Income Tax Return Filing

What is Income Tax Return Filing?

Income Tax is levied and collected by the Central Government on the income earned by individuals and businesses. To avoid penalties, taxpayers must pay this tax in the same financial year they earn the income through advance tax. The calculation of income and tax liability is provided in the Assessment Year via the Income Tax Return (ITR) form. The form and its deadline for filing vary for different taxpayers based on specific criteria. .

The Income Tax Return forms have recently been updated to enhance user experience. However, these new or modified schedules require taxpayers to substantiate their expenses, exemptions, and deductions. Therefore, it is recommended to seek the assistance of experienced professionals to ensure the accurate filing of your return online.


Benefits of Income Tax Return Filing

Allows carry forward of losses

Most businesses face losses during their initial years, resulting in business or capital losses. However, if the Income Tax Return (ITR) is filed, these losses can be carried forward for up to 8 years. This loss can also be adjusted against future income, which can reduce the taxable income in the future. It is important to file the ITR to take advantage of this benefit. Otherwise, the taxpayer will be deprived of this advantage.

Define financial worth

Filing an Income Tax Return (ITR) with the government determines the financial worth of a taxpayer. It reflects the financial capacity and increases the capital base of an individual. Therefore, a person's income and financial worth are evaluated based on previously filed ITRs. Investors and institutions rely on filed returns to gauge a business's capacity. .

Loan Processing and high risk cover

The information provided in an Income Tax Return (ITR) can facilitate loan processing and high-risk insurance coverage. A higher financial worth, as reflected in the ITR, can make the loan application process easier. Similarly, ITR is a crucial document in making decisions regarding high-risk insurance coverage.

Claim refund of TDS paid from salary

Salaried individuals receive their income after the deduction of applicable TDS. However, there may be situations where the tax liability is lower than the amount of TDS deducted after eligible deductions. In such cases, the excess payment can only be claimed in the form of a refund if the person files an Income Tax Return (ITR). .


Documents required for ITR filing


PAN Card

PAN Card of the taxpayer

Entities PAN Card

In case of company or firm, PAN card of all directors or partners is required

Aadhar Card

In case of company or firm, Aadhar card of all directors or partners is required

Cancelled Cheque

Cancelled cheque of the taxpayer’s bank account is required

Bank Account Statement

The statement for concerned Financial Year is required to assess other incomes

Financial Statements

For business entities, except proprietorship, financial statements are required

Investment/ expenses u/s 80

Details about the investments made or expenditure u/s 80 must be provided

Form 16

The salaried person should provide the TDS Certificate, known as Form 16


File ITR in 3 Easy Steps

1. Answer Quick Questions
  • Spare less than 10 minutes to fill in our questionnaires
  • Provide basic details & documents required for registration
  • Make payment through secured payment gateways
2. Experts are Here to Help
  • Assigned Relationship Manager
  • CA assisted ITR filing
  • Computation of Income Tax payable
  • Acknowledgment of filing GST returns
  • Online filing of Income Tax Return
  • Acknowledgement of ITR filed
3.Your GST Return is duly submitted
  • All it takes is 2-3 working days*
*Subject to Government processing time

ITR filing Process

Day 1 - Collection
  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
Day 2 - Execution
  • Computation of payable Income Tax
Day 3 - Submission and Acknowledgement
  • Online filing of income tax return
  • Sharing ITR Acknowledgment

Explore Income Tax Return Filing

Frequently Asked Questions


All the business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

The due dates for filing ITR online are mentioned below – let’s take an e.g. of (F.Y. 2017 – 18 & A.Y. 2018 – 19)
  • Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
  • Up to 30th September of next year (30th September, 2018) – Companies including other entities on which Audit provisions are applicable

Yes, filing ITR in case of loss would be in your interest itself. With online ITR filing, you can carry forward the losses to a certain upcoming financial year to set off losses against the future profits.

No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.

In case you fail to file the return on a due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2017-18, belated returns can be filed till 31st March, 2019. .

Late filing fee will be levied based on the date of filing belated return. The late fee for filing depends on the period of filing:
  • 1. For return filed after due date but till December – late filing fees of ₹ 5,000 will be charged
  • 2. For return filed after 31st December – late filing fees of ₹10,000 will be charged

    • However, for small taxpayers with an income up to ₹ 5 Lakh, the fees are limited to ₹ 1,000 only.

To revise the filed ITR, the deadline is 1 year from the end of the next financial year. Therefore, in the case of F.Y. 2017-18, the last date of filing would be 31st March, 2019.