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Required documents

ABOUT IT Return Filing and Advisory Services

Income tax refers to direct tax paid on income to the government within a given financial year. A person or any sovereign entity has to file an income tax return when his total income from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government


Any individual or any sovereign entity is eligible for Income Tax Filing Advisory. Further with amendment in section 139(1) of Income Tax Act person being the owner of vehicle, immovable property, telephone, credit card, or member of a club or incurs expenditure on foreign-travel are also required to file return.

Required Documents

The documents needed vary from case to case. Let FINMART understand your needs and assist you in documents requirement.



The due date of submission of return shall be ascertained according to section 139(1) of the Act as under:-

30th September of the Assessment Year(AY)

Company, Persons whose accounts are required to be audited, A working partner of a firm whose accounts are required to be audited,

31st July of the AY

An Individual or HUF or businesses not required to get audited and any other person not covered above.

30th November of the AY

Assessee who is required to furnish a report under Sec. 92E for international transaction

The Tax rates applicability depends on the category of tax payers. The various categories of tax payers are Individuals, NRI, Hindu Undivided Family, Association of Persons, Body of Individuals, Artificial Juridicial Person, Firms, Company, Cooperative Society, Local Authority. FINMART team will help you in knowing the applicable Tax Rates.

Every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if such estimated income is less than 10000, then no advance tax is payable. The due dates of payment of advance tax are:-


In case of corporate assessee


On or before 15 June of the previous year

Up to 15% of advance tax payable


On or before 15 September of the previous year

Up to 45% of advance tax payable

Up to 30% of advance tax payable

On or before 15 December of the previous year

Up to 75% of advance tax payable

Up to 60% of advance tax payable

On or before 15 March of the previous year

Up to 100% of advance tax payable

Up to 100% of advance tax payable

Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C.

Income Tax Returns by filling the requisite forms ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8 and ITRV. The details of the same are as follows:

ITR Forms



Individuals having Income from Salary/ Pension/ family pension & Interest


Individuals and HUFs not having Income from Business or Profession


Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship,


Individuals & HUFs having income from a proprietary business or profession.


Firms, AOP’s and BOI’s.


Companies other than those claiming exemption under section 11.


Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

Keeping track of various incomes such as Salary Income, Income from House Property, Income from Business or Profession, Capital gains, Income from Other Sources , which are tend to be overlooked while filing returns. FINMART ensures that the reporting requirements under the tax laws are met and any future litigation is avoided.

Yes ! You can file a belated return of income within a period of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier. However belated returns does not get the benefit of carrying forward the losses incurred during the year under the heads ‘Profits and gains of business and professions' and ‘Capital gains'.

However a penalty of five thousand rupees can be levied under section 271F if the return is filed after the end of relevant assessment year. Also, where a belated return is filed, no revised return can be filed.

Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax has been deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax then no interest is levied u/s 234A for filing the return after the due date.

Deduction under this section is available only to an individual or an HUF.

80C (includes 80CCC and 80CCD for calculating maximum deduction of Rs 100,000)

(Employer's contribution to Notified Pension Scheme under section 80CCD is not a part of the limit of Rs. 100,000.)


Finance Bill 2014 has proposed to increase Limit of Deduction under section 80C to Rs. 1,50,000/- from Financial Year 2014-15. Once The Bill is passed Assessee will be eligible for deduction of Rs. 1,50,000/-

•  Contribution by employee to provident fund/Approved superannuation fund/Pension fund setup by any mutual fund

•  Contribution to PPF

•  Principal payment of housing loan.

Life insurance premium of self, spouse and children (Not exceeding 10% of sum assured and 15% for disable persons for polices after March 2012)

•  Equity linked saving scheme ie. Tax saving mutual funds

•  Units/Policies of UTI or LIC mutual fund

•  5 year fixed/Term deposit with banks and post offices or time deposits.

•  School tuition fees in India of full time education of any two children.

•  Payment towards non-commutable deferred annuity scheme

•  Subscriptions of national saving certificates

•  Deposits with National Housing Bank

•  Sum deposited in Senior Citizen Savings Scheme.

•  Subscriptions to schemes of PSU's providing long term finance for housing or of housing boards constituted in India for infrastructural development of cities/towns.

•  Notified annuity plan of LIC or of any other approved insurer.

Notified pension fund by UTI or approved mutual fund.

•  Investments in shares/debentures/bonds of companies in infrastructure.

•  Any sum deducted from salary of Government employee (subject to maximum 20% of salary) towards deferred annuity plan for benefit of self, spouse or any children.

80CCC (Pension)

•  Payments made to LIC or to any other approved insurer under an approved pension plan by individuals.

80CCD (National Pension Scheme)

•  Contribution made by the assessee and by employer to New Pension Scheme is admissible for deduction under this section. The assessee should be an individual who is employed on or after 1 January 2004. The deduction shall be equal to the amount contributed by the assessee and/or by the employer, not exceeding 10% of his salary (basic+ DA). Even a self-employed person can claim this deduction which will be restricted to 10% of gross total income.


(maximum deduction is available of 25,000/-)

•  Investment in equity under Rajiv Gandhi scheme by Resident individuals whose GTI is less than or equal to 12 lac. 50% deduction will be available

80D(Medical Insurance Premiums)

(upper limit 20,000/- in case of senior citizens and 15,000/-for others)

•  Premium paid only through cheque on Mediclaim Policy or contribution made in Central Govt Health Scheme. Policies can be taken for self/spouse/dependent children/dependent parents.

80DD (1,00,000/- in severe disability (80% or more of disabilities prescribed in the relevant act) and 50,000/- in normal disability)irrespective of expenditure.

•  Expenditure incurred on medical treatment [including nursing], training and rehabilitation of a disabled dependant, or any payment or deposit made under a scheme framed by LIC or any other insurer or the administrator or the specified company and approved by the Board for payment of lump sum amount or annuity for the benefit of dependant with disability.

80DDB (Medical Treatment) (upper limit 40,000/- and 60,000/- in case of senior citizen)

•  Deduction is allowed to resident individual or HUF in respect of expenditure actually during the PY incurred for the medical treatment of specified disease or ailment as specified in the rules 11DD for himself or a dependent relative or a member of a HUF

80E: Education loan interest (Entire amount can be claimed as deduction)


•  Any amount paid by way of interest on loan taken from any financial institution or any approved charitable institution for self/spouse/children/legal guardian for the purpose of higher education.

•  The deduction is allowed from the relevant year, in which the assessee starts paying the interest on loan and 7 assessment years immediately succeeding the initial assessment year or until the interest is paid in full whichever is earlier.

80EE (housing loan interest) (upper limit 1,00,000)

•  Housing loan amount should not exceed Rs. 25 lakhs; that total cost of house doesn't exceed Rs. 40 lakhs and that the housing loan is disbursed in the year F.Y. 2013-14, then the individual gets an additional deduction of 1,00,000 over and above 1,50,000 which is recieved u/s 24 of the IT Act under the head house property income.

80TTA (Interest on savings account)

•  Up to Rs 10,000 earned as interest from savings account in bank, post office or a co-operative society can be claimed for deduction under this section. This rebate is applicable for individuals and HUF's.

80U (Disability)

•  Disabled persons can get a flat deduction on Income Tax on producing their disability certificate. If disability is severe Rs. 1 lakh can be claimed else Rs 50,000.

  1. Manual
  2. Online using a Digital Signature
  3. Online without a Digital Signature

If return of income is filed online using a digital signature, then it is not required to send the signed acknowledgement of return (ITR V) to Bangalore CPC. But in cases, where return is filed without using digital signature, then the assessee shall send the signed copy of ITR V to CPC, Bangalore within 120 days of uploading the return either by ordinary post or speed post only.

Income Tax Department – CPC, Post Bag No -1, Electronic City Post Office, Bangalore -560100, Karnataka.

It is mandatory only for the following persons.

  1. Every company
  2. Every AOP or BOI
  3. Persons whose total income exceeds Rs. 5 lakh rupees
  4. Firms/Individual/HUF who are required to get their accounts audited under section 44AB
  5. Persons claiming tax relief under Section 90, 90A or section 91
  6. A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
  7. Every resident and ordinarily resident individual and HUF, if he/it has in abroad, any signing authority in some account, or asset or financial interest in any entity .
  8. Out of the above, (a), (d), (f) have to e-file their return using digital signature.

No. It is not mandatory but voluntarily. Filing return has its own benefits.

An assessee is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Revision is allowed only if the omission was unintentional. Revised return may be filed by the assessee in any number of times at any time before the assessment is made.

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment,  whichever  is earlier. Once you revise returns, the original stands withdrawn.

Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income.

To discourage the practice of filing of return of income without payment of self-assessment tax, Section 139(9) of the Finance Act, 2013 provides, that the return of income shall be deemed as defective return if tax including interest thereon (if any) has not been paid on or before the date of furnishing the return.

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