Income Tax Return Filing Services in India - Expert ITR Assistance

The following persons can file income tax returns to the income tax department –

• An individual earning taxable income from salary or pension has to mandatorily submit their tax return to the income tax department.
• An individual earning income from house property, capital gains, FD, interest etc. has to mandatorily file tax returns to the IT department.

An individual has to mandatorily file income tax return in India in the following conditions –

1. If an individual gross total income is above Rs 2,50,000 (For ages less than 60 years), above Rs 3,00,000 (for ages between 60-80 years) and above Rs 5,00,000 (for ages 80 years and above) before availing deductions.
2. In case it is a company or a firm (irrespective of the P &L made in a financial year)
3. In case you need to claim a tax refund
4. In case you are Indian resident but your assets or financial interest lies outside India.
5. In case you are Indian resident but a signing authority in a foreign account too.
6. In case you are applying for a loan or visa.
7. In case individual receives income from property held under a charitable or religious trust or political party or a research association, trade union, educational or medical institution, hospital infrastructure debt fund, not for profit university or educational institution, any authority, body or trust.
8. In case NRI derives all of his/her income through sources in India will be liable for tax in India.

The benefits of filing ITR returns are as follows -

• It is a proof of the financial status of an applicant.
• It helps in applying for loans.
• It helps in carrying forward capital losses
• ITR receipt is a useful document and used for visa processing
• ITR receipt can also be served as an address proof
• In case you need to file a government tender, it is essential to show ITR receipt for previous years.
• You can avail various deductions under Section 80Cto 80U and can claim refund from the income tax department too.

Offline Procedure of Filing Income Tax Returns

In order to file your income tax return offline, the procedure for the same is given below –

Step 1 - In the first step, visit the income tax department website www.incometaxindia.gov.in and choose e-filing option.

Step 2 - After selecting the option, you will be redirected to another website where you easily select and even download the ITR form required by you.

Step 3 - For particular assessment year, IT department contains two utilities - Excel utility and Java facility. You can easily choose any of them.

a) In Case You Choose Excel Utility

• After downloading the excel utility, fill the form after opening it.
• Validate all information; calculate tax and click on generate XML.
• Save your form and upload the same on the e-filing website of the income tax department.
• After uploading the form, attach all the required documents and click on submit.

b) In Case You Choose Java Utility

• After downloading the java utility, open it and click on “prefill”.
• Then, you have to enter used ID, password, date of birth/date of incorporation and choose prefill address.
• Enter your details & calculate the tax.
• Save the XML file and click on submit.

The procedure of filing income tax return is as follows -

Step 1 - Go to Income tax department portal www.incometaxindia.gov.in and register yourself. Your PAN will be your User ID and you have to make unique password online to login your account.

Step 2 - Check your tax credit statement - Form 26AS which gives you information about all the taxes deducted by the income tax department in the previous financial year.

Step 3 - Ensure that the calculated TDS shown in form 16 should match with the ones in 26AS statement.

Step 4 - In the fourth step, click on income tax return forms and choose the current financial year. You can easily download the ITR form from the income tax website. One more option is there to complete the process on the e-portal itself by clicking on “E-file ITR” link.

Step 5 - You can use spreadsheet through MS-office, open office or other online spreadsheet application. It can be filed easily by filling details taking the help of form 16.

Step 6 - Click on “Calculate tax” to calculate the amount of tax you need to pay. If applicable, pay the calculated tax and fill the challan details in the tax return after paying the same to the income tax department.

Step 7 - Check all information by clicking on “validate” tab

Step 8 - Generate the “XML file” and save the same on your computer.

Step 9 - Upload the return by selecting the previous XML file you saved into your computer. You will also get an option to digitally sign the file. In case you are having digital signature, click yes, else no.

Step 10 - After submitting the application, you will get the acknowledgement in the form of ITR-V. You can download the acknowledgement form and keep it with you for future reference.

Step 11 - In the last step, Send the printed copy of ITR-V to the income tax department via normal or speed post within 120 days from the date of submitting the return. You can also e-verify your tax return. After e-verifying the tax return, there is no need to send the copy of ITR-V to the income tax department via post. You can also contact Professional Utilities for filing your returns online accurately.

As per Section 139(1) of the income tax act, 1961, any individual earning more than Rs 2.5 lakhs and crosses this specified exemption limit is liable to pay income tax return. It is mandatory for individuals to file income tax return if they are earning from the following sources –

Filing of business tax return depends upon the type of business you are doing - whether it is Sole Proprietorship,Partnership Firm , Private Limited Company or Limited Liability Partnership (LLP). It is mandatory for businesses to file books of accounts, if they meet any of the following conditions mentioned below –

• If total income is more than Rs 1,20,000 or
• If total sales, turnover or gross receipts exceeds Rs 10,00,000

As per Section 44AD and 44AE of the income tax act, Form ITR 4 is used by the businesses to file income tax return in case they opt for the presumptive income scheme.

Form ITR 5 is used by the partners in a partnership firm to file income tax return. You must maintain all your business records and share the same with income tax department, as and when required.