Home / File Income Tax Return
Updated on 22-Nov-2019 07:20 AM GMT | 4 min read
Income Tax Return Overview
Income tax return is the evidence of paying income tax to the income tax department. Income tax return includes annual income of an individual and the amount of tax paid. It includes income earned from regular wages, interest, dividends, capital gains or any other profits. Every Indian citizen who earns taxable income has to mandatorily file income tax return for a particular tax year. Filing of income tax return helps the individuals in getting refund from income tax department in case you paid more tax to the government than you are required to pay.
In case you are not able to submit your ITR or you submit wrong details to income tax department, you may incur fines & penalties or face legal consequences too.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Deadlines For Filing Income Tax Return
The deadline for filing income tax return for the tax year 2018-19 for individuals, HUF’s, AOP’s is 31st July 2019. In case your accounts need to be audited, the deadline for the same is 30th September 2019.
Individuals who needs to provide a report as per section 92E has to mandatorily file their tax returns by 20th November 2019.
Who Can File Income Tax Returns
- If an individual gross total income is above Rs.250000 (For ages less than 60 years), above Rs.300000 (for ages between 60-80 years) and above Rs.500000 (for ages 80 years and above) before availing deductions.
- In case it is a company or a firm (irrespective of the P&L made in a financial year)
- In case you need to claim a tax refund
- In case you are Indian resident but your assets or financial interest lies outside India.
- In case you are Indian resident but a signing authority in a foreign account too.
- In case you are applying for a loan or visa.
- In case individual receives income from property held under a charitable or religious trust or political party or a research association, trade union, educational or medical institution, hospital infrastructure debt fund, not for profit university or educational institution , any authority, body or trust.
- In case NRI derives all of his/her income through sources in India will be liable to tax in India.
Income Tax Return Forms
Form Name | Description |
---|---|
ITR-1 | Form Sahaj (includes income of an individual from salary or pension, income from house property or other sources). It does not include lotteries or race horses. |
ITR-2 | This form is filled by individuals or HUF’s having any income other than profits & gains of business or profession. |
ITR-3 | This form is filled by individuals or HUF’S having income sources from profits and gains of business or profession. |
ITR-4S | Form SUGAM is filled by individuals or HUF’s opting for presumptive taxation scheme under section 44AD/44AE. |
ITR-4 | This form is filled by individuals or HUF’s handling proprietary business or profession. |
ITR-5 | This form is filled by firm, LLP, BOI, AOP, artificial judicial person, co-operative society and local authority. It does not include trusts, political parties, institutions, colleges or entities who are required to file income tax returns under section 139(4A), 139 (4B), 139(4C) |
ITR-6 | This form is filled by companies except one who claim deduction under section 11. |
ITR-7 | This form is filled by the entity who submit income tax return under section 139 (4A), 139 (4B), 139 (4C) |
ITR-V | The acknowledgement of filing income tax return |
Income Tax Slab 2018-19
Income (Rs.) | Payable Tax (%) |
---|---|
Upto 2.5 Lakhs | Nil |
2.5 – 5 Lakhs | 5 |
5 – 10 Lakhs | 20 |
More than 10 Lakhs | 30 |
Income (Rs.) | Payable Tax (%) |
---|---|
Upto 3 Lakhs | Nil |
3 – 5 Lakhs | 5 |
5-10 Lakhs | 20 |
More than 10 Lakhs | 30 |
Income (Rs.) | Payable Tax (%) |
---|---|
Upto 5 lakhs | Nil |
5 – 10 Lakhs | 20 |
More than 10 Lakhs | 30 |
Ways Of Filing Income Tax Returns
- Filing income tax return offline
- Filing income tax return online
Filing income tax return offline – In order to file your income tax return offline, the procedure for the same is given below –
In Case You Choose Excel Utility
In Case You Download Java Utility
Documents Needed To File Tax Returns Online
- Bank statement
- TDS certificates
- Deductions or saving certificates
- Previous year’s ITR copy
- Interest statement showing interest you received during the financial year.
- P&L, Balance sheet & other audit reports (if applicable)
Procedure Of Filing Itr Online
- In the first step, visit the income tax department website www.incometaxindia.gov.in and register yourself. Your PAN will be your USER-ID and you have to make unique password online to login the account.
- In the second step, you have to check your tax credit statement FORM 26AS (needs to be checked for the previous financial year). It gives you information about all the taxes deducted by the income tax department.
- TDS shown in form 16 should match with the ones in form 26AS statement.
- In the fourth step, click on income tax return forms and choose the current financial year. You can download the ITR form from the website. One more option is there to complete the process on the e-portal itself by clicking on “E-file ITR” link.
- You can use spreadsheet through MS-office, open office or other online spreadsheet application. It should be easily filed by inputting the details of form 16.
- Click on “Calculate tax” to calculate the tax payable amount. If applicable, pay the calculated tax and fill the details of challan in the tax return after paying the same to the income tax department.
- Check all information by clicking on “validate” tab
- Generate the “XML file” and save the same on your local disk of the computer.
- In the ninth step, you have to upload the return by selecting the previous XML file you saved into your computer. You will also get an option to digitally sign the file. In case you are having digital signature, click yes, else no.
- After submitting the application, you will get the acknowledgement in the form of ITR-V. You can download the acknowledgement form for the future reference.
- In the last step, you have to send the printed copy of ITR-V to the income tax department near to you by normal or speed post within 120 days from the date of submitting the return. You can also e-verify your tax return. After e-verifying the tax return, there is no need to send the copy of ITR-V to the income tax department by post. You can also contact Finacbooks for filing your returns online accurately.
Benefits Of Filing Income Tax Returns
How FinacBooks can Help?
Finacbooks is one of the leading Indian firms having more than 10 years of experience in helping individuals, HUF’s and AOP’s in filing their tax returns online. To avail the best deals on filing tax returns online to HMRC, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com
Income Tax Returns FAQ’S
What Clients Say
Blogs
Section 80D Section 80D allows you to claim deduction on money spent as premium on health insurance policy and health care of your family... Read More
Section 80DD Under section 80DD of the income tax act, any resident individual or HUF can claim tax deduction for the medical treatment... Read More
Section 80DDB Section 80DDB of the income tax act defines tax saving provisions for individuals that helps them in covering the expenses... Read More
We Are Everywhere

Contact Us
India
Time