INCOME TAX RETURN

Income Tax Return is the form in which person files information about his Income and tax thereon to Income Tax Department in various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

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Income Tax Return Packages

Basic

1500 499 Onwards
  • Filing of ITR-1 for an individual with salary.

Standard

2000 999
  • Filing of ITR-4 of a person earning business or professional income who have opted for presumptive income scheme.

Premium

3500 1499 Onwards
  • Filing of ITR 3, 5 or 6 for LLP, OPC, Companies, Partnership Firms and individuals who have not opted for the presumptive income scheme.

What is Income Tax Return (ITR) ?

Income Tax Return is the form in which person files information about his Income and tax thereon to Income Tax Department in various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

As per laws obligates citizens to file returns with the Income Tax Department at the end of every financial year (April to March) These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Why Should file ITR ?

People with gross total income (GTI) above the exempted limit of Rs. 2.5 lakh. For individuals aged above 60 years but less than 80 years, this exemption limit is Rs. 3 lakh and for individuals aged above 80 years, the exemption limit is Rs. 5 lakhs. For these people, is mandatory for their Income tax return.

Claiming refund: There could be a possibility that there has been tax deducted at source (TDS) on some investment made in the name of the individual. If TDS has been cut, one will have to file the ITR to claim refund of the same

Processing of documents: While applying for loans, the eligibility and quantum of loan would depend on one’s income which can be established through filed ITRs. “Income tax gives you a detailed picture of your total income earned during a year and taxes paid on it. Moreover, these documents are accepted by various agencies for easier loan and visa processing.

Carry-forward of losses: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. “There are possibilities that you may have incurred losses for a year. In such a scenario, you cannot stay away from filing of your return saying you have an income below the exemption limit. In fact, you must ideally file your return so that you can carry forward the losses you have incurred to set it off against the income of the subsequent years.

Process Of Income Tax Return

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4. Tax planning

5. Customer Satisfaction

6. Refund Tracking

ITR Forms applicability for A.Y. 2020-21 / F.Y 2019-20

Form ITR-1 (Sahaj): This form is for Individuals being a Resident (other than not ordinarily resident) having total income upto Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs. 5,000. This form is not for an individual who-

a) has assets (including financial interest in an entity) located outside India; or

b) has signing authority in any account located outside India; or

c) has income from any source outside India; or

d) is a Director in any company; or

e) has held any unlisted equity share at any time during the previous year; or

f) owns more than one house property, the income of which is chargeable under the head “Income from House Property”; or

g) has income under the head “Income from Other Sources” in the nature of:-

  1. winnings from lottery;
  2.  activity of owning and maintaining race horses;
  3. income taxable at special rates under Section 115BBDA or Section 115BBE; or

h) has any brought forward loss or loss to be carried forward under any head of income; or

  • is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee.
  • Form ITR-2: This form is for Individuals and HUFs not having income from profits and gains of business or profession.