Income Tax Return Individual Resident
What is Income Tax Return?
Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form every year.
Why Income Tax return need to file?
Income Tax return filling is legal requirement in India as per Income tax Act 1961
The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
* Any total individual income is exceeding the exemption limit.
Advantages of Filling Income tax return
* Legal Requirement by Income Tax Act 1961 – for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return
* For firm & companies- even if no income return filing mandatory
* Claiming refund
* Carry-forward of losses
* Establishing income proof in compensation cases
* Helps the bank loan documentation process easier
* Credit Card Processing
* For a hassle-free visa application procedure
* Makes life easier for freelancers and Professional
Disadvantages of a Non Filling Income tax return
* Losses cannot be carried forward.
* Deductions under Chapter – VI A cannot be claim
* Interest under Section 234
* Loss on refund of Taxes (Financial loss)
* Best judgment assessment (Assessment under section 144):
* Penalty for Concealment of Income
* Prosecution for Failure to Furnish Return of Income u/s 276CC
Our Packages
Documents Required for Income Tax Return Individual Resident
Process Involved
Step 1
Documentation
Step 2
Computation of Income
Step 3
Calculation of Tax Payable
Step 4
Payment of Tax
Step 5
Preparation of Return
Step 6
Submission of Return
FAQ'S
- What are the mode of filing ITR?
- The return of income can be filed with the Income-tax Department in any of the following modes.
• By furnishing the return in a paper form.
• By furnishing the return electronically under digital signature, i.e., e-filing with digital signature.
- Where to file the ITR?
- Return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in
- Is there any help desk for tax payers?
- In case of queries on e-filing of return, the taxpayer can contact us at 8882101000
- If I have paid excess tax, how will I get the refund?
- Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised.
- Can the return be filed after due date?
- Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return.
- What are the benefits of filing ITR?
- Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
- When is it mandatory to file return electronically with digital signature?
- Filing of return with digital signature is mandatory for: (a) Every company; (b) A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (c) A Political Party its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
- How to know TAN of my deductor?
- It can be found either on the Form 16/16A or in the 26AS tax credit statement available on https://www.tdscpc.gov.in/app/login.xhtml TRACES (TDS Reconciliation and Correction Enabling System) website.
- How can I find my jurisdictional Assessing Officer?
- click on Services>Know your Jurisdiction given on the home page of incometaxindiaefiling.gov.in or use the following link https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html to know your jurisdictional officer
- Whether all salaried taxpayers can choose ITR-1 for filing income-tax returns?
- No, all salaried taxpayers can’t choose ITR-1 for filing tax returns from Assessment Year 2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10 (e.g. HRA, Conveyance allowance, etc.) up to Rs 5,000 or less. So, if taxpayer is claiming any exemption under sec. 10 which exceeds Rs. 5,000, he cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules).
- Is there any restriction on number of returns that can be filed using same email-ID or same mobile number?
- Yes, only 10 returns can be filed using same email-id or same mobile number.
