ITR FILING
- Need Help with Compliance? We offer ITR filing services starting at just ₹999.
- We assist you in filing the correct ITR form with accurate Income details
- Self-employed or small business? Use ITR-4 (SUGAM) for a simplified filing under the presumptive taxation scheme.
- Businesses, LLPs, and partnerships should opt for ITR-5, while companies go for ITR-6.
- We offer you customised rates for different types of ITRs.
Filing Your ITR
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- ITR-1 (Sahaj)
- ITR-2
- ITR-3
- ITR-4 (Sugam)
- ITR-5
- ITR-6
- ITR-7
ITR FILING - BRIEF
If the ITR is to be said in one line, it will be the Declaration of annual Income to the Government and the taxes to be paid to the government. Sources of income can be salary, profits from business or profession, capital gain, house property, and income from other sources.
Whenever you file ITR, you have to give the written details of the amount of Income you have earned from your Job, Business, or Profession, etc. Apart from income, we also need to provide information about investment in tax-saving schemes prescribed by the government, spending on essentials (about reimbursement or tax exemption on bill submission), and payment of advance tax (advance tax) and Self-Assessment Tax.
How to file ITR Online or Offline!
Online: Online ITR is easy to file. The whole process of filing online ITR takes less than an hour if all the information and Computation are available. But the form has to be submitted within the due date prescribed by the Government, otherwise a penalty and interest will be levied. Confirmation of filing online ITR through e-verification can be done immediately through Aadhar OTP or through the digital signature of the assessee.
Offline: If you are thinking of filing the offline ITR, then the ITR form has to be downloaded. After this, it has to be filled out and submitted to the IT Department. There, you will have to submit it physically to the Income Tax Department and get a stamped receipt from the department.
We at Tech Munshi offer you with file online ITR as well as offline.
Documents required for ITR Filing
Once Which type of ITR form that has to be filed by the assessee is finalised, the following documents are required for completing the process of ITR Filing.
PAN Card of assessee
Aadhaar card
Form 16/16a/16b, depending upon the source of Income of the assessee
Investment details
Bank Statement
Capital Gain Details
Details of trading in Shares, SIP, or Mutual funds
Details of trading in Futures & Options
Profit & Loss a/c and Balance Sheet
For filing ITR, the taxpayer will need a PAN card, Aadhaar card, bank account number, investment information, and all the necessary certificates, Form 16, and Form 26AS. After this, you have to select the correct ITR form, which depends on the type of income for which you are filing ITR.
Some people take the help of a professional for income tax e-filing. If you are the one who wants to take the help of a CA, then Tech Munshi is a brilliant choice.
Advantages of ITR Filing
Filing the Correct ITR on a year-to-year basis gives many benefits to an assessee directly or indirectly. Some of the Benefits are listed below.
Proof of White money
Income shown in your ITR and corresponding Tax paid on that Income makes that amount of Income completely legitimate unless or until you don’t have proof of income.
TDS Refund
If you have TDS deducted against your PAN and shown in your Form 26AS, and your final tax liability is less than the TDS amount, then upon filing of your ITR, you will get a refund of the surplus TDS amount in your validated Bank account.
Easy Loan processing
Regular ITR filing is required for getting any type of loan from Financial Institutions. Hence, Filing of ITR is always beneficial for an assessee.
Overview of ITR Forms
| Table Header | ITR-1 | ITR-2 | ITR-3 | ITR-4 | ITR-5 | ITR-6 | ITR-7 |
|---|---|---|---|---|---|---|---|
|
Applicability |
Individuals |
Individuals & HUF |
Individuals & HUF |
Individuals, HUF & Firms (Other than LLP) |
Partnership Firms & LLP |
Companies other than companies claiming exemption u/s 11 |
Persons including companies required to file return u/s 139(4A), (4B), (4C) & (4D). Basically NGOs |
|
Sources of Income Covered |
Income from salary, one house property, other sources & agriculture Income up to Rs. 5000 |
All sources of Income except profit from Business or profession. |
Income from Business or profession. |
Income from Business or Profession, where Income is calculated on a Presumptive Basis. |
Income from Business or Profession |
Income from Business or Profession |
N.A |
|
Due Date of Filing |
31st July. |
31st July. |
31st July, where Tax Audit is not required, 31st Oct, where Tax Audit is required. |
31st July |
31st July, where Tax Audit is not required |
31st October. |
31st October. |
Ways of filing ITR
However, it is always preferable to go for professional assistance, though you can do it on your own. Here are the best possible ways to file ITR
Doing it yourself: If you have prior knowledge of the Income Tax Act and have a good command of all applicable sections and deductions, you can file an income tax return on your own by logging into the department’s website and filling in all your tax details.
Seeking Professional Assistance: In cases of ordinary filing where there is no audit requirement, a person can file their tax return on their own. But where a legal certification or an audit is required, then you have to take professional help from a Tax professional (Chartered Accountants) for getting your Books of accounts audited.
The Tech Munshi team knows every legal aspect of tax filing and business inquiries. We guide entrepreneurs and individuals in filing ITRs in the correct manner to minimise the risk of getting notices from the Income Tax Department.
File Your ITR on Time – Contact Us Today!
Don’t delay your income tax e-filing. Contact us today for ITR filing.
No. If your source of income is a Salary and you don’t have Form 16, then you can use your salary slips and other salary details for filing ITR.
An income tax refund can be claimed by filing the ITR and disclosing the correct Income and TDS details in the ITR. Additionally, to receive an income tax refund, providing the correct Bank account details is mandatory.
31st July is the last date for filing ITRs without any late penalty and Interest. Filing ITR within due date enables the assessee to revise their returns.
Yes, ITR can be easily filed online by visiting the Income Tax e-filing website. You simply need to log in to your account and select the correct ITR. However, ITR can also be filed offline, but filing it online is very convenient and easy.
There are different ITR forms for different categories of Income. You can visit the Income Tax e-filing website to know the correct ITR Form applicable to you.
ITR can be revised a number of times if it is filed before the due date and also e-verified. But it should be done before 31st December of the relevant assessment year.