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- Tax Planning
- File Income Tax Returns on Due Dates
- Deposit Income Tax on Time to Save Interest
Income Tax Returns
Income Tax is what we have to pay on our income directly to the government. It is governed by the Income Tax Act, 1961 along with the related rules and guidelines. Whereas, in case of indirect tax, it is charged on goods or services which we pay to the government indirectly. Incomes are divided into 5 major heads under Income Tax Act, 1961 i.e., 1) Income from Salaries 2) Income from Business & Profession 3) Income from Capital Gains 4) Income from House Property 5) Income from Other Sources. There are 7 categories of persons as defined in Section 2(31) of Income Tax Act, 1961 namely 1) Individual 2) Hindu Undivided Family 3) Company 4) Firm 5) Association of Persons or Body of Individuals 6) Local Authority 7) Artificial Judiciary Person other than above mentioned persons. For all our incomes as per the categories mentioned above, we have to file a Income Tax Return under Section 139 of the Income Tax Act, 1961 at the due mentioned dates, which is different for a class of persons. Income Tax Return is nothing but a evidence of income earned by a person. It comprises of the data of income earned by us. Although there is a limit upto which a person is exempt from filing Income Tax Return, there are a numerous advantages of filing the Return within in due specified time.
Consequences for Non Filing of Income Tax Returns
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Penalty under Section 234F
There shall be levied a penalty under section 234F of Rs. 5,000 for the returns filed after due date but before 31st December of the Assessment Year and of Rs. 10,000 in any other case i.e, after 31st December of the relevant Assessment Year.
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Losses can not be Carried Forward
Business Losses & Capital Loss can not be carried forward under Section 80 of the Income Tax Act, 1961, if we fail to file our return within due date. So, to ensure carry forward of your losses, you need to ensure timely filing of your Income Tax Return.
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Revised Return can not be Filed
If we fail to file our return within due date, we can not file revise return under section 139(5) of the Income Tax Act, 1961 i.e., belated return will result into non eligibility of filing Revised Return.
Packages for Income Tax Returns
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Basic
Rs. 1,500.00- Income from Salaries
- Income from Other Sources
- Statement of Affairs & Balance Sheet
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Standard
Rs. 2,500.00- Income from Salaries
- Income from Other Sources
- Statement of Affairs & Balance Sheet
- Income from House Property
- Income from Capital Gains
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Premium
Rs. 3,500.00- Income from Salaries
- Income from Other Sources
- Statement of Affairs & Balance Sheet
- Income from House Property
- Income from Capital Gains
- Income from Business & Profession
Due Dates for Filing of Income Tax Returns
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All Persons - 31st July of the Assessment Year
Except : 1) Companies 2) Non-Companies whose accounts are liable for audit under Section 44AB 3) Working partners of the firm whose accounts are required to be audited
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Others - 30th September of the Assessment Year
1) Companies 2) Non-Companies whose accounts are liable for audit under Section 44AB 3) Working partners of the firm whose accounts are required to be audited
Our Customers Say
Frequently Asked Questions
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Whether we have to file Return below Taxable Limit?
No, you are not required to file your Income Tax Return if your income is below the taxable limit.
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What documents are required to File a normal Salaried Return?
We would require:-
1) Form 16A
2) Cancelled Cheque of all bank accounts
3) Aadhar Card
4) PAN Card
5) Copy of all bank statements for the relevant period -
Whether I have to show each Bank Account in Income Tax Return?
Yes, you have to shown each bank account in your return, otherwise the same shall be treated as a defective return under section 139(9).
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Whether it is mandatory to link my Aadhar to my PAN?
Yes, from 1st July, 2017, you can not file Income Tax Return without the Aadhar Number being Linked with your PAN
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Whether i can file my return after the due date?
Yes, you can file your return upto the end of the relevant assessment year, subject to penalties mentioned above. Moreover, your losses shall not be carried forward & your return shall not be revised.
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Whether i need to send the signed copy of acknowledgment?
No, now you need not send the signed copy of acknowledgment, you can e-verify the return through various means.
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