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Income Tax Return Filing - Salaried

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Income Tax Return Filing - Salaried

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

An Income tax Return is a statement of Income earned to calculate tax liability and payment or refund of taxes to the government. Thus the purpose of filing the return is to report our income and taxes paid there on to the government. Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Income tax return form can be e-filed or manually filed.  Startup  Search Providers can help you file income tax returns.

What Is Included In Our Package?

Procedure For ITR filing - Salaried

 Basic Details Form

Basic Details Form

Get Start Work
Application Preparation

Application Preparation

1 Hour
Drafting of Documents

Drafting of Documents

1 Hour
Application Filing

Application Filing

1 Hour
 Congratulations

Congratulations

Your Work Is Completed

Advantages Of Filing Income Tax Return

Who is liable to pay Income tax?

  • Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :
  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

Income Tax Return Types applicable to different Individuals

    ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.
    ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.
    ITR – 3 – For individuals and HUF with income from profits of a business or profession.
    ITR – 4 (Sugam) – For Individuals, HUFs and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA or 44AE.
    ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
    ITR – 6 – All companies except those that claim tax exemption as per Section 11.
    ITR – 7 – Persons incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

What are the due dates for filing income tax return?

Type of Tax Payer

Due Date

Company

30th September

Persons whose accounts are required to be Audited u/s 44AB

30th September

Working Partner in a firm (where firm’s accounts are required to be audited)

30th September

Individuals, HUF,AOP,BOI etc. whose accounts are not required to be audited u/s 44AB

31st July

Frequently Asked Questions

1. What is Income Tax?

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

2. Who is liable to pay Income tax?

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :

An Individual

A Hindu Undivided Family (HUF)

A Company

A Firm

An Association of Persons (AOP) or a Body of Individuals (BOI)

A Local Authority

Artificial Juridical Persons

3. What are Previous Year and Assessment Year?

Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.

4. What is 26AS? Is it required to file income tax return?

26AS is a consolidated statement showing the tax credit associated with our PAN. It shows how much tax has been received by government by way of TDS deposited by deductor (employer, bank) on our behalf, Advance tax deposited by us, self-assessment tax deposited etc. It is important to match tax payments and TDS deducted with 26AS before filing your income tax return to get tax credit as we can take tax credit of only those items appearing in our 26AS.

5.How can I view my 26AS?

26AS can be viewed only by those taxpayers who are registered on Income tax Portal. User is redirected to traces portal when he makes a request to view 26AS. The statement can be viewed and downloaded for the selected Assessment year. 

6. Who can file IT return in ITR-1?

You can file return in ITR-1 (Sahaj) if you are an Individual having :

Income from other sources

Salary

Pension

Income from up to one house.

Agriculture Income less than Rs. 5,000.

Total Income is less than Rs. 50 lakh.

7. Who can file return in ITR-2?

You can file return in ITR-2 if you are an Individual or HUF having :

Income from items in ITR 1 which is more than Rs. 50 lakh.

Income from capital gains.

Foreign Income.

Agricultural Income more than Rs. 5,000.

Income from Business or Profession under a Partnership firm.

8. Who can file return in ITR-3?

You can file return in ITR-3 if you are an Individual or HUF having :

Income from items mentioned in ITR 2.

Income from Business or Profession under a Proprietorship Firm.

9.Who can file return in ITR-4?

You can file return in ITR-4 (Sugam) if you are an Individual or HUF having :

Section 44AD – Business (Deemed Profit-8% or 6%)

Section 44ADA –Profession(Deemed Profit-50%)

Section 44AE – Transporters (Deemed Profit- Rs. 7500/vehicle per month)

10.who can file ITR-5?

You can file return in ITR-5 if you are an Individual or HUF having :

Firm

Limited Liability Partnerships

Association of Person

Body of Individuals

Artificial Juridical Persons

Local Authority or Co-operative Society

11.Is filing of return is mandatory even if income is below exemption limit?

If the income is below exemption limit then it is not mandatory to file the return but you may file the return as you cannot file the return for past years once the due date lapses. In addition, ITR is valid document for bank credit, housing loan etc.

12. Is filing of return is mandatory even if employer already deducted TDS from salary?

Mere deduction of TDS does not give you exemption from filing of IT return. Even if your employer has deducted TDS from your income, you must file your return. To claim the TDS amount,filing of IT return is mandatory.

13. How is return filed processed?

Now the processing of return filed will be through Aadhaar Number, where, you can link your Aadhaar Number with your PAN and get rid of sending ITR V to CPC, Bangalore.

14. Is having PAN(Permanent Account No.) mandatory for income tax return filing?

Yes, a person must have PAN in order to proceed for filing of income tax return.

15.What are the consequences if a return is not filed within due date?

Interest on tax due shall be paid. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F.

16.Any provision to file return after due date?

There is an option to file Belated Return. It shall be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. It is to be noted that Belated Return can be filed but interest and penalty shall be levied.

17. What is Presumptive Taxation under income tax return?

With an objective to give relief to small taxpayers having income from business or profession from maintaining books and accounts presumptive taxation scheme was introduced in Income Tax Act, 1961. This section gives exemption to taxpayers opting for this scheme from maintaining books, audit, paying quarterly advance tax. The scheme is framed under three section of Income tax act 1961:

 

  • Section 44AD : For small taxpayers engaged in business other than business of plying, hiring or leasing goods carriages
  • Section 44ADA: For small tax
18. What is Advance Tax?

If the income tax liability in any financial year is more than Rs. 10000 then, advance tax shall be paid in installments during the year itself.

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

The return can be submitted after due date u/s 139(4). An assessee who fails to file return within due date will have to pay interest u/s 234A.

20. Within what time can belated or late return be filed?

The belated return can be filed on or before 31st March of the relevant Assessment Year.

21. What to do if a mistake is made in filing the return?

If any error is discovered after the return is filed then return can be revised u/s 139(5). Revised Return of Income Tax can be filed by an assessee any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

ITR presumptive taxation