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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

itr

Who is required to file ITR?

SECTIONASSESSEE COVEREDCASES
139(1) 1. Company
2. Firm
3. Any other person
All cases
All cases
If the Total Income of an individual for a particular year
exceeds the exemption limit (maximum amount which is not chargeable to tax)
Fourth & Fifth Proviso to 139(1) A person,
- being a resident, other than not ordinarily resident in India
- who is not required to furnish return under 139(1)
(a) Who holds any asset (including financial interest in any entity) located outside India, as a beneficial owner; or has a signing authority in any account located outside India ,or
(b) or who is a beneficiary of any asset (including any
Sixth Proviso to 139(1) All assessees other than company or firm If total income before giving effect to Chapter VI A deductions and Sec 10(38) deductions exceeds the maximum amount not chargeable to tax
Advantages

ITR filing for some special entities:

Due dates of filing of Income tax return

S.No.Status of the TaxpayerDue date
1 Any company other than a company who is required to furnish a report in
Form No. 3CEB under section 92E (i.e. other than covered in 2 below)
September 30 of the assessment year
2 Any person (may be corporate/non-corporate) who is
required to furnish a report in Form No. 3CEB under section 92E
November 30 of the assessment year
3 Any person (other than a company) whose accounts are
to be audited under the Income-tax Law or under any other law
September 30 of the assessment year
4 A working partner of a firm whose accounts are required
to be audited under this Act or under any other law
September 30 of the assessment year
5 Any other assessee July 31 of the assessment year

Applicable ITR forms for FY 2020-21

ITR FormDESCRIPTION
ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries,
one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
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 presumptive income from Business & Profession
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) or 139(4E) or 139(4F)

PLAN A

1199
  •  

PLAN B

1499
  •  

PLAN C

  •  

PLAN D

1999
  •  
ParticularsPlan APlan BPlan CPlan D
For whom this plan is suitable Salaried Individual a. Salaried Individual with single or multiple Form 16 b. House property income c. Interest income from FDs etc. Salaried Individual a. Salaried Individual with single or multiple Form 16, and ESOPS also b. House property income c. Interest income from FDs etc. d. Person with Capital gains from Sale of property / Shares Business / Professional Income and maintaining books of accounts Presumptive Income
Step 1 Make the payment Make the payment Make the payment Make the payment
Step 2 Fill the detailed form and attached the documents, whereever specified Fill the detailed form and attached the documents, whereever specified Person will receive a mail for confirmation and we will ask for other docs via mail and a detailed discussion on call. Fill the detailed form and attached the documents, whereever specified
Step 3 Submit the form Submit the form We will send the client draft Computation of Income for confirmation Submit the form
Step 4 Person will receive a mail for confirmation and we will ask for other docs if required Person will receive a mail for confirmation and we will ask for other docs if required ITR will be filed after confirmation from client and will send ITR V on mail. Person will receive a mail for confirmation and we will ask for other docs if required
Step 5 We will send the client draft Computation of Income for confirmation We will send the client draft Computation of Income for confirmation We will send the client draft Computation of Income for confirmation
Step 6 ITR will be filed after confirmation from client and will send ITR V on mail. ITR will be filed after confirmation from client and will send ITR V on mail. ITR will be filed after confirmation from client and will send ITR V on mail.
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PAYMENT OF TAXES

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) :

 

Up to 15 per cent On or before 15th June
Up to 45 per cent On or before 15th September
Up to 75 per cent On or before 15th December
Up to 100 per cent On or before 15th March

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
faq

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.

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

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

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