Description

ITR Filing

Income upto ₹ 5 Lakh

₹ 200/- (inclusive all)

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
  • Computation of payable Income Tax
  • Online filing of income tax return
  • Sharing ITR Acknowledgment

Income upto ₹ 20 Lakh

₹ 500/- (inclusive all)

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
  • Computation of payable Income Tax
  • Online filing of income tax return
  • Sharing ITR Acknowledgment

Income above ₹ 20 Lakh

₹ 1,000/- (inclusive all)

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
  • Computation of payable Income Tax
  • Online filing of income tax return
  • Sharing ITR Acknowledgment

Documents Requirements

  • PAN Card

PAN Card of the taxpayer

In case of company or firm, PAN card of all directors or partners is required

  • Aadhar Card

Aadhar Card of the taxpayer

In case of company or firm, Aadhar card of all directors or partners is required

  • Form 16

The salaried person should provide the TDS Certificate, known as Form 16

  • Bank Account Statement

The statement for concerned Financial Year is required to assess other incomes

  • Financial Statements

For business entities, except proprietorship, financial statements are required

  • Investment/ expenses u/s 80

Details about the investments made or expenditure u/s 80 must be provided

  • Cancelled Cheque

Cancelled cheque of the taxpayer’s bank account is required

Procedure

Day 1 – Collection

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents

Day 2 – Execution

  • Computation of payable Income Tax

Day 3 – Submission & Acknowledgement

  • Online filing of income tax return
  • Sharing ITR Acknowledgment

Knowledge Portal 

What is Income Tax Return?

Pvt Ltd Co. is a popular option to start a business in India by startups and businesses with higher growth aspirations. Pvt Ltd company is incorporated under the Companies Act of 2013, and governed by the Ministry of Corporate Affairs (MCA). It is a registered corporate structure, that provides business a separate legal identity from its owners. Hence, providing key advantages like the ability to contract in its own name, and safeguard personal assets of the owners from business liabilities.

Advantages of Income Tax Return Filing

1.Define financial worth

The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.

2.Loan Processing and high risk cover

The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.

3.Claim refund of TDS paid from salary

Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.

4.Allows carry forward of losses

Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.

Frequently Asked Questions

1.Whether NIL ITR is mandatory to be filed?

All the business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

2.What are the due dates for IT return online filing?

The due dates for filing ITR online are mentioned below – let’s take an e.g. of  (F.Y. 2018 – 19 & A.Y. 2019 – 20)

Up to 31st July of next year (31st July, 2020) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)

Up to 30th September of next year (30th September, 2020) – Companies including other entities on which Audit provisions are applicable

3.Do I need to file return if there is a loss in my business income?

Yes, filing ITR in case of loss would be in your interest itself. With online ITR filing, you can carry forward the losses to a certain upcoming financial year to set off losses against the future profits.

4.Whether payment of tax is made while IT return filing?

No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.

5.Can I file ITR once the last date of filing is gone?

In case you fail to file the return on a due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2019-20, belated returns can be filed till 31st March, 2021.

6.What is the penalty for a delay in filing ITR?

Late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:

  1. For return filed after due date but till December – late filing fees of ₹ 5,000 will be charged
  2. For return filed after 31st December – late filing fees of ₹10,000 will be charged

However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.

7.Is it possible to revise the Income Tax return even after the acknowledgement is generated?

To revise the filed ITR, the deadline is 1 year from the end of the next financial year. Therefore, in the case of F.Y. 2019-20, the last date of filing would be 31st March, 2021.