Income Tax Return
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Income Tax Notice

ITR Filing Due Date 2018-19 :

The due date for filing ITR for 2018-2019 for Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP) is 31st July, 2018. Individuals whose accounts need to be audited must file their IT Returns by 30 Sep 2018. Individuals who are required to provide a report as has been referred to in section 92E, must file their returns by 30th Nov 2018.

Income Tax Filing in India :

Income Tax is a kind of tax that is imposed by the government directly on the annual income of an individual. 

File Tax Returns

There are two types of taxes in India: Direct Tax and Indirect Tax

The Tax which you pay directly to the government on your Income is known as Direct Tax. On the other hand, the tax which you pay indirectly to the government through restaurants, theatres and e-commerce websites  is known as Indirect Tax, such as GST, etc. It means, in the case of Direct Tax, tax is recovered directly from the assessee, who ultimately bears such taxes, whereas in the case of Indirect Tax, tax is recovered from the assessee, who passes such burden to another person & is ultimately borne by consumers of such goods or services.

Income tax is imposed on both earned and unearned income. Earned income includes salary, wage, etc., and unearned income includes interest, rent, etc. Every Indian citizen who earn an income have to pay income tax at the end of the financial year. The interest rate varies depending on the income tax slab.

For simpler classification, the Income Tax Department breaks down income into five heads:

Head of IncomeNature of Income Covered

Income from Salary

Income from salary and pension

Income from Other Sources

Income from savings bank account interest, fixed deposits, winning KBC

Income from House Property

This is rental income mostly

Income from Capital Gains

Income from sale of a capital asset such as mutual funds, shares, house property

Income from Business and Profession

This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers


PersonDue Date
Individual/ Partnership Firm/ LLP/ HUF/ AOP/ BOI (Not covered under Audit)31st July,2018
Company, Firm, Individual, LLP convered under audit30th September, 2018
Person covered under transfer pricing audit30th November,2018


If you miss the above due date, compulsory late filling fees of Rs. 5,000/10,000 will be levied on you.

Filling DateLate Filing Fee
Before Due DateNIL
After due date but before 31.12.2019Rs.5,000/-
After 31.12.2018 but before 31.03.2019Rs.10,000/-
After 31.03.2018
No return can be filled unless called by department

Income Tax Slab

(Declared in the Budget for Financial Year 2018 – 2019) :

For Individuals and HUF (Age – Below 60 years) :

Income Tax SlabTax Rate

Up to Rs.2,50,000

Above Rs.2,50,000 and up to Rs.5,00,0005%
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%
Income Tax SlabTax Rate
Up to Rs.3,00,000NIL
Above Rs.3,00,000 and up to Rs.5,00,0005%
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be taken as surcharge if total income is above Rs.1 crore.

For Super Senior Citizens (Age – 80 years and above) :

Income Tax SlabTax Rate
Up to Rs.5,00,000NIL
Above Rs.5,00,000 and up to Rs.10,00,00020%
Above Rs.10,00,00030%

*10% of tax will be taken as surcharge if total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be taken as surcharge if total income is above Rs.1 crore.

Benefits of Filing Income Tax Return Online

Though it might be a tedious process to keep a track of every nifty detail needed in order to file the proper details for the Income Tax Return, it actually helps a lot when it is done in the earnest and ahead of time, preferably, online –

  1. Online filing of returns ends by July 31 or every financial year, and being a month or two in advance in filing the income tax returns actually ensures one encounters lesser traffic and the entire process goes much smoother.
  2. In case one has missed filing tax returns for the previous year, every additional day till July 31 increases the penal interest. Thus, filing a tax return in advance is very advisable.
  3. Creating a favourable financial history – Online filing of the income tax returns actually creates a history of your financial records with the tax department in a much faster and easier way. This history is favoured by a lot of organisations, be it financial or otherwise, whom you might have a business relationship with in the future.
  4. Proof of financial record – Having an ITR-V form is always handy, since one can readily furnish the same as a proof for any kind of financial liability or opening a line of credit.

Income Tax Returns FAQ’S

I am a self-employed professional. My income this year is below the minimum income tax slab, but it was higher in the previous 2 years and I had filed ITRs then. Do I have to file a return this year?

A) Ideally, if your income is below the minimum slab, you do not need to file your income tax return. But if you have been filing it previously, it would be better if you file a return this year declaring low income. This is because the Income Tax Department may construe your non-filing as a delay or non-compliance because of your past record of filing ITR. They might send you a notice. In case you do not want to file ITR, be prepared to reply to the income tax notice if it comes into your mail box.

If I have already paid advance taxes and have no dues or refunds, can I skip filing of income tax return?

A) No, you have to file your ITR especially if you have paid the taxes. It is not an optional activity. An ITR gives the government a complete record of how your income is distributed – assets, total income, tax liability, tax paid and refunds. This helps them monitor people for tax fraud of any kind. If you fail to file ITR, you are liable to pay penalty or face scrutiny and prosecution.

Is an ITR useful to me in daily life?

A) Of course, yes. You’ll find a duly-filed ITR very useful as a proof of income when you have to apply for a bank loan, when you have to make accident claims in third party insurance, for immigration and visa, for appointment in judicial and class 1 jobs, for winning government tenders, for registration in professional panels, for seeking funding for a startup, etc.

How long do we need to wait to get income tax refund?

A) Refunds are disbursed only after your ITR is processed. This may take up to 1 year after you file your return. It is also possible that even if you are claiming refund, the taxman may have ascertained that you are not liable for a refund for various reasons such as a calculation error on your part. If you think your calculations are right and you have to get a refund, then you can write to the I-T Department again. Sometimes, you do not get a refund because of wrong PAN or bank account number on the ITR, or the cheque not reaching you because of wrong address or you not being at home when the postman reached. If you filed your ITR online, you can check the status of your refund through your Income Tax e-filing account.

Best Way to File Income Tax Return:

  • There are multiple ways of filing Income Tax Return. You can file your ITR yourself or take the help of a chartered accountant. The easiest way is to file your tax online yourself. You can do so on the website of the Income Tax Department. All you have to do is fill the relevant columns on the ITR form and submit it. You can also choose to file your ITR using any third-party e-filing website as well. If you find it difficult to file your ITR yourself and need expert advice, then it is best to take the help of a chartered accountant.

Can I File Income Tax Return after Due Date?

  • Yes, you can file your Income Tax Return after the due date. Due to unavoidable circumstances sometimes people are unable to file their ITR by the due date. In such cases, they have the option of filing a belated return under Section 139 (4) before the end of Assessment Year or before the Assessment is completed (whichever is earlier).

How to Check the Status of Income Tax Return?

  • Once you file your Income Tax Return, you can check the status of Income Tax Refund on the website of the Income Tax Department of India. You can check the status after 10 days, starting from the date the refund is sent by entering your Permanent Account Number and selecting the Assessment Year.

Income Tax Return for Salaried Individuals:

  • Individuals who earn income from salary and interest have to fill and submit ITR 1 (SAHAJ) form while filing their Income Tax Return.

Income Tax Return Notice:

  • If you do not file your Income Tax Return in an Assessment Year, then you may receive a notice from the Income Tax (IT) Department. The IT Department keeps a track on financial transactions and activities of individuals who are identified as non-filers. If there is a discrepancy with the amount of tax that you have declared in your ITR, then you may receive a notice from the IT Department. You may also receive a notice if the department wants to review any documents related to the ITR that you have filed.

Avoid Penalty, File your Income Tax Return NOW!! call/WhatsApp us on 7701998480.