We offer various mandatory compliances like Income Tax Return Filing, ROC Filing and GST Filings

  • What is an income tax return?
    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you’ve paid more tax than needed for the financial year, you’ll be refunded by the income tax department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your income tax returns.
    Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.
  • Why do you have to file income tax returns?
    Irrespective of whether you live in India currently or not, filing an income tax return is compulsory, if your total Indian income exceeds Rs.2,50,000.
    Even if you don’t meet the Rs.2,50,000 threshold, it’s a good practice to file or e-file your income tax return. An income tax return is an important document that you must produce at the time of availing a home loan, as it reflects your financial prosperity. An income tax return—as a proof of income—shows your capacity to repay a loan.
    If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you’ll need at least three years’ filed income tax returns to show as proof of income. People processing your visa application may request for this financial information to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
  • How can you file an income tax return in India?
    You can file your income tax returns online, either on the income tax department’s website or with us by contacting us on +91-9041222285.
    Also note that the deadline for e-filing your income tax returns for assessment year 2017-2018 is on or before July 31, 2017.
  • What are the details you need when you’re e filing your income tax returns?
    – You’ll need to produce basic information such as PAN, Aadhar card number, and current address.
    – Details about all the bank accounts you’ve held in the given financial year. This is a mandatory disclosure you must make for e filing your income tax returns.
    – Details about your income from salary, fixed deposits, savings bank account, etc.
    – Information of all the deductions you’ve claimed under Section 80.
    – You’ll also need to produce tax payment information such as TDS and advance tax payments.
  • Can I file Tax Returns for years before 2014 online?
    Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.
  • What’s the next step after you’ve e-filed your income tax returns?
    Once you’ve filed your tax returns online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return. This can be done from most Netbanking accounts.

Income Tax Efiling Process: A Step-By-Step Guide

Check if you have to file a tax return

For FY 2017-18, if your income exceeds Rs.2,50,000 (Rs.3,00,000 if you are 60 years or older) you must file an income tax return in India. You must also file a tax return if excess TDS has been deducted and you want to claim a refund.
Paper return or e-filing of income tax? If your income is greater than 5 lakhs, or you are seeking a refund, you must file your income tax return online. An exception is made when the individual taxpayer is 80 years or older.

Frequently Asked Questions

  • My company deducts all the TDS. Do I still have to file my tax return?
    Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you’ve paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.
  • Which income tax return should I select for e filing?
    Great question! There are nine forms – ITR 1, 2, 2A, 3, 4, 4S, 5, 6 and 7 for each type of tax situation. Honestly, choosing the correct income tax form is a lot of work.
  • How do I pay tax to the government?
    You can pay tax directly on the Income Tax Department website using your Netbanking account with challan 280.
  • Can I file income tax returns for years I missed?
    Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.
  • What is ITR-V?
    ITR-V is a 1-page document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return.
  • I am salaried and don’t have a Form 16. How can I file my tax return?
    You can still file with us.
  • Can I file ITR-1 with exempt agricultural income?
    You can file ITR 1 if the agricultural income is up to Rs 5000.For agricultural income exceeding Rs 5000, you have to file ITR 2.To know about ITR 2.
  • Is it necessary to attach any documents along with return of income?
    ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
  • If I have paid excess tax, how will it be refunded to me?
    The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. Don’t make mistakes in mentioning bank details such as account number,IFSC code etc in ITR form.
  • Is it necessary to file return of income when I don’t have any positive income?
    You must file your return before the due date, if you have sustained loss in the financial year and if you want to carry forward to the subsequent year for adjustment against subsequent years positive income. Loss can be carried forward only if you have filed the return claiming such loss before the due date.