Income Tax Return Filing

Income Tax Return Filing

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Intro

₹ 2199/-

All-inclusive Price for Individuals/Salaried ITR filing Online*

  • Expert Assistance
  • Computation of Income Tax Payable
  • Filing of ITR Online
  • Acknowledgement of ITR Filed
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

Base

₹ 4199/-

All-inclusive Price for LLP/ Partnership/Proprietorship ITR filing Online*

  • Expert Assistance
  • Computation of Income Tax Payable
  • Filing of ITR Online
  • Acknowledgement of ITR Filed
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

Pro

₹ 6199/-

All-inclusive Price for Pvt.Ltd/OPC ITR filing Online*

  • Expert Assistance
  • Computation of Income Tax Payable
  • Filing of ITR Online
  • Acknowledgement of ITR Filed
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

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As per the following timeline, your selected plan will be processed

Day 1-2

We collect necessary We collect the necessary information & documents for ITR FIling Online

Day 3-4

We Compute and Prepare the I.T. returns, Payment of tax by the taxpayer(if applicable)

Day 4-5

We proceed to submit the ITR Return Online and share acknowledgment with you.

Finally

Government Processing Time.

ITR Filing Online: What is an ITR - An Overview

ITR stands for Income Tax Return. It contains the information about an individual/company income for a given financial year, and tax payments on that income are communicated to the Income-tax Department. In addition, the tax department permits loss carry-forward and refunds claims during ITR Filing Online. As stated, Income-tax is levied on the annual income of a person/company. According to the Income-tax Law, the tax year starts on 1st April and ends on 31st March. Under the Income-tax Law, the year is classified as (1) Previous year and (2) Assessment year. The year in which income is earned is called the previous year, and the year in which the income is charged to tax is called the assessment year.

What are the benefits of Company registration in India?

Carry Forward Loss

When you incur capital losses, you may set these against your income while filing. However, you cannot take advantage of this option unless you file an annual tax return.

Apply for a Loan

Your income tax return is a crucial document that banks will require, among other documents, when you apply for a loan at a critical point in the growth of your business before deciding whether you are a good investment for them to grant a large sum of money which you must repay.

Saves from Penalty and Prosecution

Tax evasion carries severe penalties in India. And The penalties for filing late can also reduce your profits.

Define financial worth

The income tax return filed by a taxpayer with the government defines their financial standing. A track of ITR demonstrates the financial capacity of a person while increasing their capital base as well. Accordingly, income and financial worth are determined by the previously filed ITR.

What are the different forms applicable for ITR Filing Online

ITR-1 SAHAJ

For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand

ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession.

ITR-3

For individuals and HUFs having income from profits and gains of business or profession

ITR-4 Sugam

For Individuals, HUFs and Firms (other than LLP) are residents with total income up to Rs.50 lakh and income from business and profession, computed under sections 44AD, 44ADA, or 44AE.

ITR-5

For persons other than- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7 or Applicable to Firms /LLPs etc.

ITR-6

For Companies other than companies claiming exemption under section 11

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only or income from charitable or service activities.

List of Documents Required for ITR Filing Online

  • Pan Card of the Taxpayer/Directors/Partners
  • Aadhaar Card of the Taxpayers(as applicable)
  • Bank Account Statement/Financial Statements(F.Y.)
  • Investment/ Expenses or Deduction Claimed u/s 80*
  • Documents - Sale or Purchase of Assets/Investments
  • Form 16/16A ( TDS Certificate), Salary slips

Here Are Some Frequently Asked Questions

Is it mandatory to file a NIL ITR?
Businesses (Company, LLP, Firm) must file a tax return even if their taxes are zero or no income. It is recommended that an individual file an ITR when their income exceeds the basic exemption limit to avoid Income Tax Department scrutiny. In addition, it is necessary to file an ITR even if you have filed one before. Whenever required, the same can be provided as proof of income.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against the following year(s) positive income, you must claim loss by filing your return before the due date.
For every source of income, you have to retain proof of earning and the documents specified under the Income-tax Act. If no such records are prescribed, you should maintain proper records to support the claim of income.
After furnishing the return, if a person finds any mistake, omission, or wrong statement, the return should be revised within a prescribed time limit. A return can be revised at any time 3 months before the end of the Assessment Year or before completing the assessment, whichever is earlier. If the original return has been filed in paper format or manually, then technically, it cannot be revised by online mode or electronically.
Although your employer will deduct your TDS regularly and timely, you must still file a tax return if your income exceeds Rs. 2,50,000. This helps determine whether a refund is due or if one is eligible.