Income Tax Filing
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.[2] These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assesses and the category of the Assesses.
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Forms Filing
- Return Forms - ITR - 1, 2, 3, 4, 5, 6, 7
- Other than ITR forms - 15CA, 15CB, 15H, etc
- Tax Audit Forms
What is Income Tax Return Filing?
Income Tax Return filing is done with the Income Tax Department which shows the Income and Expenditure of the taxpayer and on the basis of such Income and Expenditure amount is calculated on which the tax liability is to be paid by the taxpayer. Income Tax Return filing is done on the basis of PAN (Permanent Account Number); a person must have PAN before Income Tax Return Filing. There are limits prescribed to file the Income Tax Return, if the income of any person exceeds the prescribed limit under the Income-tax, 1961, then it will be the liability of the taxpayer to file the Income tax return and pay the tax. NIL return can also be file if you do not exceed the limit. However it is not a liability of the taxpayer to file the NIL return.
What are the Benefits of Income Tax Return Filing?
Easy Loan Approval:
Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns.
Claim Tax Refund:
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
Income & Address Proof:
Income Tax Return can be used as a proof of your Income and Address.
Quick Visa Processing:
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
Carry Forward Your Losses:
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
Avoid Penalty:
If you are required to file your Tax returns but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs. 10,000.
Details Required in case of Income Tax Return Filing
- Basic information such as PAN, Aadhar card number, and detail of current address will be required.
- Bank account details will be required of the given financial year. For Income Tax Return filing, it is a mandatory disclosure.
- Other disclosures regarding income from salary, fixed deposits, savings bank account are also required.
- Information regarding deduction claimed under Section 80.
- Information regarding TDS and advance tax payments.