Filing ITR made easier than ever!
Filing ITR made easier than ever!
Income earned by individuals and businesses is subject to Income Tax, which is levied and collected by the Central Government. This tax is generally paid in the same financial year as advance tax. The detailed computation of income and tax liability is completed in the following year, called the Assessment Year, through filing an Income Tax Return (ITR). The applicable ITR form and filing deadline depend on the taxpayer’s category and type.
Recently, ITR forms have been updated to improve user experience and simplify filing. These revised forms include detailed schedules requiring taxpayers to substantiate expenses, exemptions, and deductions. Therefore, accurate and timely online filing often benefits from professional guidance to ensure compliance and correct reporting.
In the early years, many businesses experience losses. These business or capital losses can be carried forward for up to 8 years, provided the Income Tax Return (ITR) is filed on time. Carried-forward losses can be set off against future income, reducing taxable income in subsequent years. However, if the ITR is not filed within the due date, the taxpayer forfeits the opportunity to carry forward these losses and claim the associated tax benefits.
The Income Tax Return (ITR) filed with the government reflects a taxpayer’s financial position. Maintaining a consistent record of filed ITRs showcases financial stability and builds a strong capital base. These returns provide a clear history of income and credibility, which investors and financial institutions often review to evaluate the reliability and financial strength of an individual or business before making investment or lending decisions.
A PAN card serves as a universally accepted identity proof for both individuals and businesses. It is a crucial requirement for activities such as opening bank accounts, completing government registrations, and fulfilling various financial and legal formalities.
The financial details and capital base reported in the Income Tax Return (ITR) are critical for loan approvals. A higher declared net worth signals strong repayment capacity, making it easier to obtain credit. Likewise, insurers often review the ITR when evaluating applicants for high-risk coverage to gauge financial stability. Thus, the ITR acts as a key document for both borrowing and insurance assessments.
Salaried individuals have tax deducted at source (TDS) from their income. If, after applying eligible deductions, the actual tax liability is lower than the TDS deducted, the excess amount can be claimed as a refund. However, this refund can only be processed once the individual files their Income Tax Return (ITR).
PAN Card of the taxpayer
In case of company or firm, PAN card of all directors or partners is required
In case of company or firm, Aadhar card of all directors or partners is required
Cancelled cheque of the taxpayer’s bank account is required
The statement for concerned Financial Year is required to assess other incomes
In case of company or firm, PAN card of all directors or partners is required
In case of company or firm, Aadhar card of all directors or partners is required
The salaried person should provide the TDS Certificate, known as Form 16
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Form for ITR filing are different based on type of income and business structure
For Income from Salary & Interest
For all incomes other than business income
For all incomes including business income
For Presumptive tax, 8% is deemed income of turnover
For Partnerships business, this ITR is used for all income
For Companies, this ITR is used for all the incomes
*Subject to Government processing time
The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)
Late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:
1. For return filed after due date but till December – late filing fees of ₹ 5,000 will be charged
2. For return filed after 31st December – late filing fees of ₹10,000 will be charged
However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.
To revise the filed ITR, the deadline is 1 year from the end of the next financial year. Therefore, in the case of F.Y. 2017-18, the last date of filing would be 31st March, 2019.
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