Income Tax Return Filing (ITR) Services - Provenience

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 Gross Total Income exceeding Rs 2.5 lakhs (RS 3 lakhs for senior citizens and Rs 5 lakhs for super senior citizens) for any particular financial year. Further, certain taxpayers are required to file ITR irrespective of 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 2019- 2020.

Features

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.

Requirements

If age is less than 60 years total annual gross income exceeds Rs. 2,50,000.
If senior citizen i.e. above 60 and below 80 years of age, total annual gross income exceeds Rs 3,00,000.
If a super senior citizen i.e. 80 years or above and your total annual gross income exceeds Rs 5,00,000.
All the company including foreign or a firm, need to mandatorily file ITR irrespective of profit or loss.
For claiming a tax refund.
Indian resident and act as a signing authority for any foreign account.
Indian resident and possess an asset or financial interest located outside India.
Having equity shares in a company or unit of equity oriented mutual funds or unit of business trust for more than Rs.2,50,000 and have gained tax-exempt long-term capital gains from the same.
Income derived from the sale of a property which had been held under a charitable trust, religious trust, political party, educational institution, any authority, body or trust.
If you are an NRI (Non-Resident Indian) but if your total annual gross income earned or accrued in India exceeds Rs2,50,000.
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.

Price

Frequently Asked Questions (FAQs)

What is an income tax return?

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

Who is liable to file an income tax return?

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.

What are the forms available to file an income tax return

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)

What are the advantages of filing an Income tax return

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.

What is the Penalty in case return is not filed in time

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

Category 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

What is the presumptive scheme and who is eligible for opting this scheme?

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.

What are the benefits of the opting presumptive scheme?

Followings are the benefits of opting Presumptive scheme

Simplification of return
Less Compliance burden
Payment of advance tax once
Not compulsory maintenance of Book of Accounts

What is 26 AS and what is the role of this form in filing an Income tax return?

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.