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Income Tax Returns

Filing of Income Tax return is necessary if you have earned any income. File your ITR with Prompt Advisory at INR 899/- only.

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Income Tax Returns


All you need to know

A form that is used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income is called Income Tax Returns. It is mandatory for individuals who earn a certain amount of money to file ITR. Firms or companies, Hindu Undivided Families (HUFs), and self-employed or salaried individuals must file ITR to the Income Tax Department. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. Income tax filing can be defined as the procedure by which ITR is filed. The process by which taxpayers file their returns online is called efiling or ITR filing and it can be completed on the Income Tax Department website.

 

Advantage of ITR

 

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

 

Easy Loan Approval

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 return 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.

 

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Registration Fees

Choose Your Package
ESSENTIAL
Rs.899/-
(All Inclusive)
  • Income Tax filing of 1 year of Salaried Individual

ENHANCED
Rs.1999/-
(All Inclusive)
  • Income Tax filing of 1 year for non- audit assessee

ULTIMATE
Rs.3499/-
(All Inclusive)
  • Income Tax filing of 1 year for audit assessee upto a turnover of Rs. 2 Cr

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Why You Should File Income Tax Returns

Points to make your decision easy
ITR-1
This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the assessment year 2019-20 does not exceed Rs. 50 lakh and who has income under the following heads:-(a) Income from Salary/ Pension; or(b) Income from One House Property; or(c) Income from Other Sources.
ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head ?

Profits or gains of business or profession.

ITR – 3

This Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head ?

profits or gains of business or profession and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).

ITR – 4
This Return Form is to be used by an individual or HUF, who is resident other than not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income for the year does not exceed Rs.50 lakh and who has income under the following heads:-(a) Income from business,(b) Income from Profession (c) Income from Salary/ Pension; or (d) Income from One House Property; or (e) Income from Other Sources.
ITR – 5
This Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), local authority referred to in clause (vi) of section.
ITR- 6/ITR-7
This Return Form can be used by a company other than a company which is required to file return in Form ITR-7. This Return Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

Document Required For Income Tax Returns

  • PAN
  • Form 16
  • Details of other Source of Income, if any
  • Donation receipts, if any
  • Bank Statement

How to File Income Tax Return

5 Easy Steps
 

1

Submit Documents

2

Verification of Documents

3

Selection of Appropriate Form

4

Preparation of Your Return

5

ITR Filed & Ack. Generated

 
Who Should File
All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakh. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakh. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakh. All Partnership Firms, Companies, LLPs are required to file income tax return each year, irrespective of income or loss. Even if there was no transaction, then a NIL income tax return must be filed before the due date.
Tax Audit
Tax Audit is compulsory if any business has a total sales of over Rs.1 crore or Profession, which has gross receipts exceeding Rs. 50 Lakh in a financial year. Additionally, in some cases, Tax Audit is compulsory even if such limits have not exceeded. A business under Tax audit should file ITR and Tax Audit Report by 30th September every year. In case of a Company, Statutory Audit is mandatory irrespective of Turnover. Similarly, in case of LLP, Audit is mandatory if Turnover Exceed Rs. 40 Lakh or Contribution Exceed Rs. 25 Lakh.
Forms
A Proprietorship Firm should file ITR in Form ITR-3 or ITR-4-Sugam. A Partnership Firm and LLP should File ITR in Form-5. A Company should use Form ITR-6. In case of a charitable Trust, a return should be filed in Form ITR-7. A return has to be digitally signed in case Tax Audit is applicable. It is mandatory in case of Companies and LLPs. In other cases, you have an option of E-Verifying through Aadhar or net banking. Alternatively, you may also physically sign the ITR-V (Ack) and send to CPC for processing.

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.
  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.
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We facilitates and make sure to provide the best end to end incorporation services for all types of business. We, at Prompt Advisory also provide all kinds of legal, professional,management and advisory services to our client in India and Abroad, At prompt Advisory all the services are very quick,easy and affordable.

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