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What is it?  |  Why Needed?  |  Documents Required  |  Service Package  |  FAQs

Income Tax Returns

An income tax is a tax imposed on individuals or entities for income or profits earned.

E-filing of ITR

Who needs to file an Income Tax Return?

Everyone in India, whose total income is greater than the income slabs set by the government of India, Like:

  • An Individual
  • A Company/ Firm
  • A Local Authority
  • A Hindu Undivided Family (HUF)
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • Artificial Juridical Persons

File you income tax return with Legal Brother’s help like many other businesses from pan India locations. You may contact us for filing an Income Tax return in Delhi, Mumbai, Bangalore, Kolkata, Kanpur, Bareilly, Lucknow, Kanpur, Ghaziabad, Ludhiana, Faridabad, Meerut, Varanasi, Srinagar, Amritsar, Allahabad, Chandigarh, Bareilly, Moradabad, Gurgaon, Aligarh, Jalandhar or any other cities in India.

What is an Income Tax Return?

An Income Tax Return is a statement of income earned to effectively calculate the tax liability on an entity and check the payment/refund of taxes. Hence, clearly the idea of filing an income tax return is to to report an entity’s income and taxes paid accordingly to the government.

What are the due dates for filing IT return?

  • July 31: For individuals and firms who are not liable to audit.
  • September 30: For companies and others. who are liable to audit.
  • March 31: Belated returns for individuals and companies.

The types of ITR?

  • ITR 1

This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.

  • ITR 2

This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

  • ITR 3

This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

  • ITR 4

This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme

  • ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP)

  • ITR 6

This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company

Why Needed: Reasons & Benefits

The Features and benefits of Income tax returns are:

Avoid Penalty

Avoid Penalty up to INR 10,000/-

This year, the government has introduced a new section in the Income Tax Act-1961, i.e.

Avoid Tax Notice

Avoid Tax Notice of non-filing of ITR

In case you fail to duly file your Income Tax Return, you may get a tax notice from the Income Tax department

TDS Refund Back

TDS Refund Back

If your client or employer deduct your TDS while making payment, it might be that you’re eligible for Tax Refund.

How small businesses can avail Collateral Loans

Avail Loans easily

Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan.

Documents Required

  • Entity Name
  • Date of Incorporation
  • PAN of the Company
  • Registered Office Address
  • Annual Income Details
  • Financial Reports for this year filing (If accounting is done from your end)
  • Previous IT filing details (Financial Statements)
  • User ID & password for https://incometaxindiaefiling.gov.in site, if any
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Frequently Asked Question

What is Income Tax?

Income tax is tax levied on the income of a person during the financial year starting from 1 April and ending 31st March.

Who is liable to pay Income tax?

Everyone in India, whose total income is greater than the income slabs set by the government of India, Like:
An Individual
A Company/ Firm
A Local Authority
A Hindu Undivided Family (HUF)
An Association of Persons (AOP) or a Body of Individuals (BOI)
Artificial Juridical Persons

How do I need to pay income taxes to the government of India?

To make the income tax payment to the government of India, you need to file an accurately filled challan 280 and deposit the tax in the form of a cheque or cash in any designated bank branch. Otherwise you can also make the payment online on NSDL website.

What is Income tax Return?

An Income Tax Return is a statement of income earned to effectively calculate the tax liability on an entity and check the payment/refund of taxes. Hence, clearly the idea of filing an income tax return is to to report an entity’s income and taxes paid accordingly to the government.

Who is exempted from filing an Income Tax Return?

The exemption limits are specified under the Income Tax Act, 1961. For your information, the basic exemption limit for income tax changes every year. At present the income tax exemption limits are as states below:
An individual less than age 60 earning Rs.. 2,50,000/-
An individual ages between 60-80 years earning Rs.. 3,00,000/-;
An individual more than age 80 earning Rs.. 5,00,000/- .

Am I required to file Income Tax Return, if not than who is?

You need to compulsorily file an income tax return, if you fall under any of these conditions :
Your taxable income is greater than exempted in the slabs notified in Finance Act for that Year.
You are registered as a firm, company, LLP etc. regardless of the income and losses during the financial year.
You wish to carry forward losses to next financial year.
You are willing to claim the tax refunds like TDS.
You are an Indian resident who is holding Foreign Asset such as Immovable property, Bank account, etc.
You are an Indian resident and a signing authority in a foreign bank account

Which Income Tax Return form should I file to pay income tax return?

It totally depends upon the type of assesse.
In case of an Individuals and Hindu Undivided family: ITR-1, ITR-2, ITR-3, and ITR-4
In case of a company: ITR-6, ITR-7
Entities other than Individuals and Company: ITR-5

Which income tax return form should I file being an individual?

An Individual can file return using any listed form ITR-1, ITR-2, ITR-3 and ITR-4 based upon their salaries.
ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.
ITR 2: Salaried individuals and Hindu undivided family having income from business or profession from a Partnership Firm.
ITR 3: An individual/Hindu Undivided Family having income from business or profession from a Proprietorship Firm.
ITR 4: An individual/Hindu Undivided Family opting for Presumptive Taxation Scheme.

Who all need to file IT return using ITR-1?

You need to file an ITR form 1 incase you are an individual having income from salary, pension, income from one house, agricultural income being less than RS. 5000/- or your total income is less than Rs.. 50 lakh.

Who needs to file IT return in ITR-2?

An Individual or a Hindi Undivided family needs to file an ITR-2 from incase they are:
Earning Income from items listed in ITR 1worth more than Rs.. 50 Lakhs.
Earning Income from capital gains.
Earning Foreign Income.
Earning an Agricultural Income more than  Rs.. 5000/-.
Earning an Income from a partnership Firm.

Who needs to file IT return in ITR-3?

An Individual or a Hindi Undivided family needs to file an ITR-3 from incase they are:
Earning Income from items listed in ITR 2.
Earning Income from Proprietorship Firm.

Who needs to file IT return in ITR-4?

An Individual or a Hindi Undivided family needs to file an ITR-3 from incase they are having:
A Business with Deemed Profit of 8% or 6% as paper the Section 44AD
A Profession with Deemed Profit of 50% as paper the Section 44ADA
A Transportation business with Deemed Profit of Rs.. 7500/vehicle paper month as paper the Section 44AE

Who needs to file IT return in ITR-5?

An Individual or a Hindi Undivided family needs to file an ITR-3 from incase they are having:
Firm
Limited Liability Partnerships
Association of Person
Body of Individuals
Artificial Juridical Persons
Local Authority or Co-operative Society

What is Form 26AS?

26AS is a consolidated statement of the total tax credits associated with our Permanent Account Number(PAN). FORM 26AS contains information relevant to the tax received by government in the form of TDS deposited by your employers, banks on your our behalf, information regarding the Advance tax deposited by you, self-assessment tax deposited etc.

What are the benefits of income tax returns and filing an ITR?

ITR filing is not only an obligation for entities but it also helps in various things like getting bank loans, visas, claiming excess income tax paid refund, serves as a proof of income certificate.

Can I file my income tax return without having a PAN (Permanent Account Number)?

No, You can not file your income tax return without PAN number.

When is Form 26AS is needed and important for IT return?

Form 26AS is used to match tax payments and TDS deducted before filing your income tax return to get tax credit.

Where can I see or check my Form 26AS?

You can only check your form 26AS if you are registered on Income tax Portal. You can make a request to view 26AS. You can view and even download your Form 26AS for your selected assessment years.

Is Income tax return filing mandatory even if I have already paid all the taxes?

Yes, return filing is mandatory for those falling under the taxable income slabs.

What are the due dates for filing income tax return of a company, working partner, individuals or HUF?

July 31: For individuals and firms who are not liable to audit.
September 30: For companies and others who are liable to audit.
March 31: Belated returns for individuals and companies.

What if I fail to submit my income tax return on time?

An income tax return can be file even after the due dates with some additional interest.

Do I need to be physically present for the filing ITR return?

is available 24*7 through its online one stop platform serving even the most remotest areas of the country. So, Until you wish, You need not physically be available with us. All you need is the necessary documents, an internet connection to share documents, a telephone number, mail id for formal communications. We are there to serve you the best way possible.

What all cities does Legal Brother's offer it's services?

Legal Brother’s provides its services across India in all cities like Delhi, Noida, Gurgaon, Jaipur, Mumbai, Bangalore, Hyderabad, Chennai, Ahmedabad, Pune, Jaipur, Lucknow, Kanpur, Nagpur and other Indian cities.

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