ONLINE TAX FILING SOLUTION
ITR FILING
INCOME TAX RETURN FILING
@799/-
Vakilgiri Legal Consultants provides a quick & excellent Online ITR Filing services for Tax payers @Rs. 799/- only. File your Income Tax Return now!!
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WHAT IS ITR FILING ?
A tax return, also known as an ITR, is a document that is used to declare your gross taxable income for a certain financial year. This includes all sources of income and determines which tax bracket you fall into. In addition, the ITR assists in claiming deductions and, as a result, assesses your annual tax burden. The deadline for filing income tax returns is August 31 of every Financial year, and filing your tax returns is required if anyone earns an amount that is chargeable under the government’s income tax slabs.
If the individual’s income is below the threshold, one can still file the returns voluntarily as it helps in qualifying for loans and other such transactions.
BENEFITS OF ONLINE ITR FILING
KEY ADVANTAGES OF FILING INCOME TAX RETURN
ELIGIBILITY FOR ITR FILING
ELIGIBILITY CRITERIA FOR ITR FILING FOR INDIVIDUAL
Here is the eligibility criteria for the individuals for filing Income Tax Returns:
1. According to the Income Tax Act of 1961, anyone under the age of 60 who earns a total income of Rs. 2.5 lakh or more in a financial year must file an ITR.
2. Any person between the ages of 60 and 80 with a total annual income of Rs.3 lakh or more is eligible.
3. Anyone over the age of 80 with a total annual income of more than Rs.5 lakh is eligible.
4. Any business or organization that operates in India, regardless of profit or loss.
5. Any Indian citizen who owns property or has financial ties to a foreign firm.
6. Anyone who wants to carry forward losses they’ve already incurred.
Types of ITR FORMS
WHICH itr form to file ?
ITR- 1
Individuals who earn up to Rs.50 lakh in a financial year from a salary, pension, 1 house property, interest, or any other source are eligible to utilize this form.
ITR- 2
This form can be used by any individual or Hindu undivided family (HUFs) whose income does not originate from the profit of a business or profession in a certain financial year.
ITR- 3
This form is for individuals or HUFs who derive their income from the profits of a business or profession during a financial year.
ITR- 4
Individuals earning less than Rs. 50 lakh from a profession or less than Rs. 2 crore from a business income who qualify under the presumptive taxation plan are eligible to utilize this form.
ITR- 5
This form must be used by associations, partnerships, and limited liability partnerships reporting their income for a financial year.
ITR- 6
This form must be used by every company registered in India that is filing tax for a financial year.
ITR- 7
This form is used by universities, research institutions, political parties, and charity trusts that are filing tax returns for the current financial year.
ITR FILING Documents Required
ONLINE INCOME TAX RETURN FILING
The following are the documents needed to complete the online income tax return filing process:
- Copy of PAN Card
- Evidence of any tax-saving investments, if any
- Form 16A/16B/16C
- Salary slips
- Statements of account
- Certificate of TDS
- Certificate of Interest
- Form 26AS
- Annual Information Statement (AIS)
ITR FORM FILING PROCESS
ONLINE INCOME TAX RETURN FILING procedure
Filing your ITR is now an online process, and it must be done through the official Indian income tax website, according to the most recent income tax filing policy change. To get started, go to http://www.incometaxindiaefiling.gov.in/ and fill out the registration form. Here is the procedure:
1. Enter your CAPTCHA and user ID to log in.
2. Select the proper assessment year and ITR form from the drop-down menus.
3. Choose the right assessment year and ITR form for oneself.
4. You’ll be taken to a page where you can complete the form. To avoid errors, read the instructions carefully.
5. Check the details after you’ve entered the necessary information. Then, to continue, select the ‘Preview and Submit’ option.
6. After you’ve submitted your return, you’ll need to double-check it using your Aadhaar card or an electronic verification code.
7. You will receive an email at your registered email address and a text message at your registered mobile number upon successful verification and processing.
PENALTY ON FAILING TO FILE ITR
ONLINE INCOME TAX RETURN FILING
The penalty you pay for not filing tax returns is determined by two factors: the applicable income tax rate and the number of days since the filing deadline. If the income is less than Rs.5 lakh, one will be penalized with Rs.1,000. If a person earns more than Rs.5 lakh, he or she may face fines ranging from Rs.5,000 to Rs.10,000.
The most important thing to remember is that being a law-abiding citizen necessitates filing income taxes. To make the procedure easier, file the tax returns as soon as possible after the due date. Before submitting the ITR, keep the preceding tips in mind and make a note of the sections that pertain to the financial situation. For filing an Income Tax Return, you can rely on ITR Filing experts such as Vakilgiri- Legal Consultants. Legal consultants helps you in reminding the due dates and to file a proper ITR. We file 15000+ ITRs every year for our clients.
STATUS OF ITR FORM FILING ONLINE
HOW TO CHECK STATUS OF INCOME TAX RETURN
Once you have filed their tax return, one may quickly check its status on the Government of India’s e-filing website. Here are a few simple steps to check the ITR status, depending on whether or not individuals have created a login account on the website:
1. Without a username and password: On the left side of the website, click the ITR status link. Individuals will be sent to a page where they must enter their PAN number, ITR acknowledgement number, and captcha code. Once they have entered their information, the tax filing status will show.
2. With the login information: Use the username and password to access the website. Now, select the option to “see returns or forms.” From the dropdown menu, select the assessment year for income tax returns. One can then check to see if the ITR has been validated or processed.
REASONS FOR FILING INCOME TAX RETURN ONLINE
file your itr to get....
Here are five reasons why people should file your income tax returns:
EASY LOAN
Let’s say one would like to apply for a home loan or any other type of loan (other than mortgage). Before approving a loan, a lender would typically need proof of income. One will be required to submit the income tax returns for the previous two or three financial years as part of the procedure.
EASY TO GET CREDIT CARD OR VISA
If anyone is applying for a visa or a credit card for an international trip, the issuer will ask for proof of income. In most circumstances, one must provide the tax returns from the previous three years. It will assist the other party in determining whether or not they are eligible for a visa or credit card.
AID IN DEVELOPMENT OF INDIA
Any tax you pay contributes to the development of the country. It is one of the most important source of revenue for the government. The money might be used to improve infrastructure or for other development projects.
RECOVERY OF LOSSES
If individuals have losses under the headings “Capital Gains” or “Profits and Gains from Business or Profession” and want to carry them forward to the next financial year, they must file an income tax return.
CLAIM TDS REFUNDS
If the employee deducts tax at source for company or the company has a contractual agreement that requires TDS, then one can claim a deduction by filing their income tax return for the year by the deadline (July 31 or as declared of the succeeding year). In such circumstances, the income tax department adjusts the TDS paid and calculates the net tax liability. If one is not obligated to pay tax, then they can file an ITR for a refund. One can track their refund by checking the status of their tax return.
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