Income Tax Return Filling Online

What is Income Tax Return?

An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.

As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources.

Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.

Income Tax Return

Income tax Return filling at Laudable Legal Solutions starts at Rs. 1499. Contact Our Expert!

Is it mandatory to file Income Tax Return?

As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers. A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes.

Who should file Income Tax Returns?

According to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India:

All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.
All registered companies that generate income, regardless of whether they've made any profit or not through the year.
Those who wish to claim a refund on the excess tax deducted/income tax they've paid.
Individuals who have assets or financial interest entities that are located outside India.
Foreign companies that enjoy treaty benefits on transactions made in India.
NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.

Advantages of Income Tax Return Filling

Filing returns is a sign you are responsible The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
Those who earn less than the prescribed level of income can file returns voluntarily.
Filing returns is a sign that you are responsible. Not just that, it also makes it easier for individuals and businesses to enter into subsequent transactions since their income is recorded by the tax department with applicable tax, if any, having been paid.
claiming a refund: There is a good possibility that there has been tax deduction at source (TDS) on the name of an individual who makes an income or investment in India. If the taxpayer wishes to claim a refund on the TDS (as per the tax laws), then he or she needs to file the ITR for the same.
Ease in documentation verification: Income tax returns help you prepare documents that establish your income chart, which can be used while applying for loans. This is because the application for loans checks your eligibility based on your income. An ITR document gives a detailed picture of your total income besides being the most accepted document during visa and loan applications.
As proof of income: Income Tax Return documents serve as income proof and help your insurer understand the compensation required to be paid in case of accidental death or disability. Since it is submitted to a government body, it is considered to be a verified and official document.
Filing returns is mandatory in some cases Even if your income level does not qualify for mandatory filing of returns, it may still be a good idea to voluntarily file returns. In most states, registration of immovable properties requires advancing as proof the tax returns of last three years. Filing returns makes it easier to register the transaction.
Your loan or card company may want to see your return If you plan to apply for a home loan in future it is a good idea to maintain a steady record of filing returns as the home loan company will most likely insist on it. In fact, you may even consider filing your spouse's returns if you want to apply for a loan as a co-borrower. Likewise, even credit card companies may insist on proof of return before issuing a card.
Financial institutions may insist on seeing your returns over the past few years before transacting with you. In fact, the government may make it mandatory for them to do so, thereby indirectly nudging individuals to file returns regularly even when it's voluntary.

Documents required to fill ITR

It is important to have all the relevant documents handy before you start your e-filing process.

Workflow at Laudable Legal

Step 1 :
Submit your details and proceed for payment.

Step 2 :
You will get a call from our Tax Expert.

Step 3 :
Documentation done by our online ITR filing expert team.

Step 4 :
Error-free online ITR file computation is done by our expert.

Step 5 :
Confirmation of details and filing for returns.

Step 6 :
Our Expert will file the ITR and provide the acknowledgement.

Which ITR Form should you fill?

ITR-1: Sahaj or ITR- 1 is to be filed individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
ITR-2: This form should be filed by Individuals and HUFs not having income from profits and gains of business or profession.
ITR-3: This form is for individuals and HUFs having income from profits and gains of business or profession
ITR-4 : (Sugam): If your business attracts presumptive income for you, then you need to fill this form. This form is to be filed by Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

Due Dates for Tax Payers

Due dates for filing within which ITR should be filed by various Assessee.

Category of Taxpayer	Due date of furninshing of audit report	Due date of filing ITR
Individual & HUF (Non Audit case)		31st July, 2022
Individual & HUF (Audit case)	30th September, 2022	31st October, 2022
Partnership firms (inc LLPs)(Non Audit case)		31st July, 2022
Partnership firms (inc LLPs)(Audit case)	30th September, 2022	31st October, 2022
Trustm colleges & political parties (Non Audit case)		31st July, 2022
Trustm colleges & political parties (Audit case)	30th September, 2022	31st October, 2022
Companies including private limited companies & OPC	30th September, 2022	31st October, 2022

Note: Delay in income tax return filing may lead to a penalty upto Rs. 5000.

What happens if I delay in ITR filing?

There is no relaxation if a taxpayer faces late filing of returns in such cases penalty would be levied on:

Delay in Filing: Interest imposed u/c 234 Income Tax Interest where a penalty is levied 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
Refunds could Delay: If you are likely to get a refund from the government for excess in payment. Then you must file your income tax return before the due date.

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FAQ

What is a return of income?

ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from https://www.incometax.gov.in/iec/foportal.

What are the different modes of filing the return of income?

The Return Form can be filed with the Income-tax Department in any of the following ways, –

A) By furnishing the return in a paper form;
B) By furnishing the return electronically under digital signature;
C) By transmitting the data in the return electronically under electronic verification code;
D) By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Who can use ITR – 1 (SAHAJ)?

ITR – 1 (SAHAJ) For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh,

Who can use ITR – 2?

ITR – 2-It is applicable to an individual and HUFs whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Who cannot use ITR – 2?

Form ITR – 2 cannot be used by an individual and HUF whose total income for the year includes income from profit and gains from business or profession and also having income in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from partnership firm

Who can use ITR – 3?

Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession.ITR – 3 is also required to be filed by a person whose income is chargeable to tax under the head “Profits and gains ofbusiness or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Who cannot use ITR – 3?

Form ITR – 3 cannot be used by any person other than an individual or a HUF. Further, an individual or a HUF not having income from business or profession cannot useITR – 3.

Who can use ITR – 4 (SUGAM)?

Form ITR – 4 (SUGAM) can be used by an Individual/HUF/Firm (Other than LLP) whose total income for the year includes:

A) Business income computed as per the provisions of section 44AD or44AE; or;
B) Income from Profession as computed as per the provisions of44ADA; or
C) Income from salary/pension; or
D) Income from one house property (excluding cases where loss is brought forward from previous years); or
E) Income from other sources (excluding winnings from lottery and income from race horses dividend income in excess of Rs. 10 lakhs or unexplained Income, etc. as referred to in section 115BBE)

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used where income to be clubbed falls in any of the above categories.

What is the difference between e-filing and e-payment?

E-payment is the process of electronic payment of tax (i.e., by net banking or SBI’s debit/credit card) and e-filing is the process of electronically furnishing of return of income. Using the e-payment and e-filing facility, the taxpayer can discharge his obligations of payment of tax and furnishing of return easily and quickly.

Will I be put to any disadvantage by filing my return?

No, on the contrary by not filing your return inspite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.

What are the benefits of filing my return of income?

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.

Is it necessary to file return of income when I do not have any positive income?

If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.

Will I be penalized on late filing of ITR even if I am not liable to file it?

No, late filing fee under section 234F not leviable in case you are not required to file ITR as per section 139 but filing it voluntary though after the due date.

If I fail to furnish my return within the due date, will I be fined or penalized?

As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

Can a return be filed after the due date?

Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).

Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year

– at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.

However, a belated return attracts late filing fees under section 234F.

As per section 234F, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

Can a return of income be filed after the expiry of due date to file belated return?

The Finance Act 2022, has inserted subsection (8A) in section 139 to enable the filing of an updated return. The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions).
An updated return can be filed at any time within 24 months from the end of the relevant assessment year.

If I have paid excess tax how will it be refunded to me?

The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.

How many times can I revise the return?

If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit.
A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.
If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.
Revised return can be filed online under section 139(5).

Am I required to keep a copy of the return filed as proof and for how long?

Yes, since legal proceedings under the Income-tax Act can be initiated for past years, you must maintain copy of return. After the introduction of the e-filing facility, it is very easy and simple to maintain a copy of return of income.

Income Tax Return Filling Online

What is Income Tax Return?

Income Tax Return

Is it mandatory to file Income Tax Return?