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Income Tax Return


Income Tax Return

The process to file income tax to the income tax department is known as Income Tax Return filing. Income tax is a government-imposed tax on the income of a person.
(ITR) Income Tax Return filing is every citizen’s responsibility. The IT department confirms these statements of income, and if case any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. Everyone liable is required to file the taxes on time to avoid penalties.
The form that includes income and tax paid of an assailable is known as Income Tax Return. The IT Department of India has different forms for it, such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7.

Income Tax Return



The advantages of filing for IT returns are:

    • Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
    • Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns, and hence it is always better to file it to avoid legal repercussions.
    • Loans: Bank loans like education loans, vehicle loans, and personal loans can be easily availed as they require the last three years’ IT returns.


A taxpayer becomes qualified for a tax refund in a case where he ends up paying an excessive amount of tax than the actual tax liability. He must need to file the returns within the given due date to claim the refund.
Taxpayers normally get notices from the IT department to ensure they completed the filing process without any delays. Any loss against house property, depreciation, business loss, and any form of loss not set off against the income can be carried forward to the following years.


Once Income Tax Return is filed, an acknowledgment slip is issued. It consists of details like Name

    • Address
    • Status
    • Permanent Account Number (PAN card) 
    • A brief statement of taxable income
    • Tax paid
    • Deductions
    • Verification


According to the IT Department, the bodies that are required to file Income Tax returns yearly are: 

  • Every business, be it private limited, LLP, or partnership, irrespective of the profit or loss, need to file IT returns.
  • People holding income from mutual funds, bonds, stocks, fixed deposits, interest, house property, etc
  • Individuals earning income from property under charitable trusts, religious trusts, or from voluntary contributions
  • Individuals or companies who wish to claim tax refunds
  • Salaried persons whose total income before any kind of deductions under section 80C to 80U surpassing the exemption limit
  • Individuals with foreign income, foreign assets, NRI’s, and tech professionals at onsite deputation.
  • Individuals who have opted for one job from another are also eligible. 

Tax Return Filing For Business:

The Income Tax Department of India carries rules for all businesses working anywhere in the country to file income tax every year. And sometimes, TDS returns can also be filed, and advanced taxes can be paid to assure that the business works with the IT rules and regulations. 

 Tax Return Filing For Proprietorship:

A firm that is run by an individual titled the proprietor is known as a proprietorship. Proprietorship and the proprietor are not separate legal entities; they are both treated as one unit by law. And according to that, the ITR filing for a proprietorship is the same as that of the proprietor. Proprietors are obligated to file IT returns yearly. The procedure is no different from that of an individual income tax return online.

 Elements For Filing Proprietorship Tax Returns:

Proprietors below 60 years of age and whose income surpasses Rs.2.5 lakhs are obligated to file proprietorship tax returns. Proprietors over 60 years but not more than 80 years of age and whose total income exceeds Rs 3 lakhs. Proprietors beyond 80 years must file their IT returns if their total income exceeds Rs 5 lakhs.

 Tax Return Filing For Partnership Firm:

According to the IT Act, all partnership firms are handled as separate legal entities and are relevant for tax rates that are on par with LLPs and companies registered in India.

 Elements For Filing Partnership Firm Tax Return:

Irrespective of profit or loss, partnership firms are obliged to file Income Tax Returns. And if any case, that the business has been commercially inactive with no recorded income, a NIL income tax return should be filed within the specified date.

 Tax Return Filing For LLPs:

All Limited Liability Partnerships are treated as separate legal entities, and their income tax rate is related to that of all companies registered in India. The Income Tax Act claims that all LLPs must file their tax returns irrespective of the profit or loss they’ve acquired in that year. If the LLP has marked no business activity or recorded income, then a NIL income tax must be promptly filed.

 Tax Return Filing For Company: 

Any business structure, be it Private Limited Company, Limited Company, Limited Liability Partnership company, One Person Company that is registered under the Ministry of Corporate Affairs mandatory required to file IT returns as directed by the Income Tax Act.

 Elements For Filing Company Tax Returns:

Any company which is registered under the Government of India and working on Indian land is needed to submit their filed Income Tax return online. This is equally applicable to those companies that have been asleep with no business activities and no recorded income or expenses.


      • File your return right away, do not wait for the due date. 
      • Keep every required document in hand while filing Income Tax Returns. 
      • It’s very important to pick the correct IT form.


To achieve IT filing in India, the documents mentioned below are necessary: 

      • Bank statements of the financial. 
      • Investments proofs.
      • Form 16 or 16A as applicable for T.D.S. Certificates.
      •  The purchase and sale documents of investments/assets.
      • Challan towards the payments of taxes such as advance tax or self-assessment tax.
      • If PAN is applied but not received, a copy of the filed PAN application and its acknowledgment.
      • If not applied for PAN, a PAN application form is properly filled in with two passport-sized photographs.
      • For businesses – a copy audit report, balance sheet, trading, profit & loss account (P&L), personal account of proprietor or partners.
      • Statement of receipts and payments if in case no proper books are maintained. 
      • Payment receipts towards insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions.


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You must file your return before the due date, if you have sustained a loss in the financial year and if you want to carry forward to the subsequent year for adjustment against subsequent years income. Loss can be brought forward only if you have filed the return claiming such loss before the due date.

Yes, filing a tax return and TDS deduction is are entirely two different things. Filing a tax return to indicates that you have paid all the taxes you are required to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.

Taxpayers are not needed to attach any documents like proof of investment, TDS certificates, ITR return forms, and the return of income (whether filed manually or filed electronically). But, these documents need to be clutched by the taxpayer and should be delivered before the tax authorities when demanded in situations like assessment, inquiry, etc.

By filing Income Tax Return, you can claim the excess tax amount as a refund. It will be returned and credited back into your bank account through ECS transfer. It is necessary to make sure no mistakes are made while mentioning bank details such as account number, IFSC code, etc in the ITR form.

On the Income Tax Department website, you can pay your tax online just by using your Netbanking account with challan 280.

Yes, in any financial year, you can file for the last two years as well. For e.g. in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.

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