Who is required to file Income Tax Return?

Mandatory Filing – In the following situations it is mandatory to file an income tax return in India as per Inncome Tax Act, 1961.

1. If your age is less than 60 years and your gross total income (before allowing any deductions under chapter VI-A) exceeds Rs.2,50,000 in a financial year begining from 1st April to 31st March. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) and Rs 5,00,000 for super senior citizens (who are more than 80 years old)

2. If you are a company or a firm irrespective of whether you have income or loss during the financial year

3. If you want to claim an income tax refund.

4. IF you want to carry forward a loss under a head of income.

Amid COVID-19 pandemic due date for filing ITR for the FY 2020-21 has been extended to 31st December, 2021 for non audit cases and to 15th February, 2021 for audit cases F.No. 225/49/2021/ITA-1 Dated 09-Sep-2021.

Click Here to Get Started

Want Help? Call Us at +91 9599 186 079

5. Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India(Not applicable to NRIs or RNORs).

6. If you are a Resident and a signing authority in a foreign account. Not applicable to NRIs or RNORs)

7. If you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust. A proof of return filing may also be required at the time of applying for a loan or a visa.

What is the Due date for filing Income Tax Return?

For non corporate assessees and persons not eligible for Tax Audit due date is 31st July of the subsequent financial year and 30th September of subsequent financial year for corporate assesses and assesses liable to tax Audit.

For non corporate assessees and persons not eligible for Tax Audit due date is 31st July of the subsequent financial year and 30th September of subsequent financial year for corporate assesses and assesses liable to tax Audit.

DOCUMENTS REQUIRED FOR INCOME TAX RETURN FILING

  • Scanned PAN Card of Partners/Directors/Proprietor
  • Scanned copy of Aadhaar Card/Voter’s ID/Passport/Driver’s License
  • other details if any
  • Last years ITR/Balance Sheet
  • PAN Card of Company or Partnership
  • Bank Statement of company or partnership
  • Incorporation Certificate or Partnership Agreement
  • Audited accounts of the previous year

INCOME TAX RETURN FILING

2 Working HoursYou need to send us the above mentioned documents.
1 Working DayWe will prepare your Incom Tax Return and send it to you for the approval.
2 Working HoursAfter your approval your Income Tax Return will be filed.