Income earned by individuals and businesses is subject to income tax, which is collected by the Central Government. This tax is payable as advance tax in the same financial year it is earned. The calculation and declaration of income and tax liability are done in the Assessment Year using an Income Tax Return (ITR) form. The forms and deadlines for filing ITR vary based on specific taxpayer criteria.
Recently, Income Tax Return forms have been modified to enhance user experience. These changes make it clear that taxpayers must substantiate their claims for expenses, exemptions, and deductions. Therefore, online income tax return filing requires assistance from experienced professionals to ensure accurate and compliant submission.
Advantages of Income Tax Return Filing:
- Carry Forward Losses
- Define Financial Worth
- Loan Processing & Risk Coverage
- Claim TDS Refund Paid from Salary
We at Wise Tax Filings make it easy and inexpensive to file your returns. With expert support along with timely and accurate filings, we have made it hassle free for you to get started.
Documents Required for ITR Filing:
PAN Card
PAN of taxpayer.
Aadhar Card
Aadhar of taxpayer.
Cancelled Cheque
Cancelled cheque of taxpayer’s bank account.
Bank Account Statement
The statement of concerned financial year.
Form 16
The salaried persons should provide TDS certificates known as form 16.
Investment/Expenses/u/s 80
Details about the investments made or expenditure u/s 80 must be provided.
ITR Form Types:
For income generated from salary and interest.
ITR 1 (Sahaj)
For all income other than business income.
ITR 2
For all income including business income.
ITR 4
For Presumptive tax, 8% is deemed income of turnover.
ITR 4S
For Partnerships business, this ITR is used for all income
ITR 5
For Companies, this ITR is used for all the incomes
ITR 6
File ITR in 3 easy steps:
1. Answer quick questions
Pick a package that best fits your requirements. It takes less than 5 minutes to fill our questionnaire. Provide basic details & documents required for registration along with making payment.
2. Experts will be there to help
A relationship manager will be assigned to assist you throughout the process. Our CAs compute the payable income tax and assist in online filing of ITR.
3. Your ITR is filed.
It only takes 2-3 working days!
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 by our Chartered Accountants
Day 3 – Submission & Acknowledgement
- Online filing of income tax return
- Sharing ITR Acknowledgment
Frequently Asked Questions:
Is NIL ITR is mandatory to be filed?
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.
What are the due dates for IT return online filing?
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
Do I need to file return if there is a loss in my business income?
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.
More Questions? Our Experts are here to help, fill out the form on this page or
Call us at: 1800 123 0000 or Email us: hello@wisetaxfilings.com