Income tax filing

 > Income tax filing



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    A delay in filing ITR makes you liable to pay a fee of up to Rs. 5,000


    Filing tax returns is a must to avoid late filing notices from the IT department


    If you are paid more income tax you will get refund​


    If you are incurred losses you can carry forward it in settle future ​


    Foreign consulates may ask you to furnish your income tax returns for obtaining Visa


    Income tax returns serves as a main document for loan approval​


    No, It is not mandatory to hire CA for filing Income Tax Return. Procedure to file ITR requires financial & legal knowledge. So it is advisable to hire a professional for the Job.


    Books of accounts – Bank Statements – Bank Pass Book – Confirmation of Accounts

    Production Flow Chart – Stock Register –  Audited Annual Accounts – Tax Audit Report

    TDS Return & TCS Return copy – Annual Return copy – Certificate of exemption for TDS

    Service Tax Return copy – Copy of payment challan of all statutory obligations –

    Memorandum and Articles of Association OR Partnership deed, or Trust deed, or Limited Liability partnership deed, Etc

    Loan agreement with financial institution or bank – Loan confirmation letter – Loan disbursement letter – Repayment of loan receipts – Loan closure letter


    Books of accounts – Bank Statements – Bank Pass Book – Confirmation of Accounts – TDS Details -Exemption from tax details -Deductions details as per sec 80C to 80U


    The late filing fee depends upon the total income of the taxpayer as below:

    • For Individual or HUF:For those having total income upto Rs. 2,50,000: Nil
    • For those having total income between Rs. 2,50,000 & Rs. 5Lakhs: Rs. 1,000
    • For those having total income above Rs. 5 Lakhs: Rs. 5,000
    • For Companies/LLP/Firm:
    • For those having total income upto Rs. 5 Lakhs: Rs. 1,000
    • For those having total income above Rs. 5 Lakhs: Rs. 5,000


    For Individuals, the last date of filing Income Tax Return is 31st July of next financial year

    -For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax     Return is 30th September of next financial year.

    Yes, where there is a loss in business, you must definitely file return and that too on or before due date, so that you may carry forward the losses to next years and set off such losses against future income for 8 years. If return is filed after due date, carry forward benefit will not be available.

    All the business entities namely companies, partnership firm, LLPs must file ITR even if their total income is zero. However, in case of individuals and HUF, ITR is required to be filed where total income exceeds Basic Exemption Limit



    According to Section 269SS of the Income Tax Act, no person shall take any loan or deposit from any person other than by account payee cheque, account payee demand drafts, or online transfer through a bank account, if the amount of such loan or deposit is Rs. 20,000 or more.

    Section 269ST prohibits any person to receive an amount of Rs. 2 lakh and above in cash: In aggregate from a person in a day, or. In a single transaction.

    The TDS to be charged under Section 194R is at 10%, which will come into effect from July 1, 2022. It applies only to resident recipients (receiver of a benefit) of benefits or perquisites.

    According to Section 194N, if an individual or HUF withdraws cash from their bank, post office or co-operative bank account, the bank is required to deduct TDS at the rate of 2% if the total cash withdrawal during the financial year exceeds Rs. 1 crore.

    Income more than 50 lakhs – 10%, More than 2 crores -25%

    A tax rebate of Rs 25,000 is available under the new tax regime from FY 2023-24. This tax rebate is applicable for all individuals whose taxable income does not exceed Rs 7 lakh. This would make effective tax outgo zero.

    The deduction under Section 80GG is given to the least of the following : Total rent paid minus 10% of basic salary. Rs 60,000 per year (Rs 5,000 per month). 25% of the adjusted gross total income.