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What is Income Tax Return Filing?

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 return filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you have paid more taxes, you can claim a refund, and if there is an additional liability above the tax already paid, you will have to pay the difference.

Income Tax department has provided ITR form from ITR-1 to ITR-7 for different categories of Taxpayers. The income tax law mandates the filing of return for those individuals who have a fall within the tax slabs for any particular financial year. Further, certain taxpayers are required to file ITR irrespective of their income.

ITR filing is an annual procedure and is required to be completed by all the taxpaying citizens of the country. It is possible for you to file income tax return online from the official portal of the Income Tax Department. At Provenience, we propose to offer hassle-free and on-time services at affordable prices for Income Tax return filing for FY 2020- 2021.


Proof of Income

Income Tax return is considered as proof of income as it creates authentic financial history of the taxpayers. Lenders like banks and financial institutions use ITR to evaluate the borrowing capacity. Banks usually examine ITR of the past three to four years and consider the income mention in the income tax return to be your actual income.

Carry Forward Of Losses

Carry forward the losses means losses of current year can be set off with future profit. As per Income Tax Provisions, if you have business losses in particular year you can set off them in next assessment year with the profit. So, the tax liability will only be calculated on the income which is left after set off. Such business losses can be carried forward up to 8 years.

Acceptance as proof of address

The Assessment order is issued by Income Tax department for each assessee who files the annual ITR. This assessment order is accepted as an address proof.

Visa Requirement

Since ITR serves as proof of Income of an individual, ITR record is demanded by embassies of most of the countries for issuing VISA. It is advisable to file ITR in case VISA of foreign country is required.


    • Valid Indian mobile number
    • Email ID of Assessee
    • Details of Financial Interest outside india if any
    • Details of Bank Account maintained outside india if any
    • Form 16/16A as applicable
    • Details of tax saving Investment
    • Particular of Income from other head of income
    • Bank Account details
    • KYC details
    • Complete Financial Statement whenever applicable

Income Tax Return Filing Process

  • 1
    Basic Documents

    Arrange and provide basic documents as per the list provided by us.

  • 2
    Payment of Fees

    Pay the required fees.

  • 3
    Initiate Process

    We will submit ITR online/Offline through utility as the case may be.

  • 4
    Key Deliverables

    Get acknowledgement of income tax return.

customer stories

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Chartered Accountant UAE
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Frequently Asked Questions (FAQs)

An Income tax return is a predefined format in which the taxpayer submits information about his income. Tax liability is calculated through this form. Several forms ranging from ITR-1 to ITR-7 are made available for the income tax department

An individual with income exceeding the minimum exemption limit are required to file an income tax return. Additionally, a business entity registered as a company or firm is also required to file ITR irrespective of income.

ITR Form 1 to Form 7 are available for a different type of entities and for a different type of income.

  • ITR-1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
  • ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession.
  • ITR-3 For individuals and HUFs having income from profits and gains of business or profession.
  • ITR-4 For presumptive income from Business & Profession.
  • ITR-5 For persons except:
    1. Individual,
    2. HUF,
    3. Company and
    4. Person filing Form ITR-7
  • ITR-6 For Companies other than companies claiming an exemption under section 11.
  • ITR-7- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Filing ITR offers a host of benefits, some of them are given below:

  • Single proof of income and creates financial history
  • Income Tax Assessment order works as an address proof.
  • It is mandatory for obtaining loan and credit facilities by the bank.
  • ITR is required for Visa processing.
  • In case excess deduction of TDS/TCS refund can be obtained by filing ITR.
  • To carry forward business losses, it is mandatory to file ITR within the due date
  • Insurance companies ask for ITR for buying a high life cover.

If return is not filed within due date it will be called belated return. Following are the Normal due dates of filing ITR

Due date of filing

Individual who are not required to be audited 31 July

Company or Individual whose accounts are required to be audited 30 September

Assesse required to furnish report u/s 92 E 30 November
Penalty U/s 234F
If income upto 5 Lac
Late Fees- 1000

In Income is more than 5 Lac and ITR is filed Upto 31 December Late Fees-5000

In Income is more than 5 Lac and ITR is filed After 31 December and upto 31 March Late Fees-10000

Individual HUF and partnership firm can opt for presumptive scheme. The presumptive scheme is basically for the small taxpayer. Limit for professional and business is defined separately under Sec 44ADA and 44AD. Businesses whose gross receipt is up to 2 crores can pay tax on 8% or 6% of the gross receipts as the case may be.

For professional covered under Section 44ADA having gross receipts up to Rs 50 lakhs can choose presumptive scheme. Income chargeable to tax will be 50% of gross receipts.

Followings are the benefits of opting Presumptive scheme

  1. Simplification of return
  2. Less Compliance burden
  3. Payment of advance tax once
  4. Not compulsory maintenance of Book of Accounts

26AS is a consolidated statement which shows details of TDS/TCS deducted and deposited deductor wise. Before making any claim of TDS or TCS in the income tax return, details must be cross verified from 26 AS. It also contains details of advance tax or self-assessment tax paid.

Financial year is the year in which an income is earned, and the assessment year is the year following the financial year in which evaluation of income is done.

A refund can be claimed by filing ITR. A person can claim the refund of tax which deducted in excess of actual tax liability. Particular of tax credit must be matched with 26 AS.

Best judgement assessment could be carried out by an assessing office on the basis of relevant material with their disposal. Such a situation may arise in case of non-filing of the income tax return.