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

The following persons can file income tax returns to the income tax department –
  • An individual earning taxable income from salary has to mandatorily submit their tax return to the income tax department.
  • An individual earning income from house property, capital gains, FD, interest etc. has to mandatorily file tax returns to the IT department.
An individual has to mandatorily file income tax return in India in the following conditions –
  1. 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.
  2. In case it is a company or a firm (irrespective of the P&L made in a financial year)
  3. In case you need to claim a tax refund
  4. In case you are Indian resident but your assets or financial interest lies outside India.
  5. In case you are Indian resident but a signing authority in a foreign account too.
  6. In case you are applying for a loan or visa.
  7. 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.
  8. 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

Applicable On Individuals & Huf’s Below 60 Years
Income (Rs.) Payable Tax (%)
Upto 2.5 Lakhs Nil
2.5 – 5 Lakhs 5
5 – 10 Lakhs 20
More than 10 Lakhs 30
Applicable On Senior Citizens Between 60-80 Years Of Age
Income (Rs.) Payable Tax (%)
Upto 3 Lakhs Nil
3 – 5 Lakhs 5
5-10 Lakhs 20
More than 10 Lakhs 30
Applicable On Senior Citizens Above 80 Years Of Age
Income (Rs.) Payable Tax (%)
Upto 5 lakhs Nil
5 – 10 Lakhs 20
More than 10 Lakhs 30

Ways Of Filing Income Tax Returns

There are two ways of filing income tax return –
  1. Filing income tax return offline
  2. 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 the first step, visit the income tax department website www.incometaxindia.gov.in and choose e-filing option.
  • After selecting the option, you will be redirected to another website where you easily select and even download the ITR form required by you.
  • For 2018-19, IT department contains two utilities – Excel utility and Java facility. You can easily download any of them.

In Case You Choose Excel Utility

  • After downloading the excel utility, fill the form after opening it.
  • Validate all information; calculate tax and click on generate XML.
  • Save your form and upload the same on the e-filing website of the income tax department.
  • After uploading the form, attach all the required documents and click on submit.

In Case You Download Java Utility

  • After downloading the java utility, open it and click on “prefill”.
  • Then, you have to enter used ID, password, date of birth/date of incorporation and choose prefill address.
  • Enter your details & calculate the tax.
  • Save the XML file and click on submit.

Documents Needed To File Tax Returns Online

  1. Bank statement
  2. TDS certificates
  3. Deductions or saving certificates
  4. Previous year’s ITR copy
  5. Interest statement showing interest you received during the financial year.
  6. P&L, Balance sheet & other audit reports (if applicable)

Procedure Of Filing Itr Online

The procedure of filing income tax return is as follows –
  1. 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.
  2. 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.
  3. TDS shown in form 16 should match with the ones in form 26AS statement.
  4. 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.
  5. 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.
  6. 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.
  7. Check all information by clicking on “validate” tab
  8. Generate the “XML file” and save the same on your local disk of the computer.
  9. 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.
  10. 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.
  11. 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

The benefits of filing ITR returns are as follows -
  • It is a proof of the financial status of an applicant.
  • It helps in applying for loans.
  • It helps in carrying forward capital losses
  • ITR receipt is a useful document and used for visa processing
  • ITR receipt can also be served as an address proof
  • In case you need to file a government tender, it is essential to show ITR receipt for previous years.
  • You can avail various deductions under section 80C to 80U and can claim refund from the income tax department too.

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

Income tax return is the return filed by an individual showing his or her earning details to the income tax department.
The deadline for filing income tax return for tax year 2018-19 is 31st July 2019. In case, your accounts are needs to be audited, the deadline for the same is 30th September 2019.
ITR-1 FORM SAHAJ is used by salaried individuals, pensioners, individuals earning income from one house property or other sources to file the income tax return online.
ITR-V is the acknowledgement copy sends by the income tax department after submission of tax by an individual.
The two ways of filing income tax return are as follows –
  • Filing income tax return offline
  • Filing income tax return online
The documents needed to file income tax return online are as follows -
  • 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)
The best way to file your tax returns is to submit the tax returns to the income tax department online.
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