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Income Tax Return Filing File Your Belated or Revised Income Tax Return till 31st December 2022
ITR filing is an annual event applicable for all types of taxpayers whether it is a company, LLP or Individual. The income is taxed differently based on type of tax payer. We have made simple to understand packages for income tax return filing. Please note these are not software access fees but a real CA Assisted ITR Filing Service.
CA Assisted Income Tax Return Filing Plans
Salary income
₹999
₹
899/-
-
Salary less than 50 lacs
-
House property
-
Withdrawal from PF & bank deposits
-
Donations
-
Dividends >10lacs
-
Director /Business Income
Proprietorship Income
₹1999
₹
1499/-
-
Salary less than 50 lacs
-
House property
-
Withdrawal from PF & bank deposits
-
Donations
-
Dividends >10lacs
-
Director/ Business Income
Capital Gains Income
₹
2999/-
-
Capital gains from stocks, mutual funds
-
Capital gains from property
-
Income from salary and House property
-
Income from House property
-
Gains from lottery, awards and Gift
-
Income earned outside India
For Self employed and Professionals
For professionals & freelancers
₹1999
₹
1499/-
-
Incomes for professionals and small businesses
-
Applicable for small business
-
Gross receipt <50 lacs for professionals
-
Covers salary, other incomes
For Business
₹
5999/-
-
Business income from business having upto 200 transactions
-
Preparation of account summary, P&L & Balance sheet
-
Covers salary, other incomes and capital gains
-
Audit fee and DSC not included
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Benefits of Filing Income Tax Return
1. Easy Loan Approval:
Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.
2. Claim Tax Refund:
There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refun for which you will have to file an Income Tax Return mandatorily.
3. Quick Visa Processing:
Most embassies & consulatants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.
4. Carry Forward Your Losses:
If you file the return within the orifinal due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.
5. Avoid Penalty:
If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000
Income Tax Refunds & Taxpayers Responsibility
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years
Late Income Tax Return Filing
If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.
Penalty For Not Filing The ITR
Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or reduced.
Documents required for Income Tax Filing in India
- Bank statements
- Proof of investments
- T.D.S. Certificates in Form 16 or 16A as applicable
- Documents on purchase and sale of investments/assets
- Challan of tax paid such as advance tax or self-assessment tax
- If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
- For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
- Statement of receipts and payments when no regular books are maintained
- Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
Due dates for filing IT return
| SR. NO. | TYPE OF TAXPAYER (ASSESSEE) | DUE DATE | TAX AUDIT CAES |
|---|---|---|---|
|
1. |
Company |
30- Sep -2022 |
30- Sep -2022 |
|
2. |
Limited Liability Partnership |
31 July 2022 |
30- Sep -2022 |
|
3. |
Partnership |
31 July 2022 |
30- Sep -2022 |
|
4. |
Proprietorship firm |
31 July 2022 |
30- Sep -2022 |
|
5. |
Individual |
31 July 2022 |
30- Sep -2022 |
FAQs on Income Tax Return
Yes, you need to file. There is a difference between filing income tax return and deducting TDS. You file a tax return as a proof of the payment of all the taxes due. The IT return would also help you while applying for a visa or a loan.
You can make the payment directly to the Government on the official website of the IT Department. You may pay through net banking, along with Challan 280.
Yes. You can file delayed IT returns for all the years lapsed so far.
Income Tax Return (ITR) forms are known as attachment less forms. It means, the taxpayers do not need to attach any supporting document (such as TGS certificates, investment proofs etc.). You do not need to attach these documents whether you file your return electronically or manually. However, you must retain these documents with you in proper order. You may need to submit these to the authorities in certain situations like inquiry, assessment, audit and so on.
You can claim for refund of your excess tax amount while filing your IT Return. Your refund will be credited into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form.
It’s necessary for you to file a return in time even if you do not have any positive income. If you have incurred a loss in any financial year, you may want to carry it forward for adjusting with the positive income in the subsequent years. This will be allowed only if you file your IT return on time, with a mention of the loss incurred.