Income Tax Return

File your taxes on time and save the costs of penalties!

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Learn how to comply & avoid penalties

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Assessment of Your Financials
We will assess your financials statements based on submission of your trail balance and bank statement
Preparation of Financial statements
We will prepare your Balance sheet, Profit and Loss account and Cash Flow statement as applicable
Prepare Draft return for consultation
Based on financials draft return will be prepared and shared post which a consultation will be schedule and than we will file the return
Audit if required
Audit of Financials as per the Income Tax Requirement and Preparation 3CA and 3CB
Submission of Final Return
Submit it in Income tax department website and help do e-verification
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What is Income Tax Return?

Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form every year.

Why Income Tax return need to file?

Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
* Any total individual income is exceeding the exemption limit.

Advantages of Filling Income tax return


* Legal Requirement by Income Tax Act 1961 – for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return
* For firm & companies- even if no income return filing mandatory
* Claiming refund
* Carry-forward of losses
* Establishing income proof in compensation cases
* Helps the bank loan documentation process easier
* Credit Card Processing
* For a hassle-free visa application procedure
* Makes life easier for freelancers and Professional

Disadvantages of a Non Filling Income tax return


* Losses cannot be carried forward.
* Deductions under Chapter – VI A cannot be claim
* Interest under Section 234
* Loss on refund of Taxes (Financial loss)
* Best judgment assessment (Assessment under section 144):
* Penalty for Concealment of Income
* Prosecution for Failure to Furnish Return of Income u/s 276CC
*If you are required to file return as per IT act, not filling will result in penalty.

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Documents Required For Income Tax Return

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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Why Tax Filling Is Necessary

Compliance ensure no hassles

It is a law to file tax returns if your income is more than Rs.2,50,000 or if your annual electricity bill is Rs.1,00,000 or if you have taken up a foreign travel more than Rs.2,00,000 or owning of foreign asset or bank deposit more than Rs. 1.00Cr. Non filing of return in digital world can call for problem. There is penalty for not filling.

Process easiness

Multiple matters like seeking personal loan for car, home, education, or filling tenders becomes easier with filing of tax returns. Also it facilitate Visa processing in case of foreign travel. In case you are a professional, and act as vendor for any company, non filling will draw higher tax deduction

Claiming Tax refund.

It is almost certain that each individual has incidence of withholding tax in form of TDS on interest or dividend or some time on capital gain transactions. Even sometimes additional tax is held by employer or customers. The only way to get refund is filling of tax returns

Facilitate fund planning and Claim settlements .

Filling of IT returns encouraged many to start savings in various tax saving schemes which helped individual to create a fund base post retiral. Also for any life insurance claim settlement, ITR is very important.

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Frequently asked questions

What are the mode of filing ITR?

The return of income can be filed with the Income-tax Department in any of the following modes.
• By furnishing the return in a paper form.
• By furnishing the return electronically under digital signature, i.e., e-filing with digital signature.

Where to file the ITR?

Return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in

Is there any help desk for tax payers?

In case of queries on e-filing of return, the taxpayer can contact us at 8882101000

If I have paid excess tax, how will I get the refund?

Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised.

Can the return be filed after due date?

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 within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return.

What are the benefits of filing ITR?

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.

When is it mandatory to file return electronically with digital signature?

Filing of return with digital signature is mandatory for: (a) Every company; (b) A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (c) A Political Party its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]

How to know TAN of my deductor?

It can be found either on the Form 16/16A or in the 26AS tax credit statement available on https://www.tdscpc.gov.in/app/login.xhtml TRACES (TDS Reconciliation and Correction Enabling System) website.

How can I find my jurisdictional Assessing Officer?

click on Services>Know your Jurisdiction given on the home page of incometaxindiaefiling.gov.in or use the following link https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html to know your jurisdictional officer

Whether all salaried taxpayers can choose ITR-1 for filing income-tax returns?

No, all salaried taxpayers can’t choose ITR-1 for filing tax returns from Assessment Year 2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10 (e.g. HRA, Conveyance allowance, etc.) up to Rs 5,000 or less. So, if taxpayer is claiming any exemption under sec. 10 which exceeds Rs. 5,000, he cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules).

Is there any restriction on number of returns that can be filed using same email-ID or same mobile number?

Yes, only 10 returns can be filed using same email-id or same mobile number.

You won't have to worry about missing a tax deduction or wasting hours of time doing your taxes by hand!

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