Income Tax Return filing: Advantages,Required Documents, Due Dates

What is Income Tax Return?

After Completing your accounting and preparing Final Accounts the next important compliance is to file Income Tax Return. Whether TDS has been deducted or not, the fact remains that each Assessee having taxable income has an obligation to file income tax returns for the relevant financial year.

To whom Filing of Return is mandatory?

In the case of a proprietorship or Individual Professional, Tax filing is mandatory if Net profit is more than taxable income (Which is as per the latest Finance Budget for a year).

In the case of Partnership/LLP/Company and other firms filing of return is mandatory, even if there is no profit or loss or there is no transaction done. Hence return filing is mandatory if PAN number is taken by these types of assessee.

Benefits of Tax Filing: – Although the filing of return is a time-consuming task and most of seeing it as the necessary evil, but it has some benefit, Just like

• Compliance: The –Filing of tax returns ensures that the individual is compliant with the tax laws.
• Carry forward of Loss: – By filing return with the due date, you are eligible to carry forward losses if any and eligible to set off from future profits.
• IT return is pre-requirements for obtaining most of the loans: – If a loan is required to be obtained from a financial institution, the tax returns would be required to prove the ability of the person to repay the loan.
• Claiming Refund:-Excess taxes paid by an individual either by way of tax deduction or advance/self-assessment tax can be refunded only by filing tax returns.

Is it mandatory to file ITR online? What is income tax filing

ITR can be filled offline or online i.e. through the process of e-filling where ITR has been filed electronically through the Internet.

But for some taxpayers choosing between the two is not a choice anymore. It is a compulsion for certain taxpayers to file online.

 It is compulsory in  cases such as where: 

1. The total income is more than  Rs 5 lakh or any refund is claimed (other than Super Senior Citizen furnishing ITR1 or ITR2), 
2. Where accounts are required to be audited under section 44AB and 
3. The ITR  return is furnished in ITR-3 or in ITR-4. 

Only these persons can file their ITR offline: 

(a) Individuals who are of the age 80 years or more at any time during the financial year 

(b) Individual whose income is less than Rs 5 lakh per year and who do not have to claim a refund in the return. In addition to the e-filing option available at the Income Tax department’s website, there are certain e-return intermediaries (ERI), which are private entities, registered by the Income Tax department to enable e-file. 

How to Check ITR Status Online?

After you file your ITR, if you intend to know the status of your ITR, there are two convenient modes to know its status:

1. Using acknowledgment number without login credentials 
2.  Using login credentials

At the web portal of Income Tax Department, e-filing website, on the extreme left under the services tab, there is an option to check the ITR Status. 

Advantages of Filing Income Tax Return Online

• Convenience
• Status Tracking
• Access to Documents
• Refund Processing
• Auto-population of Records
• Errors at Bay
• Efficiency in Cost
• E-Verification

Documents Required for ITR Filing

Document Needed	Description
PAN	Number
Aadhaar	Number
Demonetization Cash Deposits	Cash deposits more than Rs. 2 lakh between 9th November to 30th December
Details of Bank Account	Account Details, (IFSC) code
TDS Certificates	Form 16, 16A, 26AS etc
Tax payment Challan	Self-Assessment or Advance Tax
Original Return/Notice	If filing a revised return or a return in response to notice received, you need to keep the original return and details of notice.

Due Dates for ITR is as follows:

A due date will fall in the assessment year of the respective income of the financial year
Types of Assessee	Due Date
Assessees like Salaried Income, the person having Income from House property, Interest Income, Business Income where accounts are not required to be audited	31st July
For Corporate Assessee	30th September
For those Non-Corporate assessees (Like Partnership Firm, Proprietorship Firm) whose accounts are required to be audited under Income Tax Act, 1961	30th September

File Error-free IT Return and get complete support with AKT Associates, s dedicated “AKT TAX TEAM”

Filing an error-free return, the advisor should have a deep understanding of the income tax Act and should be well versed with its implications.

Here in AKT Associates, Our Dedicated team of experts ensures that IT return is duly checked by at least 2 times before uploading to ensure it is free from any material mistake. Our responsibility doesn’t cease on just filing the IT Return but we also ensure the follow up for any notices are taken care and if required, an appeal is filed and managed (Chargeable separately)

Types of ITR Form

ITR FORMS TYPE OF INCOME

• ITR – 1 (SAHAJ) For Individual Having Income From Salary And Interest.
• ITR – 2 for Individuals and HUFs Not Having Business / Professional Income.
• ITR – 3 For Individuals and HUFs which are Partners in Firms and not involved in Business or Profession & Proprietorship.
• ITR – 4 for Individuals and HUFs Having Income from Proprietary Business or Profession.
• ITR – 4S (SUGAM) For Individuals And HUFs Having Income From Presumptive Business.
• ITR – 5 for Firms, AOP and BOI.
• ITR – 6 For Companies Other Than Companies Claiming Exemption U/s 11
• ITR – 7 For Individuals and Companies which are required to provide Return under Section 139(4A) / 139(4B) / 139(4C) /139(4D). (Not Opting For E-Filling).