Income Tax Return Filing

Income Tax Return Filing in India

simply Income Tax means tax on gross income has to pay to the central government which is decided by the government on the basis of income. Income Tax Return Filing is very important for everyone either who is individuals, NRIs, Partnership Firm, LLPs company or trust. It is mandatory for everyone to File Income Tax Returns each year. Individuals and NRIs are required to File an Income Tax Return if their gross income exceeds above Rs: 5 lakhs in a year. Proprietorship Firms, Partnership Firms and Pvt. Ltd. Company is also required to file their Income Tax Return – irrespective of the amount of income or loss.

Deadline For Filing Income Tax Return

Due date of filing Income Tax Return for individuals is 31st July
Due date of Filing Income Tax return for companies is 30th September and A taxpayer also required tax Audit.

Penalty for Late Filing Income Tax Return

A Taxpayers who did not file their income tax return on time are subject to penalty and charged interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

Late Filing between 1st August and 31st December – Rs.5000
Late Filing After 31st December – Rs.10,000
Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

Types of ITR forms

INCOME TAX RETURN having different Category forms on the basis of individual and companies.As follows

FOR INDIVIDUALS/HUF—ITR-1, ITR-2, ITR-3 & ITR-4
FOR COMPANY–ITR-6 & ITR-7
FOR OTHER THAN INDIVIDUALS AND COMPANY —ITR-5

Late Filing between 1st August and 31st December – Rs.5000
Late Filing After 31st December – Rs.10,000
Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

Benefits of File ITR

Helps in Applying for Loans
Helps in Claims Refunds
To Carry Forward Capital Losses
ITR Receipt is an important/essential document
Useful As address proof
Important for Visa Processes
Useful for self-employed
ITR receipt is essential to obtain Government Tender

DOCUMENTS REQUIRED FOR COMPANY REGISTRATION

The following documents are needed for registering a Pvt Ltd company in India:

1. Passport-sized Photographs of the directors.
2. Identity Proof of Directors and Shareholders: PAN card for Indian nationals and passport for foreign nationals.
3. Address Proof: Aadhar card, voter ID, passport, or driving license.
4. Residential Proof: Recent utility bills or bank statements.
5. Registered Office Proof: Rent agreement and NOC from the landlord if rented, or ownership documents if owned.

Apply for Income Tax Return Filing

Useful Links

R Malhotra & Associates

R Malhotra & Associates a Company Secretaries firm rendering comprehensive professional services which include audit and assurance, company Audit, Business incorporation, statutory registrations & compliance.