Filing of Return-

TANMOY MUKHERJI INSTITUTE OF JURIDICAL SCIENCE

Dr. Tanmoy Mukherji

Advocate

 

Filing of Return-

Tanmoy Mukherji

Advocate

A Return of Income (ROI) is a statement submitted by an assessee to the income tax department containing details of income earned, deduction claimed, tax payable, and taxes already paid during a financial year.

The filing of return is governed mainly by sec 139 to sec 140A of the Income Tax Act, 1961.

Meaning of Return of Income (ROI)-

Objectives of filing return-

Persons required to file return-

Flow Chart-

Step 1 - Determine residential status-

u/s 6 every assessee is classified as-

Step - II - Compute Gross total income-

Income is classified under 5 heads –

Step - III -Claim exemptions and deductions-

Chart-

 

Step-IV - Compute Tax liability-

Tax is calculated according to old regime or new regime.

Step-V - Choose Appropriate ITR Form-

ITR Form	Applicable to
ITR 1	Salaried individuals
ITR 2	Capital gains cases
ITR 3	Business/profession
ITR 4	Presumptive income
ITR 5	Firms & LLPs
ITR 6	Companies
ITR 7	Trusts & Institutions.

 

Step VI - Filing of return-

Electronic filing (E-filing)-

Presently most returns are filed online through the Income Tax Portal.

Procedure -

→Registration on Portal

→Login through PAN / Aadhaar

→Select assessment year

→Select ITR Form

→Enter income details

→Claim deductions

→Compute tax

→Submit return

E-filing Diagram-

→Registration

→Login

→Choose ITR Form

→Fill income details

→Claim deductions

→Submit return

Step VII -Verification of return –

A return is not complete unless verified.

Flow Chart-