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Income Tax Returns
What is Income Tax Returns?
A tax return is the form on which taxpayers declare their incomes, deductions and any tax payments. This is called Filing Procedure. You are entitled to a refund if you have paid less tax than what is “payable”. In the opposite case, it is important to pay the balance before submitting your Income Tax return. TDS, or Advance Tax, is paid in cases where you have paid more taxes before. You should report the correct tax and income in your Tax Returns.
ITR 1 through ITR 7 are used to report different types and amounts of income. Filing an ITR in India can be done online, without paper. You do not need to physically submit your return at local income tax offices. Online submission of all documents is required. The Income Tax Return is filed for the Financial Year. The tax year is April to March, regardless of the accounting year you have chosen.
Why Chartered Choice?
Chartered Choice, an innovative concept and expert firm, offers end-to-end services in incorporation, compliance and advisory as well as management consultancy to clients both in India and overseas. With us, filing online income tax returns (IT Returns) is seamless, cheap, and quick! Chartered Choice helps you file GST returns, TDS returns, PF return, and ESI returns. Contact our compliance manager
The table below shows the due dates for filing Income Tax Returns, and for Audit Reports.
Advantages Of Income Tax Return Filing
Avoid penalties and scrutiny
Income tax authorities will scrutinize your accounts if you do not adhere to the income tax efiling rules. You'll be penalized a lot if you don't. Income tax efiling can avoid such penalties.
Improve credit net worth
The ITR is the first thing that the financial institution looks at before approving your credit loan. Your credit score will be improved if you file your IT return on time without defaults.
Compensate for losses
If income tax isn't filed, unadjusted shortfalls or losses cannot be carried forward to the next financial year. Only income tax e-filing allows for the carrying forward of losses from business.
Income Tax Refund
In a given financial year, there are several instances where tax has been deducted from investments. Taxpayers must now file an IT return in order to receive a refund of TDS.
Official Document
Form 16 is a document that contains your income, tax, and other revenue sources. ITR can be used for multiple purposes, viz. Address proof and income proof.
VISA Processing
When you apply for a visa, foreign embassies will ask to see your ITR receipts. ITR receipts are used to assess your income, and show that you can afford the trip expenses.
Types TDS Return Forms:
For PARTNERSHIP/Pvt. Ltd. COMPANY
FOR Proprietorship Firm Registration
Who is required to register for the GSTIN?
Businesses in the following categories should register for GST:
-
Goods Manufacturers who have a turnover exceeding 40 lakhs
-
Service Providers With a Turnover Above 20 Lakhs
-
Voluntary Registration
-
Inter State Sales
-
Non-Resident taxable person
-
Online GST Registration Certificate in India for Businesses in More Than One State
-
Register for GST For Businesses that have previously registered under VAT, Excise Laws or Service Tax Laws
-
E-commerce businesses and GST registration
-
Providers of Services and Goods Outside India
GST Registration Fees
The Online GOODS AND SERVICE TAX Registration is different in terms of the GST registration fee & pricing.:
Depending on their type, all registered businesses must file Goods & Service Tax returns monthly, quarterly or annually. Special cases, such as composition dealers, are required to file different returns. You can compare the prices of GST registration on Chartered Choice, as it provides a list of professionals providing GST services.
What is the Goods and Service tax Return?
The return is the final document that contains all of the details about income and is filed with the tax administration authorities. The return’s importance is in calculating the tax liability.
How to Complete GST Return Filing
A registered dealer is required to submit Goods & Service Tax Returns that include the following:
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST on purchases)
- Tax returns are required.Taxes for late filing of GST returns
You will have to pay late fees and interest if you do not file your GST return on time. With the help of a chartered account, or company secretary providing GST services, you can file your GST return on time.
The interest rate is 18% per year and must be calculated on the outstanding tax amount. The GST return filing deadline is from the day after filing until the date payment. For GST filing, the maximum late fee is Rs. 5000/.
GST registration consultants are a great way to ensure a smooth and easy registration. They are aware of the various turnover limits that require registration under the Act.
The following is a list of special categories under GST:
- Arunachal Pradesh
- Assam
- Jammu and Kashmir
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Sikkim
- Tripura
- Himachal Pradesh
- Uttarakhand
No
Category Taxpayer
Due Date
1
Business (Not requiring Audit including LLPs and firms)
31/07/2024
2
Association of Persons (AOP)
31/07/2024 (not covered under Audit cases)
3
Body of Individuals (BOI)
31/07/2023 (not covered
under Audit cases)
4
Individual
31/07/2024
5
Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms)
31/10/2024
6
The due date of furnishing Income Tax Return for FY 2021-22 (TP Cases)
31/11/2024
Due Date for furnishing of Audit Report The due date for furnishing an audit report can vary depending on the specific requirements and regulations applicable to the organization.
No
Category Taxpayer
Due Date
1
Audit Report for the Previous Year 2021-22
30/09/2024
2
Audit Report for Transfer Pricing cases
31/09/2023 (with ITR Filing/on orbefore the date of AGM)
3
Belated / Revised Income Tax Return for FY 2021-22
30/11/2023
Why you should file your income tax returns
Points to make your decision easy
Taxable Income
You must file an ITR if you have taxable income in India. Individuals who have taxable income in excess of INR 2,50 Lakh are required to file their ITR. In case you are a Company. If you are a LLP or partnership firm, it's mandatory to file ITR regardless of whether or not you have income.
Credibility
The bank will view you as more credible and credit-worthy if you file your income tax return. It is good to file an ITR even if for some reason you are not required to. Your ITR is a proof of income. This is a job that no other document can do.
Carry forward Losses
You must file a return if you have any losses that you have incurred in your business due to expenses or depreciation. This benefit is available once you reach taxable income. These losses can then be offset against taxable income.
Financial Strength
Regular ITR filings is a good indicator of financial strength. You can get quick loans from banks and visas. It is therefore important to file ITRs on a regular basis.
Tax refunds
Filing the correct IT return is necessary to claim a refund if your TDS was deducted but it was higher than the actual tax due. You won't get your refunds if you don't file your ITR.
Avoiding Tax Notices
You may receive legal notice for not filing your ITR if you do not meet the criteria set out in the Act. You can avoid these problems by filing your ITR on time and correctly.
Documents Required for Income Tax Returns
General Documents Required
Documents Required In Case Of Salary Income
Documents Required In Case You Have Income From Other Sources
Documents Required In Case Of Income From House Property
Documents Required In Case Of Capital Gain
Documents Required For Tax Saving Investments
Compliance with ITR for Private Limited Company, OPC & LLP
Pvt Ltd Co. ITR Compliance
Every Private limited company, except those claiming exemptions under section 11, is required to submit Form ITR 6, irrespective of the amount of income or losses.
ITR Compliance for OPC
For One Person Companies, one person must file the return regardless of the amount of the income or loss generated by One Person Company.
Compliance with ITR for an LLP
Limited Liability Partnerships (LLP) are required to file Form ITR 5 regardless of the amount of their income or loss. Due date for Limited Liability Partnership ITR (Audited / non audited) is 30th Nov 2020.
FAQs on Income Tax Returns
What if I don't have Form 16? How do I file a return?
Do not fret about it. You may still file your return. Contact us today and we’ll take care of the rest. You can now file your ITR 1 online with Ebizfiling for 2021-22 at an affordable price
How long should business books be kept?
All books of accounts and documents related to them should be stored at the principal place of business. This is where the business or profession generally takes place. The documents should be kept for at least eight years.
What is the purpose for Form 26 AS?
The Form 26 AS, consolidated tax statement is used to prove the taxes deducted/collected by others on your behalf as well as tax that you have paid directly.
When is the deadline for investing under Section 80C?
The deadline for investments under Section 80C has now been extended until 30th June 2020. This applies to the Financial Year 2019-20. The previous date was the 31st of March 2020. Nirmala sitharama Press Conference announced that other deadlines will be extended due to the Corona outbreak.
What is ITR V?
The ITR-V document is a one-page summary acknowledgment that you will receive once you have e-filed your tax return. As a verification, you must print it out, sign it and then send it back to the Income Tax Department in 120 days after e-filing. You can also E-verify with Aadhar and net banking. You will not need to verify your DSC if you filed the form using it.
What documents must I attach to my Income Tax Return?
The filing of income tax returns is now completely paperless. No physical copies or scans are required. You should keep these documents to be able to produce them if required by the tax authorities.
Why do I have to file a return even though my taxes, interest and other fees are paid?
The amount paid in advance tax, and the amounts withheld as TDS or collected as TCS, will only become your tax due after you have completed your self-assessment. The department is notified of this self-assessment by filing a return. The government can only claim the taxes prepaid as its own income if the department is informed of this self-assessment. The filing of a return is crucial for this process, and has therefore been made mandatory. A penalty will be imposed if you fail to file.
Does it have to be filed a tax return once I get my PAN Card?
No. You must file a return only if your income is taxable.
Can I file a revised tax return if I made a mistake on my original return?
You don’t need to worry. You can revise your return within one year of the end of the relevant year of assessment or before the completion of the assessment, whichever comes first. Contact us immediately to file a revised tax return.
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