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Revised Return Filing

Taxpayers are usually careful and exercise due diligence while filing income tax (I-T) returns. But sometimes in a rush to file their tax returns within the due date of 31st July (extended to 05th August this year), they end up making mistakes. Some of the common mistakes while filing (I-T) returns are unclaimed deductions or an income not reported or reported incorrectly. One’s contact details or the bank account given for the refund of taxes could also be wrong. However, if you have filed your return within the due date, then you need not worry as you can revise your return.

What Is Included In Our Package?

Procedure For Revised filing

 Basic Details Form

Basic Details Form

Get Start Work
Application Preparation

Application Preparation

1 Hour
Drafting of Documents

Drafting of Documents

1 Hour
Application Filing

Application Filing

1 Hour
 Congratulations

Congratulations

Your Work Is Completed

Advantages Of Filing Income Tax Return

Who is liable to pay Income tax?

  • Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :
  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

Income Tax Return Types applicable to different Individuals

    ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.
    ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.
    ITR – 3 – For individuals and HUF with income from profits of a business or profession.
    ITR – 4 (Sugam) – For Individuals, HUFs and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA or 44AE.
    ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
    ITR – 6 – All companies except those that claim tax exemption as per Section 11.
    ITR – 7 – Persons incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

What are the due dates for filing income tax return?

Type of Tax Payer

Due Date

Company

30th September

Persons whose accounts are required to be Audited u/s 44AB

30th September

Working Partner in a firm (where firm’s accounts are required to be audited)

30th September

Individuals, HUF,AOP,BOI etc. whose accounts are not required to be audited u/s 44AB

31st July

Frequently Asked Questions

1. What is Income Tax?

Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.

2. Who is liable to pay Income tax?

Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :

An Individual

A Hindu Undivided Family (HUF)

A Company

A Firm

An Association of Persons (AOP) or a Body of Individuals (BOI)

A Local Authority

Artificial Juridical Persons

3. I am a professional such as CA, doctors, lawyer, web-designer etc earning more that income tax slab. Which return should I file?

There are basically two types of return which is to be filed by a professional, either ITR 4 if he chooses for the maintenance and audit of accounts else ITR 4S if he do not choose the same. So, if you are maintaining your books of accounts and getting your accounts audited then you need to file ITR-4 else you have to file ITR 4S using presumptive source of income.

4. What does Specified Profession include?

Specified Profession include legal, medical, engineering, architectural, accountancy, technical, interior decoration, film artists, company secretary, information technology and authorised representatives profession.

5. What is the last date for me for filing the business income return?

Last date for filing the business and profession income return is normally 31st July of the Assessment Year but if you are required to get your accounts audited, then last date for filing of return of income is 30th September of Assessment Year

6. Do I need to maintain books of accounts? When can I file return under no books of accounts or presumptive income?

If you are engaged in a specified profession(specified in Q4), then you need to maintain the books of accounts if your gross receipts exceeds Rs. 1,50,000 in all the three years immediately preceding the previous year or if you are going to start a new business then gross receipts is likely to exceed Rs.1,50,000.

7. When can I opt for Presumptive Source of Income?

You can opt for presumptive source of income if your turnover or gross receipts is within the specified limits(given in Q6), or if you are engaged in a business of plying, hiring or leasing of goods/carriages, then you can opt for presumptive source of income.

8. When am I required to get my accounts audited?

You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Cr.(in case of Business) and Rs. 50 lakhs(in case of profession).

9. If I do not opt for presumptive source of income though eligible, then what would be the consequences?

You have to maintain books of accounts and get your accounts audited if you do not opt for presumptive source of income, thogh eligible

10. What are Previous Year and Assessment Year?

Previous Year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2016-2017 the assessment of tax is carried out in 2017-2018. Thus 2017-2018 is the Assessment Year.

11. Who can file IT return in ITR-1?

You can file return in ITR-1 (Sahaj) if you are an Individual having :

Income from other sources

Salary

Pension

Income from up to one house.

Agriculture Income less than Rs. 5,000.

Total Income is less than Rs. 50 lakh.

 

12. Who can file return in ITR-2?

You can file return in ITR-2 if you are an Individual or HUF having :

Income from items in ITR 1 which is more than Rs. 50 lakh.

Income from capital gains.

Foreign Income.

Agricultural Income more than Rs. 5,000.

Income from Business or Profession under a Partnership firm.

13. Who can file return in ITR-3?

You can file return in ITR-3 if you are an Individual or HUF having :

Income from items mentioned in ITR 2.

Income from Business or Profession under a Proprietorship Firm.

 

14.Who can file return in ITR-4?

You can file return in ITR-4 (Sugam) if you are an Individual or HUF having :

Section 44AD – Business (Deemed Profit-8% or 6%)

Section 44ADA –Profession(Deemed Profit-50%)

Section 44AE – Transporters (Deemed Profit- Rs. 7500/vehicle per month)

15.who can file ITR-5?

You can file return in ITR-5 if you are an Individual or HUF having :

Firm

Limited Liability Partnerships

Association of Person

Body of Individuals

Artificial Juridical Persons

Local Authority or Co-operative Society

16.Is filing of return is mandatory even if income is below exemption limit?

If the income is below exemption limit then it is not mandatory to file the return but you may file the return as you cannot file the return for past years once the due date lapses. In addition, ITR is valid document for bank credit, housing loan etc.

17. How is return filed processed?

Now the processing of return filed will be through Aadhaar Number, where, you can link your Aadhaar Number with your PAN and get rid of sending ITR V to CPC, Bangalore.

18. Is having PAN(Permanent Account No.) mandatory for income tax return filing?

Yes, a person must have PAN in order to proceed for filing of income tax return.

19.What are the consequences if a return is not filed within due date?

Interest on tax due shall be paid. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F.

20.Any provision to file return after due date?

There is an option to file Belated Return. It shall be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. It is to be noted that Belated Return can be filed but interest and penalty shall be levied.

21. What is Presumptive Taxation under income tax return?

With an objective to give relief to small taxpayers having income from business or profession from maintaining books and accounts presumptive taxation scheme was introduced in Income Tax Act, 1961. This section gives exemption to taxpayers opting for this scheme from maintaining books, audit, paying quarterly advance tax. The scheme is framed under three section of Income tax act 1961:

 

  • Section 44AD : For small taxpayers engaged in business other than business of plying, hiring or leasing goods carriages
  • Section 44ADA: For small tax
22. What is Advance Tax?

If the income tax liability in any financial year is more than Rs. 10000 then, advance tax shall be paid in installments during the year itself.

23. What if I fail to submit my income tax return on time?

The return can be submitted after due date u/s 139(4). An assessee who fails to file return within due date will have to pay interest u/s 234A.

24. Within what time can belated or late return be filed?

The belated return can be filed on or before 31st March of the relevant Assessment Year.

25. What to do if a mistake is made in filing the return?

If any error is discovered after the return is filed then return can be revised u/s 139(5). Revised Return of Income Tax can be filed by an assessee any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

ITR presumptive taxation