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All You Need to Know

Income Tax Returns

An income tax return is where taxpayers declare their taxable incomes from all sources, eligible deductions, and any tax payments made. This process, known as ITR Filing Procedure, determines if you are entitled to an income tax refund if you’ve paid more taxes than required, or if you need to pay additional taxes if the reverse is true before filing. Instances where excess taxes were paid include TDS or Advance Tax payments. It’s essential to accurately report incomes and taxes in your Tax Returns for such cases.

Income tax return forms range from ITR 1 to ITR 7, tailored for different income types and entities, each with specific disclosure requirements. Filing ITR in India is entirely online and paperless, eliminating the need to submit physical returns at local income tax offices. All necessary documents must be submitted online. Income tax returns are filed for a specific Financial Year (April to March), irrespective of your adopted Accounting Year.

Why Choose My File Tax?

My File Tax stands out as a distinguished business platform, offering comprehensive services in incorporation, compliance, advisory, and management consultancy for clients across India and abroad. Our expertise ensures that filing online Income Tax Returns (IT Return filing) is not only effortless and seamless but also the most cost-effective and expedient option available. Beyond Income Tax returns, My File Tax facilitates the easy filing of GST Returns, TDS Returns, PF Returns, and ESI Returns, making us your trusted partner in all aspects of financial compliance and management. With our commitment to excellence and client satisfaction, we strive to exceed expectations and deliver tailored solutions for every business need.

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Below is a table showing the Due dates for Income Tax Return Filings and Audit Reports for different categories of taxpayers:

Category Taxpayer Due Date
Business (Not requiring Audit including LLPs and firms)
31/07/2024
Association of Persons (AOP)


Body of Individuals (BOI)


Individual


Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms)


The due date of furnishing Income Tax Return for FY 2021-22 (TP Cases)
31/07/2024 (not covered under Audit cases)


31/07/2024 (not covered under Audit cases)


31/07/2024


31/10/2024


31/11/2024

Due Date for furnishing of Audit Report

Category Taxpayer Due Date
Audit Report for the Previous Year 2023-24
30/09/2024
Audit Report for Transfer Pricing cases


Body of Individuals (BOI)
31/09/2024 (with ITR Filing/on or before the date of AGM)


30/11/2024

Choose Your Package

Charges for Income Tax return filing in India

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ESSENTIAL

₹ 1199/-
(All Inclusive)

Income Tax filing of 1 year of Salaried Individual
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ENHANCED

₹1999/-
(All Inclusive)

Income Tax filing of 1 year for non- audit assessee
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ULTIMATE

₹3499/-
(All Inclusive)

Income Tax filing of 1 year for audit assessee upto a turnover of Rs. 2 Cr
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Why You Should File Income Tax Returns

Points to make your decision easy

Taxable Income

If you have taxable income in India, submit ITR there. This applies to those with taxable income beyond INR 2.50 Lakh. Companies, LLPs, and partnerships must file ITR regardless of income.

Credibility

File an income tax return to boost your bank creditworthiness. Filing an ITR is a good idea even if you are not required to. The ITR proves your income. No other document accomplishes this.

Carry Forward Losses

You must file your return to carry forward company expenses and depreciation losses. This is available to anyone with taxable income. Losses can be deducted from taxable profits.

Financial Strength

A consistent ITR filing history shows financial health and regularity. This facilitates fast bank loans and visas. Thus, regular ITR filing is advised.

Tax Refunds

Filing a compliant IT return allows you to receive a refund if your TDS is larger than your tax. Without an ITR, you will not get refunds.

Avoiding Tax Notices

Many Act conditions allow you to be served legal notice if you have not filed your ITR. You can avoid these by filing your ITR correctly and on time.

Income Tax Return Documents

For Salaried Individuals

PAN
Form 16
Details of other Source of Income, if any
Donation receipts, if any
Bank Statement

For Businesses

PAN
Financial Documents
Audit Report, if applicable

Private limited, OPC, and LLP ITR Compliance

ITR compliance for Pvt Ltd Co.

Every Private Limited firm (excluding those exempt under section 11) must file Form ITR 6 to report income or loss. Companies must file Form ITR 7.

ITR Compliance for OPC

One person must submit Form ITR 6 for One Person Companies regardless of revenue or loss. One-person companies must file Form ITR 7 on time.

ITR compliance for an LLP

Every LLP must submit Form ITR 5 regardless of revenue or loss. ITR filing for Limited Liability Partnership (Audited/Non audited) for FY 2019-20 is due November 30, 2020.

How to File Income Tax Return

5 Easy Steps

Who Should File

All entrepreneurs under 60 must file income tax returns if total income exceeds Rs. 2.5 lakh. Income tax filing is required for owners over 60 but under 80 whose total income exceeds Rs.3 lakh. Proprietors above 80 must file income tax returns if their income exceeds Rs.5 lakh. Whether profitable or not, Partnership Firms, Companies, and LLPs must file ITR annually. Even without a transaction, a NIL ITR must be filed before the deadline

Tax Audit

Any firm with sales over Rs.1 crore or profession with gross receipts over Rs. 50 Lakh must undergo a tax audit. Tax Audit is sometimes required even if such limits have not been exceeded. Every September 30, tax-audited businesses must file ITR and Tax Audit Report. Company audits are required regardless of turnover. If LLP turnover or contribution exceeds Rs. 40 Lakh or Rs. 25 Lakh, audit is required.

Forms

Firms should file Form ITR-3 or ITR-4-Sugam for income tax. Partnership and LLP ITRs should be Form-5. Companies should file Income Tax Returns using Form ITR-6. For charitable trusts, file Form ITR-7. For Tax Audit, returns must be digitally signed. LLPs and companies must do it. Otherwise, you can use Aadhar or net banking for E-Verification. You can also sign and send the ITR-V (Ack) to CPC for processing.

FAQs On Income Tax Returns

You can check the status of your ITR on the Income Tax Department's e-filing website by logging in with your credentials and navigating to the 'View Returns/Forms' section.

E-verification is the process of verifying your ITR electronically using methods like Aadhaar OTP, net banking, bank account, or Demat account. It is a necessary step to complete the filing process.

If you receive an income tax notice, it is essential to respond within the stipulated time. The notice could be for various reasons such as discrepancies in the ITR, outstanding tax demands, or for verification purposes. Consult a tax professional if needed.

The required documents may include: Form 16/16A (TDS certificates) Form 26AS (tax credit statement) Bank statements Investment proofs Proofs of deductions (under sections 80C, 80D, etc.) Details of income from other sources (interest, rental income, etc.)

Yes, you can revise your ITR if you discover any omission or mistake. The revised return can be filed before the end of the assessment year or before the completion of the assessment, whichever is earlier.

Failure to file ITR on time can result in penalties, late fees, and interest on unpaid taxes. Additionally, taxpayers may lose out on certain tax benefits and exemptions.

Any individual or entity whose income exceeds the basic exemption limit, which varies based on age and residential status, must file an ITR. This includes salaried individuals, self-employed professionals, businesses, and entities such as firms, LLPs, and companies.

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