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Income Tax Returns

Income Tax Returns

In India, Income Tax Return is a form whereinassessed reports and files all the information about his tax and income to the Income Tax Department.

TYPES OF TAX RETURN:

  1. Normal Return u/s 139(1)
  2. Belated Return u/s 139(4)
  3. Revised Return u/s 139(5)
  4. Loss Return u/s 139(3)
  5. Defective Return u/s 139(9)

DUE DATE OF RETURNS:
  1. Normal Return u/s 139(1)  
  2. Belated Return u/s 139(4) - The belated return shall be filed on or  before 31st March of the relevant Assessment Year
  3. Revised Return u/s 139(5) - before the end of the relevant assessment year; or before completion of the assessment
  4. Loss Return u/s 139(3) -
  5.  Defective Return u/s 139(9) --15 days from the date of such intimation under section 139(9)

Also, whenever you file a form regarding a belated return, then you willnot be allowedfor carrying forward specific losses. The Income Tax Rules, 1962 and the Income Tax Act,

PROCEDURE:
  • Filing income tax return online.
  • The deadline to e-file your income tax return is 31 July.
  • There’s income tax return form ranging from ITR 1 to ITR 7 for different types of income. Some income tax forms are longer than the others and they may need additional disclosures such balance sheet and a profit and loss statement.
  • The documents you are going to need to file your tax return are largely going to depend on your source of income. The only documents you are going to need is your Form 26AS and Form 16if you are salaried.

DOCUMENTATION MAINTAINANCE:
  • Abstract of bank statements.
  • Proof of investments and Form 16 (Salary certificate issued by the employer)
  • Form 16A / TDS certificate.
  • Challan of tax payment made like advance tax or self-assessment tax.
  • Proof of investments in property.

 BENEFITS OF TIMELY FILING:

  • 1961 obligates the citizens to file the returns with the Department of Income Tax during the end of each financial year. These income tax returns should be carefully filed before a specified due date. 
  • Every single Income Tax Return Form specifically is applicable to certain sections of the Assesses. The Forms which are registered by all the eligible Assesses only are processed further by the Income Tax Department of India. 
  • Therefore, it is important to know which form is appropriate in which case. These Income Tax Return Forms do vary depending upon the criteria of the source of income of Assesses and alsothe category of the Assesses. People often find it difficult to file the Income Tax returns and hence we provide all services related to it.


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