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File IT Returns Online: A Comprehensive Guide

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What is IT return filing Services?

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We all have come across the word “Tax” quite a few times in our daily lives in conversations such as “ Oh no! I missed the last day for the Income Tax Return filing” or “ The It Return Filing process is so hectic” etc. And if you are a start-up, you must be aware of the importance of the necessary statutory or regulatory compliances related to taxation. So, we are here to make the it return filing process easier for you. But first let us understand what the process is all about.
Dictionary defines Tax as “ an amount of money paid to the government that is based on your income or the cost of goods or services you have bought”. They are a revenue source for government which is utilised for various purposes aimed for progress of the country. And just as the name gives away, Income Tax is a direct tax that is charged by the central government on the income of an individual or organisation(business) annually for a financial year. Through the IT return filing process, individuals or businesses reveal their total income during the financial year , i.e., from 1st April to 31st March of the next year, to the Income Tax Department. Via the It return form, the details of the income and the taxes to be paid is submitted to the IT department.
how to get an online income certificate

Why is IT return filing process important?

It is mandatory for an individual(if he is eligible based on his income) and a corporation to pay taxes. Default or delay in payment of Income tax or IT return filing or under reporting or false reporting of income will invite penalties (sometimes even imprisonment) imposed by the Income Tax Department, in accordance to the Chapter XXII of the Income-tax Act, 1961. You must have read at numerous instances that companies have been forced to even shut down due to the failure of complying to the laws that made ITR filing. Irrespective of income, profit or loss, all registered companies registered in India are required to file it returns every financial year.

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.

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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

1. Do I need to file an income tax return if my startup hasn't made a profit yet?

Absolutely. Even if your startup is in the red, filing an ITR is crucial. It not only keeps you compliant but also allows you to carry forward losses to offset future profits, which can be a significant tax advantage.

2. Which ITR form should I use for my startup?

The form depends on your business structure and income type:

  • ITR-3: For individuals and Hindu Undivided Families (HUFs) having income from a business or profession.

  • ITR-4: For individuals, HUFs, and firms (other than LLPs) having income from a presumptive business.

Choosing the correct form is vital to ensure accurate filing and avoid penalties. 

3. What are the benefits of filing ITR for my startup?

Filing your ITR can:

  • Preserve carry-forward losses.

  • Enhance your startup’s credibility with investors.

  • Ensure compliance with tax laws.

  • Facilitate smooth audits and due diligence processes.

4. Can I file my startup's ITR online?

Yes, you can file your ITR online through the Income Tax Department’s e-Filing portal. It’s a straightforward process that allows you to submit your return from the comfort of your office or home.

5. What documents do I need to file my startup's ITR?

Typically, you’ll need:

  • PAN Card: For identification.

  • Bank Statements: To verify income and expenses.

  • Profit and Loss Statement: To report earnings.

  • Balance Sheet: To provide a snapshot of your company’s financial health.

  • Form 16/16A: If applicable, for TDS details.

Having these documents ready will streamline the filing process.

6. What if I miss the ITR filing deadline?

Missing the deadline can lead to penalties under Section 234F of the Income Tax Act. The penalty ranges from ₹1,000 to ₹5,000, depending on your income. It’s advisable to file your return before the due date to avoid these charges. 

7. How can The Startup Gig assist with ITR filing?

At The Startup Gig, we specialize in helping startups navigate the complexities of ITR filing. Our team ensures that your returns are filed accurately and on time, allowing you to focus on growing your business.