Income Tax Return
Simple Returns Process
You need to file returns yearly for every Financial Year. With CAFilings excellent support at best price, ITR filing is a simple process.
What is Income Tax Returns?
Particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department in a prescribed form. For different Status and Nature of income different forms of returns of income are prescribed for filing of returns.
If your total income without allowing deductions (such as Section 80C etc.) exceeds the basic exemption limit then as an Individual you are required by law to file your Income Tax Returns. For Assessment Year 2017-18, the basic exemption limits are the following
• Individual (both men and women) resident aged below 60 years- Rs 2,50,000
• Individual (both men and women) resident who is of the age of 60 years or more but below the age of 80 years- Rs 3,00,000
• Individual (both men and women) resident who is of the age of 80 years or more- Rs 5,00,000
Individual Income Tax Returns
Nil (No Tax) Return
Individuals having Nil Income during the Financial Year
Income Tax Refund
This plan covers the services related to Income Tax Refund
Salary
Income from Salary, Interest Income, Exempt Income
House Property
Income from Salary, Property, Interest & Exempt Income
Capital Gain
This plan covers: Income from Salary, Income from House Property, Income from Capital Gain, Interest Income, Exempt Income This Plan doesn't include 1. Future & Options Income/Loss 2. Speculation Loss
Commission/Insurance
This Plan is applicable to A person who is a) insurance agent or b) any person who is having income from (i) agency or (ii) commission whose tax is deducted under section 194D/194H.
Professional or Freelancers
This Plan is suitable for A person (i) working as freelancer (ii) working on his own (iii) working as Consultant (iv) working as Agent (v) working as Designer etc. whose tax is deducted under section 194C/194J
Advantage of Income Tax Returns
Small Scale Service Providers
Filing of ITR for an individual ends by July 31 of every financial year. Filing of ITR in advance actually ensures hassle free filing of return.
Income Tax Alert
Filing a tax return in advance is very advisable as every additional day till July 31 increases the penal interest if one has missed filing tax returns for the previous year.
ITR Filing
History of your financial records with the tax department has been created in a much faster and easier way by filing your Income tax return online. Lot of organisations, be it financial or otherwise, whom you might have a business relationship your financial record history will create a favorable impact.
Income Tax Payments
ITR-V form is a proof of financial record, handy, since it can be readily furnish as a proof for any kind of financial liability.
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Process of Income Tax Return Filing
Income Tax Return
CAFilings can assist your business to prepare and file Income Tax returns on time.
Document Collection
Our experts will collect the necessary information & documents of your business for preparation of Income Tax return and other compliance.
Return Prepartion
CAFilings IT expert will prepare your Income Tax return on the basis of documents and information submitted and send for your approval.
Return Filing
After your approval our Income Tax expert will file your IT return with the Income Tax department.
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Income Tax Returns - Explanation on the Forms:
The various forms that are available for the purpose of income tax returns have the following functionality -
| ITR 1 (SAHAJ) | Individuals with income from salary and interest |
| ITR 2 | Individuals and Hindu Undivided Families (HUF) not having income from business or profession |
| ITR 3 | Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship |
| ITR 4 | Individuals and HUFs having income from a proprietary business or profession |
| ITR 4S (SUGAM) | Individuals/HUF having income from presumptive business |
| ITR 5 | Firms, AOPs,BOIs and LLP |
| ITR 6 | Companies other than companies claiming exemption under section 11 |
| ITR 7 | Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) |
