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At Compliance Calendar LLP, Chartered Accountants are qualified to resolve any query related to ITR filing, notice, capital gains, dividend, tax refund, tax audit applicability, tax savings, property tax, foreign income, provident fund, pension and any other query related to Income tax. For any query or problem, you may have, our experts who will assess your case and advise you for your tax return issues.
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Income Tax Return is nothing but a prescribed form through which the particulars of income earned by a person in a financial year and tax payable on such income is communicated to the Income tax department after the end of the relevant financial year.
The forms used to file details of income taxes payable and Paid with Government are known as Income Tax Returns. Income tax return forms are provided for different assessesee by the IT department. It is also a complete online procedure where you need not submit any physical form to the department.
The Central Board of Direct Taxes (CBDT) has made it mandatory to file Income Tax Returns for persons whose basic exemption limit has crossed and for them, there are prescribed form of ITR through which the particulars of income earned by an employed person in a financial year and taxes paid or payable on such income is communicated to the Income tax department after the end of the relevant financial year.
Online Tax returns are set up in an excel worksheet & Java Formats, where the income figures are used to calculate the tax liability of persons. Tax returns are to filed every year by an individual or business assessesee that received taxable income during the year, whether through regular income, interest, dividends, capital gains, or other profits. Even if you paid extra tax, we are here to help you to get the refund from the Income tax department. Let our team of Chartered Accountants help you in filing your Tax Returns.
For filing Income Tax returns, we need from you the accurate information on income, deduction and TDS paid. Here is a checklist of what we need for e-Filing your Income Tax returns:
Below are the Steps for e-Filing of Income Tax Return for Salaried Persons:
You must have heard or seen many advertisements which encourages the person to file the income tax return with the department. But wait, what is the benefit of filing the same. Well, here are the answer which will enlighten your knowledge and encourage you to file your income tax return with the department. Some of them are given below:
Apart from these common benefits, CCL would like to bring your attention to some extraordinary and essential features of filing ITR:
An ITR is a form through which taxpayers declare their income, expenses, deductions and tax payments to the department. This procedure is called as income tax return filing. If you've paid more taxes or extra TDS gets deducted than needed, the department will refund the extra money to your bank account with the filing of your ITR only. If you have paid less tax for the year, you have to pay the taxes and then can file your return. Tax form ranges from ITR 1 to ITR 7, which are used for different types of incomes and for different persons. Each form demands different information, some forms require more info and some need less and some need additional information such as a complete balance sheet and profit and loss statement also.
Many of us think that filing of Income tax returns is optional and therefore do not file it regularly and find it unnecessary and burdensome. You have to file it once a year only and it is your moral and social duty to file it regularly.
Moreover, being an Indian Citizen, whether you are a resident Indian or an NRI, filing income tax returns are compulsory, if your total income earned in India exceeds Rs 2.5 lakh in one Financial Year.
And even if your income is less, it will be a good practice to file your income tax return regularly. To avail any type of loan, or if you are planning to go abroad for higher studies or about to take a job outside India, Income Tax Return is most important document as it shows your capacity to repay a loan or your financial health, which shows that you can support yourself on your own in their country. Detailed benefits of filing of ITR are given in CCL’s “Features & Benefits of filing ITR” tab.
Under the Income tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income are as follows:
|Return Form||Brief Description|
|ITR - 1||Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income referred in section 115BBDA or income referred in section 115BBE).|
|ITR - 2||It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”|
|ITR - 3||It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession.|
|ITR - 4||Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who has opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.|
|ITR - 5||This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)|
|ITR - 6||It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).|
|ITR - 7||It is applicable to a person including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).|
You can file your income tax returns online, by your own on the income tax department's website or in easy way with us. Income Tax filing is made easy on http://www.compliancecalendar.in
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Yes, deducting TDS is not enough. Filing a return is a different thing. You file your return to declare that you've paid all the taxes due upon you.
Yes, of-course you can file your Income tax return on CCL without Form 16 also. In that case, you just need your pay slips for the given financial year.
There are total seven forms - ITR 1, 2, 3, 4, 5, 6 and 7 for different types of persons or nature of incomes. Literally speaking, choosing the correct form of return is a painful work. That is why we are here to help you decide correct form of return for you on the basis of your status and nature of income.
You can pay tax to the government directly on the Income Tax Department website using your Net-banking details with Challan 280. We will assist you step-by-step, if you are unable to process on your own.
If calculated tax shows fewer amounts than the deducted TDS then the tax deducted in excess can be claimed as refund by filing your ITR only. It will be directly paid to you in your bank account through ECS transfer. And with us at CCL talking to the Chartered Accountant, you can check status of your refund without any hassles
If you have occurred losses in a particular financial year, then you can carry forward it to next financial years and can adjust it against subsequent year’s positive income. But in your case, you must file your return before the due date only. This is really a golden opportunity to claim such loss by filing your return within due date and save taxes in subsequent year’s positive income by adjusting claimed loss against such income. But this loss can be carried forward only if you have filed your return before the due date specified by department.
Yes, someone else can file your ITR on your behalf. But it will be a good practice to not allow any random unprofessional person to have access to your PAN and password in order to prevent any kind of fraud. With CCL, you get an experienced Chartered Accountant to calculate your income and your tax liability and e-file your return on your behalf with highest standards of security.
As we said earlier, filing of income tax return is compulsory if your total income earned in India exceeds Rs 2.5 lakh in any Financial Year. And even if your income is less, it will be a good practice to file your income tax return regularly. To avail any type of loan, or if you are planning to go abroad for higher studies or about to take a job outside India, Income Tax Return is most important document as it shows your capacity to repay a loan or your financial health, which shows that you can support yourself on your own in their country. Detailed benefits of filing of ITR are given in CCL’s “Features & Benefits of filing ITR” tab.
Since you have a sole proprietorship firm having income from business. Therefore, you can claim all your business expenses and losses by filing ITR 3. You may also choose presumptive scheme of tax where you can offer only 6 or 8% of your business turnover as your taxable income by filing ITR4.
At the time of filing our return, we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our return at the last minute. These could include mentioning the wrong bank account number, forgetting to declare any income or claiming any wrong deductions. However, do not worry if you have made any mistakes as the income tax laws allow you to correct it by filing revised return for any number of times. Income Tax Law states that if someone after filing their return discovers any mistake or wrong statement, then he can furnish a revised return within the stipulated time as mentioned in law. Our Chartered Accountant can help you in this. Get in touch with us.
There are some deductions allowed under the Income Tax Act, 1961 which help you reduce your taxable income. You can avail the deductions only if you have made tax-saving investments or incurred eligible expenses during a financial year. There are a number of deductions available under various sections that will bring down your taxable income. The most popular one is section 80C of Chapter VIA. The only cut-off date to get deduction is to declare it while filing ITR i.e. ITR filing date. You cannot claim it as a deduction after filing ITR.
Last date for linking of PAN with Aadhar is being extended continously and as per apex court rulings an individual can still be able to file his/her income tax return only they have to furnish his/her Aadhar number or the enrolment ID while filing Income Tax returns.
The last step in filing your ITR is to verify it. If you do not verify your tax return, then it will not be considered valid in income tax laws. Once you have filed your ITR on the e-filing website, you get 120 days to verify your return. There are 5 ways to verify your ITR. Out of these, four are electronic methods and one is a physical method. These methods can be used only if you are filing tax returns which are not required to be audited. However, if you are filing your tax returns required to be audited, then you have to verify it using the 'Digital Signature Certificate’.
There are the five ways you can verify your ITR:
There are many benefits of filing the Income Tax Return. But the consequences of Non-Filing of the Income Tax Return includes Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment (Assessment under section 144), Non-Claims of Refund of Taxes, Penalty for Concealment of Income and Prosecution for Failure to Furnish Return of Income. Hence, it is advisable that you file your Income Tax Return in due time.