For Salaried Individuals
- PAN
- Form 16
- Details of other Source of Income, if any
- Donation receipts, if any
- Bank Statement
Income Tax Returns
All you need to know
An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure.
If you have paid more taxes than “payable”, you are entitled to Income tax refund. If the reverse is the case, you should pay remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns.
Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements.
Filing ITR in India is completely online and paperless. There is no need for you to submit physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.
Below is a table showing the Due dates for Income Tax Return Filings and Audit Reports for different categories of taxpayers:
Due Dates for ITR Filing for FY 2021-22
| No. | Category Taxpayer | Due Date |
|---|---|---|
| 1 | Business (Not requiring Audit including LLPs and firms) | 31st July, 2022 |
| 2 | Association of Persons (AOP) | 31st July, 2022 |
| 3 | Body of Individuals (BOI) | 31st July, 2022 |
| 4 | Individual | 31st July, 2022 |
| 5 | Businesses (Requiring Audit including Private Limited Company, OPC, LLPs and firms) | 30th September, 2022 |
| 6 | The due date of furnishing Income Tax Return for FY 2021-22 (TP Cases) | 31st December, 2022 |
Due Date for furnishing of Audit Report
| 1 | Audit Report for the Previous year 2020-21 | 15th February, 2022 |
|---|---|---|
| 2 | Audit Report for Transfer Pricing cases | 15th January, 2022 |
| 3 | Belated / Revised Income Tax Return for FY 2021-22 | 31st December 2022 |
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Why You Should File Income Tax Returns
Points to make your decision easy
Taxable Income
If you have taxable Income in India, you must file your ITR in India. This is applicable for an individual if his/her taxable income exceeds INR 2.50 Lakh. In case you are a Company. LLP or Partnership Firm, it is mandatory for you to file ITR irrespective of your income or loss.
Credibility
Filing Income tax Return enhances your credibility and your credit availing capacity from the bank perspective. Even if you are not liable for ITR filing for any reason, it is a good practice to file the same. Your ITR serves as a proof of your Income. No other document does this job.
Carry Forward Losses
If you have incurred any losses in your business on account of expenses or depreciation, you must file your return in order to carry forward those. The benefit of this can be availed once you have taxable income. Such losses, then, can be set off against taxable profits.
Financial Strength
A good track record of regular ITR Filing shows your financial strength and is indicative of your regularity. This helps you to obtain quick bank loans and also visa. Hence, it is advisable to file ITR on regular basis.
Tax Refunds
For any reason, if your TDS has been deducted and the same is higher than your actual tax payable, such a claim of refund can only be done by filing a correct IT return in time. You won’t get your refunds if you don’t file your ITR.
Avoiding Tax Notices
There are many criteria defined under the Act, in which you may be served legal notice if you have not filed your ITR. Filing your ITR correctly and in time can ensure that you don’t have to face any of these.
Documents Required for Income Tax Returns
For Businesses
- PAN
- Financial Documents
- Audit Report, if applicable
ITR Compliance for Private Limited company, OPC & LLP
ITR compliance for Pvt Ltd Co.
It is mandatory for every Private Limited company (other than the companies claiming exemption under section 11) to file the return of income irrespective of amount of income or loss in Form ITR 6 Also, Companies are required to file Form ITR 7.
ITR Compliance for OPC
In case of One person Company, one person is required to file the return of income irrespective of amount of income or loss made by One Person Company in Form ITR 6 Also, one person companies are required to file ITR in Form ITR 7.
ITR compliance for an LLP
It is mandatory for every Limited Liability Partnership (LLP) to file the return of income irrespective of amount of income or loss in Form ITR 5. The due date for ITR filing for Limited Liability Partnership (Audited / Non audited) for FY 2019-20 is 30th November, 2020.
How to File Income Tax Return
5 Easy Steps
1
Submit Documents
2
Verification of Documents
3
Selection of Appropriate Form
4
Preparation of Your Return
5
ITR Filed & Ack. Generated
Who Should File
All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakh. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakh. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakh. All Partnership Firms, Companies, LLPs are required to file income tax return each year, irrespective of income or loss. Even if there was no transaction, then a NIL ITR must be filed before the due date.
Tax Audit
Tax Audit is compulsory if any business has a total sales of over Rs.1 crore or Profession, which has gross receipts exceeding Rs. 50 Lakh in a financial year. Additionally, in some cases, Tax Audit is compulsory even if such limits have not exceeded. A business under Tax audit should file ITR and Tax Audit Report by 30th September every year. In case of a Company, Audit is mandatory irrespective of Turnover. Similarly, in case of LLP, Audit is mandatory if Turnover Exceed Rs. 40 Lakh or Contribution Exceed Rs. 25 Lakh. Suggested Read: Tax Audit u/s 44AB
Forms
A Proprietorship Firm should file Income Tax Return in Form ITR-3 or ITR-4-Sugam. A Partnership Firm and LLP should File ITR in Form-5. A Company should use Form ITR-6 for filing of Income Tax Return. In case of a charitable Trust, a return should be filed in Form ITR-7. A return has to be digitally signed in case Tax Audit is applicable. It is mandatory in case of Companies and LLPs. In other cases, you have an option of E-Verifying through Aadhar or net banking. Alternatively, you may also physically sign the ITR-V (Ack) and send to CPC for processing.
FAQs On Income Tax Returns
Get answers to all your queries
You need not worry about the same. You may still file your return. Please get in touch with us and we will do the rest.
File your ITR 1 online for 2021-22 with CA Agrawal Kanhere at affordable prices.
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of eight financial years.
Form 26 AS is consolidated tax statement (Form 26AS) is used as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return.
Due date of investment under section 80C has been extended to 30th June 2020. This is for Financial Year 2019-20. Earlier date was 31st March 2020. Read more on extension on other due dates amid Corona outbreak as announcements made by Nirmala sitharama Press Conference.
ITR-V is a 1-page acknowledgment summary document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return as a verification. However, you may also E-verify using Aadhar or net banking. If you have filed using your DSC, none of the verifications will be required.
