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INCOME TAX RETURN ( 1 unit )

Rs 500


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INCOME TAX RETURN (ITR )


    Important Points

  • -

INCOME TAX RETURN


What is Income Tax Return?

Income Tax Return, in easy language is intimation to the Income Tax Department regarding the Income Received and the taxes paid on such incomes during the financial year started from April 1st and ends at March 31st.


BENEFITS OF INCOME TAX RETURN

Filing of Income Tax Return helps in various manner but the main benefits are as follows:

  • Contribution to the Development of the nation.
  • Validates Credit Worthiness.
  • Banks, financial Institutions do not entertain any person for Loan, Credit, and Overdraft without Income Tax Returns.
  • Reduction of Black Money.
  • For immigration profile obtaining visa outside India.


FREQUENTLY ASKED QUESTIONS (FAQs)

Q 1. What is the due date of filing?
Due date of filing of return of income
Sr. No. Status of the taxpayer

Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below).

Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E .

Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law.

A working partner of a firm whose accounts are required to be audited under this Act or under any other law. Any other assesses.


Due date

September 30 of the assessment year .


November 30 of the assessment year .


September 30 of the assessment year .


September 30 of the assessment year .


July 31 of the assessment year The due date of filing the return of income for the financial year 2014-15 has been extended to 31stAugust 2015.

Q 2. To whom the filing of Return is Mandatory? 
• Following taxpayers shall file their return of income only through e-filing mode:
  • From the assessment year 2015-16 onwards any asessee filing ITR 1/2/2A (other than an individual of the age of 80 years or more at anytime during the previous year) having a refund claim in the return or having total income of more than Rs. 5,00,000is required to furnish the return of income electronically with or without digital signature or by using electronic verification code.
  • Every company shall furnish the return of income electronically under digital signature. In other words, for corporate taxpayer e-filing with digital signature is mandatory.
  • A firm or an individual or a Hindu Undivided Family (HUF) whose books of account are required to be audited under section 44AB shall furnish the return of income electronically under digital signature. In other words, in such a case, e-filing with digital signature is mandatory.
  • A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India shall furnish the return of income electronically with or without digital signature or by using electronic verification code.
  • Taxpayers claiming relief under section 90, 90A or 91 shall furnish the return of income electronically with or without digital signature or by using electronic verification code.
  • A person who is required to file ITR - 5 shall file the same electronically with or without digital signature. However, a firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.
  • A taxpayer who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW or shall furnish the report electronically on or before the date of filing the return.
  • Return Form ITR- 3is to furnish electronically in the following modes:
    (i) by furnishing the return electronically under digital signature;
    (ii) by transmitting the data in the return electronically under electronic verification code;
    (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V.
  • Return Form ITR-4 is to be furnish electronically in the following modes:
    (i) by furnishing the return electronically under digital signature;
    (ii) by transmitting the data in the return electronically under electronic verification code;
    (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V; However, where the books of accounts are required to be audited under section 44AB, the return is required to be furnished in the manner provided at (i) i.e. e-filing with digital signature.
  • Return Form ITR - 7 is to be furnished electronically in the following modes :
    (i) by furnishing the return electronically under digital signature;
    (ii) by transmitting the data in the return electronically under electronic verification code;
    (iii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V; However, a political party shall compulsorily furnish the return in the manner mentioned at (i) above. Where the Return Form is furnished in the manner mentioned at (iii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangalore-560100 (Karnataka). The other copy may be retained by the assessee for his record.

    No documents to be attached along with the return of income
  • ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

    As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW shall furnish it electronically on or before the date of filing the return of income.