Income Tax Filing

Income tax filing is a process of Computation of tax liability in form of a direct tax on total income earned during a financial year and filing the same using relevant Income Tax Return form (ITR Form). Not all people are liable to file Income tax returns, similarly not all people filing Income-tax returns are liable to pay tax. we will be assisting you with all your Income tax-related compliance. Get in touch with us today.

Our Income Tax Filing Packages Start From ₹6,999/- All-Inclusive

What is Income Tax Filing?

Income tax filing is mandatory compliance to a person including Individual, Partnership firms, LLP, Company, etc. to report their total income during a financial year and tax liability arising on the same. This eases the Government to collect the tax and incur more expenditure for the public welfare and also calculate the growth of the nation. This also benefits the taxpayer/person filing the return in various ways mentioned below.

Who is required to file an Income-tax return?

The provision of the Income-tax Act,1961, has made the following person mandatory to file Income-tax returns:
An individual, having total income exceeding the basic exemption limit (i.e., ₹ 2,50,000/) during a particular financial year
Hindu Undivided Family (HUFs)
Partnership firms and Limited Liability Partnerships (LLP)
Any Private or Public company (including the foreign company) doing business in India
A foreign company taking treaty benefit on a transaction in India
Association of Persons (AOP)
Body of Individual (BOI)
A non-resident having any income source from India
For assess, who wishes to claim a tax refund or carry forward losses under any head
Individual, being an Indian resident, holding an asset or any financial interest in an entity situated outside India
An Indian Resident, being a signing authority in a foreign account
Note: The basic exemption limit for an individual with age more than 60 years is Rs. 3,00,000/- and individual with age more than 80 years is Rs. 5,00,000/-

Advantages of Filing Income Tax Returns

Useful in Visa's quick processing as most embassies and consulates require a copy of your filed Income-tax return
To gain credibility for easy approval of Vehicle loan, housing loan, etc. from a bank or financial institution
Income-tax returns also serve as proof of your Income and Address
To avoid penalties to an individual, which can be levied by the Income-tax department up to ₹ 10,000/-
To claim an Income-tax refund in case of TDS deducted is more than your tax liability
The return must be filed within the due date to carry forward and set-off the losses in further years

ITR Forms

ITR form	Eligible assessee
ITR-1	A resident individual with ● total income up to Rs. 50 Lakhs &, ● having income such as salary, house property, income from other sources, agricultural income up to Rs. 5,000/-
ITR-2	Individual (Resident/Non-resident) or Hindu Undivided Family (HUF): ● having income more than Rs. 50 lakhs, ● being a Director in a Company, ● holding unlisted equity shares, ● having income from any source other than the business income, ● Income sources outside India or holding assets outside India.
ITR-3	An Individual, including a partner in a firm or Hindu Undivided Family (HUF): ● having income from a profession, ● having a Business income.
ITR-4	Individual, HUF, a partnership firm (other than LLP) being a resident having business/professional income being computed on a presumptive basis.
ITR-5	A person such as: ● Partnership Firms (other than presumptive income), ● Local authorities and artificial judicial persons, ● Body of Individuals (BOIs), ● Co-operative Societies, ● Limited Liability Partnerships (LLPs), ● Association of Persons (AOPs) ● Not filing ITR-7
ITR-6	Every company, except those claiming exemptions u/s. 11 of the Income Tax Act, 1961.
ITR-7	Persons including companies which are: ● Charitable or religious trust, ● A political party or scientific research association, ● News agency, ● Hospital, ● Trade union, ● University or college ● Other institutions, such as NGOs or other similar organizations.

Due dates for filing Income-tax return

The following are the due dates specified by the provision of the Income-tax Act. However, the due dates may be the same or extended every financial year, depending upon the income-tax department’s circular.

Type of Taxpayer (assess)	Due date
Individual	31^st July
Hindu Undivided Family (HUF)	31^st July
Body of Individual (BOI)	31^st July
Association of Persons (AOP)	31^st July
Businesses (liable for Tax audit)	30^th September
Businesses (liable for TP reporting)	30^th November

Advance Tax Compliance

Advance tax is nothing but tax paid in advance during the year in installment instead of paying in a lump sum after the end of the year. Tax liability calculated during the year are paid in proportions in advance based on estimated Income for the whole year.
Who is required to pay Advance tax?
Taxpayers, having total tax liability of Rs. 10,000/- or more during a financial year.

Due dates for Advance tax payments:

% of total tax payable in advance	Due date
15% of the total tax	On or before 15^th June
45% of the total tax	On or before 15^th September
75% of the total tax	On or before 15^th December
100% of the total tax	On or before 15^th March

The due date for taxpayer opting for a Presumptive taxation scheme for Business income

% of total tax payable in advance Due date

100% of the total tax On or before 15^th March
Exemptions from Advance tax provision:
An individual with age more than 60 years and does not have business income is exempt from Advance tax provision.
Punishment related to Advance tax: Non-payment or less payment of advance tax specified by law will attract interest liability under section 234B and 234C of the Income-tax Act, 1964.

Tax Audit & Its Applicability

A tax audit is examining accounts of business and profession carried by a taxpayer from an Income-tax perspective. Tax audit makes the income computation and tax calculation easier.

Business / Profession	Conditions for applicability of Tax audit
Business	If taxpayer’s total sale/turnover/gross receipts during the relevant financial year ▪ exceeding Rs. 1 Crore ▪ exceeding Rs. 5 Crore (in case if 95% receipts and payments of total receipts and payments are made through banking channel)
Business eligible for presumptive tax scheme u/s. 44AD, 44AE, AABB and 44BBB	A taxpayer claimed lower profits for his business than the profit computed under Section 44AD or 44AE or 44BB or 44BBB.
Profession	If a taxpayer’s turnover/gross receipts exceeds Rs. 50 lakhs during the relevant financial year.
Profession, eligible for presumptive tax scheme u/s. 44ADA	A taxpayer claiming lower profits for his profession than the profit computed under Section 44ADA

Penalty & Interest Related to Income Tax

Interest liability:
Filing late Income-tax returns beyond the due date attracts a simple interest of 1% p.m. under section 234A, starting from 1st day of next financial year (i.e., 1st April) till the date of filing the return.
Penalty
1. Further, a penalty of Rs. 5,000/- can also be levied section 234F, which may extend to ₹ 10,000/-
2. However, if the total income of a taxpayer does not exceed ₹ 5,00,000/- in such cases, the maximum penalty amount shall be ₹ 1,000/-

How will we help you?

We have a team of experts for computing your income and for filing the return.
Just click here to submit your request
Fill a simple checklist provided by our team members.
Submit the required documents intimated by our team based on your income structure
We will compute your tax liability and inform you the same.
Further, selecting the appropriate ITR form, your Income-tax return will be filed.
In case you have any queries or updates, a dedicated manager will be assigned to you for any communication or updates.