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Income Tax Return

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Income Tax Return

Income Tax Return (ITR) is a statement which a person needs to be submitting to Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e., starting on 1st April and ending on 31st March of the next year. Income can be of various source such as:

  • Income from salary
  • Profits and gains from business and profession
  • Income from house property
  • Income from capital gains
  • Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.

The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.

Enquiry Form

Documents Required

  • PAN card of the applicant
  • Bank Statement
  • Form 16
  • Other documents as asked by our CA
ITR-Plans Starting From Only 799/-
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Advantages Of Income Tax Return

Easy Loan Approval

ITR provide a significant strength to CIBIL score of a person or entity, which improve the percentage of getting a loan approval.

Easy VISA Approval

We have covered each & everything in our Docs including Videos & Screenshots.

Income Tax Refund

The person who has the excess tax paid/deducted can get the refund through ITR filing.

Income Proof

Filed ITR is a valid proof of income of any person until unless it is challenged by an assessing officer.

Carry Forward Losses

If ITR is filed with in the due date a person can carry forward losses to subsequent years to set-off these losses against the income of subsequent years which ultimately reduces the tax burden.

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Plan ASalary or House Rent Income
starting from
Rs.799
  • Income from Salary
  • Interest Income
  • Income from House Property
  • Withdrawal from PF & Bank Deposits
  • Donations
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Plan BCapital Gains Income
starting from
Rs.2000
  • Everything in Plan A
  • Capital Gains from sale of House Property
  • Capital Gains from sale of House Property, Shares, Mutual funds
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Plan CSalary or House Rent Income
starting from
Rs.6500
  • Income from Business having upto 200 transactions
  • Preparation of, P&L and Balance Sheet
  • Also covers salary, other incomes and capital gains
  • Audit fee and Digital Signature is not included
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Plan DFor Professionals and Freelancers
starting from
Rs. 2500
  • Income for professionals (like Freelancers, Doctors) & small businesses (Applicable Annual Turnover < Rs. 50 Lacs for Professionals)
  • Also covers salary, other incomes and capital gains
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Plan EFor Professionals and Freelancers
starting from
Rs. 6500
  • Income from Business having upto 200 transactions
  • Interest Income
  • Income from House Property
  • Withdrawal from PF & Bank Deposits
  • Donations
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FAQ's

Frequently Asked Questions

It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.

Follow the steps below to register yourself:

a) Visit www.incometaxindia.gov.in.

b) Select the user type

c) Enter your required details

d) Fill the mandotry details:

e) You will be required to verify your registration to complete the process.

ITR return forms are not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income. However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
As per income tax laws, ITR must be mandatorily filed if a resident individual’s total income during the financial year exceeds the basic exemption limit.
The rates of Income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year.
An individual taxpayer, who is resident of India for income tax purpose, is entitled to claim tax rebate up to Rs. 12,500 against his tax liability if your income does not exceed ₹5 lakh.
W.e.f. Assessment year 2019-20, the standard deduction is allowed while computing income chargeable under the head salaries. It is available to all class of employees irrespective of the nature of employer. The Finance Act, 2019 has increased the maximum amount of standard deduction from Rs. 40,000 to Rs. 50,000.
Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Taxpayers.
Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department.
Yes, even if you don’t have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR).

A penalty may be imposed u/s 271F and interest will be charged at the rate of 1% per month on your tax liability. Other consequences may also be there as per Income Tax Act, 1961.

The last step in filing your income tax return (ITR) is to verify it.

a) Generating EVC via Net-banking
b) Generating EVC via bank account
c) Verifying tax-returns through demat account
d) Generating EVC through your bank ATM
e) Sending signed ITR-V/Acknowledgement receipt 

Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax.The form also shows details of sale/purchase of immovable property, mutual funds, cash deposits or withdrawal from savings account etc. 

Blogs

Read our blogs which have been written by experts to clear your doubts and questions regarding compliance. 

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