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. 

income tax filing

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. 

Table Of Contents

Who is required to file an Income-tax return?

Advantages of Filing Income Tax Returns

5 Benefits Of Filing ITR On Time

ITR Forms

ITR formEligible 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-4Individual, 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-6Every 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 31st July
Hindu Undivided Family (HUF) 31st July
Body of Individual (BOI) 31st July
Association of Persons (AOP) 31st July
Businesses (liable for Tax audit) 30th September
Businesses (liable for TP reporting) 30th November

Advance Tax Compliance

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 44BBBA taxpayer claimed lower profits for his business than the profit computed under Section 44AD or 44AE or 44BB or 44BBB.
ProfessionIf a taxpayer’s turnover/gross receipts exceeds Rs. 50 lakhs during the relevant financial year.
Profession, eligible for presumptive tax scheme u/s. 44ADAA taxpayer claiming lower profits for his profession than the profit computed under Section 44ADA

 

Penalty & Interest Related to Income Tax

How will we help you?

Still have doubts?

Please speak to our experts who shall solve all your doubts.

Call us @+91 7738066334  or Mail us at info@indiacompanyincorporation.com 

Company Formation In India Is Easy.
We Can Help To Build Your Business At Every Stage.

Let’s get you started