Income Tax Return Process
- Provide your basic details and we will call back within 24 hours
- Upload or Email your tax documents to the tax expert and complete the payment process
- Filing of ITR-3, ITR-4 or ITR-4S
- Refund assessment
- Tax advice on maximizing deductions and expenses.
*Above fees does not include audit charges, scrutiny assessment charges, etc.
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Frequently Asked Questions
Find answers to the most frequently asked questions on the Income Tax Return in India.
Government has prescribed ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for Income Tax filing of business and profession. Depending on the type of business, a particular type of ITR form should be used from the forms mentioned earlier.
The assesssees (Individual/HUF) having income from following sources are eligible to use ITR-3 for filing Income Tax Return:
• Someone who earns income from a business or profession and is not covered by presumptive taxation.
• The assessee who is otherwise eligible for presumptive taxation but with a turnover exceeding Rs. 2 crores in case of business and gross receipts exceeding Rs. 50 lakhs in case of profession.
The assessees (Individual/HUF/Firms) having below income can use form ITR-4:
• Having presumptive business income where turnover is less than Rs. 2 crores.
• Assessee is an individual or an HUF or a partnership firm. It is not available to a company.
• Having income from:
Income from one house property
Income from other sources
Who cannot use:
• Having more than one house property
• Winnings from lottery or race horses
• Capital gains
• Agricultural income in excess of Rs. 5,000
• Speculative business and other special incomes
• Assessee having foreign income or claiming foreign tax relief
• Resident having any asset/financial interest/signing authority in any account located outside India
Applicability of ITR 4S was until FY 2015-16. ITR 4S was applicable to taxpayers who had
- Business income where such income was computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
- Income from salary/pension; or
- Income from one house property (excluding cases where loss is brought forward from previous years); or
- Income from other sources (excluding winning from lottery and income from horse races)
ITR 4S was applicable to only those whose turnover from a business then less than Rs 1 crore and taxpayer opts for presumptive taxation u/s 44AD. However, if the turnover of the business mentioned above exceeded Rs 1 crores the tax payer was required to file ITR-4.
Note: From FY 2016-17 ITR 4S was replaced by ITR 4 and ITR 4 was replaced by ITR 3.
• A working partner in firm or LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.
• A partnership firm and LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.
• A LLP is required to file return by 31st July for non-audit case and 30th September in case of audit.
• A trust is required to file return by 31st July for non-audit case and 30th September in case of audit.
An assessee is liable to get his accounts audited by a Chartered Accountant mandatorily, if in the Previous Year,
• he was carrying on business and his total sales or turnover exceeded Rs. 1 crore (2 crores in case of presumptive taxation u/s. 44AD), or
• he was carrying on a profession, and his gross receipts exceeded Rs. 25 lakhs (50 lakhs in case of presumptive taxation u/s. 44ADA) (Applicable from Financial Year 2016-17 onwards), or
• he was carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section
Government has prescribed penalty under section 271B of the Income Tax Act for those who are required to get their accounts audited under section 44AB but fails to do so before the specified due date. The quantum of penalty will be equal to of 0.5% of the turnover or gross receipts subject to a maximum penalty of Rs. 1,50,000.
- Profit and loss account and Balance sheet
- Books of accounts (if applicable)
- Bank statements
- Sales register or details of all sales during the year
- Purchase register or details of all purchases (including capital asset) during the year
- TDS certificate/Form 16A
- VAT Return/Service Tax Return
- Registration certificate
- Details of all expense relating to business
- Details of income other than business income (capital gain, salary, rent, interest, etc.)
- Details of all your tax saving investments
You need to respond to this communication through an online portal basis your PAN. In case the reply is not satisfactory then you may receive a notice under section 142(1) asking you to file your return, call for additional documents and information.
In extreme cases you may receive a notice u/s 143(2) or 148 if you have failed to report certain income that the department already is aware of.