Income Tax Return Filing

Rs.499/-* onwards

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Income tax return is a return filed with the Income tax Department which clearly depicts the Income and expenditure of the tax payer and on the basis of Income and expenditure it calculate the amount on which the tax liability to be paid. And further calculation is made to pay the tax.

There are two types of taxes in India –

that is a tax calculated and paid directly on your Income e.g. tax on salary etc. Income tax is a direct tax.

Is a tax that is indirectly charged on purchase of goods or use of service e.g. buying a television or eating in a restaurant. The seller of the television or the restaurant service provider charges you tax and then deposit the same to the Government account. Most indirect taxes are now covered under Goods and Services Tax (GST).

Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the beginning of the year in the Union Budget (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax.

  • Tax is always paid after filing the Income tax return for any financial Year. Income tax return is filed on the basis of PAN; a person must have the PAN before filing the income tax return.
  • If the Income of any person exceeds the limit prescribed under the Income tax, 1961, then it is liability on the tax payer to file the Income tax return and pay the tax.
  • NIL return can also be filed if you do not exceed the limit. However it is not a liability on the tax payer to file the NIL return.

Details required for IT filings

  • Entity Name
  • Date of Incorporation
  • PAN number of the Company
  • Registered Office Address
  • Annual Income Details
  • Financial Reports for this year filing (If accounting is done from your end)
  • Previous IT filing details (Financial Statements)
  • User ID & password for site, if any

Due dates for filing IT return:

For individuals and firms who are not liable to audit.

For companies and others who are liable to audit. 

Belated returns for individuals and companies


Each and every person is liable to pay tax in India if his total income exceeds the income notified by the government in the slab rates. Here, the definition of person includes:

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

On the basis of source of Income an Individual can file return in form ITR-1, ITR-2, ITR-3 and ITR-4 :

  • ITR 1: Salaried Individuals not having capital gain, income from business or profession, income from more than one house property and income from maintaining and owning race horses.
  • ITR 2: Salaried individuals/HUF having income from business or profession from a Partnership Firm.
  • ITR 3: An individual/HUF having income from business or profession from a Proprietorship Firm.
  • ITR 4: An individual/HUF opting for Presumptive Taxation Scheme.

Income tax is tax applied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the financial year starting from 1 April and ending 31st March.

The payment of income taxes can be made to the government either in physical mode i.e. cash/cheque in any designated bank branch or e-payment on NSDL website. Payment is to be made in Challan 280 in both the cases. The challan is to be filled very carefully as its accuracy is important for further processing.