Filing returns is a sign you are responsible, the government mandates that individuals who earn a specified amount of annual income must ITR Filing Online within a pre-determined due date. This is called ITR Filing Procedure. 

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.

Types of Income Tax Return (ITR) Forms:

•  ITR 1: Individuals being a Resident (other than Not Ordinarily Resident). 
• ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession.
• ITR 3: For individuals and HUFs having income from profits and gains of business or profession
• ITR 4: For Individuals, HUFs and Firms (other than LLP) 
• ITR 5: For persons other than- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7
• ITR 6: For Companies other than companies claiming exemption under section 11
• ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.

Income Tax return due date: Deadline for Income Tax Return Filing is extended to 10^th January 2021 for FY 2019-20.

Benefits from The Service

Avoid Penalties: The biggest benefit of ITR Filing Online is you can claim a tax refund. There are multiple ways in which you can decrease your overall tax responsibility. You may claim a tax refund for the same by filing tax returns if you have made tax-saving investments but have paid more income tax in the form of TDS.

Receipt Is Very Important: ITR receipt is a very important document one should also preserve it. It is an important proof of your income and of payment of one's taxes.

Help Process Loans: ITR receipt is a useful document for hassle-free processing of bank loans when you apply for high-value loans like home and car loans.

Visa Processing: In Visa processing, ITR receipts of the past years are required to process your visa application. They are very particular about your tax compliance and hence, you are asked to furnish past ITR receipts.

How can we help you?

Most of the taxpayers do not know the main reasons for taxation. A professional tax consultant can ensure you file an error-free tax return. The deadline for income tax filing has been extended but taxpayers should not wait for the last few days to complete this critical task of e-filing ITR. As a taxpayer, you need to do IT Return Filing as quickly as you can with support from professional tax consultants.