File your income tax return online quickly and securely. Our user-friendly platform makes e-filing ITR a breeze. Start now and enjoy the convenience of online tax filing. File your ITR starting from just 999/-*.
Types of Income Tax Return Forms?
Last date to file ITR ?
The Income Tax Return is the form used to file income tax with the Department of Income Tax. The income tax is a tax imposed by the government on an earning.
Each citizen is required to file income taxes. The Income Tax Departments checks these income declarations, and if any erroneous payments have been made, the excess is repaid to the assessee's bank account. All entities must file their taxes on time to avoid fines.
The Income Tax Return is a document that details an assessee's income and taxes paid. The Indian Income Tax Department uses the following forms: ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7.
Understanding the Different Income Tax Return Forms
Decode the complexities of income tax return forms. Know which ITR form to use based on your income sources and file your returns accurately.
1. ITR-1 :- It is also referred as as SAHAj. It applies to those with a total income of up to Rs. 50 lakhs, a salary/pension income/revenue from one residential property or income from other sources (excluding lottery, horse racing, etc.) and agriculture income of up to Rs. 5000.
2. ITR-2 :- ITR-2 form is suited for individuals and HUFs who do not have taxable income from business or profession profits or gains.
3. ITR-3 :- This form is intended for individuals and HUFs with business or profession-related income.
4. ITR-4 :- For Individuals, HUFs, and Firms (other than LLPs) whose total income does not exceed Rs.50 lakh and whose income from business or profession is computed under sections 44AD, 44ADA, or 44AE.
5. ITR-5 :- This form is applicable to people other than Individual, HUF, Company, and Person filing Form ITR-7, namely firms, LLPs, Association of Persons (AOP), Body of Individual (BOI), artificial juridical person, cooperative society, and municipal authorities.
6. ITR-6 :- This form may be used by any firm with the exception of religious/charitable trusts and companies requesting exemption under section 11.
7. ITR-7 :- It applies to trusts, colleges, institutions, and political parties that are obliged to file a return under sections 139(4A), 139(4B), 139(4C), and 139(4D), including businesses.
Don't Miss the Income Tax Return Due Date
The deadline for submitting income tax returns is the final day to do so without incurring a late filing charge or penalty. In accordance with sections 234A and 234F, taxpayers who file their returns beyond the deadline must pay interest and a penalty.
It is imperative that all taxpayers remember the deadline for filing their income tax returns. The payment date fluctuates based on the taxpayer. For example, salaried individuals are typically expected to file their income tax returns by July 31, whereas audited businesses have until October 31 of the assessment year to complete their filings.
Here is the Income Tax Return due date
Stay informed about the income tax return due date to avoid penalties. File your ITR on time and fulfill your tax obligations seamlessly.
Category of Taxpayer
Due Date for Tax Filing –
Individual / HUF/ AOP/ BOI
31st July 2023
Businesses (Requiring Audit)
31st October 2023
Businesses (Requiring TP Report)
30th November 2023
KNAP Advisory can assist and guide you through the ITR filing process. Here is a step-by-step guide to submitting your income tax return.
The steps to complete your income tax return (ITR) are as follows:
Gather the required papers, such as TDS certificates (Form16/16A), a statement of capital gains, etc.
The first step is to gather all of the documents required to file your ITR, including Form 16, payslips, and interest certificates.
Form 26AS is your tax passbook, and it details the taxes withheld from your income and deposited against your PAN. To ensure that tax withheld from your earnings such as salary, interest, and dividends is deposited with the government and allocated to your PAN, you must compare your TDS certificates with Form 26AS.
If the amounts on your TDS certificates (Form-16, Form-16A, etc.) and Form 26AS do not match, you must contact your deductor to remedy the errors. Request that the deductor, who may be your company, bank, or another entity, rectify the information.
Once you have obtained all of the relevant documents and confirmed all of the taxes taken from your income, you must calculate the total taxable income.
After calculating your tax burden in the previous step, deduct the taxes you've already paid through TDS, TCS, and Advance Tax during the year. Include any interest owed according to sections 234A, 234B, and 234C.
After all taxes have been paid, file your income tax return.
After you have paid any taxes that are owed, you may begin the process of submitting your ITR. You must first file your ITR if you intend to get a refund from the government.
The final step in the ITR filing process is verification. There are six distinct ways to authenticate your ITR. There are five electronic techniques of verification and one physical approach.
If you pick an electronic method to validate your ITR, the tax department will immediately confirm that your ITR has been validated.
According to the provisions of the income tax laws, the following people and persons are required to file income tax returns online:
When preparing your income tax return online in India, you should have these papers on hand if you receive income from sources such as a salary and capital gains:
The Income Tax Return is the form used to file income tax with the Department of Income Tax. The income tax is a tax imposed by the government on an person's income.
Follow the aforementioned processes by navigating to the E-filing site. Contact us on +91-93119-72982 today for any assistance in filing your income tax return online.
1. ITR-1 SAHAJ form is used by persons whose income is derived from:-
2. Salary or pension
3. House Property
4. Other Sources
In accordance with sections 234A and 234F, taxpayers who file their returns beyond the deadline must pay interest and a penalty.
The Income Tax Department issues the following forms: ITR-1, ITR-2, IT-3, ITR-4, ITR-5, ITR-6, and ITR-7.
1. The essential considerations must be followed before submitting ITR:
2. File your tax returns prior to the deadline.
3. Download form 26AS to verify the precise TDS/TCS.
4. Read the essential paperwork for submitting income taxes with care.
5. Verify the accuracy of personal information
6. Verify that it has been submitted with DSC and electronically confirmed. If not, send a copy of the receipt to the CPC Bangalore within 120 days.
Government collects taxes through three methods:
1. Advance and Self Assessment Tax
2. TDS (Taxes Deducted at source)
3. TCS (Taxes Collected at source)
Contact KNAP Advisory for any questions regarding ITR filing. Our specialists are only a phone call away.
Using an internet system, submitting a tax return is now quite easy. You may file your tax return from the comfort of your own home. We, at KNAP Advisory, provide exceptional documentation services to all taxpayers.
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