INDIVIDUAL INCOME TAX RETURNS

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INDIVIDUAL INCOME TAX RETURNS

INDIVIDUAL INCOME TAX RETURNS

Income Tax Return is the form in which the person provides information about his Income and tax thereon to Income Tax Department. Various income tax return forms prescribed by income tax department for “Individual” are ITR 1, ITR 2, ITR 3 and ITR 4 .These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of individuals depending on their nature of income. It is imperative to know which particular form is appropriate in each case since income tax department process only those forms which are applicable to those assesses.

Benefits of Filing ITR

Use as address proof: ITR receipt sent to your registered address can be used as residential proof.
Easy bank loan documentation process: Income tax return makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan etc.
Compensation of losses in the next financial year: Without ITR filing, you cannot compensate your losses of previous financial year in next financial year.
Save extra interest or penalty: If you don’t file ITR, it could lead to extra interest or penalty prescribed under the income tax act.
Tax Refund: If you have paid excess tax on your income, then you can file for a refund from the income tax department. In order to get this refund, it is mandatory that you file ITR.

How we work

1. Just Fill our simple Form
Click HERE. You are required to fill all your details in questionnaire form.
2. Get a Call from us
Our Authorized representative will call you after receiving your request and will inform you about procedure and required documents
3. Submission of Documents
You are supposed to submit all the required documents and we will file income tax return with the Income Tax Department on your behalf
4. Congratulations
Your Income Tax return along with acknowledgment will be provided to you via email and courier.

Frequently Asked Questions

What is considered as salary income?

Section 17 of the Income-tax Act defines the term ‘salary’. However in simple words, whatever is received by an employee from an employer in cash, kind or as a facility is considered as salary.

Can a return be filed after the due date?

Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
(i) at any time before the end of the relevant assessment year
Or
(ii) before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F.
As per section 234F, late filing fees of Rs. 5000 shall be payable if return furnished after due date specified under section 139(1) but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs. 1000 if the total income of the person does not exceed Rs. 5lakhs.

Will I be put to any disadvantage by filing my return?

No, on the contrary by not filing your return in spite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.

Is the residential status of a person relevant for determining the taxability of the income in his hands?

Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands.
Taxability of any income in the hands of a person depends on the following two aspects:

Residential status of the person as per the Income-tax Law
Nature of income earned by him.

Hence, residential status plays an important role in determining the taxability of the income

What are the different classes of residential status prescribed under the Income-tax Law for an individual?

For the purpose of Income-tax Law, an individual can have any one of the following residential status:

Resident and ordinarily resident in India (also known as resident)
Resident but not ordinarily resident in India
Non-resident

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law prescribed in this regard and hence it may be happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become non-resident or resident but not ordinarily resident and again in the next year his status may change or may remain same.

INDIVIDUAL INCOME TAX RETURNS