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Income Tax Return Filings

An Overview

Income Tax Return services and income tax consultants in delhi. Income tax Return is a form in which a person files information on his income earned during a financial year and its tax thereon to the Income Tax Department. Under Income Tax, a person can be an individual, HUF, Firm or LLP, company, NGO, Society, Trust etc. The government has made it mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act. Those who earn less than the amount chargeable to tax can also submit their returns voluntarily.

A lot of individuals think filing of income tax return an unnecessary and voluntary task and thereby wholly ignores the benefits associated with filing of tax returns. Filing of returns is not at all burdensome process; instead, it is effortless and beneficial. As a responsible citizen of the country, it is your social and moral duty as well to file income tax returns annually.

We at MAG help you in calculating your correct income tax payable or refundable; provide the best consultancy in reducing your tax liabilities and significant tax reliefs which may get ignored by individuals if a professional is not hired. Our team of experts can assist in income tax return filing in Delhi so that returns can be filed on time. If you are seeking ITR filing in Dwarka, NRI return filing in Delhi or tax consultants in West Delhi, our team can approach you as we are placed in Dwarka.

Reasons why to File Income Tax Returns by Individual taxpayers?

There are a lot of reasons as to the filing of returns by the taxpayers. Some significant benefits that accrue to individual taxpayers in filing IT returns are:
  1. Getting Loans and Credit Cards approved

For getting various loans like Housing Loans, Vehicle Loans, Business, personal loans and credit card approvals, copy of ITR is mandatory part without which you can face hurdles in getting such loans approved smoothly.

  1. Quick Visa Approvals

For visa approvals, it is mandatorily required by the Immigration department to produce the proof of Income tax returns along with scrutiny of other essential documents.

  1. To Claim Income Tax Refunds and Business Losses

Any income tax-related refunds and losses in the business can only be claimed from the IT department when a taxpayer duly files a return. It is equally required to carry forward the previous year losses as well.

  1. Avoiding Penalties and Prosecution

There are punitive provisions in the income tax act in the form of fines, penalties and prosecution if a taxpayer fails to file the return of income when he is required to file as per the law. It is advisable to file these returns either on your own or by hiring someone like the income tax consultants who can do this for you.If you are searching for a CA for income tax filing in Delhi or a tax consultant Delhi, you can reach out to us as we are one of the best tax firms in Delhi, and we aim to serve our clients with the most satisfactory services.

ITR Filing of HUF

Hindu Undivided Family (HUF) is treated as a separate entity for assessment under the Income Tax Act. HUF does not originate from a contract. HUF is in itself a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HUF consists of Father, sons and daughters. Wife is not part of the HUF. Sons and daughters and the father, i.e. Karta are the co-parceners in the joint family and have a right to command partition. The Karta can deliver his share in the co-parcenary to his wife.

If courts make the partition of HUF, the courts will always award equal partition. However, the family can mutually give effect to the partition without moving to the courts, and that can be unequal as per their agreement.

The provisions of computing income of the HUF are the same for a normal person. MAG, one of the best taxation firms in Delhi, can help you in forming HUF as well as in filing the income tax return.

ITR Filing of Partnership Firms

More than one person forms a partnership firm for conducting business under one entity. There are two types of firms (other than LLPs)-
– Registered partnership firm
– Unregistered partnership firm
A registered firm is a firm that has been registered with the Registrar of Firms and has obtained a registration certificate. Any partnership firm that does not have a registration certificate from the Registrar of Firms is unregistered. Under the Income Tax Act, 1961, a partnership firm and LLPs are liable to pay tax @30% flat rate increased by 12% surcharge if taxable income exceeds 1 crore followed by 4% health and education cess.
A partnership firm is a distinct legal entity from its partners, unlike sole proprietorships. It is also essential to pay income tax for a partnership firm, irrespective of the firm is registered or not. Just like LLPs and private limited companies, a partnership firm is also required to pay alternate minimum tax as per the applicable rates. To file tax returns for a partnership firm, one must submit the Form ITR-5. The form ITR-5 is used to file tax returns of the partnership firm only. There is a separate form available for the individual tax filing of partners of the firm. Similar to all other income tax return filings, ITR-5 can be submitted online via the income tax department’s online portal.
Our team of professional experts assists you in filing income tax return and guides you on all compliances applicable to a partnership firmWe are one of the best Tax Consultants in Delhi serving partnership firms in filing their return of income.

ITR Filing of NGO/Trust/Society

Trusts have a unique tax mechanism. In the case of an assesse who is engaged in the business, usually, all expenditures incurred are permissible as deduction as it relates to earning of the income. The same is not in the case of trusts. In case of a trust, there is no nexus between the income (i.e., receipts by way of donations, grants, etc.) and expenses (application of money). As a result, the gross revenue of trust is liable for tax irrespective of the amount expended towards its charitable cause. For becoming eligible for availing deduction towards the amount applied for a charitable purpose, trust must get registration u/s 12A of the Income Tax Act-1961.
The registration is a one-time procedure. After registering, trust can claim exemptions provided under the income tax. Trusts and NGOs registered under section 12A can exercise waiver from paying income tax on its receipts. The amount collected will be free from taxes as the fund used for charitable or religious purposes is deemed to be the application of income. The “application of income” refers to the expenditure towards charitable or religious purposes when computing the income for taxation.
The person registered under this section gets the benefit of setting apart 15% of the receipts for which no restrictions prevail for its application under the act. Such accumulated amount is granted as an application of income u/s section 11(2) & does not form part of the total income of a trust. Also, once the registration is granted, it last till it is cancelled by the Commissioner of Income Tax (Exemption) for any valid reasons. There are not any requirements for renewing the registration. Charitable Trusts, Religious Trusts, Societies and Section 8 Companies claiming exemption under Section 11 and 12 of the Income Tax Act, must get 12A registration.
Taxpayers may find it cumbersome to deal with such critical matters by themselves. Therefore, it is equally important to hire the right professional expert who can do this all for them. We, at MAG, take the utmost care of such requirements of a client. We, one of the best tax consultants in India,assist them in filing the income tax returns and meeting other regular compliances as per the provisions contained in the law. As we are placed in Dwarka, we can help in ITR filing in District Centre and income tax return filing in West Delhi.

ITR Filing services at MAG

We are one of the best Chartered Accountant Firms in Delhi. If you are seeking a tax consultant in Delhi to get assistance on how to file income tax returns, you can approach MAG.We are considered the best CA for NRI return filing in India and the best income tax consultant in Delhi for delivering quality services to our clients. If you are looking for ITR filing in Vikaspuri, ITR filing in Vishnu Garden, ITR filing in Tagore Garden, ITR filing in Tilak Nagar, ITR filing in Rajouri Garden,ITR filing in West Delhi, ITR filing in Delhi or a tax consultant in India, you can consider MAG as a reliable and trustworthy firm of professionals who cares about your confidentiality and integrity.

So if you are looking for the best ITR filing services or a tax filing consultant in Delhi, you can feel free to contact us at We will be happy to assist you in filing your returns.

Frequently Asked Questions

Generally, the following documents are required to file an income tax return:

* PAN Card

* Aadhaar Number

* Income Tax Login credentials

* Bank Statement

* Investment proof for claiming deductions

* TDS certificates (Form 16 or 16A)

* Records of Sale or Purchase of Assets/Investments

* Proof of payment of insurance premium, PPF, purchase of NSCs, Mutual funds, donations etc
Yes, if any TDS is deducted, the person should file an income tax return. It is also beneficial to file ITR if a taxpayer wants to claim a refund. Despite TDS deduction, if a person does not file ITR, the chances of getting notice from the department arise.
A taxpayer can pay the income tax in challan 280 self-assessment tax through net banking.
An Income Tax return can be filed as a belated return for the year missed. It can be filed up 31stDecember following the relevant financial year.For example, the belated return of F.Y. 2021-22 can be filed up to 31.12.2022.

However, for F.Y. 2020-21, the due date for filing the belated return has been extended to 31st March 2022 by the Income Tax Department.
An Electronic Verification Code (EVC) is a code which is sent to the registered mobile number of the tax filer while filing his/her returns online. It helps to verify the identity of the tax filers. An EVC can be generated through the e-filing portal of Income Tax Department.

After successfully e-verification of ITR, a taxpayer is not required to send physical ITR-V to Bangalore for further processing. Your ITR can be verified electronically through any of the following means:

* Via Aadhaar OTP

* Via net banking

* Via EVC on the Income Tax website
No, taxpayers are not required to attach such documents while filing an income tax return. However, it should be kept carefully by the taxpayers so that it can be provided to the department if required in case of scrutiny or any assessments.

Individuals, Hindu Undivided Families (HUFs), Companies, Firms, and any other person whose total income exceeds the basic exemption limit are required to file an Income Tax Return (ITR) in India.

Yes, individuals who earn less than the amount chargeable to tax can also submit their returns voluntarily.

Yes, it is mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act.

Filing IT returns can help individuals in getting loans and credit cards approved, quick visa approvals, claiming income tax refunds and business losses, avoiding penalties and prosecution, etc.

An income tax return is a form filed by individuals or entities with the Income Tax Department, providing information about their income earned during a financial year and the corresponding tax liability.
1: Filing income tax returns as an individual taxpayer is essential due to the following reasons:
  • Compliance with legal requirements: Filing income tax returns is a legal obligation mandated by the Income Tax Act. Non-compliance may result in penalties and legal consequences.
  • Access to financial services: Many financial institutions require income tax returns as proof of income for loan approvals, credit card applications, and other financial services.
  • Visa and immigration requirements: Immigration departments often require income tax returns as supporting documents for visa approvals and immigration processes.

Filing income tax returns is necessary to claim income tax refunds and carry forward business losses. Taxpayers can only avail these benefits by duly filing their returns and providing the required information to the Income Tax Department.
Failure to file income tax returns when required can lead to penalties, fines, and potential prosecution. The Income Tax Act has provisions to penalize taxpayers who do not fulfill their filing obligations.
Yes, an HUF is required to file an income tax return if its total income exceeds the basic exemption limit specified under the Income Tax Act. The HUF is treated as a separate entity for tax purposes and needs to comply with the income tax filing requirements.

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