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A correct Income Return Filing is the necessity of today’s time to save from department notices. Get your Income tax returns filed with the help of our tax experts at lowest fees.
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Income tax is a type of tax that the central government charges on the income earned during a financial year by any individual or/and business entity.
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income from all the sources and the taxes to be paid on it during the year.
The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.
For the purpose of charging income tax, the term “person” under section 2(31) of the Income tax, includes :
Explanation: For the purposes of this clause, an association of persons or a body of individuals or a local authority or an artificial juridical person shall be deemed to be a person, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains.
AVOID PENALTY : If any person is required to file income tax return but did not file the same the assessing officer has the right to impose suitable penalty based on the income escaped.
LOAN APPROVAL : Almost every bank or financial institutions ask for income tax return as a proof of income. With the help of income tax return you can apply for any type of loan for example : home loan, vehicle loan etc. With the higher income one can apply for higher amount of loan.
LOSSES CARRY FORWARD : any person cannot carry forward the losses incurred for any financial year if the return for that period is filed after the due date. Therefore it is mandatory to file the file the return if one has to carry forward the losses.
CLAIM TAX REFUND : IF tax is deducted (TDS) from your income then in that case even when your total taxable income is less than the basic exemption limit and you don’t have any tax liability for that year, in that you are required to file income tax return to claim refund of TDS.
EARLY VISA PROCESSING: visa department require income tax return before granting the visa. This is one of the most mandatory documents among the other documents. Therefore one must file the return before applying for visa.
CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.) | 31st July of the relevant AY | 31st December, 2021 |
Company, Taxpayers whose accounts need to be Audited, Working partner (whose firm’s books need to be Audited) | 30th September of the relevant AY | 15th February 2022 |
In case of Transfer Pricing | 30th November of the relevant AY | 28th February 2022 |
CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
Audit Report for any Previous year | 30th September of the relevant AY | 15th January 2022 |
for Transfer Pricing cases | 31st October of the relevant AY | 31st January 2022 |
Belated / Revised Income Tax Return for AY 2021-22 | 31st December of the relevant AY | 31st March 2022 |
SIMPLE STEPS :
Income tax is a type of tax that the central government charges on the income earned during a financial year by any individual or/and business entity.
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income from all the sources and the taxes to be paid on it during the year.
The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.
For the purpose of charging income tax, the term “person” under section 2(31) of the Income tax, includes :
Explanation: For the purposes of this clause, an association of persons or a body of individuals or a local authority or an artificial juridical person shall be deemed to be a person, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains.
AVOID PENALTY : If any person is required to file income tax return but did not file the same the assessing officer has the right to impose suitable penalty based on the income escaped.
LOAN APPROVAL : Almost every bank or financial institutions ask for income tax return as a proof of income. With the help of income tax return you can apply for any type of loan for example : home loan, vehicle loan etc. With the higher income one can apply for higher amount of loan.
LOSSES CARRY FORWARD : any person cannot carry forward the losses incurred for any financial year if the return for that period is filed after the due date. Therefore it is mandatory to file the file the return if one has to carry forward the losses.
CLAIM TAX REFUND : IF tax is deducted (TDS) from your income then in that case even when your total taxable income is less than the basic exemption limit and you don’t have any tax liability for that year, in that you are required to file income tax return to claim refund of TDS.
EARLY VISA PROCESSING: visa department require income tax return before granting the visa. This is one of the most mandatory documents among the other documents. Therefore one must file the return before applying for visa.
S.NO. | CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
1. | Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.) | 31st July of the relevant AY | 31st December, 2021 |
2. | Company, Taxpayers whose accounts need to be Audited, Working partner (whose firm’s books need to be Audited) | 30th September of the relevant AY | 15th February 2022 |
3. | In case of Transfer Pricing | 30th November of the relevant AY | 28th February 2022 |
S.NO. | CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
1. | Audit Report for any Previous year | 30th September of the relevant AY | 15th January 2022 |
2. | for Transfer Pricing cases | 31st October of the relevant AY | 31st January 2022 |
3. | Belated / Revised Income Tax Return for AY 2021-22 | 31st December of the relevant AY | 31st March 2022 |
SIMPLE STEPS :
The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.
For the purpose of charging income tax, the term “person” under section 2(31) of the Income tax, includes :
Explanation: For the purposes of this clause, an association of persons or a body of individuals or a local authority or an artificial juridical person shall be deemed to be a person, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains.
AVOID PENALTY : If any person is required to file income tax return but did not file the same the assessing officer has the right to impose suitable penalty based on the income escaped.
LOAN APPROVAL : Almost every bank or financial institutions ask for income tax return as a proof of income. With the help of income tax return you can apply for any type of loan for example : home loan, vehicle loan etc. With the higher income one can apply for higher amount of loan.
LOSSES CARRY FORWARD : any person cannot carry forward the losses incurred for any financial year if the return for that period is filed after the due date. Therefore it is mandatory to file the file the return if one has to carry forward the losses.
CLAIM TAX REFUND : IF tax is deducted (TDS) from your income then in that case even when your total taxable income is less than the basic exemption limit and you don’t have any tax liability for that year, in that you are required to file income tax return to claim refund of TDS.
EARLY VISA PROCESSING: visa department require income tax return before granting the visa. This is one of the most mandatory documents among the other documents. Therefore one must file the return before applying for visa.
S.NO. | CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
1. | Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.) | 31st July of the relevant AY | 31st December, 2021 |
2. | Company, Taxpayers whose accounts need to be Audited, Working partner (whose firm’s books need to be Audited) | 30th September of the relevant AY | 15th February 2022 |
3. | In case of Transfer Pricing | 30th November of the relevant AY | 28th February 2022 |
S.NO. | CATEGORY | DUE DATE | EXTENSION FOR A.Y 2021-22 |
1. | Audit Report for any Previous year | 30th September of the relevant AY | 15th January 2022 |
2. | for Transfer Pricing cases | 31st October of the relevant AY | 31st January 2022 |
3. | Belated / Revised Income Tax Return for AY 2021-22 | 31st December of the relevant AY | 31st March 2022 |
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