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Income Tax Return – ITR

Income Tax Return – ITR

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Income Tax Return is a form which is used to file the income tax with the Income Tax Department. Income tax is a tax imposed by the Central Government on income of a person. Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty. The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
Divadhvik offers the best service and helps you with the correct form to fill on the exact time.

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How many Types of ITR?

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There are up to several types of Income Tax Return Forms, currently.

ITR-1 (Sahaj)

ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.

ITR – 2

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)

ITR – 4 (Sugam) – For Individuals, HUFs and Firms (other than LLP) having presumptive business income tax returns.

ITR – 5

ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR – 6

ITR – 6 – All companies except those that claim tax exemption as per Section 11.

Important Information On Income Tax Return (ITR)

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First Pay Tax Then File Return
Filing of income tax return is a self assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash.
Late Return Filing
If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.
Penalty For Not Filing The ITR
Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or reduced.

Documents required for Income Tax Filing in India

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To fulfill IT filing in India, the following documents are necessary:

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  • Bank statements
  • Proof of investments
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
  • For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
  • Statement of receipts and payments when no regular books are maintained
  • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions

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How much I Need to Pay for Income Tax Return Filling?

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The Cost of ITR Return Filling a would vary from INR 899/- to INR 9499/- (GST Excluded) depending upon the plan you choose.

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ITR-1 & 2 

Rs 999/-

Income tax return filling for an individual with salary income of less than 5lacs

ITR-3

Rs 1499/-

Income tax return filling for person having capital gains

ITR-4

Rs 1999/-

Income tax return filling for a taxpayer with taxable income of less than Rs. 25 Lacs

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ITR-5

Rs 5999

Income tax return filling for taxpayer with taxable income of more than 25 lacs

ITR-6

Rs 6999/-

Income tax return filling for a taxpayer with taxable income of less than Rs. 25 Lacs