Income Tax Return Filing Online | income tax e filing Anywhere

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Due Date For Taxpayer

Due dates within which ITR should be filed by various Assesses

Category of Taxpayer	Due date of furnishing of audit report	Due date of flings ITR	Penalty
Individual & HUF (Non Audit case)		31st July, 2022	Upto 10,000/-
Individual & HUF (Audit case)	30th September, 2022	31st October, 2022	Upto 10,000/-
Partnership firms (inc LLPs)(Non Audit case)		31st July, 2022	Upto 10,000/-
Partnership firms (inc LLPs)(Audit case)	30th September, 2022	31st October, 2022	Upto 10,000/-
Trustm colleges & political parties (Non Audit case)		31st July, 2022	Upto 10,000/-
Trustm colleges & political parties (Audit case)	30th September, 2022	31st October, 2022	Upto 10,000/-
Companies including private limited companies & OPC	30th September, 2022	31st October, 2022	Upto 10,000/-

What happens if I delay in ITR filing?

There is no relaxation if a taxpayer faces late filing of returns in such cases penalty would be levied on:

Delay in Filing: Interest imposed u/c 234 Income Tax Interest where a penalty is levied 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
Refunds could Delay: If you are likely to get a refund from the government for excess in payment. Then you must file your income tax return before the due date.

Documents Required

Indiviual/Salaried Person +

Pan card and aadhaar card
All bank statement
TDS certificate(form 16-for TDS on salary)
TDS certificate (form 16a-for TDS on non-salary) like professional fees, rent, interest etc.

Private Limited Company +

Directors pan and aadhaar card
Company pan card
Profit and loss statement
Balance sheet
All bank statements
Investment proofs
Others

LLP Company +

LLP pan, address details, date of registration proofs
Partner pan, aadhaar and address details
Profit and loss statement
Balance sheet
Bank statements

Income Tax Return Filing

Every responsible Indian citizen is required by law to file income taxes with the government. However, you may file your income tax online using today's technologies. This procedure is quick and precise, with no time limits.

However, submitting an income tax return in India via the official website necessitates the completion of ITR forms. Individuals must complete a different ITR form than salaried employees. This is an important activity since the income tax agency has a variety of documents designated ITR 1 through ITR 7. Each form serves a unique purpose and belongs to a distinct category.

Benefits of Filing Income Tax Return

The benefits of filing income tax returns are-

01

Loans:

Bank loans, such as school loans, vehicle loans, and personal loans, are simple to get because they only ask for the previous three years' IT results.

02

Visa:

Visiting applicants require proof since immigration centres scrutinise paperwork and IT returns.

03

Stay away from penalties:

Non-filing of income tax returns may result in substantial penalties; thus, it is always advisable to file it to prevent legal ramifications.

Eligibility for Filing Income Tax Returns

As per the Income Tax Department, the followings bodies are eligible for Income Tax Filing-

Salaried people whose gross income exceeds the exemption limit before deductions under Sections 80C to 80U
Regardless of profit or loss, every company, whether private limited, limited liability partnership, or partnership, is required to file IT reports.
Individuals who hold the position of Director in a Private Limited Company or Partner in a Limited Liability Partnership.
Individuals who get dividends through mutual funds, bonds, stocks, fixed deposits, interest, and other investments.
Individuals that get income from charitable trusts or religious foundations, as well as money from voluntary donations
Individuals and corporations looking for tax breaks
Anyone with foreign income or assets, including NRIs and IT professionals on onsite deputation.

Types of ITR Filing Forms

The different sorts of income tax return filing forms are-

01

ITR 1 (Sahaj)

Individuals with income from a salary, a single-family home, agriculture, or other means. Individual inhabitants with total revenue of up to Rs. Fifty lakhs and agricultural income of up to Rs. 5,000 must complete this form.

02

ITR 2

This form is intended for individuals and HUFs generating income from sources other than PGBP (profits and gain of business or profession). It might be from a financial gain, a lottery, overseas assets, or anything else, as long as the total income exceeds Rs. 50 lacs. Agriculture revenue should be greater than Rs. 5,000. It is also filed by people who purchased unlisted equity shares during the fiscal year.

03

ITR 3

Individuals & HUFs earn money via company or professional profits and gains. Therefore, it must also be reported by persons with income as a firm partner.

04

ITR 4 (Sugam)

Individuals, HUFs, and Firms (other than LLP) with a total income of Rs.50 lakhs from business or profession are considered residents. It also applies to persons who have chosen the presumptive income plan under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.

05

ITR 5

Firms, LLPs, the Association of Persons, Bois (Body of Individuals), and other entities file ITR 5.

06

ITR 6

Companies other than those demanding exemption u/s 11 submit ITR 6. (Income from property held for charitable or religious purposes).

07

ITR 7

It must be submitted by those who fall under section 139(4A), section 139 (4B), section 139 (4C), or section 139 4(D), which might be an individual or a corporation.

Process of Income Tax Return Filing Online

The process of ITR filing online involves the following steps-

Step 1: Go to the official site of the Income Tax Department.
Step 2: Create a PAN account, which will serve as your user ID. Registered users can log in by clicking 'Login Here.'
Step 3: Go to e-file and choose 'Income Tax Return.'
Step 4: Select the ITR form number and AY from the drop-down menu. You must choose "Original/Revised Return" as your filing type and "Prepare and Submit Online" as your submission option.
Step 5: Select 'Continue.'
Step 6: Fill in the required information on the ITR form.
Step 7: Determine the amount of tax due.
Step 8: Select the appropriate option from the 'Taxes Paid and Verification' menu.
Step 9: After that, click 'Preview and Submit.'
Step 10- Complete the verification procedure using Aadhaar OTP, electronic verification code (EVC) through bank account details, bank ATM, and Demat account details, or send a completed ITR-5 (either quick post or regular mail) to the IT Department.
Step 11- To complete the submission, enter the OTP/EVC that was issued to your registered cellphone number during its validity time and follow the instructions.

Who Can File Income Tax Return with Online Legal India?

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Founder of Online Legal India

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How We Work?

Submit your details and proceed for payment.

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You will get a call from our Tax Expert.

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Documentation done by our online ITR filing expert team

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Error-free online ITR file computation is done by our expert.

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Confirmation of details and filing for returns.

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File the ITR and provide the acknowledgement.

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FAQ

What is Income Tax Return (ITR)?

Income tax returns or ITR are the tax forms used to declare the details of your income to the Income Tax Department to assess the amount you need to pay as income tax in a financial year.

Who is required to file an ITR?

Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR. This implies, individuals and Hindu Undivided Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to file the income tax returns. For senior citizens (individuals between 60 years and 80 years of age) the threshold is Rs 3,00,000, and that for very senior citizens (aged above 80 years) it is Rs 5.00,000.

Is it mandatory to file an income tax return if my earning is below Rs 2,50,000?

No, it is not mandatory to file an income tax return if your annual income is below Rs 2,50,000.

What are the Advantages of filing an income tax return online?

There are many advantages of filing ITR online. Some of the benefits are as follows:

Quick processing: You will get the acknowledgement of ITR promptly. Refunds, if any, are processed faster online than paper-filed returns.
Accuracy: E-filing software minimizes errors
Convenience: E-filing facility is available and can be done at your convenience
Privacy: The data entered by you are safe as they cannot be accessed by anyone
Record of past ITRs: It is easier to access previous data, should you need them at any time in future.

Do I need to maintain any records or proof of earnings?

Yes, in case of Income Tax Return filing, it is mandatory for every source of income you have to maintain proof of earning as specified under the Income-tax Act 1961.

Online ITR file or file ITR offline-which is easy?

The ITR file online or Income tax e filing is comparatively easy. To file income tax online; a few documents are only required. If you search how to apply for itr, the e return filing will be shown as an easier process.

What is the consequence of a delay in ITR filing?

The consequence of delay in ITR filing is those who fail to file TCS or TDS statements by the stipulated date must pay the penalty ranging from Rs. 10,000 to Rs. 1,00,000 on top of the late ITR filing penalty under Section 234E. Section 234E imposes a fee of Rs. 200 daily until TCS or TDS is paid.

Who should file for ITR online?

Anyone with a valid PAN can file an IT return.
Companies and enterprises are required to file ITRs.
Individuals whose taxable amount exceeds the maximum amount not subject to taxation must file an income tax return

What is Form 15G & Form 15H?

Forms 15G and 15H are self-declaration forms that an individual sends to the bank to request that TDS on interest income not be deducted since their income falls below the basic exemption level.

What is the minimum income requirement for online ITR filing?

According to the Income Tax Act, you must file an ITR in India if your total income exceeds Rs. 2.5 lakh during the fiscal year.

Is it necessary to attach documents while ITR filing?

Yes, it is necessary to attach documents while filing for ITR.

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Income Tax Return | e-Filing Anywhere Anytime through Online Legal India