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What is Income Tax Return?
Income Tax Return(ITR) is a form that is required for a person to be submitted to the Income Tax Department of India. It consists of information related to a person’s income and the taxes to be paid on it during the year. Information filed in ITR should concern a particular financial year, which is always starting on 1st April and ending 31st March of the next year. The form of income can be of various types such as:-
- Income from house property
- Income from capital gains
- Income from other sources includes dividend, interest on deposits, royalty income, winning on lottery, etc
- Income from salary
- Profits and gains from business and profession
- The income tax department has prescribed 7 different kinds of ITR forms such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7, and applicability of form will depend on the nature and amount of income and type of taxpayer.
What is the importance of Income Tax Return filing Online?
It is essential to file Income Tax Return as per the tax laws laid down in India. It is mandatory to file Income Tax Return if your income is more than the basic exemption limit. A delay in filing returns will not only enchant late filing fees but also hamper your chances of getting a loan or a visa for travel purposes. The income tax rate is pre-decided for the taxpayers.
Who is permitted to file an Income Tax Return?
As per the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within some income brackets. Some of the entities or businesses are mentioned below which are required to mandatory file their Online Return Filing in India:
- All individuals who are up to the age of 59, whose total income for a financial year exceeds Rs 2.5 Lakh. For senior citizens between the age of 60-79, the limit increases to Rs 3 Lakhs, and for super citizens who are of age 80 or above the limit is Rs 5 Lakhs. It is prime to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.
- All the registered companies generate income, regardless of whether they have made any profit or not throughout the year.
- Those who wish to claim a refund on the excess tax deduction/income tax they have paid.
- Individuals who have the benefit or financial interest entities that are located outside India.
- Foreign companies that appreciate treaty benefits on transactions made in India
- NRIs who earn or arise more than Rs. 2.5 Lakh in India in a single financial year.
Which are the essential document required to file an Income Tax Return Filing Online?
It is foremost to have all the applicable documents handy and well-structured before you start your e-filing Income Tax Return process:-
- Bank and post office savings account passbook, account passbook, PPF
- Salary slips
- Aadhar card, PAN card
- Form-16 which is the TDS certificate issued to you by your employer to provide details of salary paid to your and TDS deducted on it, if any
- Interest certificates from banks and post office
- Form-16A, id TDS is deducted on payments other than salaries such as interest received from fixed deposits, return the deposit, etc. Over the defined limits as per the current tax laws
- Form-16B from the buyer if you have sold out a property, showing the TDS deducted on amount paid to you
- Form-16C, from your tenant, for giving the details about the TDS deducted on the rent received by you, if any
- Form 26AS your consolidated annual tax statement which contains all the information about the taxes deposited against your PAN
- TDS deducted by your employer
- TDS deducted by any other organization from payments made by you
- TDS deducted by banks
- Self-assessment taxes paid by you
- Advance taxes deposited by you
- Tax saving investment proofs
- Different proofs to claim deductions under section 80D to 80U(health insurance premium for self and family, interest on education loan)
- Home loan statement from the bank
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EntrepreneurCell is one of the remarkable and trustworthy companies which provides progressive services for File an Income Tax Return. We committed to providing the following strategies to every kind of business or as well as individuals which are as follow:-
- Online Return Filing in a very less time frame
- Full and extensive support in filling up E-filing Income Tax Return
- Get full assistance on getting the return on income tax
- Restrain through the whole online income tax return procedure
- Answers for all your questions and concerns
These are some of our commitments, so what are you waiting for? Join hands with us to know more about our services and get your income tax return in very little time and avoid heavy penalties.
Frequently Asked Questions
The list of form is given below:-
ITR-1: Sahaj or ITR-1 is to be filed individuals being a resident(other than not ordinarily resident) having total income up to 50Lakh, having income from salaries, one house property, other sources(Interest, etc) and agricultural income up to Rs. 5 thousand.
ITR-2: This form must be filed by individuals and HUFs who are not having income from profits and gains of business or profession.
ITR-3: This form is for individuals and HUFs having income from profits and gains of businesses
ITR-4:(Sugam): if your business attracts unconfirmed income for you, then you are required to fill this form. This form is to be filed by individuals, HUFs, and Firms(other than LLP) being a resident having total income up to Rs.50Lakh and having income from business and profession which is evaluated under sections 44AD, 44ADA, OR 44AE.
It is essential to file a return of income for a company and a firm. Moreover, individuals, HUF, AOP, BOI, are essentially required to file a return of income if the income exceeds the basic exemption limit of Rs 2.5 Lakhs. This limit varies for senior citizens or super senior citizens.
Yes you could file a return of income voluntarily even if your income is lower than the basic exemption limit
There is no need to enclose any kind of documents with the return of income. Hence, one must attain the documents to produce before any competent authority as and when necessary in the future.
Yes, income from every source including exempt income must be disclosed. The same can be under Schedule EI.