ITR Filing in Delhi: File Income Tax Return

All individuals, HUF, Association of Persons and Body of Individuals with income above basic exemption limit have to file ITR for its financial year ending 31st March. Whereas, it is mandatory for companies and firms to file the return, irrespective of income. Hire Chartered Accountants in Delhi will help you in ITR Filing to avoid penalties. You can choose from a list of CA in Delhi ok our homepage

What is 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 as balance sheet and a profit and loss statement information.

Do I need to do ITR Filing?

As per Section 139(1) of Income Tax Act, 1961, ITR filing needs to be done by:

a) Companies & Firm:-Every Company & Partnership Firm should (MUST) furnish Return of Income in respect of its income or loss for every previous year.

b) Others:– Every other person being Individual or HUF or an AOP or BOI or Artificial Judicial Person, where the Total Income of any other person in respect of which he is assessable under the Act during the previous year, without giving the effect of Sec. 10A/10AA/10B/10BA or Chapter VI-A exceeds the max amount not chargeable to Income Tax, should also furnish a Return of Income.

Why Do I Need to do ITR Filing?

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.

Due Dates for Income Tax Return (ITR Filing)

1. Company – 30th September
2. Non-Corporate Assessee who accounts are required to be audited-30thSeptember
3. Working Partner of Firm whose accounts are required to be audited.-30thSeptember
4. Any other Assessee (like Individual, HUF, etc) –31st July
5. The assessee who is required to Furnish a Report u/s 92E – 30th November

List of ITR Forms

ITR 1 For the Individual having Income from Salary & interest.
ITR 2 For Individual/HUF not having Income from Business & Profession.
ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 For individuals and HUFs having income from a proprietary business or profession
ITR 4S For individuals and HUFs having Presumptive Business Income
ITR 5 For firms, AOPs and BOIs
ITR 6 For Companies other than companies claiming an exemption under section 11
ITR 7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

Documents required for ITR filing

Bank Account No. with IFSC Code.
-TDS Certificate(Form 16/16A)
-Balance Sheet & Profit & Loss Account(Business Assessee)
-Saving Certificate
-PAN Details/Assessee Details

Who can help me in ITR Filing

You can choose from a list of CA in Delhi from our homepage and get ITR filing done or simply call 9711430728