Income Tax Return Filing Services
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Due Date Alert :
The due date for filing an ITR for the financial year 2022-23 is 31st July 2023.
Thereafter, taxpayers who have taxable income of more than Rs. 5 lakh have to pay fine of Rs. 5000 and Taxpayers who have taxable income upto 5 lakhs have to pay of Rs. 1000. Last date to file Income Tax Returns with fine for Financial Year 22-23 is 31st December 2023.
Documents Required to File your Income Tax Return
Income tax returnsis filed Under Income Tax Act, 1961 and it required details of all your incomes and in some cases details of assets and laibilities. Few years back, Income tax assessee's used to file returns randomly based on approximate details however, present tax returns demand higher accuracy and detailed declaration of Incomes from various sources. Income Tax department has various resources to collect your data such as AIS/TIS/ SFTRA/26AS/TDS etc. and other reportings by banks and businesses. This also includes details from Bank accounts, Spending habits through Credit card, Property purchase details and several other places which you may not aware of. Any Variance from your returns and actual data could lead to a tax notice from the Income Tax department. Thus, it is very much important that everyone discloses everything in details in his return of Income. Below is the list of important information that you should give to your CA or Advocate or tabulate yourself before filing your Returns.
There is nothing to get scared. It is always recommended to be take precautions rather then answering the authorities later.
| Checklist for Return Filing | |
| 1 | The amount of cash deposited in your bank accounts during the financial Year |
| 2 | Details of Purchase of any Property During the Financial Year and its registry paper |
| 3 | Details of Sale of any Property During the Financial Year and its registry paper |
| 4 | Total loan EMI repayments by cash, Rest would have been paid from Bank |
| 5 | Interest Income from various sources |
| a) Loans and Advances to others | |
| 2) FDR in bank | |
| 3) MIS accounts | |
| 4) Savings Accounts | |
| 5) Recurring Deposit Account | |
| 6) PPF Account | |
| 7) NSC Interest | |
| 8) PPF Interest | |
| 9) Any other Interest | |
| 6 | Rent Income details |
| 7 | Property Taxes paid for different rent Incomes |
| 8 | Details of Share Trading (if any) |
| 9 | Investment in PPF, NSC, Mutual Funds, Life Insurance Premium, NPS |
| 10 | Any health Insurance |
| 11 | Turnover of business – Copy of GST Returns if GST registered |
| 12 | Estimated profit of the business |
| 13 | Gift Received from Family members, friends or any other person. |
| 14 | Any Income in name of your child – Minor |
| 15 | Details of Housing Loan |
| 16 | Details of other Loans |
| 17 | Details of Salary Income |
| 18 | Rental Income from plant and machinery |
| 19 | Foreign Travel Details if any |
| 20 | Payment of Education fees for children |
| 21 | Any other Information which is relevant as per you. |
What is Income Tax Return and who is required to file it
The Income Tax Act,1961 specifies certain criteria for individuals and non individuals such as HUF, LLPs, Partnerhisp Firms, Companies, Trusts and Societies etc. who are required to file an income tax return. The criteria can vary based on the individual's age, income level, and other factors. Here are the general guidelines:
1. Individuals below the age of 60: If you are below 60 years of age, you are required to file an income tax return if your total income for the financial year exceeds the basic exemption limit. The basic exemption limit for the financial year 2022-23 (assessment year 2023-24) is Rs. 2.50 lakh (for both men and women).
2. Senior citizens (60 years and above): If you are a senior citizen (aged 60 years or above but below 80 years), you need to file an income tax return if your total income for the financial year exceeds Rs. 3 lakh.
3. Super senior citizens (80 years and above): If you are a super senior citizen (aged 80 years or above), you must file an income tax return if your total income for the financial year exceeds Rs. 5 lakh.
It is important to note that even if your income is below the exemption limit, you may still need to file an income tax return if any of the following conditions apply to you:
- You have held foreign assets, Land or property in foreign country, shares or any other form of asset in other country.
- You are a resident but have signing authority in any foreign account.
- You want to claim a refund of taxes deducted by others i.e. TDS deposited in your name.
- You want to carry forward losses under different heads of income.
- You have paid electricity bill paid above a certain amount.
Additionally, here is breakup of requirement of filing of income tax return based on person type :-
1. Individuals: Individuals whose total income during the financial year (April to March) exceeds the basic exemption limit are required to file an income tax return. The basic exemption limit varies based on the age and residential status of the individual. Even if an individual's income is below the taxable limit, they may still choose to file an income tax return to claim tax deductions, carry forward losses, or for other reasons.
2. Companies: All companies, including domestic companies and foreign companies operating in India, are required to file an income tax return.
3. Partnership Firms and LLPs: Partnership firms are required to file an income tax return irrespective of their income level.
4. Hindu Undivided Family (HUF): HUFs that have an income exceeding the basic exemption limit must file an income tax return.
5. Association of Persons (AOP) and Body of Individuals (BOI): AOPs and BOIs are required to file an income tax return if their income exceeds the basic exemption limit.
6. Non-Resident Individuals and Foreign Entities: Non-resident individuals and foreign entities are required to file an income tax return if they have any income arising in India or if they have Indian assets.
It's important to stay updated on tax laws, as they are subject to change. Consulting with a qualified tax professional or referring to the official website of the Income Tax Department of India is recommended for the most accurate and up-to-date information regarding income tax filing requirements.
Types of Income Tax Returns (ITRs)
The Income Tax Act prescribes various types of Income Tax Return (ITR) forms that individuals and entities need to file based on their type and sources of Income. Here is an overview of the commonly used ITR forms and who should file them:
1. ITR-1 (SAHAJ): This form is for individuals being a resident, having income from salaries, one house property, other sources (excluding winnings from lottery and racehorses), and having a total income of up to Rs. 50 lakh. Individuals who are eligible to file ITR-1 are typically salaried employees, pensioners, or individuals with income from a single house property and other sources.
2. ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) not eligible to file ITR-1, having income from salaries, house property, capital gains, and other sources. This form is suitable for individuals with income from multiple sources, including capital gains.
3. ITR-3: This form is for individuals and HUFs having income from business or profession other then 44AD/44ADA/44AE. This return is also to be used when you want to declare your balance sheet. This return is also to be used while having agricture income more then 5000 or having remuneration or Interest Income. It is applicable to individuals who are partners in a partnership firm or those who have income from a proprietary business.
4. ITR-4 (SUGAM): This form is for individuals, HUFs, and firms (other than Limited Liability Partnerships) having a presumptive income from business or profession. It is suitable for individuals and entities with a small business or profession and who opt for a presumptive taxation scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act.
5. ITR-5: This form is for firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities.
6. ITR-6: This form is for companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).
7. ITR-7: This form is for persons, including companies, required to furnish a return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (such as trusts, political parties, institutions, etc.).
It's essential to select the appropriate ITR form based on your specific circumstances and income sources. It is recommended to consult with a tax professional or refer to the official website of the Income Tax Department of India for detailed guidelines and the most up-to-date information regarding income tax return forms and filing requirements.
Who is compulsorily required to file Income Tax Return
Section 139 of the Income Tax Act, 1961 in India lays down the provisions regarding the mandatory filing of income tax returns. According to Section 139, the following individuals and entities are required to file an income tax return:
1. Companies: All companies, including domestic companies and foreign companies operating in India, are required to file an income tax return.
2. Partnership Firms: Partnership firms, regardless of their income level, are required to file an income tax return.
3. Hindu Undivided Family (HUF): HUFs are required to file an income tax return if their total income exceeds the basic exemption limit.
4. Individuals and HUFs having certain income and financial transactions: The following individuals and HUFs are required to file an income tax return:
a. Individuals and HUFs whose total income before claiming deductions under Section 10A, 10B, Chapter VI-A deductions (such as deductions for investments, expenses, etc.), exceeds the basic exemption limit.
b. Individuals and HUFs who are residents and have held any foreign assets or have signing authority in any account located outside India.
c. Individuals and HUFs who are eligible for relief or deduction under Section 90 or 90A or 91 (tax treaty benefits).
d. Individuals and HUFs who are partners in a partnership firm and the firm is required to file a tax return under any provision of the Income Tax Act.
e. Individuals and HUFs who have deposited a specified amount in a current account or have incurred specified expenditure (as per Section 35AD) during the financial year.
f. Individuals and HUFs who have incurred expenses for foreign travel exceeding a specified limit or have incurred electricity expenses exceeding a specified limit (as per Rule 114B).
5. Other specified cases: The Income Tax Act may specify other cases where individuals or entities are required to file an income tax return, even if their income is below the basic exemption limit.
It's important to note that the provisions of Section 139 may change over time, and it's advisable to consult with a qualified tax professional or refer to the official website of the Income Tax Department of India for the most up-to-date and accurate information regarding income tax filing requirements.
What are benefits of Filing Income Tax Return and why Income Tax Return Filings are Suggested
Filing an income tax return offers several benefits for individuals and entities in India. Some of the key benefits of filing an income tax return include:
1. Legal Compliance: Filing an income tax return ensures compliance with the provisions of the Income Tax Act, 1961, and demonstrates adherence to the legal requirements of the tax system.
2. Claiming Refunds: If an individual has paid excess tax during the financial year through TDS (Tax Deducted at Source), advance tax, or self-assessment tax, filing an income tax return is necessary to claim a refund of the excess tax paid.
3. Carry Forward of Losses: If an individual or entity incurs a loss in a financial year, filing an income tax return is necessary to carry forward and set off the losses against future income. This can help in reducing tax liability in subsequent years.
4. Income Verification: Filing an income tax return provides proof of income earned, which can be useful for various purposes such as obtaining loans, visas, or for other financial transactions requiring income verification.
5. Financial Documentation: Filing an income tax return generates financial documents like Form 16 (TDS certificate) and Form 26AS (tax credit statement), which serve as evidence of income and tax deductions.
6. Availing Tax Deductions and Benefits: Filing an income tax return allows individuals to claim various tax deductions and benefits provided under the Income Tax Act. These deductions can help in reducing the taxable income and ultimately lower the tax liability.
7. Avoiding Penalties and Notices: Filing an income tax return on time helps in avoiding penalties and notices from the Income Tax Department. Non-compliance can lead to penalties and legal consequences.
8. Establishing Financial Discipline: Regularly filing income tax returns instills a sense of financial discipline and accountability, as it requires proper record-keeping and calculation of income, deductions, and taxes.
9. Building Financial History: Filing income tax returns over the years helps in building a consistent financial history, which can be beneficial for future financial planning, investments, and loans.
10. Contribution to Nation-Building: Income tax revenue plays a significant role in funding various developmental activities and infrastructure projects in the country. By filing income tax returns, individuals contribute to the nation-building process.
It's important to note that the benefits may vary depending on individual circumstances and the specific provisions of the Income Tax Act. It's advisable to consult with a qualified tax professional for personalized guidance based on your situation.
Important Links Related to Income Tax Services
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