Due date of investment under section 80C has been extended to 30th June 2020. This is for Financial Year 2019-20. Earlier date was 31st March 2020. Read more on extension on other due dates amid Corona outbreak as announcements made by Nirmala sitharama Press Conference.

  • What is ITR-V?

    ITR-V is a 1-page acknowledgment summary document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return as a verification. However, you may also E-verify using Aadhar or net banking. If you have filed using your DSC, none of the verifications will be required.

  • What documents do I need to attach to an Income tax return?

    Income tax returns are completely paperless filing procedures now. You need not submit any physical or scan copies along with your returns. However, you should retain these documents so that you can produce those when demanded by tax authorities.

  • Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?

    Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the department by way of filing of a return. Only then does the government acquire rights over the prepaid taxes as its own revenue. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract a levy of penalty.

  • Is it mandatory to file a return after getting my PAN Card?

    No. Return is to be filed only if you have taxable income.

  • If I have committed any mistake in my original return am I permitted to file a revised return to correct the mistake?

    Yes, you don’t have to worry about the same. Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Get in touch with us to quickly file a revised return.

  • Which Cities do you provide your services?

    Ebizfiling.com provides Income Tax Return all across India. You can obtain Income Tax Return in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.

  • Still, have confusion?

    Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@ebizfiling.com or call us @+91 9643 203 209.

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