ITR Filing

ITR Filing simply means Income Tax Return Filing with Income Tax Department. And Income Tax Return is standard form which an Income Tax payer uses to file information about his Income and his tax thereon to Income Tax Department.

ITR Filing

What are the Standard IT Return Forms?

Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR7. See details here – IT Return Forms.


When is the last day to file the IT return?

The due date for filing ITR for financial year 2017-2018 or assessment year 2018-2019 has been extended to 31st August from 31st July.

As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return

Rs 5000 if tax is filed after due date of 31st July but on before 31st december of that assessment year (in this case 31st december 2018)
Rs 10,000 if tax is filed after 31st december but on or before 31st march of the relevant assessment year (in this case from 1st january to 31st march 2019)
But, there is relief to small taxpayer, IT Department has stated if your total income does not exceeds 5 lakh , then maximum penalty of Rs 1000 will be levied on delay of ITR filing.

There will be no late filing fee will be levied as per the mentioned in section 234F of the income tax return filed after the due date if gross total income does not exceeds the basic exemption limit.


How much does a CA charges for filing income tax return?

A practicing CA may charge you anything starting from Rs. 1000+. It may go higher based on the complexity of your income tax return.

Income Tax Consultant Fees

I would advise against going to sites or so-called income tax consultant which give you cheap service such as ITR filing at Rs. 500 etc. Many income tax consultant fees are lower in the beginning with many hidden cost such as extra fees for capital gains, home loan calculations, etc. Also their work is not up to mark. The fee may be low and you may be satisfied for the time being, but the consequence in the future will be Income Tax notices received for defective returns/ demand notices etc.

Paying a little extra to a CA who gives your ITR filing his / her personal attention along with tax planning techniques is always worth the money. Tax Laws are complex and filing incorrect information with a government department will haunt you later. There is a lot of technical stuff involved in Tax filing. A Good CA should be able to describe things in simple terms which you can understand.

Here are our firm details for this service – CA for ITR Filing Mumbai

File ITR for FREE yourself

If you are a DIY person then you can file ITR for FREE yourself by using following websites, simply search on google to locate the exact URL

  • Income Tax efiling Mumbai
  • Tax Spanner Filing


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