Online Filing of ITR

File ITR 1 – for Salaried Person Online

File ITR 4 – Under Presumptive Taxation Applicable for Small Traders, Freelancers and Professionals

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When Income Tax Return is Mandatorily Required to be Filed?

In India, Income tax return is mandatorily required to be filed as per Income Tax Act in following cases:

Individual or Hindu Undivided Family (HUF) or Association of Person (AOP) or Body of Individuals (BOI) whose Gross Total Income crosses the maximum amount not chargeable to tax in a financial year. Gross Total Income is the income earned during a financial year excluding any exemptions and deductions. Basic exemption limit for assessment year 2018-19 (financial year 2017-18) is Rs. 2,50,000/- for an individual below 60 years, Rs.3,00,000/- for individual age group of 61 to 80 years, and Rs. 5,00,000/- for persons who achieved age of 80 years above.

Company or Firm whether they have profit or loss during the financial year.

In order to claim Income Tax Refund, if tax credit is available.

In order to carry forward losses incurred during the year to subsequent years.

In the case Indian resident possess any asset or financial interest located outside the country or act as signing authority in foreign account. Return filing is not mandatory in this case for Resident but not ordinary resident (RNOR) and Non-resident Indian (NRI).

In case of income of exempted long-term capital gains of more than Rs. 2,50,000/- from sale proceeds of equity shares of a company or sale of equity oriented mutual funds or sale of a unit of business trust.

In case of receipt of income derived from property held under trust for charitable or religious purpose or a political party or research association, news agency, educational or medical institutions or trade associations.

SubmitTax ensures that its platform & support never let miss to file income tax return in case it is mandatory for you.

Form to be Selected to File Online Income Tax Return

ITR 1: For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh.

 ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3: For individuals and HUFs having income from profits and gains of business or profession.

ITR 4: For presumptive income from Business & Profession.

ITR 5: For persons other than Individual, HUF, Company or Person filing Form ITR-7

ITR 6: For Companies other than companies claiming exemption under section 11

ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

In case of still confused or not able to figure out which form is applicable, count on SubmitTax to resolve it.

Due Date of Income Tax Return

Provisions of Section 139 of the Income Tax Act, 1961 deals with subject of due date of filing income tax return.

For Individuals, Hindu Undivided Family (HUF), Association of Person (AOP), Body of Individuals (BOI), or businesses whose books does not required to be audited, due to file income tax return (ITR) is 31st July of relevant assessment year. For example, due date to file income tax return (ITR) for financial year 2018-19, relevant to assessment year 2019-20 is 31st July, 2019.

For Company, Firm, Businesses or working partners whose firm books requires to be audited, due date of income tax return (ITR) is 31st September of relevant assessment year. For example, due date to file income tax return (ITR) for financial year 2018-19, relevant to assessment year 2019-20 is 30th September, 2019.

For businesses requiring report under section 92E (transfer pricing), due date to file ITR is 30th November of relevant assessment year. Report under section 92E is required for certain assesses entering into international transactions or specified domestic transactions.

However, in case you missed to file ITR before due date, you can still do so after paying penalty. Sub-section 4 of section 139 deals with provision of belated return which can be filed before end of relevant assessment year or completion of assessment whichever is earlier. To elaborate, for financial year 2017-18 relevant to assessment year 2018-19 belated return can be filed up to end of relevant assessment year i.e. 31st March, 2019 or before completion of assessment.

Maximum penalty for late filing of ITR is Rs. 10,000/- if total income exceeds Rs. 5 lakhs & filed after 31st December of relevant assessment year & Rs. 1,000/- if total income is below Rs. 5 lakhs. If filed after due date but before 31st December, penalty for late filing is Rs. 5,000 for total income exceeding Rs. 5 lakhs & Rs. 1,000 for total income below Rs. 5 lakhs.

We, at SubmitTax helps in filing ITR before due date & even if not done, guide to get it done after due date but before last date of belated return approaches.

Prepare & Submit Income Tax Return in Offline Mode

Income Tax Return (ITR) can be e-filed in offline mode by using income tax return preparation software’s as available in excel & java version on official website of department i.e. www.incometaxindiaefiling.gov.in. Following steps are useful guide to upload ITR in offline mode:

  • Download the relevant ITR Form from website ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7
  • Populate all the relevant details of income, expenses, assets, liabilities, investments, tax & general details as required to be filed in different pages of the form.
  • Click on validate button wherever available on page to ensure any resolution of possible errors.
  • In case of losses to be set off & carried forward to subsequent years, don’t forget to calculate set off button.
  • Click on Calculate Tax button to automatically determine tax liability or refund status.
  • In case of tax liability, use e-pay tax button to discharge the same.
  • Use Generate xml button to convert into xml which is supported by website to upload.
  • Click on Save xml button which is by default saved at the location of ITR Form folder.
  • Login to e-filing website using PAN & password.
  • Go to e-file as in menu list & select Income Tax Return.
  • Select relevant assessment year & ITR Form name.
  • Choose filing type between Original/Revised return or Filing against notice/order.
  • In submission mode, opt for “Upload xml”.
  • Select the option that how you will verify your Income Tax Return.
  • In case uploaded through digital sign (DSC), no need is there to verify it as its already done.
  • Upload the saved xml file & submit for successful filing.
  • Do not forget to verify ITR if not uploaded through DSC for further processing.
  • ITR V, an acknowledgement is mailed to registered ID & also available to download from website.

SubmitTax is ready to assist you at any of the steps in filing of Income Tax Return (ITR) smoothly.

Prepare and File Online ITR

Online preparation & submission of ITR is available & can be done through official e-filing website of department i.e. www.incometaxindiaefiling.gov.in. At present, ITR 1 & ITR 4 can be filed online through official site by following below steps guide:

  • Login to www.incometaxindiaefiling.gov.in using PAN as ID & password generated after successful registration.
  • Go to e-file as in menu list & select Income Tax Return.
  • Select relevant assessment year & ITR Form name (either ITR 1 or ITR 4S).
  • Choose filing type between Original/Revised return or Filing against notice/order.
  • In submission mode, opt for “Prepare & Submit Online” & not upload xml.
  • Select the option that how you will verify your Income Tax Return.
  • ITR Form is opened with some details of Name, PAN, Address, Employment & TDS prefilled, which is sourced on the basis of PAN database, latest filed ITR & 26 AS statement.
  • Complete the required information & tax is calculated automatically o the basis of details provided.
  • You can save draft so that information provided is not required to be repeated.
  • Opt for e-pay tax in case of tax liability to discharge it.
  • Select on Preview & Submit on top of the form to go through all the particulars and edit if any change is required.
  • Click on Submit button to complete filing & successful generation of ITR V- Acknowledgement.
  • Do not forget to verify ITR for further processing.
  • ITR V, an acknowledgement is mailed to registered ID & also available to download from website.

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FAQ

What is ITR?

ITR stands for Income Tax Return. It is form or forms used to file income tax with the income tax department by a person in a financial year.  

The law provided that income tax return must be filed by an individual or business for income received during the year. The income tax return must be filed within  specified due date.  

Did taxpayers get tax refund?

If the taxpayer overpaid its taxes will get tax refund which means that the taxpayer paid more than the amount of tax, then he will get the refund. After the end of the tax year, tax refund is to be paid.

The expected date of refund within 30 days but if you paid your tax by paper work then it will take 12 weeks. 

Who is liable to pay income tax return ?
The person who fulfil any of the conditions mentioned below is liable to file an income tax return:

  • The person gross total income in financial year exceeds 2.5 lakhs,similarly the limit for senior citizens is 3 lakh.
  • The company or firm, irrespective of the fact that they earned income or loss during the Financial year.
  • The person wants to claim an income tax refund
  • The person wants to carry forward its loss under a head of income.
  • If you are a resident of India, and have an asset or financial interest in an entity located outside India does not include NRI or RNOR is mandatory to file an Income tax return.
  • If a foreign company and taking benefits in India.
Can ITR be filed after the due date?

Yes, ITR can be filed after the due date, it is generally called belated return governed by the section 139(4).

Who can file ITR-1 ?

ITR-1 can be filed by the individual who have :

  • Income from salaries/pension
  • Income from house property
  • Income from other sources

And having total income upto Rs. 50 lakh.

Who can file ITR -2 ?

ITR-2 can be filed by an individual and Hindu Undivided family who doesn’t have income from ‘profits and gains of business and profession’ and along with that not having nature of interest, bonus, salary, commission or remuneration from partnership firm and importantly does not come under Form ITR-1.

Who can file ITR-3?

ITR-3 can be filed by the individual or a hindu undivided family who have income from gain or profession. Along with that those individuals or hindu undivided family who is having interest, salary, bonus, commission, or remuneration from partnership firm.

What is the due date for filing an income tax return?

Due date for filing income tax return is :

  • For those applicants whose account are not required to be audited – 31st july of assessment year.
  • For those applicants whose account needs to be audited – 30th september of assessment year.
How many modes for filing income tax return?

We can file an income tax return to income tax department by many modes which are:

  • By paper form
  • By electronically under digital signature.
  • By e-filing under electronic verification code.
Who can file ITR- 4 ?

ITR-4 can be filed by the individual or HUF having :

  • Business – Section 44AD
  • Profession – section 44AD
  • Transporters – section 44AD
Who can file ITR- 5 ?

ITR- 5 filed by a firm, LLP, AOP, BOI, artificial person, cooperative society and local authority.

Who can file ITR- 6 ?

ITR- 6 can be filed by a company, other than a company claiming exemption under section-11.

Who can file ITR - 7 ?

ITR-7 can be filed by the companies who are required to file a return under section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), 139(4F).

Do taxpayers need to attached the documents while filing ITR ?

No, while filing return no documents are required to attached. The documents are required only when the tax authorities required the documents.