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File Income tax return
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Accurately filling your income tax return with the help of a adviser can help you save your taxes and a better plan your financial profile.

As the part of the process a Financial Adviser understands your goals and objectives and guides you to plan and save tax at the same time being fully complaint.

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Why is it important to be accurate

Income Tax Act contains 28 Chapter and 298 Section

39 Types of Allowances in Salary Income only to plan your taxes

10 Years: Maximum period upto which a notice for incorrect or inaccurate tax filling could be issued 

Upto 200% Penalty over and above normal Tax and Interest: For under reporting of Income

An Online Income tax preparing bot would only remind you of the past and not guide you how to navigate your future

You can reach out to your Tax Adviser throughout the year to plan your taxes

Types of Income Tax Return

  1. ITR-1 (SAHAJ): Resident individuals having Income from Salaries, One house property, Other sources (Interest etc.), Total income upto Rs.50 lakh

  2. ITR 2: Individual and HUF Not falling in the above category and do not have income from business and profession

  3. ITR3: Individual and HUF having income from business and profession

  4. ITR4: Individual, HUF and Firms having income from business and profession but filling under presumptive scheme

  5. ITR5: Firms and LLPs NOT having Presumptive Income from Business & Profession

  6. ITR6: Companies other than companies claiming charitable non-profit activities

  7. ITR7: Return filled for 

    •  income from property held for charitable or religious purposes​

    • a political party

    • scientific research associations, news agencies, associations, or institutions referred to in section 10(23A)

    • university, college, or other institutions

    • every business trust that does not furnish income or loss under other provisions

    • nvestment funds referred to in section 115UB

Important due dates for Income tax

  1. 15th June: First instalment of advance tax

  2. 15th September: Second instalment of advance tax

  3. 15th December: Third instalment of advance tax

  4. 15th March:

    • Fourth instalment of advance tax due

    • Due date for the whole amount of advance tax for FY for taxpayers covered under the presumptive scheme

 

Following Year

  1. 31st July: Individual / HUF/ AOP/ BOI (Whose books of accounts are not audited)

  2. 31st October: Businesses (Requiring Audit)

  3. 30th November: Businesses (Requiring Transfer Pricing Audit) 

*Due dates unless extended​

What if you missed filing the return within the due date?

If the due date for filing the original return of income is missed, one can file a return later after the due date, called a belated return. The income tax department also specifies the due date of filing the belated return. This date is now reduced by three months to 31st December of the assessment year (unless extended by the government).

However, a penalty of Rs 5,000 will be charged for the delay in filing of return. But if the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000.

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Frequently asked Questions

Who is required to file Income tax Return?

It is compulsory to file returns of income for companies and firms. In case of individuals and HUFs, if the total income before claim of eligible deductions is more than Rs. 2,50,000/- you are required to file  Income tax return. Such limit is Rs.3,00,000/- for persons between the age of 60 years and 80 years and Rs.5,00,000/- above the age of 80 years.


Advantages of Income Tax Filing?

Advantages of timely income tax filing includes (but not limited to)

  1. Get the Loans easier

  2. Avoid paying penalties

  3. Get your refund back on the excess tax payments

  4. Hurdle free for Foreign VISA Stamping with IT returns filing

  5. Improving credit worthiness

  6. Be a good citizen to contribute in India's growth and get Peace of mind for you and the family.



How to claim an income tax refund after the due date?

An income tax refund can be claimed only when you file ITR. However, if you skip the due date for filing ITR, you can file a belated return along with applicable penalty on or before 31st December of the assessment year. .


How to file an income tax return after the due date?

You can file a belated return on or before 31st December of the relevant assessment year.


How to pay income tax after the due date?

If you have missed paying taxes and filing your return within the due date, you will be levied a late filing penalty and interest while filing a belated return. A penalty of Rs 5,000 is charged for the delay in filing of return.
However, if the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000.

How to revise income tax returns before the due date?

If the taxpayer wants to revise the original return due to some amendments, the same can be done using the revised return under Section 139 (5). The revised return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5). The entire process of e-verification needs to be completed while revising the return.

How to revise income tax returns after the due date?

If the taxpayer wants to revise the original return due to some amendments, the same can be done using revised return u/s 139 (5). You can file a belated return on or before 31st December of the assessment year.
Taxpayers cannot file any return once this date is passed. However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.

What is the due date of return filing for Trusts?

The due date of return filing of trust for FY 2021-22, whose accounts are not required to be audited is 31st July 2022. If the accounts of the trust are required to be audited, the due date to file ITR will be 31th October 2022.
Suppose the trust is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.

What is the due date of return filing for Companies?

The due date of return filing of domestic companies for FY 2021-22 is 31st October 2022. However, if the company is having any international transaction or specified domestic transaction who is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.

What is the last date to file ITR?

The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.