Terms and Conditions
The Income Tax Return Filling is the process of declaring the total income of an individual or a firm to the Income Tax Department of India, at the end of each financial year. The types of income include income from salary, wage, commission, Interest on the bank account, dividend from shares, rent, royalties on which no tax is deducted, or any other part time income. The summary of these incomes has to be provided in the prescribed form to the Government of India.
infinzi just not only help you to file your ITR return but we will help also help our customer on consultatation which will help them to save on taxes. We follow a pre-defined Standard Operating Procedure to ensure the customer does not have to run around for status updates. You will experience the transperancy and the expertise our team will provide while filing your IT returns.
Yes, even if you don’t have any tax liability, you need to file the income tax return. You have to give the description of your total income, including salary, wage, commission, business or income from any other source.
This is a misconception that, if my employer has deducted TDS from my annual salary, I need not to file the return of my income. You have to file an ITR in this case and must mention your total Income.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.
The Income Tax Department has provided a Tax Calculator link wherein you can find out what will be the tax amount applicable as per Old Regime or New Regime.
You can click on the link and decide which option you would want to opt to save on Tax amount payable.
Extended Due dates for filing returns for FY 2019-20 will be 30th November 2020 for all types of Assessee.
I-T Department has established an independent portal for e-filing of return. The taxpayers can log on to www.incometaxindiaefiling.gov.in to file their income tax return.
The excess tax can be claimed as refund by filing your income tax return (ITR). After your return is processed and provided the tax department accepts your refund claim, the amount claimed as refund would be credited back to your bank account through Electronic Clearance Service (ECS) transfer. You would also get an email intimation for the same. The I-T Department has been making efforts to settle refund claims at the earliest.
Form 26AS will reflect the details of tax credit appearing against in the Permanent Account Number (PAN) of the taxpayer as per the database of the I-T Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc. The I-T Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract levy of penalty.
“Following is the list of some important steps/points/precautions that need to be kept in mind while filing I-T return: First and foremost, file I-T return on or before the due date. Taxpayers should avoid the practice of late filing of IT Returns. Following are the consequences of delay in filing I-T return:
- Losses (other than house property loss) cannot be carried forward.
- Levy of interest under Section 234A/234B/234C as applicable.
- Exemptions/deductions under Section 10A, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
- Late filing fees of Rs 5,000 if returns are filed on or after 1 August, 2018 and 31 December 2018.
- Late filing fees of Rs. 10,000 if returns are filed between 1 January, 2019 and 31 March, 2019.
However, as relief to small taxpayers not earning more than Rs 5 lakh, the maximum amount of penalty will be Rs 1,000. “
If the ITR-V has not been received by the CPC and you have the 120 day period remains, then you will have to sign a new ITR-V form and send it to CPC within the time frame. But if the time frame has expired, then you have to file a revised return which will be ultimately treated as original return.
The password to open ITR-V is the combination of your PAN number and your DOB. It should be last 5 digits of your PAN number and ddmmyyyy of the DOB.
You can do it multiple times till the expiry of one year time limit.
Generally, we rely on our customer to provide us with complete information before hand so that we can directly go ahead and file your IT Return. However, in case you want infinzi to provide you with Accounting Services, we will be glad to assist you. You can reach out to us at 9820194559 or email at [email protected] and we will be able to assist you. The charges will depend on scope and volume of work to be completed.