Filling an accurate Income Tax return is essential to ensure that there is no notice of defective notice. We at legal workmate follows a system of maker and checker to assure that returns are filled most accurately.
Our Income Tax filling team will provide you with advice to optimize your tax liability in the most suitable manner. With the help of this, it will be easier for you in the subsequent year to assure proper tax planning.
The data that you will be sharing with our team will be 100% secured and will not be shared with any third party. The data that you are sharing is saved in a secured server, and no physical copy of the same is taken by our team.
Provide basic details and Documents to the expert assigned to you.
Our expert shall prepare your computation and call you for discussion
We will provide you with final computation and challan for verification.
We will file your income tax return to the tax department.
ITR Plans for Salaried Employees
ITR Plans for Corporates
ITR-1 – This form is normally called SAHAJ. SAHAJ is to be filed by an individual who gets income from sources like salary, pension, one house property, Income from other sources (excluding winning from lottery winnings and racehorses) and total income of up to Rs. 50 lakh.
ITR-2 – This form is for individuals or the Hindi Undivided Families (HUFs) who have income from sources other than Profits and Gain from business and profession.
ITR-3 – This form is for individual or the HUFs who have the income from business and professionals and not filling their return on a presumptive basis.
ITR-4 – This form is for those who want to declare income on a presumptive basis for their business or profession.
ITR-5 – This form is for everyone other than individuals, HUF, company.
ITR-6 – This form is for companies which are not claiming exemption under Section 11 of the Income Tax Act.
ITR-7 – This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E) or 139 (4F) that mainly includes Trust, University etc.
The due date for filing Income Tax Returns for any financial year is usually the same, which is 31st July. However, there are a few categories of taxpayers that have a different due date. The following table will help you find due dates for the current financial year:
| Category of Taxpayer | 31st July |
|---|---|
| Individual | 31st July |
| Body of Individuals (BOI) | 31st July |
| Hindu Undivided Family (HUF) | 31st July |
| Association of Persons (AOP) | 31st July |
| Businesses (Requiring Audit) | 30th September |
| Businesses (Requiring TP Report) | 30th September |
Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
As Immigration centers scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
If you have incurred any losses in your business on account of expenses or depreciation, you must file your return to carry forward those.
If the amount of TDS deducted is higher than your actual tax payable, then a person can claim the refund of excess TDS amount deducted by filling its Income Tax Return.
Hefty amounts would be charged for non-filing of income tax returns and hence, it is always better to file it to avoid legal repercussions.
Filing of accurate Income Tax return helps you to avoid hassles of Income-tax notices. You may be served legal notice if you have not filed your ITR or have filled incorrect one.
In this case, you can contact us on the helpline number or can send us mail. Our expert shall call you and will help you to decide the most effective plan for you.
Income Tax is payable by every person whose income exceeds the basic exemption limits. It is levied on the Income Earned during financial year starting from 1st April to 31st March.
Income Tax Returns are required to be filed by 31st July of the Year to avoid any late payment fees (Other than those liable to Audit) and can be filled till 31st March of Next Year with late payment fees.
However, the following persons are also advised to file IT Return.
Payment of Income-tax can be made either through Physical mode, i.e. Cheque or Cash on the bank counter or e-payment through NSDL portal. Payment is to be made through Challan 280.
Type of Income Tax from depends on the type of assesse and his nature of Income.
For Others: ITR-5
| Type of Entity | Due Dates |
|---|---|
| Company | 30th September |
| Persons whose accounts are required to be audited | 30th September |
| For all other entity or persons | 31st July |
The belated return can be filed on or before 31st March of the relevant assessment year.
If any error is discovered in filling the Income Tax return, then the return can be revised u/s 139(5) of the Income Tax Act. However, no Income Tax return can be revised after 31st march of that assessment year.
Even if your income is below the taxable limits you are advised to file your Income Tax Return to avail the below–given benefits
Income Tax Slab for non-senior citizen individual for F.Y 2019-20 is
| Income Tax Slab | Income Tax Rates |
|---|---|
| Income up to INR 2.5 Lakhs | NIL |
| Income between INR 2.5 to 5.00 Lakhs | 5% on income above INR 2.5 Lakhs |
| Income between INR 5 to 10.00 Lakhs | 20% on income above INR 5 Lakhs |
| Income above INR 10.00 Lakhs | 30% on Income exceeding INR 10 Lakhs |
However, if your net income is below INR 5.00 Lakhs then there is a rebate up to INR 12,500/- due to which no tax is required to be paid.
Input credit filled by the supplier is reflected in GSTR 2A automatically with details of all the input supply. The Credit reflected in GSTR 2A has to be reconciled with that shown in books of accounts, GSTR 3B and GSTR 1 quarterly.
This type of errors occurs mostly in case of wrong filing of TDS returns by the deductor or case of non-deposit of the TDS to the department. Under such circumstances the person should ask the deductor for filling of TDS return or deposit of the tax amount.
Don’t worry we will reset your Income Tax Password through your Aadhar OTP if you don’t remember your Income Tax password.
No, as per the Income Tax Act, you can only claim the deduction of those investments in that financial year. So you will be allowed to claim the deduction of the investment in next financial year only.
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