income tax return filing Income Tax Return Filing

THINGS TO KNOW BEFORE YOU REGISTER- INCOME TAX RETURN FILING

ITR filing is a yearly event that applies to all sorts of taxpayers, whether they are a corporation, a limited liability partnership, or an individual. Depending on the sort of tax payer, income is taxed differently. We’ve put up easy-to-understand kits for filing income tax returns. Please keep in mind that these are not software access costs, but rather a genuine CA Assisted ITR Filing Service

Explore Benefits for LLP Registration

Let's Connect

Who is required to file ITR?

Charitable & Religious trusts are required to file ITR, if income before giving effect to exemptions u/s 11 and 12 exceeds the maximum not chargeable to tax.
Political Parties are required to file ITR, if income before giving effect to exemptions u/s 12A exceeds the maximum not chargeable to tax.
Hospitals, medical institutions, colleges and other specified institutions u/s 10; Investor protection fund, Core settlement Guarantee fund, and others, as specified under Sec 139(4C) are required to file ITR, if income before giving effect to exemptions u/s 10 exceeds the maximum not chargeable to tax.

Applicable ITR forms for FY 2020-21

₹ 1199

Fill Form

₹ 1499

Fill Form

₹ 1999

Fill Form

To calculate the Net Tax Payable, firstly, you’ll have to compute Total Income that is taxable in your hands. Then calculate the amount of tax payable as per the rate applicable thereon, after deducting the amount of prepaid taxes in the form of TDS, TCS and Advance Tax.

Use the following link for making online payment: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Now for making online payment select the respective challan number, fill the details and make payment through net banking.

ADVANCE TAX

Generally, the tax on income crystallizes only on completion of the previous year. However, for ease of collection and regularity of flow of funds to the Government for its various activities, the Income-tax Act has laid down the provisions for payment of taxes in advance during the year of earning itself. It is called as ‘pay as you earn’ concept.

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:

a) In case of all the assessees (other than the eligible assessees as referred to in section 44AD) :

b) In case of eligible assessee as referred to in Section 44AD: Up to 100 per cent – On or before 15th March

Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year

FAQ

Most Frequent Questions And Answers

DO I NEED TO MAINTAIN ANY RECORDS OR PROOF OF EARNINGS?

For every source of income you have to maintain proof of earning and the records specified under the Income-tax Act. In case no such records are prescribed, you should maintain reasonable records with which you can support the claim of income.

FROM WHERE CAN I GET A RETURN FORM?

The return form can be downloaded from the site http://www.incometaxindia.gov.in
or http://incometaxindiaefiling.gov.in

CAN THE RETURN BE FILED AFTER THE ABOVE MENTIONED DUE DATES?

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return.
A belated return can be filed upto end of the assessment year or before completion of the assessment, whichever is earlier

FOR HOW LONG DO I REQUIRE KEEPING THE COPY OF RETURN?

Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period.
However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible.
Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income electronically