Income Tax Returns
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Income Tax Returns
An income tax is a tax imposed on individuals or entities for income or profits earned.
Who needs to file an Income Tax Return?
Everyone in India, whose total income is greater than the income slabs set by the government of India, Like:
- An Individual
- A Company/ Firm
- A Local Authority
- A Hindu Undivided Family (HUF)
- An Association of Persons (AOP) or a Body of Individuals (BOI)
- Artificial Juridical Persons
File you income tax return with Legal Brother’s help like many other businesses from pan India locations. You may contact us for filing an Income Tax return in Delhi, Mumbai, Bangalore, Kolkata, Kanpur, Bareilly, Lucknow, Kanpur, Ghaziabad, Ludhiana, Faridabad, Meerut, Varanasi, Srinagar, Amritsar, Allahabad, Chandigarh, Bareilly, Moradabad, Gurgaon, Aligarh, Jalandhar or any other cities in India.
What is an Income Tax Return?
An Income Tax Return is a statement of income earned to effectively calculate the tax liability on an entity and check the payment/refund of taxes. Hence, clearly the idea of filing an income tax return is to to report an entity’s income and taxes paid accordingly to the government.
What are the due dates for filing IT return?
- July 31: For individuals and firms who are not liable to audit.
- September 30: For companies and others. who are liable to audit.
- March 31: Belated returns for individuals and companies.
The types of ITR?
- ITR 1
This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.
- ITR 2
This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.
- ITR 3
This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).
- ITR 4
This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme
- ITR 5
This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP)
- ITR 6
This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company
Why Needed: Reasons & Benefits
The Features and benefits of Income tax returns are:
Avoid Penalty up to INR 10,000/-
This year, the government has introduced a new section in the Income Tax Act-1961, i.e.
Avoid Tax Notice of non-filing of ITR
In case you fail to duly file your Income Tax Return, you may get a tax notice from the Income Tax department
TDS Refund Back
If your client or employer deduct your TDS while making payment, it might be that you’re eligible for Tax Refund.
Avail Loans easily
Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan.
- Entity Name
- Date of Incorporation
- PAN of the Company
- Registered Office Address
- Annual Income Details
- Financial Reports for this year filing (If accounting is done from your end)
- Previous IT filing details (Financial Statements)
- User ID & password for https://incometaxindiaefiling.gov.in site, if any
Frequently Asked Question
What is Income Tax?
Who is liable to pay Income tax?
A Company/ Firm
A Local Authority
A Hindu Undivided Family (HUF)
An Association of Persons (AOP) or a Body of Individuals (BOI)
Artificial Juridical Persons
How do I need to pay income taxes to the government of India?
What is Income tax Return?
Who is exempted from filing an Income Tax Return?
An individual less than age 60 earning Rs.. 2,50,000/-
An individual ages between 60-80 years earning Rs.. 3,00,000/-;
An individual more than age 80 earning Rs.. 5,00,000/- .
Am I required to file Income Tax Return, if not than who is?
Your taxable income is greater than exempted in the slabs notified in Finance Act for that Year.
You are registered as a firm, company, LLP etc. regardless of the income and losses during the financial year.
You wish to carry forward losses to next financial year.
You are willing to claim the tax refunds like TDS.
You are an Indian resident who is holding Foreign Asset such as Immovable property, Bank account, etc.
You are an Indian resident and a signing authority in a foreign bank account
Which Income Tax Return form should I file to pay income tax return?
In case of an Individuals and Hindu Undivided family: ITR-1, ITR-2, ITR-3, and ITR-4
In case of a company: ITR-6, ITR-7
Entities other than Individuals and Company: ITR-5
Which income tax return form should I file being an individual?
ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.
ITR 2: Salaried individuals and Hindu undivided family having income from business or profession from a Partnership Firm.
ITR 3: An individual/Hindu Undivided Family having income from business or profession from a Proprietorship Firm.
ITR 4: An individual/Hindu Undivided Family opting for Presumptive Taxation Scheme.
Who all need to file IT return using ITR-1?
Who needs to file IT return in ITR-2?
Earning Income from items listed in ITR 1worth more than Rs.. 50 Lakhs.
Earning Income from capital gains.
Earning Foreign Income.
Earning an Agricultural Income more than Rs.. 5000/-.
Earning an Income from a partnership Firm.
Who needs to file IT return in ITR-3?
Earning Income from items listed in ITR 2.
Earning Income from Proprietorship Firm.
Who needs to file IT return in ITR-4?
A Business with Deemed Profit of 8% or 6% as paper the Section 44AD
A Profession with Deemed Profit of 50% as paper the Section 44ADA
A Transportation business with Deemed Profit of Rs.. 7500/vehicle paper month as paper the Section 44AE
Who needs to file IT return in ITR-5?
Limited Liability Partnerships
Association of Person
Body of Individuals
Artificial Juridical Persons
Local Authority or Co-operative Society
What is Form 26AS?
What are the benefits of income tax returns and filing an ITR?
Can I file my income tax return without having a PAN (Permanent Account Number)?
When is Form 26AS is needed and important for IT return?
Where can I see or check my Form 26AS?
Is Income tax return filing mandatory even if I have already paid all the taxes?
What are the due dates for filing income tax return of a company, working partner, individuals or HUF?
September 30: For companies and others who are liable to audit.
March 31: Belated returns for individuals and companies.