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Income Tax Filing In Few Clicks (Individuals)

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ITR-1 @ Rs. 499/-

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ITR-2 @ Rs. 1099/-

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ITR-3 @ Rs. 1999/-

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ITR-4 @ Rs. 1499/-

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Income Tax Filing

Overview

Income Tax Filing is done every year under the Income Tax Act through the applicable Income Tax Form out of the 7 prescribed Forms (ITR 1 to ITR 7). 

It is the way of communicating the particulars of income earned by a person in a financial year and taxes paid on such income to the Income-tax Department. Every form contains various crucial fields that are to be filled with utmost dilligence, failing which can result into defective Income Tax Return. This is where you need expert guidance.

Fiscalnow do the Income Tax FIling for individuals by adhereing to each and every legal requiremets of Income Tax Laws. You can completely rely on us for your Income Tax Filings. For that, you will just have to provide us with the necessary documents.

Is It Mandatory?

Section 139 of the Income Tax Act provides that in certain situations Income Tax Return filing is mandatory irrespective of tax deduction or collecton at source or irrespective of income earned. Accordingly in following situations Income Tax Filing is mandatory.

  • If total income exceeds the basic exemption limit.
  • If assessee have any asset outside India.
  • If assessee have deposit more than Rs 1 crore in a bank account.
  • If assessee incurs Rs 2 lakh on foreign travel
  • If assessee electricity consumption is Rs 1 lakhs.
  • If assessee business turnover is more than Rs 60 lakh.
  • If gross receipt from profession of assessee is more than Rs 10 lakh.
  • If TDS and TCS is Rs 25,000 or more in case of assessee other than senior citizens.
  • If TDS and TCS is Rs 50,000 or more in case of senior citizen assessee.
  • If deposit in a saving bank account of assessee is Rs 50 lakh or more.

Information / Documents Required

General Documents / Informations Required from all assessees:

  • Income Tax Portal Login Credential (If you forgot the credentials, we will reset it for you).
  • Details of assets sold or purchase viz. sale value, purchase value, dates of purchase and sale transactions along with the description of assets, if any.
  • If you are a director or partner in a Company or LLP or Partnership Firm details about DIN or DPIN & shareholding or share in profit and loss, if any.
  • Details of any asset held in foreign, if any.
  • TDS Certificates. if any.
  • Investment proofs for deductions, if any.
  • Insurances Details, if any.
  • Loan Details, if any.
  • Interest Certificates, if any.
  • Receipts regarding donations, mutual funds and other forms of investments, if any.

Documents / Informations Required from employee assessee:

  • Form 16 provided by your employer
  • Salary slips

Documents / Informations Required from business / professional assessee:

  • Business Description
  • Trading & Profit & Loss Account report, if any.
  • Balance Sheet, if any.

Due Date

Generally, the Income Tax Filing due date is 31st July of finacial year. However, if an assessee is a partner in a LLP or Partnership Firm which is subject to tax audit under the Income Tax Laws then due date in such case would be 31st October.

Note – Considering various factors, goverment may extend the due date of filing an Income Tax Return. However, we suggest not to wait for the extensions and get your ITR filed by us on time.

Benefits

In this gloabalised era, almost all the countries requires the immigrants or applicants to provide the copies of the Income Tax Return for past 3-4 years to process the VISA applied to them

Filing of Income Tax Return on timely basis creates a good financial profile that helps the Banks and Financial Institutions in assessing the Loan Eligibility

Based on the Income Tax Return  filed, one may get the concession in Interest Rates for the credit / financial facilities availed

A lot of transactions involves deduction (TDS) or collection (TCS) of tax, for instance sale of property, interest earned on deposits among several other transactions. Subject to the other taxable income, the tax payer may get the necessary refunds of the TDS or TCS as the case may be by filing the Income Tax Return

The losses incurred in the current financial years may not be set off against the profits earned in the same financial year due to the provisions of Indian Income Tax Laws, however, the same may set off against the future income. Therefore, to take benefit for the same by carrying forward the loss and thereby reducing the future tax liability, the tax payer should file the Income Tax Return on time

The delayed filing of the Income Tax Return results into interest, late fees & penalty. To avoid the same, timely Income Tax Return (ITR) should be filed

 Indian Income Tax Laws manadates certain tax payers to file Income Tax Return mandatorily and to be a great nation the compliances are promoted and rewarded. By filing Income Tax Return you can also contriute in making our NATION GREAT

People make certain payments for LIC, Health Insurance & Interest during a Financial Year, these payments can be claimed as deductions under the Income Tax Laws by filing the Income Tax Return

The benefits you just read are indicative, the list can be expanded for including other benefits too

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