Income tax return (ITR) is simply a form which is used to provide required information by the person filing the form,to the income tax department of government of India.
Filing income tax return is not just statutory requirement but also a moral responsibility of every person who is eligible to file the income tax return. Filing ITR helps both the person filing the ITR as well as Government.
There are several reasons that makes the filing of Income Tax return important,here are some key reasons:
1. Government mandates to file income beyond the income exceeds certain limit.
2. Many financial & other services require ITR form as proof of income.
3. ITR filing is must if tax refund is required.
4. ITR filing is must if you want to carry forward the losses incurred in previous year,to reduce the tax liability in future year/s.
In general,any individual whose total income exceeds the specified amount (age dependent) is required to file Income Tax Return in Noida (and in India). Following is the age wise amount:
• Any individual under 60 years of age,must file the Income Tax Return if his/her total income exceeds INR 2.5 lakhs in previous year.
• An individual aged between 60 years to 80 years and having total income that exceeds INR 3 lakhs in previous year,is required to file the Income Tax Return.
• Individuals over 80 years are required to file Income Tax Return if their total income exceeds INR 5 lakhs.
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Any Indian resident who owns asset or has financial ties to an international entity is required to file Income Tax return,irrespective of how much their total income is.
Other types of entities like Partnership firms,Limited Liability Partnerships,Companies etc. operating in India,are required to file their Income Tax Return irrespective of the fact whether their business is making profit or loss
Anyone who wants to carry forward the loss to future year must file Income Tax return.
While process of filing Income Tax Return in Noida is online,however following documents are useful while filing an ITR:
• PAN Card
• Proof of savings
• Form 16/ Form 16A
• Salary slips
• Bank Statements
• Form 26A & TDS certificates
• Details pertaining to different sources of income (i.e. house property income,capital gain,other sources,Profit & Gain from business or profession)
To file an Income Tax Return online,it is required that the person filing the return must be registered on official Income Tax website. This is one time process and not required to be repeated every year.
While process of filing Income Tax Return in Noida is online,however following documents are useful while filing an ITR:
Step 1 – Go to the Income Tax e-filing website.
Step 2 – Log-in to the website using valid credentials created while registering on the website.
Step 3 – Click on E-File menu and select “File Income Tax Return” Option in drop down.
Step 4 – Enter required details like Assessment year,filing type (original or revised),submission mode.
Step 5 – Select the mode of Filing as “Online” and click on “Proceed”
Step 6 – Select the entity status i.e. Individual or HUF or Other
Step 7 – Select the appropriate ITR form (i.e. ITR 1 or ITR 4 for online filing)
Step 8 – If you select ITR 1 you will be required to fill 5 sections i.e. Personal information,Gross Total Income,Deductions,Tax Paid and Total Tax Liabilities.
Step 9 – If you select ITR 4 you will be required to fill 6 sections i.e. Personal information,Gross Total Income,Disclosures,Deductions,Tax Paid and Total Tax Liabilities.
Step 10 – Website will show you summary of tax computation for you to review before you submit.
Step 11 – Proceed to validation,to see if there are any errors for you to correct. If not then you can submit the ITR and proceed for verification of filed ITR.
No,Income Tax return forms are attachment less forms and,hence,the taxpayer is not required to attach any document (like proof of investment,TDS certificates,etc.) along with the Income Tax Return. However,the assessee who is required to get their books of accounts audited under specific sections of Income Tax Act,are required to furnish report of the audit on or before the date of filing ITR.
Yes,the excess tax can be claimed as refund by filing Income Tax Return (ITR). It will be refunded to you in your bank account (details provided to Income Tax department in ITR),through ECS transfer.
Yes,if you have committed a mistake the same can be corrected by filing revised return on or before 31st December of the relevant assessment year or before completion of assessment by Income Tax Department whichever is earlier.
Your employer deducts TDS (Tax Deducted at Source) from employees’ salary and deposit it to government. However filing of Income Tax return is a process by which you declare your incomes,your savings,taxes paid etc. to Income Tax department,it is mandatory for eligible persons. Not filing ITR attracts penalty.
Onlinecorpserv.com has skilled and experienced professional that helps you in timely and correct ITR filing. Upon discussion you are required to inform the types of income earned by you in previous year and they will ask some information required to file the ITR and then they will help you prepare the ITR and filing of the same.
