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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 899/- only.

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Income Tax Returns

All you need to know

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:

  • Due date of Income Tax Return filling for FY 18-19 extended from 31st July, 2020 to 30th September 2020.

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

  • The due date for filing Income tax Returns by taxpayers, Including their partners (who are required to get their accounts audited) for FY 2019-20 has been extended to 31st January, 2021 from October 31, 2020.
  • The due date for filing Income tax Returns by other taxpayers (who does not require to get their accounts audited) for FY 2019-20 has been extended to December 31st, 2020 from November 30, 2020.
  • The due date for filing Income Tax Returns for the taxpayers required to furnish report in respect of international transactions has been extended to January 31, 2021 from November, 2020.
  • Also, the due date for furnishing Tax Audit Report and report in respect of international/specified domestic transaction for the FY 2019-20 has also been extended to 31st December, 2020.

Below is a table showing the Due dates for Income Tax return filing for different categories of taxpayers along with extended due dates:

No.

Category of Taxpayer

Old Due Date / Extended due date for ITR filing for FY 2019-20

1

Businesses (Requiring Audit including Private Limited Company, OPC, LLPs and firms)

Earlier- 30th November, 2020 / Extended- 31st January, 2021

2

Business (not requiring Audit including Private Limited Company, OPC, LLPs and firms)

Earlier- 30th November, 2020 / Extended- 31st December, 2020

3

Association of Persons (AOP)

Earlier- 30th November, 2020 / Extended- 31st December, 2020

4

Body of Individuals (BOI)

Earlier- 30th November, 2020 / Extended- 31st December, 2020

5

Individual

Earlier- 30th November, 2020 / Extended- 31st December, 2020

 

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.com 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@ebizfiling.com for free consultation.

Charges for Income Tax return filing in India

Choose Your Package

ESSENTIAL

899/-

(All Inclusive)

  • Income Tax filing of 1 year of Salaried Individual
Popular

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

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

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.

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
  • Form 16
  • Details of other Source of Income, if any
  • Donation receipts, if any
  • Bank Statement

For Businesses

  • PAN
  • Financial Documents
  • Audit Report, if applicable

 

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. 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.

ITR Compliance for OPC

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.

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. The due date for Tax audit report fling is 31st October, 2020. Click to know more LLP Annual FIling

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

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

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

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.

FAQs_Ebizfiling

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.

  • 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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