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Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on income of a person.
The form that contains information of income and tax paid of an assessee is called Income Tax Return.
Both PAN and Aadhaar Card of all Indian Shareholders and Directors
Either Voter ID, Passport, or Driving License of the Shareholders and Directors.
Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors
Latest passport size photographs of all the Shareholders and Directors
Either of the latest Utility Bill (Electricity, Telephone, Gas, Water) or Property Tax Bill of the registered office address. Rent agreement and NOC from the owner in case of rented property
Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.
The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.
The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.
Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.
PAN Card of the taxpayer
In case of company or firm, PAN card of all directors or partners is required
In case of company or firm, Aadhar card of all directors or partners is required
Cancelled cheque of the taxpayer’s bank account is required
The statement for concerned Financial Year is required to assess other incomes
For business entities, except proprietorship, financial statements are required
Details about the investments made or expenditure u/s 80 must be provided
The salaried person should provide the TDS Certificate, known as Form 16
The due dates for filing IT online are mentioned below - let's take an e.g. of (F.Y. 2017 - 18 & A.Y. 2018 - 19)
1. Up to 31st July of next year (31st July, 2018) - Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
2. Up to 30th September of next year (30th September, 2018 - Companies including other entities on which Audit provisions are applicable
Yes, filing IT in case of loss would be in your interest itself. With online IT filing, you can carry forward the losses to a certain upcoming financial year to set off losses
against the future profits.
No, the income tax is paid during the financial year in which the income is earned. While filing IT, if the tax liability is more than the already paid advance tax, the due
amount must be paid with interest, if applicable.
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