What is e Filing of income tax return (ITR)?

Individuals, except senior citizens, have to mandatorily file the ITR through the online mode which is also known as electronic filing, i.e. e-filing of the income tax return. An income tax return is a form that a person is required to submit to the Income Tax Department. It contains information related to individual's income and taxes paid, starting from 1st April to 31st March of the financial year. There are seven ITR forms prescribed by the Income Tax Department according to the amount of income, income source and the category to which the taxpayer belongs. E-filing of the income tax return can be done through appointing B K Goyal & Co LLP Chartered Accountants in a smooth and simple manner. We are a Chartered Accountancy firm registered with the Institute of Chartered Accountants of India

How can you file an income tax return in India?

You can file your income tax returns online, either on the income tax department's website or with us by emailing the details to help@bkgoyal.com or through https://www.cabkgoyal.com/income-tax-efiling. Income Tax filing or e-filling is made error free with B K Goyal & Co LLP Chartered Accountants. You can e-file your returns with the help of us in a correct manner. Also, note that the due date to e-file your income tax returns for the assessment year 2023-24 is on or before 31st July 2023.

My company deducts TDS. Do I still have to file my ITR?

Filing of Income Tax Return is mandatory under section 139(1) of Income Tax Act 1961 if the total income exceeds Rs 250000 per year. Even if the TDS is already deducted, then too Income Tax Return is required to be filed mandatorily. Filing of Income Tax Return does not mean you need to deposit Income tax as well in every case.

What are the documents required for filing ITR?

PAN Card, Aadhar Card, Mobile Number, Email ID, Bank Account Details; Income documents such as Form 16, Interest Certificates, Share Trading Statements, Sale Deeds and any othe document with respect to Income earned. Other documents may also be required depending on your source of Incomes

What is the last date for filing Income Tax Return ?

31 July 2023 is the last date for filing Income tax return for the financial year 2022-23 (AY 2023-24). You shall file your Income Tax Return before the due date to avoid penalties and interests

Income Tax efiling Income Tax Return

Income Tax Returns in India are filed under section 139(1) of Income Tax Act, 1961. It is the charging section of Income Tax in India. Income Tax in India are to be paid on incomes earned from 5 sources i.e Salary, House Property, Capital Gains, Business and/or profession and Other sources.

Contact details for Income Tax efiling Income Tax Return
Emailil: [email protected]
Mobile: 9971782649

Income Tax Return Filing - Our Services

Salaried Income Tax Return Filing

Income Tax Return Filings, Preparation of tax computations, multiple employer filing in the same year; Analysis of 26AS, annual informations statement, form 16, salary slips and bank statements

Income Tax Return in case of Sale of Property

Income Tax Return Filings, Preparation of tax computations, Calculation of Capital Gains, Determining the cost of acquisiition, cost of improvement, indexation; Analysis of sale deed, agreement to sale, stamp duty value, stamp duty paid, forfeiture

Income Tax Return for FD Interest

Income Tax Return Filings, calculation of correct FD Interest; Analysis of 26AS, annual informations statement, FD Interest Certificates and bank statements

Share trading ITR Filing

Income Tax Return Filings, Calculations of profit/loss, turnover and purchases

Business ITR Filing

Income Tax Return Filings, Preparation of Profit & Loss Accounts and Balance Sheets. Filings under section 44AD, ITR 3 and Income Tax Audits

Pension Income Tax Return Filing

Income Tax Return Filings, Preparation of tax computations, multiple employer filing in the same year; Analysis of 26AS, annual informations statement, form 16, pension slips and bank statements

NRI Income Tax Return

Income Tax Return Filings, Determination of residential status, Determination of taxable Income, Determination of Non Taxable Income

Income Tax Return for rental incomes

Income Tax Return Filings for rentals earned on house property, calculations of interest on loan taken for house property

F&O Trades ITR Filing

Income Tax Return Filings, Understanding the transactions of F&O, Income Tax Audits (in case turnover exceeds the prescibed limits)

Companies Income Tax Return

Filings of Income Tax Returns for Companies registered under Companies Act. Preparation of computation of tax liability, filing of Profit and Loss Account, Balance Sheet

Getting Your Income Tax Return Done with B K Goyal & Co LLP: A Breakdown in 11 Steps

Filing your income tax return (ITR) doesn’t have to be a headache! B K Goyal & Co Chartered Accountants are here to guide you through the process, step-by-step, in simple terms.

Here’s what to expect:

1. Send Your Documents: Start by emailing copies of your PAN card, Aadhar card (both sides), mobile number, and email address.

2. Gather Your Income Details: Compile all documents related to your income, like Form 16, salary slips, interest certificates, trading statements, and loan interest certificates. Send them to B K Goyal & Co via email.

3. Create Your Profile or Reset Password: This step uses Aadhar OTP to access your online tax profile.

4. Document Analysis & Draft Creation: Your documents will be reviewed and reconciled against various sources like 26AS and Form 16. This might take a few days, and they may request additional documents if needed.

5. Draft Review: You’ll receive a draft calculation of your income via email or at their office.

6. Consultation with CA Bhuvnesh Goyal: Discuss your draft and receive personalized tax planning advice for a smooth assessment.

7. Final Draft & Fee Details: You’ll get the final income calculation and fee information via email or at their office.

8. Filing & E-verification: Once you approve the draft and pay the fee, B K Goyal & Co will file your ITR and e-verify it using Aadhar OTP. (For additional tax payments, they’ll handle that first before filing.)

9. Final Documents & Tax Challan (if applicable): You’ll receive the final income calculation, ITR, and tax challan receipt (if needed) via email or collect them at their office.

10. CPC Processing & Intimation: The ITR will be sent to the Income Tax department for processing. You’ll receive an “intimation” under section 143, detailing any refund or additional tax due.

11. Ongoing Support: B K Goyal & Co will monitor for any tax notices or demands from the department, even for past years, to minimize future issues.

Who NEEDS to File Income Tax Returns in India?

Filing your Income Tax Return (ITR) can be confusing, but don’t worry, it’s not always mandatory! Here’s a clear breakdown of who MUST file in India, using everyday examples:

1. Companies & Firms: Every company and registered firm, no matter their income, must file an ITR.

2. Individuals & HUFs:

Above Income Limits: If your total income exceeds Rs. 2.5 lakhs for those under 60, Rs. 3 lakhs for 60-80 year olds, or Rs. 5 lakhs for 80+ year olds, filing is mandatory.
Even Below Limits: Even if your income is less than these limits, you must file if any of these apply:
- Electricity Bill: Your annual electricity bill exceeds Rs. 50,000.
- Big House: You own or occupy a property exceeding a certain area (check with the tax department).
- Four-Wheeler Owner: You own or lease a four-wheeler (except two-wheelers).
- Foreign Travel: You or someone you sponsored (e.g., family) travelled abroad.
- Credit Card Holder: You own a primary credit card (not an add-on).
- Exclusive Club Member: You’re a member of a club with an entrance fee of Rs. 25,000 or more.

Examples:

Priya, a 35-year-old salaried employee earning Rs. 3 lakhs, must file as her income crosses the limit.
Mr. Sharma, 70 years old with Rs. 2.8 lakhs income, doesn’t have to file unless he uses over Rs. 50,000 electricity.
Riya, 25 years old earning Rs. 2 lakhs, owns a car and travels abroad annually. Filing is necessary for her.

Understanding the 5 Types of Income in India

Filing your Income Tax Return (ITR) can feel like navigating a maze, but understanding the different “sources of income” is the key to finding your way out! Here’s a breakdown of the five income categories in India, made simple with everyday examples:

1. Salary: If you earn Rs. 2.5 lakhs or more as a salaried employee (working for a company), filing your ITR is mandatory. Even with an income less than this, filing can be beneficial for claiming deductions and getting refunds.

Example: Priya, a software engineer earning Rs. 3 lakhs, must file her ITR. Rahul, a teacher earning Rs. 2 lakhs, might still choose to file for deductions on rent or medical expenses.

2. House Property: Renting out your house or flat brings you income under “house property.” This income needs to be declared in your ITR and taxes paid accordingly.

Example: Mr. Sharma rents out his apartment and earns Rs. 1 lakh per year. He must include this income in his ITR.

3. Capital Gains: Selling an asset like a house, land, car, or even jewelry at a profit results in a “capital gain.” This gain is taxable, and you need to report it in your ITR.

Example: Riya sells her old scooter for Rs. 30,000, making a profit of Rs. 5,000. This profit is taxable and must be included in her ITR.

4. Business & Profession: Running a business, whether manufacturing, trading, or providing services like IT or tourism, generates income under this category. This income requires reporting in your ITR and paying taxes.

Example: Akash runs a mobile repair shop and earns Rs. 4 lakhs per year. He must file his ITR and pay taxes on this income.

5. Other Sources: This category covers various income streams like interest from bank accounts, fixed deposits, loans given out, or any other income not falling under the previous categories.

Example: Maya earns Rs. 1,000 per month as interest on her savings account. This needs to be declared in her ITR under “other source