All you need to know

An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure. If you have paid more taxes than “payable”, you are entitled to Income tax refund. If the reverse is the case, you should pay remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns. . Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements. Filing ITR in India is completely online and paperless. There is no need for you to submit physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.

Income Tax Returns

Filing of Income Tax return is necessary if you have earned any income. File your ITR with The Taxperts at .

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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, you must file your ITR in India. This is applicable for an individual if his/her taxable income exceeds INR 2.50 Lakh. In case you are a Company. LLP or Partnership Firm, it is mandatory for you to file ITR irrespective of your income or loss.

Credibility

Filing Income tax Return enhances your credibility and your credit availing capacity from the bank perspective. Even if you are not liable for ITR filing for any reason, it is a good practice to file the same. Your ITR serves as a proof of your Income. No other document does this job.

Carry Forward Losses

If you have incurred any losses in your business on account of expenses or depreciation, you must file your return in order to carry forward those. The benefit of this can be availed once you have taxable income. Such losses, then, can be set off against taxable profits.

Financial Strength

A good track record of regular ITR Filing shows your financial strength and is indicative of your regularity. This helps you to obtain quick bank loans and also visa. Hence, it is advisable to file ITR on regular basis.

Tax Refunds

For any reason, if your TDS has been deducted and the same is higher than your actual tax payable, such a claim of refund can only be done by filing a correct IT return in time. You won’t get your refunds if you don’t file your ITR.

Avoiding Tax Notices

There are many criteria defined under the Act, in which you may be served legal notice if you have not filed your ITR. Filing your ITR correctly and in time can ensure that you don’t have to face any of these.

Documents Required for Income Tax Returns

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

ITR Compliance for Private Limited company, OPC & LLP

ITR compliance for Pvt Ltd Co.

It is mandatory for every Private Limited company (other than the companies claiming exemption under section 11) to file the return of income irrespective of amount of income or loss in Form ITR 6 Also, Companies are required to file Form ITR 7.

ITR Compliance for OPC

In case of One person Company, one person is required to file the return of income irrespective of amount of income or loss made by One Person Company in Form ITR 6 Also, one person companies are required to file ITR in Form ITR 7.

ITR compliance for an LLP

It is mandatory for every Limited Liability Partnership (LLP) to file the return of income irrespective of amount of income or loss in Form ITR 5.

FAQs On Income Tax Returns

Get answers to all your queries

I do not have Form 16? How do I file my return?

You need not worry about the same. You may still file your return. Please get in touch with us and we will do the rest.File your ITR online with The Taxperts at affordable prices

Where should the books of accounts of business be kept and for how long?

All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of eight financial years.

What is the purpose of Form 26 AS?

Form 26 AS is consolidated tax statement (Form 26AS) is used as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return.

What is ITR-V?

ITR-V is a 1-page acknowledgment summary document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return as a verification. However, you may also E-verify using Aadhar or net banking. If you have filed using your DSC, none of the verifications will be required.

What documents do I need to attach to an Income tax return?

Income tax returns are completely paperless filing procedures now. You need not submit any physical or scan copies along with your returns. However, you should retain these documents so that you can produce those when demanded by tax authorities.

Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?

Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the department by way of filing of a return. Only then does the government acquire rights over the prepaid taxes as its own revenue. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract a levy of penalty.

Is it mandatory to file a return after getting my PAN Card?

No. Return is to be filed only if you have taxable income.

If I have committed any mistake in my original return am I permitted to file a revised return to correct the mistake?

Yes, you don’t have to worry about the same. Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Get in touch with us to quickly file a revised return.

Which Cities do you provide your services?

The Taxperts.in provides Income Tax Return service all across India. You can obtain Income Tax Return in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.

Still Confused?

Our expert will help you in choosing the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at enquiry@thetaxperts.in or call us on +91 9665937295.