An Income Tax Return (ITR) is a declaration of income earned
during a financial year, used to calculate tax liabilities or
claim refunds from the government. Filing ITR is essential to
report income and taxes paid, ensuring compliance with tax laws.
It is mandatory for individuals, NRIs, partnership firms, LLPs,
companies, and trusts to file returns annually. Returns can be
filed online (e-filing) or manually. At Lexprosoft, we provide
seamless and accurate ITR filing services, ensuring compliance,
timely filing, and expert guidance.
Income tax is levied on the total income earned during the
relevant financial year, based on the rates stipulated by law.
An Income Tax Return serves as a declaration of income earned,
facilitating the computation of tax liability and the subsequent
settlement of taxes owed to or refundable from the government.
Therefore, the primary objective of filing a return is to provide
a detailed account of income and taxes paid to the authorities. It
is obligatory for individuals, non-resident Indians (NRIs),
partnership firms, Limited Liability Partnerships (LLPs),
companies, and trusts to submit income tax returns annually.
Returns can be filed electronically or through manual submission.
Legal service providers specializing in compliance, such as
MyDearLaw Providers, offer assistance in filing income tax
returns.
Income Tax Return Filing Registration Process
Document Collection :
A MyDearLaw Income Tax Expert will gather essential information
and documents required for the preparation of your income tax
returns.
Return Preparation :
Utilizing the gathered information and documents, we will
meticulously prepare your tax return and submit it to you for your
review and approval.
Return Filing :
Upon your verification and approval of the prepared tax return,
our Tax Expert will proceed to file your tax return with the
appropriate authorities at the Income Tax Department.
ITR Form Applicable
ITR –1 (also known as SAHAJ)
Applicable to individuals with income from salary or pension, or
income from one house property (not involving brought forward
losses), or income from other sources (excluding lottery winnings
and income from race horses). Also applicable if there is exempt
income without any ceiling limit, except agricultural income
exceeding Rs. 5,000.
ITR-2
Applicable to individuals or Hindu Undivided Families (HUFs) with
income from any source other than "Profits and gains of business
or profession."
ITR – 2A
Applicable to individuals or Hindu Undivided Families (HUFs) with
income from salary, more than one house property, and without any
Capital Gain or "Profits and gains of business or profession."
ITR – 3
Applicable to individuals or Hindu Undivided Families (HUFs) who
are partners in a firm and have income chargeable under "Profits
or gains of business or profession," which excludes income other
than interest, salary, bonus, commission, or remuneration from the
firm.
ITR – 4S (also known as SUGAM)
Applicable to individuals and HUFs opting for the presumptive
taxation scheme under sections 44AD or 44AE of the Income Tax Act.
ITR – 4
Applicable to individuals or Hindu Undivided Families (HUFs)
carrying on a proprietary business or profession.
ITR – 5
Used by partnership firms and other entities excluding
individuals, HUFs, companies, and those filing Form ITR-7.
ITR – 6
Applicable to companies, except those claiming exemption under
section 11 of the Income Tax Act (relating to charitable or
religious trusts).
ITR – 7
Used by persons, political parties, news agencies, universities,
and entities earning income from property held under trust for
charitable or religious purposes.
ITR – V
Acknowledgment receipt for filing income tax returns.
Choose Lexprosoft for your Income Tax Return (ITR) Filling !
Lexprosoft offers professional and hassle-free Income Tax Return
(ITR) filing services for individuals, NRIs, firms, LLPs,
companies, and trusts. Our team ensures accurate tax calculations,
seamless e-filing, and strict compliance with regulatory
requirements. We provide expert tax planning advice, document
verification, and timely submissions to avoid penalties. With
Lexprosoft, you can also track your refunds and resolve any
queries with dedicated support. Trust us to simplify the ITR
filing process, save you time, and maximize your tax benefits.
Contact our Experts today and take the first step towards your
startup success!
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Income Tax Filing FAQ's
What is an Income Tax Return (ITR)?
An ITR is a form submitted to the Income Tax Department to report your income, claim deductions, and calculate taxes for a financial year.
Who is required to file an ITR?
Individuals, businesses, and entities whose income exceeds the basic exemption limit or who meet specific criteria (e.g., owning foreign assets) must file an ITR.
What documents are needed to file an ITR?
Common documents include Form 16, salary slips, bank statements, investment proofs, and details of deductions like insurance or housing loans.
What is the deadline for filing ITR?
The deadline is usually July 31st for individuals and October 31st for businesses, unless extended by the Income Tax Department.
Can I file my ITR after the due date?
Yes, you can file a belated return until December 31st of the assessment year, but penalties may apply.
What happens if I don’t file my ITR?
Failing to file can result in penalties, interest on unpaid tax, and legal consequences like prosecution in severe cases.
How can I claim a refund on excess taxes paid?
You can claim a refund by correctly filing your ITR and mentioning the excess amount. The refund will be credited to your bank account after processing.
What are the benefits of filing an ITR?
Filing an ITR is mandatory for loan approvals, visa applications, claiming refunds, and creating a financial record for future reference.
Can I revise my ITR after filing it?
Yes, you can revise your ITR before December 31st of the assessment year if you find errors or omissions in the original filing.
How do I check the status of my ITR?
You can check the status online on the Income Tax Department's e-filing portal using your PAN and acknowledgment number.
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