The Startup Gig
File IT Returns Online: A Comprehensive Guide
Helping Startups from Check-in to Sign-out
What is IT return filing Services?
Why is IT return filing process important?
1(innovative idea and technical knowledge)+1(potential investment)=1(statutory and regulatory compliances )=5(sound and flourishing business)
Why Choose Our It Return Filing Online Services ?
THE STARTUP GIG being a start-up itself, works with the vision to make the journey for other fellow start-ups work and aims to make the deals work. We understand the nuances involved in the process better than anyone. Each and every essential document is scrutinised and a legal vetting is done to ensure the way the business model operates is in accordance to the regulatory framework of the industry the company operates in.
The process begins with maintaining strict confidentiality which is ensured in the confidentiality agreement. We will help you with not only the computation of the taxes but also all other essential documents required to file the ITR. It is essential that start-ups invest time and money in finding and complying with all the necessary statutory/regulatory compliance related to taxation. Failing to do which, the progress of the company could be hindered along with several other consequences. Some consequences that start-ups could face are imprisonment, disqualification, intrusive action by regulatory agencies, loss of reputation and credibility, etc. Ignorance of compliance by start-ups can also have an impact on potential or existing investors as it affects the viability and attractiveness of a business.
We are a start-up-oriented firm that has helped multiple start-ups grow and minimise the risks. Once you appoint us, we make it a point that you can be free of the burden and work on the progress of your company. Our pedigree in working with start-ups, makes our approach more service oriented. Our concrete recommendation and solutions will ensure smooth operations and reduce the risk of any potential pitfall. Our firm is an all-service firm and start-ups are our forte. We are already aware of the issues the start-ups face and we will help them with the appropriate aid. We run a thorough exploration for start-ups and we can see through any probability of perils that can jeopardise the company’s future. Under one roof we provide the correct legal and other essential resources and services for entrepreneurs. We know the in-s and out-s of a start-up as it works more uniquely so we can make assure the best service.
IT return filing process online
To make it easier of the Taxpayers, the Income Tax Department allows ITR to be filed online by using their e-filing portal. It is mandatory under the Companies Act, that an annual RoC along with Form 20B, 23AC, Form 23ACA is filed by the companies to avoid penalties. The company also needs to choose the correct ITR form to be filled. Under the StartUp India policy, eligible start-ups who get certified by Inter-Ministerial Board (IMB) are exempted from tax for a period of the first three out of ten years.
IT return filing process Documents Required
- One needs to fill up the correct ITR form
- Submit loan documents if any (that can help to claim for a rebate)
- A balance sheet of financial transactions during the financial year
- Records of any audits if applicable
- Bank statements
- Details of Investments
- Previous documents of previously paid income tax document
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Frequently Asked Questions for IT return
filing Services For Startups
Why is IT return filing important?
The following reasons show why it is important to file IT return:
- There are penalties for not filing IT return
- Helps to carry forward losses to subsequent years
- Helps to avail loans and bank credits easily
- Helps to ensure a good reputation of the company
- Helps to authenticate the credit worthiness of the company before financial institutions
- Helps to stay clean during financial due-diligence and so helps to gain the confidence of investors
How to check income tax return filing status?
One can check the ITR status online on the e-filing website.
- Go to the e-portal of the Income Tax Department
- Login to the website and under the Quick Links Option you can see the Income Tax Return (ITR) Status.
- After clicking in it and filling up the necessary details, the status will be shown.
What are the modes for filing of return of income?
ITR can be filed both online and offline. The online process is more user friendly and can be accessed from anywhere at any time.
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Online IT (Income Tax) Returns Filing services For Startups
Filing income tax returns is a legal requirement for individuals whose total income exceeds the tax exemption threshold as per Section 139(1) of the Income Tax Act, India. The process of filing IT returns has become increasingly streamlined with the availability of online platforms. Today, you can easily file IT returns online from the comfort of your home, ensuring that you meet your tax obligations on time.
At The Startup Gig, we specialize in assisting individuals and businesses in navigating the complexities of online IT return filing. Whether you’re new to the process or need expert guidance, we are here to make the entire procedure hassle-free.
Why Should You File IT Returns Online?
Filing your income tax returns online has several benefits.It’s important to take advantage of the benefits that come with precise and timely filing in addition to adhering to regulations. Filing IT returns online ensures that your financial transactions are well-documented, making it easier to secure loans, apply for visas, or even raise capital for your business. Moreover, early filing can save you from last-minute stress and potential penalties.
The Step-by-Step Process to File IT Returns Online
Filing IT returns online involves a series of steps, each crucial for ensuring that your tax filing is accurate and complete. Here’s how you can do it:
Step 1: Calculate Your Income and Taxes
The first step in filing IT returns online is to accurately calculate your total income and the applicable taxes. This covers all forms of income, including wages, profits from businesses, capital gains, and any other forms of earnings. Remember to account for any deductions you may be qualified for, as these might drastically lower your overall tax obligation.
Step 2: Gather TDS Certificates and Form 26AS
Next, compile your TDS certificates and use Form 26AS to summarize the tax deducted at source (TDS) and any taxes already paid. This will help ensure that your tax calculations are correct.
Step 3: Choose the Appropriate IT Return Form
Depending on your income source and other criteria, you must select the correct ITR form for filing. For individuals, ITR-1 and ITR-4 are commonly used forms available for online submission.
Step 4: From the Income Tax Portal, download the ITR Utility.
Visit the official income tax portal and download the relevant ITR utility. This utility helps in filling out your tax return offline before uploading it.
Step 5: Fill in the Required Details
After downloading the utility, carefully enter all the necessary data, including your income, your deductions, and any taxes that you have already paid.
Step 6: Validate Your Entries
After filling in your details, click on the ‘Validate’ button to ensure that all the information entered is accurate and complete.
Step 7: Convert the File to XML Format
After validation, the file needs to be converted to XML format before being sent to the income tax e-filing website.
Step 8: Upload the XML File
Enter the XML file, upload it to the e-filing system, and submit your return. Remember to select a verification method, such as mailing a signed hard copy of the ITR-V to the Centralized Processing Center (CPC), utilizing an Electronic Verification Code (EVC), or obtaining an Aadhar OTP.
Documents Required for Online IT Return Filing
Before you file IT returns online, make sure you have all the necessary documents ready. This includes your PAN, bank account details, TDS certificates, salary slips, and any relevant investment proofs or rental receipts. Proper documentation ensures a smooth filing process and helps avoid any discrepancies.
Penalties for Late Filing of IT Returns
Section 234F of the Income Tax Act stipulates that penalties may apply if your IT return is not filed by the relevant deadline. The penalty can go up to Rs. 10,000, depending on the delay. You can stay in compliance with the law and prevent these penalties by filing your return on time.
Benefits of Filing IT Returns Online
Filing your returns online has multiple advantages:
- Convenience: File from anywhere, at any time.
- Timeliness: Early filing helps avoid penalties and late fees.
- Record Keeping: Online filing ensures you have an electronic record of your financial interactions with the Income Tax Department.
- Quick Processing: Returns filed online are processed faster, leading to quicker refunds.
How can The Startup Gig Assist you?
It can be difficult to navigate the complexities of submitting an online IT return filing, particularly if you’re new to the process or have a complicated financial condition. The Startup Gig aims to make this process easier for you. Our team of experts will guide you through every step, ensuring that your returns are filed accurately and on time. In order to reduce your tax liability and optimize your deductions, we also offer personalized assistance.
Ready to file IT returns online? Contact us today, and let The Startup Gig handle the heavy lifting for you.