Income Tax Returns Filing

Income Tax Returns Filing

Explore more about Income Tax Returns Filing

Income tax should be filed by every responsible Indian citizen. With current technology, it is easy to file your income tax online. It is a fast and accurate process that does not require any time limit.

In India, e-filing income tax returns involves filing ITR forms through the official website. This is a critical task because the Income Tax Department has various forms titled ITR 1 through ITR 7. Each form has a distinct function and belongs to a specific category.

Our Team is expert in filing these ITR forms. Get in Touch with us for more information.

Who must file Income Tax Returns?

  • Salaried individuals who earn more than the exemption level before deductions under sections 80C to 80U
  • Regardless of whether a firm is profitable or not, all firms must file IT returns, whether they are a limited liability company, LLP, or partnership
  • Directors of a private limited company and partners in a limited liability partnership.
  • Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
  • Individuals who receive income through charity or religious trusts, as well as income from voluntary contributions
  • NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets

Checklist for Income Tax Returns Filing

  • Section 139 (1) of the Income-tax Act 1961 states that any individual whose total income during the previous year is more than the maximum amount (₹2.5, 3 or 5 lakhs) not chargeable to tax must file their ITR.

Last Date for Filing Income Tax Returns

  • Individuals or a firm that are not liable for audit should file income tax returns before July 31 every year.
  • An institution / company that is liable for an audit should file its IT returns before September 30 every year
  • Individuals and companies filing belated returns should complete before March 31 of every year

Documents Required for GST Registration

For An Employee

  • PAN card
  • Form 16 provided by your employer
  • Salary slip (each month)

For Business Owner

  • Trading report
  • Business Account Details
  • Profit and Loss statement if any

Benefits of Filing Income Tax Returns

  • Loans

    Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.

  • Visa

    As Immigration centers scrutinize many documents and IT returns, proofs are a mandatory document for visa applicants.

Simplified Registration Process

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Popular Questions

Frequently Asked Questions

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The government has provided options to refund your excess tax amount when you file your IT return. This will be credited directly to the specific bank account through an ECS. Make sure to file the bank details with utmost care.

As per the Income tax Act, you should file an income tax return in India if your total income exceeds ₹2.5 lakh in the given financial year.