Income Tax Return (ITR) Filing

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What is Income Tax Return filing?

Individuals and businesses are obligated to pay taxes on their earned income, with the Income Tax being levied and collected by the Central Government. This tax, accrued within a financial year, is payable as advance tax. However, the assessment and calculation of income and tax liability are provided in the subsequent Assessment Year. This assessment is encapsulated in the Income Tax Return (ITR) form.

The recent modifications in Income Tax Return forms aim to enhance user experience by simplifying procedures. Yet, these changes underscore the taxpayers' responsibility to substantiate claims regarding expenses, exemptions, and deductions. Therefore, online filing of income tax returns necessitates guidance from seasoned professionals to ensure accurate submission and compliance.

Advantages

Allows carry forward of losses

Define financial worth

Loan Processing and high risk cover

Claim refund of TDS paid from salary

Documents Required

Pan Card

PAN Card of the taxpayer

Entities PAN Card

Aadhar Card

Cancelled Cheque

Bank Account Statement

Financial Statements

Investment/ expenses u/s 80

Form 16

Types of ITR forms

Form for ITR filing are different based on type of income and business structure

ITR - 1 (Sahaj)

For Income from Salary & Interest

ITR - 2

For all incomes other than business income

ITR - 3

For all incomes including business income

ITR - 4 (Saral)

For Presumptive tax, 8% is deemed income of turnover

ITR - 5

For Partnerships business, this ITR is used for all income

ITR - 6

For Companies, this ITR is used for all the incomes

FAQ

Frequently Asked Question

Whether NIL ITR is mandatory to be filled?

For all types of business entities such as companies, LLPs, and firms, it's mandatory to file Income Tax Returns (ITR), even if their total income or tax payable is zero.

Similarly, for individuals, it's advisable to file ITR when their income exceeds the basic exemption limit to steer clear of scrutiny from the Income Tax Department. Even if your tax liabilities amount to zero and you have previously filed ITR, it's still necessary to continue filing.

This ensures you have documented proof of income, which can be invaluable for various purposes whenever required.

Whether NIL ITR is mandatory to be filled?

For all types of business entities such as companies, LLPs, and firms, it's mandatory to file Income Tax Returns (ITR), even if their total income or tax payable is zero.

This ensures you have documented proof of income, which can be invaluable for various purposes whenever required.

What are the due dates for IT return online filing?

Can I file ITR once the last date of filing is gone?

What is the penalty for delay in filing ITR

FAQ

Frequently Asked Question

What are the modes of payment of GST?

Tax Payment or any penalty, fees, etc. are accepted through the following modes;

• Internet Banking

• NEFT or RTGS

This amount shall be credited to the electronic cash ledger of the registered dealer.

What are the modes of payment of GST?

Tax Payment or any penalty, fees, etc. are accepted through the following modes;

• Internet Banking

• NEFT or RTGS

This amount shall be credited to the electronic cash ledger of the registered dealer.

What are taxable under the GST Act?

What are the steps involved in filing the GST returns for each month (b/w Kagzaat.in & Me)?

Is everyone supposed to file the GST return ?

What value does Kagzaat.in contribute to the process of GST return filing?

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