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About i t r filig

06 April 2020

sir
i am not a taxpayer. In the beginning of the year i decided to start a new venture.Its a Software related serive providing venture.But Due to shortage of fund i am consulting a near by bank for acquire a loan.Initialy they ask me that you please submitt your ITR filing document in the last 3 years .Actully i am not registed person in ITR and I am not assess my income tax at any point of time.My doubt is now i am a decided to register,shall i possible to generate 3 year data .Suppose it generated is i give anything as fine to it?I am decide to take 500000 rupess on it they shall ask any projection report on it?

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2 Replies

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 06 April 2020

As per Your query.,

First of no way for filling ITR for 3 Years. But, You can file ITR for FY 18-19 up-to 30th Jun-2020...

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 06 April 2020

The process to electronically file Income Tax Returns (ITR) by using the internet is called e-filing. The process to e-file ITR is quick, easy, and can be completed from the comfort of an individual’s home or office. E-filing ITR can also help in saving money as you would not have to hire an individual to file ITR.

ITR filing or Income Tax Return filing is basically providing the Income Tax Department with an affirmation that the taxpayer has made necessary provision for assessment of his/her income and paid the taxes as required under the provisions of law. The Section 139 of Income Tax Act makes filing of return mandatory for a certain class of taxpayers. The criteria for mandatory filing of return include status of the taxpayer, amount of income taxable during the year, tax deduction being claimed, etc.

Gone are the days when taxpayers had to struggle through a pile of documents in order to file their Income Tax returns. With an advancement in the technology, filing of Income Tax returns have become easy and quick. Apart from individual taxpayers, now corporates and tax professional working for their clients can also file their ITRs in a quick and hassle-free manner.