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Income Tax Return

  • Price Salary -999/-
  • Price Business -2999/-
Here are the documents you must collect and things you must do before filing your ITR for FY 2018-19. Do keep in mind that for salaried people, usually file their return using either ITR-1 or ITR-2 which is now available on the e-filing website.
Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.] These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Penalty on late filing of ITR

As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return for the FY 2018-19

  1. Rs 5000 if tax is filed after due date of 31st Aug but on before 31 December of that assessment year (in this case 31 December 2019)
  2. Rs 10,000 if tax is filed after 31 December but on or before 31 March of the relevant assessment year (in this case from 1 January to 31 March 2020

But, there is relief to small taxpayer, IT Department has stated if your total income does not exceeds 500,000 , then maximum penalty of Rs 1000 will be levied on delay of ITR filing.

ITR-1 form is an essential x form [Income Tax Return form] for Indian citizens filing their tax returns with the Income Tax Department. This form is issued by the Income Tax Department of India and is an integral part of the rules laid down by the Government of India for filing Income Tax Returns.

Eligible individuals for ITR-1 SAHAJ (Hindi terminology meaning ‘easy’

 Individuals who have earned their Income for a Financial Year only through the following means are eligible to fill the ITR-1 SAHAJ form.

  1. Through Salary or Pension
  2. Through One House Property (except in case of losses brought forward from preceding years)
  3. Through other sources apart from Lottery, Racehorses, Legal Gambling etc. Other sources include FD interest, spousal pension etc.

In case of clubbed Income Tax Returns, where a spouse or a minor etc. is included in the tax returns, this can be done only if their income too is limited to the specifications laid down above

The ITR-2 Form is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year. This is subject to change only if a directive to this effect is issued by the Income Tax Department or the Ministry of Finance, India. The Financial Year ends on 31 March every year so Assessees have a period of four months to prepare their Income Tax Returns. Eligibility for the ITR-2 Form The use of the ITR-2 Form is applicable to the following means of income only. This form is available for both Individuals as well as Hindu Undivided Families. Individuals earning an income only through the following means are eligible to fill and submit the form to the Income Tax Department.
  • Earning Income through a salary or pension
  • Income through House Property.
  • Earning Income through capital gains (Short Term and Long Term)
  • Earnings through Other Sources (includes Income through Lottery Winnings, through bets on Racehorses, and other Legal methods of Gambling)
The Income Tax Returns, if clubbed together with that of a spouse, minor child etc. needs to ensure that their sources of income are similar to those stated above. Only then can their returns be filed together. A difference of earnings in even one category makes the Assessee liable to fill a separate and applicable Income Tax Returns Form.

The ITR-3 Form particularly applies to those Individuals and Hindu Undivided Families who are registered as Partners in a firm. As per Rule 12 of the Income Tax Rules, 1962, this form does not apply to those who are Proprietors of a firm. It is mainly for the business which includes partnership deals. It is also applicable for professionals but it should be a partnership profession.

Eligible Assessees for the ITR-3 Form

The eligibility criteria of every Income Tax Return form are governed by a set of rules and conditions. The ITR-3 Form is applicable only to those Individuals and Hindu Undivided Families that can be placed under the following categories

  • Is a Partner in a firm
  • Gains Income through ‘Profits or gains of business or profession’
  • Gains Income by means of interest, salary, bonus, commission, remuneration, as a partner

If the partner of a firm only earns income from the firm as a share in the profits and not by any other means such as interest, bonus, salary, remuneration, or commission etc. then such an Individual or Hindu Undivided Family should file Income Tax Returns using only the ITR-3 Form, and not the ITR-2 Form.

Non-eligible Assessees for the ITR-3 Form

Individuals and Hindu Undivided Families who are not eligible to fill the ITR-3 Form are those who have earned Income through a Business or Profession operated as a Proprietorship firm.[8] Assessees, who apart from being a partner in a firm, also have sources of income from a business or profession, including the speculation market, are also not eligible to file their Income Tax Returns through this form.

The ITR-4 Form is applicable to those individual and Hindu Undivided Families who want to declare their income from Business or Profession under Presumptive Income Scheme of Income Tax under Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

  1. PAN Card
  2. Aadhar Card
  3. Bank Statement F.Y.
  4. Last Year IT Filing Copies- For Existing User
  5. Loan Statements if any like:
    • Personal Loan
    • Business Loan
    • Vehicle Loan
    • Housing Loan & Other Loans etc.
  6. Deductions:
    • Tuition Fees
    • LIC Premium
    • Mediclaim
  7. Asset details:

How to submit the document

  • Please scan the documents and sent to zonetaxindia@gmail.com or whatsapp no: 9962005820
  • Let us know your address by sent to this email. We will schedule a free document pick up based on the locations.

How Long Will It Take?

Upload Required Documents – One Day

Preparing Your Return -Two – Three Days

Payment of Tax – One Day

Filing Your Return -Same Day

1. What Is Income Tax Return Filing? A Complete Guide

Income Tax Return Filing Is The Filing Of Annual Income, Deductions, And Tax Payment With The Government. Prompt Income Tax Return Filing Helps Maintain Compliance And Allows Individuals To Get Tax Refunds, If Entitled. The Majority Of Indian Taxpayers Have To File Income Tax Returns In Chennai To Evade Penalties And Legal Issues. The Process Involves Filing Accurate Financial Information Through An Online Or Offline Platform. Prompt Filing Of Returns Boosts Financial Credibility And Allows For Loan Sanctions. Awareness Of The Significance Of Income Tax Return Filing In Chennai Facilitates Smooth Tax Handling And Maximum Savings For Individuals And Organizations.

2. Why Is Income Tax Return Filing in Chennai Important?

Income Tax Return Filing In Chennai Is Required For Financial Security, Legal Compliance, And Tax Relief. All Earning Individuals And Companies Must File Income Tax Return Filing To Escape Penalties. Timely Income Tax Return Filing In Chennai Offers Loan And Credit Card Eligibility, Government Subsidies, And Business Deductions. Proper Income Tax Return Filing In Chennai Assists Companies In Claiming Deductions And Reducing Tax Liability. Income Tax Return Filing Also Offers A Clear Financial Record. Non-Filing Of Income Tax Return Filing In Chennai Can Result In Legal Notices Or Penalties, And Therefore It Is Required For Financial Security In The Long Term.

3. Who Needs to Do Income Tax Return Filing in Chennai?

People And Businesses With Earnings Above The Income Tax Threshold Need To File Income Tax Return Filing In Chennai. Salaried Individuals, Freelancers, And Business Owners Need To File Income Tax Return Filing Within The Deadline. Even Professionals With Income From Investments, Rent, Or Foreign Income Need To File Income Tax Return Filing In Chennai. Businesses And Startups Also Need To Fulfill Income Tax Return Filing. Even Tax Filers With Zero Tax Liability Need To File Income Tax Return Filing In Chennai To Comply And To Avoid Any Future Legal Troubles. Employing Experts Prevents Mistakes In Income Tax Return Filing.

4. Step-by-Step Process for Hassle-Free Income Tax Return Filing

Income Tax Return Filing In Chennai Becomes Simple If You Adopt A Methodical Approach. Here Is An Easy Step-By-Step Process For Income Tax Return Filing:
Step 1: Gather Required Documents
Collect Your PAN Card, Aadhaar, Form 16, Salary Receipts, And Bank Statements Prior To Income Tax Return Filing In Chennai.
Step 2: Determine Your Total Income
Take All Income, Deductions, And Allowances Into Consideration In Order To Gain Precise Income Tax Return Filing.
Step 3: Choose The Right ITR Form
Different Taxpayers Need Different Forms For Income Tax Return Filing In Chennai, So It Becomes Important To Choose The Right One.
Step 4: File Online Or Offline
Utilize The Official E-Filing Platform For Simple Income Tax Return Filing, Or Seek Expert Services For Offline Income Tax Return Filing In Chennai.
Step 5: Verify And Submit
Check Everything Before Finalizing Income Tax Return Filing To Avert Penalties.

5. Common Mistakes to Avoid in Income Tax Return Filing

The Majority Of Taxpayers Make Errors In Income Tax Return Filing, And This Is An Issue. The Largest Error Is Delayed Income Tax Return Filing In Chennai, For Which There Are Penalties. Not Reporting All Sources Of Income Is Another Common Issue, Which Skews Income Tax Return Filing Accuracy. Miscomputation Of Deductions Or Exemptions Leads To Income Tax Return Filing In Chennai. Not Verifying The Return After Filing Is Another Costly Error. Maintaining Proper Documents, Verifying The Entries, And Timely Income Tax Return Filing In Chennai Can Prevent Errors And Lead To A Smooth Tax Process.

6. Essential Documents Required for Income Tax Return Filing in Chennai

For Effective Income Tax Return Filing In Chennai, There Are Specific Documents That Need To Be Prepared. PAN Card And Aadhaar Card Are Required As Proof Of Identity For Income Tax Return Filing. Salaried Personnel Require Form 16 Whereas Freelancers Require Bank Statements And Bills. Investment Proofs Help In Availing Deductions While Income Tax Returns Filing In Chennai Are Being Filed. Property Owners Require Details Of Rental Income. Businessmen Require Profit And Loss Statements For Income Tax Return Filing. With All Documents In Hand, It Becomes Simple To File Income Tax Returns Filing In Chennai With Ease And With Maximum Benefits.

7. Benefits of Timely Income Tax Return Filing in Chennai

Income Tax Return Filing In Chennai Within The Specified Time Has Numerous Advantages. The Greatest Advantage Is Not Paying Late Filing Charges, Thus Having Trouble-Free Income Tax Return Filing. Early Filing Makes A Person Eligible To Claim Refunds Early. It Enhances Financial Credibility, Thus Supporting Loan And Credit Sanctioning. Proper Income Tax Return Filing In Chennai Enables Firms To Claim Deductions And Tax Relief. Early Filing Gives Adequate Time To Rectify Errors Before Submission. In General, Early Income Tax Return Filing In Chennai Enables Financial Stability, And It Becomes Easy For Individuals And Firms To Deal With Their Taxes.

8. How to Choose the Right Expert for Income Tax Return Filing?

The Right Tax Consultant Makes It Easy To File Income Tax Return Filing. Experience Is The Most Important Factor While Selecting A Professional For Income Tax Return Filing In Chennai. Certified Taxation Professionals Provide Error-Free Income Tax Return Filing With Low Audit Risk. A Good Consultant Provides Customized Advice, And Taxpayers Get Maximum Deductions In Income Tax Return Filing In Chennai. Reviews And Feedback Assist In Selecting A Reliable Tax Professional. Transparent Charges And Promptness Are The Most Important Factors. The Right Expert For Income Tax Return Filing In Chennai Makes Sure That It Is Accurate And In Accordance With Tax Laws.

9. Online vs. Offline Income Tax Return Filing in Chennai – Which Is Better?

Both Offline And Online Procedures Have Their Advantages In Income Tax Return Filing In Chennai. Income Tax Return Filing Online Is Faster, Easier, And Allows For Digital Verification. The Government’s Electronic Filing System Makes Income Tax Return Filing Easy, Reducing Paperwork. Offline Income Tax Return Filing In Chennai Is Opted For By Those Who Need Manual Support. Although Online Filing Allows For Faster Refunds, Offline Procedures Are Easy For Complex Cases. Income Tax Return Filing Online Or Offline In Chennai Is Based On The Taxpayer’s Needs. Online Filing Of Income Tax Returns Is Recommended By Experts For Quick And Fast Processing.