Income Tax Returns

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Income Tax Returns

All you need to know

An income tax return is a form in which taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.


Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. When you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs. 2.5 lakh. Even if your income does not exceed this limit, it’s a good practice to file or e-file your income tax return. An income tax return is an essentail document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.


Filing ITR in India is complete online process and paperless. There is no requirement for  submission of physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.


Income Tax Return Fees


899 (All Inclusive)
  • Income Tax filing of 1 year of Salaried Individual


1999 (All Inclusive)
  • Income Tax filing of 1 year for non- audit assessee


3499 (All Inclusive)
  • Income Tax filing of 1 year for audit assessee upto a turnover of Rs. 2 Cr

Advantages of a Income Tax Filing

QuickBiz is a technology driven platform which offers legal & financial services over its team of professionals. Before applying this services applicant should know the list of advantages of this service in India.

Helpful in Loan Processing

The income and the capital base mentioned in the income tax return is helpful for the loan processing. Higher the financial worth, easier is loan processing. The same is also applicable to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.

Allows carry forward of losses

Most of the business in their initial stage face losses. The business loss or capital loss can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.

Shows Financial Strength

A good track record of regular ITR Filing shows your financial strength and is indicative of your regularity. This helps you to obtain quick bank loans and also visa. So, it is advisable to file ITR on regular basis.

Claim Tax refunds

If you are a salaried person and you receive your income after deduction of TDS, it may be possible that after making eligible deduction, the tax liability is lower than the amount of TDS actually deducted. In such cases, the refund can be claimed only if ITR is filed by the person.

How to filing Income Tax Return

Income Tax Return in 5 steps
  • 1. Submit documents
  • 2. Validate documents
  • 3. Selection of applicable form
  • 4. Preparation of Return
  • 5. ITR filed & Acknowledgement Generated

List of Documents for Income Tax Return

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For Salaried Individuals
  • PAN Number
  • Form 16
  • Donation receipts, if any
  • Bank Account Statement
  • Details of Investment/ expenses u/s 80
For Businesses
  • Financial Statements
  • PAN
  • Audit Report, if applicable

FAQs On Income Tax Return

Get answers to all your queries

Every business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and you have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

Yes, you need not worry about the same. You may still file your return. Please get in touch with our team and we will do the rest.

No, the income tax is to paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.

No, return is to be filed only if you have taxable income.

Yes, revised returns be filed before due dates for the same. Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.

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