• INCOME TAX RETURN


     

    INCOME TAX RETURN

    Who Should File an Income Tax Return?

     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.
     The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.

    Overview of INCOME TAX RETURN

     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.
     Income Tax return due date: Due date of Income Tax Return filling for FY 18-19 extended from 31st March 2020 to 30th June 2020.
     The time limit for filing ITR is different for various taxpayers based on the guidelines.
     ITR Filing is mandatory for Taxpayers whose income surpasses the prescribed income limit.
     This process is regulated under the Income Tax Act 1961.