WHO NEEDS TO FILE INCOME TAX RETURN IN INDIA?
As per the tax laws in India, it is mandatory to File IT Return if the individual's income is more than the basic exemption limit prescribed under law.
According to the Income Tax Act, income tax e fling has to be done only by individuals or businesses who fall within specified income brackets. Mentioned below are entities or businesses that are required to compulsorily do the e filing of IT Return or their ITRs in India:
1. All individuals having income exceeding a limit need to file a return. IT Return Filing is compulsory for those having income exceeding 2.5 lakh in one financial year. Threshold limit is after taking deductions allowed under Sections 80C to 80U and other exemptions under section 10.
2. All registered companies that generate income , irrespective of whether they’ve made any profit or not through the year need to do income tax e filing.
3. If you have to claim a refund where your tax deducted is extra in that case also you need to do online IT Return Filing .
4. Individuals having assets or financial interest entities that are located outside India need to do income tax e filing
5. Foreign companies in India shall compulsorily do e filing income tax
6. NRIs having income of more than .2.5 lakh in India in one financial year.
It is always good to Find CA services online or Hire a CA Online to have a clear understanding about your tax liability and filing of returns online as self-filing may sometimes lead to incorrect filing leading to receiving notice from the income tax department which is a big headache.
GST Registration Process in India
ONLINE INCOME TAX RETURN FILING IN INDIA
Tax Vic will make your Online IT Return Filing easy. Be it salary individuals or an entity, Tax Vic will call you or get information online and get your e-filing income tax return done quickly and easily at an affordable cost. E filing 2019 20/ IT e filing 2019 20, the due of this has been extended. ITR due date extended for FY 19-20 to 30th November, 2020
INCOME TAX RETURN DUE DATE
For all tax payers in India Filing of IT Return in India has to be done by July end. For those who have to get their accounts audited and for companies tax filing due date comes in September end. For FY 19-20 due to covid-19 situation the Government has extended the due date of filing IT Returns by November end. So ITR Due Date Extended has made it possible to file ITR for FY 19-20 by Nov end.
Frequently asked questions
Is online income tax return filing possible?
Yes, Online IT Return e filing possible. There is no need to visit the CA office to get your return filed. If you provide all required documents to your CA or your service provider, they will help you File IT Returns online.
If you are a salaried tax payer then it is very easy to self-file your return by simply following instruction given by Government at income tax India e-filing website https://www.incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx. Income tax India e-Filing website provides guidelines to help you with online IT return filing.
What is the due date for income tax e filing 2019-20/ last date of
online income tax return filing?
30th November 2020 is the last date of e-filing 2019-20
What are the steps to E filing income tax/ Steps to IT E filing 2019-20?
-Visit income tax site. Register yourself-keep Pan Card, Aadhar Card and contact number and email id while you register.
-Select the type of return you need to file (read the instruction given at income tax India website to understand the type of IT Return you need to file)
-If you are a salaried taxpayer, income tax it could still be a simple procedure by following instructions to file your IT Return Online.
However if you have income from other sources such as house property or capital gain- it is better to take consultancy of any service provider such as chartered accountant to file your IT Return online.
Has the due date of IT Return Filing extended for FY 2019-20?
This year due to the corona pandemic – due to difficulty being faced by all, the last date for filing of your IT Return for the financial year 2019-20 has been extended to November 30, usually it is the end of July. Also those who are yet to file their returns for the financial year 2018-19 can file their IT Return by November 30.
How to file IT Return online India
You need to register yourself at an ITR website first. You need to keep your pan card, email id, contact number, Aadhar card handy to register yourself.
· Login to IT Department’s web portal (incometaxindiaefiling.gov.in)
· Follow the instruction to e File IT Return.
How to find a tax consultant near me?
You can simply Find CA Services Online or go to Google to find an Income Tax Consultant near me if you want to physically visit the CA office near you. However for IT return filing online it can all be done online without visiting the CA Office?
What are the Benefits of Filing an ITR (Income Tax Return)?
It is mandatory to File IT Return if your income exceeds a limit as an individual, for entities it is mandatory to File IT Return. In some cases even if it is not mandatory you to File IT Return you may file to due to its several advantages:
- Easy to avail loan
- Easy to apply for visa
- Easy to claim losses of business
- Easy to claim refund
Is it mandatory to link your aadhar card with PAN for IT Return Filing?
Yes it is mandatory to link your aadhaar card with your pan card.
What is advance tax? Who needs to pay advance tax?
As an individual or an entity if your income tax payable in one financial year exceeds 10000, you have to pay advance tax. Advance tax due date comes every quarter. You can take help of your chartered accountant to compute your advance tax. If you are liable to pay advance tax and not pay it within the due date you will face interest later on. So it is better to pay advance tax if you are liable for it.
I have got a notice form income tax what should I do?
It is better to consult a CA if you get notice from income tax. Your tax consultant will help you sort this by properly submitting responses and visiting departments of need. Online IT Return filing or income tax e filing has to be done very carefully in order to avoid getting notice from the department.
What are the consequences of not complying with Online IT Return Filing?
In case if you fail to file your tax returns within the specified due date you will have to pay up to INR 10,000 as penalties.
How can I pay income tax online?
You can either visit a bank and submit taxes offline or simply pay it online with help of your internet banking. If you are not sure, pay your consultant, he/she will pay your taxes on your behalf and share your challan for taxes paid. The details go in its return filing.
NRI Income Tax return filing?
Income tax nri filing needs an observation upon tax laws for NRI. For NRI tax return filing you could simply send an email or call Tax Vic and file your IT Return online in India easily.
Why is Online income tax return filing done?
In India you might need to comply with Income tax India e-filing return for taking loan, to apply for certain Government contract or to apply for visa and for any specified purpose
Who can help file IT Returns in India/ e filing 2019 20?
Professional experts in income tax such as chartered accountants are the best ones to help you prepare your tax computation and help you e File IT Returns in India.