Step 1

Prepare the necessary paperwork, look through the TDS, and download Form 26 AS.

Step 2

Prior to calculating the total income subject to tax and the amount of tax due, make sure to check for any inaccuracies in order to claim a credit for taxes already paid.

Step 3

File the income tax return when all the taxes have been paid. Before processing the ITR, the department must validate it and then provide an acknowledgment.

Overview

The term "income tax return filing" refers to the submission of an ITR form by a person to the Indian Revenue Department. The data on this form pertains to the person's earnings and tax obligations. The Income Tax Act of 1961 governs ITR filing.

 

who is required to file Income Tax Return?

  • Individuals - Required for those who exceed the prescribed limit of Income.
  • Sole Proprietors
  • Companies
  • LLP, Partnership Firms (The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, Income, profit, or loss.)
  • Individuals earning Income from mutual funds, bonds, stocks, fixed deposits, Income from interest, house property, etc.
  • Individuals obtaining Income from property under charitable trusts, religious trusts, or Income from voluntary contributions and those who want to claim tax refunds.
  • Salaried persons whose gross Income before deductions under sections 80C to 80U exceeds the exemption limit.
  • All individuals with foreign income and assets, NRI, and technology professionals on onsite projects.

List of Documents required for Income return filing

  • Copy of PAN & Adhaar
  • Address proof
  • Bank account details
  • Additional disclosures regarding income from payroll & fixed deposits
  • Data required for claiming deduction
  • Data required regarding TDS return filing and advance tax payments
  • Investment proof
  • TDS certificate in Form 16
  • Interest income certificate in Form 16A
  • Form 26AS

Penalties for not filing Income Tax Returns

  • A demand notice for tax payment is provided to the taxpayer in accordance with section 156.
  • The amount determined should be paid within 30 days of the notice at the place and to the person specified in the notice.
  • If the taxpayer defaults on the payment of tax due, he will be treated as an assessee in failure.
  • The taxpayer is given a fair opportunity to be heard before the penalty is assessed.

Why choose Kaspi Services?

Kaspi Services is one of the best platforms, which aims to meet all of your legal and financial needs and link you to specialists. Indeed, our clients are happy with our legal service; they have constantly held us in high esteem and given us regular updates due to our focus on making legal obligations simple.

Using our platform, our customers can always keep tabs on the development. Our knowledgeable staff is available by phone if you have any queries regarding ITR return filing. Your seamless contact with specialists will be made possible through Kaspi Services.

  • Select a plan for Expert Assistance.
  • Add inquiries regarding ITR Return Filing.
  • Provide documents to Kaspi Services Experts.
  • Preparation of application for ITR Return Filing + satisfying all requirements for preliminary screening admission.
  • Completion of procedural actions
  • Get your ITR FIling in the comfort of your home!

To begin the procedure, you would need to provide the basic information. After receiving the money and the necessary information, the Attorney will start working on your request.

FAQs about ITR Filing

What is form 16?

Form 16 is a certificate (issued under section 203 of the Income Tax deducted at source (TDS) by the employer and submitted by them to the Income Tax Department (IT Department)

How will it be refunded to me if I have paid excess tax?

The excess tax can be claimed as a refund by completing your income tax return. It will be refunded to your bank account by 'ECS transfer'. It is critical to ensure that no errors occur while evaluating bank data such as 'account number' and 'IFSC code' in the ITR form.

Whether 'NIL ITR' is necessary to be filed?

Even if their total revenue or tax owed is NIL, all companies and business organizations must submit ITR. When an individual's revenue exceeds the basic exclusion level, it is advisable to file an ITR to prevent an inquiry by the 'Income Tax Department'. Furthermore, if your tax liabilities are zero and you have already submitted the ITR, it is required to be filed.

Is it needed to file a return if there is a visible loss in business income?

Absolutely, completing ITR in the event of a loss would be in your business itself. Using online ITR filing, you can shift the damages/losses to a specified predicted financial year to offset losses against future earnings.

Who should file an Income Tax Return?
  • Individuals (Indian residents & NRI's) – Necessary for those whose income is exceeding the prescribed limit.
  • Sole proprietors
  • Companies
  • LLPs and Partnership Firms
  • The ITR filing is compulsory for 'Partnerships Firms ', 'Sole Proprietorship Firms ', 'Companies', and 'LLPs' irrespective of their turnover, income, profit, or loss.
Is it possible to Submit ITR once the last date of filing is left?

If you fail to file your return on a set date, you must file it within a certain amount of time. Nevertheless, with a late filing charge and reduced interest, the late arrival can be filed before the end of the Assessment Year for the relevant financial year.