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IT Return Filings

Income Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

FAQ on IT Returns:

How do CA Assisted plan work?

  • We at Taxoservice would assist you in filing your IT Return.

Which form is applicable for whom?

  • Return FormDescription
    ITR-1 (SAHAJ)It is applicable to an individual having-

    1. Salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).

    2. Exempt income without ceiling limit (other than agricultural income exceeding 5000)

    ITR 2It is applicable to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession.
    ITR 2AIt is applicable to an individual or a Hindu Undivided Family having income from Salary, more than one House Property but does not have Capital Gain or PGBP.
    ITR 3It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
    ITR 4S (SUGAM)It is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
    ITR 4It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
    ITR 5It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
    ITR 6It is applicable to a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11).
    ITR 7It is applicable to a person including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
    ITR VIt is the acknowledgement of filing of return of income

What Are The Benefits Of Filing My Income Tax Return?

  • Many Individuals assume that filing of return is a harrowing experience. But nowadays an individual can file a return very easily and even faster. Filing of Income tax return helps an individual in many ways. It helps an individual to manage his financial affairs effectively. The benefits of filing of income tax return are as follow:
  1. Helps in availing any loan facility– Whenever an individual opts for a education loan or home loan or any personal loan Banks ask for 2-3 years of Income Tax Acknowledgement. This is possible only when a individual file his return timely.
  2. For Visa and immigration Processing – The ITR acknowledgement works as a proof of financial soundness of an individual. The ITR acknowledgement of last 2-3 years is required when an individual applies for VISA.
  3. For claiming Refund – Incase, an assessee has paid excess of TDS, to claim such excess return, assessee have to file its return.

What is the due date of filing the return?

  • ParticularsDue Date
    Assessees like Salaried Income, person having Income from House property, Interest Income, Business Income where accounts are not required to be audited31st July
    For such Corporate assessees which required to furnish a report u/s 92E of the Income Tax Act, 196130th November
    For all other Corporate assessees30th September
    For those Non-Corporate assessees (Like Partnership Firm, Proprietorship Firm) whose accounts are required to be audited under Income Tax Act, 1961 (Like 44AB turnover is more than 100 lacs in case of profession – section 44AB and Business where disclosed profit is less than 8% of the turnover – Section 44AD) or any other act for time being in force30th September
    For working Partners of Partnership Firm cover under serial no (3) above30th September

What if there is loss in any financial year?

  • The loss sustained shall be eligible for carry forward to subsequent years and set off against profit earned in subsequent years only if, a loss return is filed before due date.

What are the consequences if a return is not filed within due date?

  • Interest on tax due shall be paid. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of 5,000 shall be levied under section 271F.

Any provision to file return after due date?

  • There is an option to file Belated Return. It shall be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. It is to be noted that Belated Return can be filed but interest and penalty shall be levied.

What penalties are imposed if return is not filed at all if there is taxable income?

  • Interest and penalty is followed by prosecution if, tax not paid. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds 25,00,000 the punishment could be 6 months to 7 years).

Is there any provision to revise the return already filed?

  • Revision of return filed is possible if, original return is filed within due date and Department has not completed the assessment relevant to that year. Mistake shall be genuine and bona fide and shall not be any deliberate mistake.
    Note: Belated Return cannot be revised. Therefore, it is preferable to file return within due date.

What is Advance Tax?

  • If the income tax liability in any financial year is more than 10000 then, advance tax shall be paid in installments during the year itself.

What are the due dates of Advance Tax?

  • For assessees other than companies
Due Date of InstallmentAmount Payable
On or before 15th SeptemberNot less than 30% of the advance tax liability
On or before 15th DecemberNot less than 60% of the advance tax liability
On or before 15th March100% of the advance tax liability
  • For Companies
Due Date of InstallmentAmount Payable
On or before 15th JuneNot less than 15% of the advance tax liability
On or before 15th SeptemberNot less than 45% of the advance tax liability
On or before 15th DecemberNot less than 75% of the advance tax liability
On or before 15th March100% of the advance tax liability

What if advance tax is not paid within due date?

  • If advance tax is not paid or paid less the mandate amount then, interest shall be paid @ 1 per cent simple interest per month on the defaulted amount.

Is filing of return is mandatory even if income is below exemption limit?

  • If the income is below exemption limit then it is not mandatory to file the return but you may file the return as you cannot file the return for past years once the due date lapses. In addition, ITR is valid document for bank credit, housing loan etc.

What are the consequences of not filing of return or non-payment of tax?

  • It is mandatory to file your income tax return if your income is above the maximum exemption limit. Non-filing of income tax return attracts penalty of 5,000 and interest u/s 234A, 234B, and 234C accordingly. Further, if the original return not filed within the due date then an individual cannot file a revise return u/s 139(5) of the IT act. In addition, losses such as business loss, capital loss and loss in owning and maintenance of racehorse cannot be carried forward as per section 80 of the IT act.

Is filing of return is mandatory even if employer already deducted TDS from salary?

  • Mere deduction of TDS does not give you exemption from filing of IT return. Even if your employer has deducted TDS from your income, you must file your return. To claim the TDS amount, filing of IT return is mandatory.

What if tax deducted i.e., TDS is more than the actual tax liability?

  • Refund can be claimed only by filing the income tax return timely. The amount of refund will be deposited in the Bank Account provided by you while filing your return of income. The refund amount will be processed by IT department once the return is processed and 143(1) Intimation is received by you.

Is Digital Signature mandatory for filing return?

  • The e-filing portal has 2 options of filing the return with DSC and without DSC. If you opt for filing return without DSC then you must also physically submit the printed copy of ITRV Acknowledgment by speed Post or Normal Post to CPC Bangalore. But for certain entities/individuals, e-filing of return is mandatory with DSC:
  1. Companies need to e-file their returns using digital signatures
  2. Individuals/firms whose accounts are to be audited u/s 44 AB of the Income Tax Act 1961 e-file their returns using digital signature.

it return filing

IT Return Filings

*(CA Assisted filing)

File your IT Return within time with minimal cost.


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