You may submit a revised return as many times as you like. To file an ITR return you must include information about your initial ITR with each updated return you file.
Of course, technically there is a difference between filing income tax returns and detecting TDS. In this case, when you file a tax return it becomes a proof of payment of all taxes due. The income tax return documents will also be an added benefit when you apply for a loan. Also, if there are any excess taxes deducted the same will be refunded to your bank account
For users who have filed ITR via our platform, you may now check your e-filing of income tax return status online in the website or you can also get in touch with our experts to help you out.
ITR-1, also known as SAHAJ, is for individuals with an income of less than Rs. 50 lakhs from salary, pension, or one house property.
ITR-2 is meant for individuals who are NRIs, company directors, shareholders of private companies, or have capital gains, income from foreign sources, more than one house property, or income exceeding Rs. 50 lakhs.
ITR-3 is designated for individuals who are professionals or running a sole proprietorship business in India, detailing their professional income and business profits.
Taxpayers under the presumptive taxation scheme with business income below Rs. 2 crores or professional income below Rs. 50 lakhs can file ITR-4.
ITR-5 is for partnership firms, LLPs, AOPs, and BOIs to report their income and tax computations.
ITR-6 is specifically for companies registered in India, excluding those claiming exemption under section 11 (income from property held for charitable or religious purposes). to 90 days, extendable for the same period. They must deposit tax liabilities in advance and file returns for the registration period.
ITR-7 is filed by trusts, political parties, scientific research institutions, and colleges or universities claiming exemptions under various sections of the Income Tax Act.
Individuals and NRIs need to file an income tax return if their annual income exceeds Rs. 2.5 lakhs.
The government has provided options to refund your excess tax amount when you file your IT return. This will be credited directly to the specific bank account through an ECS. Make sure to file the bank details with utmost care.
You must file a return in time even if you face any financial loss in that particular year. You can easily carry forward to adjusting with the positive income in the following years. But this option will be provided only if you file your income tax return on time. For further queries, you can write to us.
If you miss the due date for filing ITR, you can file a belated return on or before 31st December of the assessment year. A penalty of Rs.5,000 is charged for the delay. However, if the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000
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