Income Tax Returns
Not more than a statement of income & expenditure
Know more about Income Tax Returns
Income Tax Return is a statement in which a person is required to file with the Income Tax Department to declare his annual income, to claim tax deductions, to claim a refund of tax deducted, etc. The Income Tax Department provides the facility for online filing of Income Tax Returns by various categories of persons before the pre-determined due dates.
DUE DATES OF FILING ITR
| Category | Due Date |
| Salaried Income & other income (Audit is not mandatory) | 31st July of Assessment Year |
| Income from Business or Profession (Audit is mandatory) | 30th September of Assessment Year |
| Income includes international or specified domestic transactions under section 92E | 30th November of Assessment Year |
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plans of Income Tax Returns
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- Salary Income
- Capital Gain
- House Property Income (up to 2 HP only)
- Other Source of Income
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- Presumptive Business Income
- ₹5000 – Business Income for a Proprietor
- ₹6500 – Business Income for a Partnership and LLP
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Simple solutions for Income Tax Returns
Benefits of Filing Income Tax Return
- Carry forward of losses
- Tax Refund
- Avoiding penalties
- Ease of loan processing
Required Documents for Income Tax Returns
Common Documents – Pan card, Aadhar card, Mobile number, Email id and Bank statement in all the cases
| Salary Income + Other Income | Rental Income |
| Salary Slips | Address of Rental Property |
| Form 16 | Name of Tenant |
| Bank Statements | PAN of Tenant |
| Interest Certificates | Months for which Property was Rented during the Year |
| Investment Details (if any) | Rent received |
| Any Other Income details |
| Business Income | Capital Gain |
| Name of Business | Details of Assets sold |
| Constitution of Business (Proprietorship, Partnership etc.) | Sale Deed (If property is sold) |
| Nature of Business | Purchase Deed (If property is sold) |
| Income & Expenses details (Profit & Loss Statement) | Broker’s Annual Share Trading Statement (If Shares are sold) |
| Assets & Liabilities Details (Balance Sheet) | In case of any other Assets, following details are required: - Date of Purchase & Sale, Purchase Cost, any Improvement Cost and Sale Value. |
Process
- Collection of documents/details
- Calculation of tax payable or refundable
- Filing of ITR
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Get answers to all your queries related to
Income Tax Returns
No proof or documents are required to be submitted along with ITR. However, the taxpayer should retain all the documents and may have to produce it to the Income Tax Department if demanded.
26AS is a statement that shows the TDS deducted or TCS Collected from the Income of the taxpayer. It also shows the amount of Advance Tax or Self-Assessment Tax paid by the Taxpayer. It can be viewed by login to e-filing website.
For an individual filing of nil income tax return is not mandatory. But to avail the benefits one may file ITR.
Advance Tax is the amount of Tax paid up to 31st March of the FY based on estimated income. Self-Assessment tax is the amount of tax paid at the time of Filing of ITR calculated on Actual income of the FY after deducting TDS, TCS and Advance Tax paid.
Yes you can revise your return if you have filed your return in time up to 1 year from the end of the relevant assessment year. If the return is filed after the due date then you are not allowed to revise the ITR.
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