INDIVIDUAL INCOME TAX FILING
The whole payment procedure is carried under the surveillance of the IT department where they verify the requested document
Benefits of Individual Income Tax Filing
- Loans- eligible loans for past three years IT Return are for ex: education loans, vehicle loans, personal loans etc
- Visa-IT Return document is compulsory document for visa applicants and the immigration centers inspect various documents regarding income tax
- Avoid penalties- to avoid legal discomforts and to avoid a hefty penalty for not filing of income tax it is always advisable to be updated with the procedures of income tax.
E-filing income tax returns in India- an overview
Income tax return is a portal for filing income tax with the income tax department inflicted by the central government on income of a person. It is every citizen’s responsibility to file income tax.
The whole payment procedure is carried under the surveillance of the IT department where they verify the requested document and process refunding (if excess amount is paid) to the assesses bank account. To avoid penalty, it is advised to file all the entities.
Income tax return contains all the relevant information of assesses income and tax paid. Some important forms provided by income tax department are:-
ITR1,ITR2,ITR3,ITR4S,ITR5,ITR6&ITR7
Things to remember during income tax return filling
- Try to submit IT Return before the due date
- Aggregate all the documents for filing ITR
- One of the crucial step is choosing the right IT Return form
IT TAX REFUNDS & TAXPAYERS RESPONSIBILITY
In order to be eligible for refund of the extra amount paid, it should be submitted within due date. The IT department notifies the tax payers about their filing process. Any loss against house property, business loss etc., not set off against the income can be carried forward to subsequent years.
HOW TO FILE YOUR INCOME TAX RETURN ONLINE?
A detailed process- to file IT returns , collect all documents like bank statements, last years and form 16.
- Use PAN Number to register in the website. It becomes the official ID
- Tax deducted by the employer – FORM 26AS, this amount should match the TDS on FORM 16
- Download the appropriate form
- Complete all the details of the form accurately and submit before due date
- Payable tax amount (calculate tax button)
- Pay the required tax(if applicable)
- For the tax return form fill the challan details
DUE DATES FOR FILING IT RETURN
- July 31- firm or individual not liable for audit
- September 30-company liable to audit
- March 31-individual/company filling belated returns
INCOME TAX RETURN ACKNOWLEDGEMENT
A detailed process- to file IT returns , collect all documents like bank statements, last years and form 16.
- Name
- Address
- Permanent Account Number
- Statement of income tax
- Status
- Deductions
- Verifications
- Tax Paid
WHO SHOULD FILE INCOME TAX RETURN?
According to the IT department the entities required to file IT return annually are
- 1. Individuals or companies who want to claim tax refunds
- 2. Salaried people whose gross income exceeds the exemption limit , under section 80C to 80U
- People who opted for one job from another
- Individual with foreign income, foreign assets, tech professionals and NRI’s on onsite deputation
- Every company for ex- private limited, partnership or LLPs irrespective of the income or loss must file IT returns
- Individual having income from mutual funds, bonds, stocks, house property, etc
FOR BUSINESS TAX RETURN FILING
TDS return can also be filed and advances taxes could be paid to ensure business compliance with IT rules and regulations, if circumstances comply. All businesses operating throughout the country abide by the rules of income taxes each and every year by the IT Department of India.
PROPRIETORSHIP TAX RETURN FILING
When a proprietorship firm is run by a single person, he/she is called its proprietor. The proprietor and the business both are same entity. Therefore, the ITR filing for proprietorship is same as that of the proprietor. Proprietors need to file IT return year after year without any variation from individual income tax filing.
REQUIREMENTS FOR FILING PROPRIETORSHIP TAX RETURNS
- Proprietors with 60 years of age
- Proprietors whose income exceeds 2.5 lakhs
- Proprietors between 60-80 years of age whose total income exceeds Rs. 3 lakhs are eligible
- Proprietors above 80 years of age whose total income exceeds Rs 5lakhs
PARTNERSHIP FIRM TAX RETURN FILING
All the partnership firms are considered legal entities and are applicable for tax rates that are on par with LLP’s and companies registered, according to the Income Tax Act.
REQUIREMENT FOE FILING PARTNERSHIP FIRM TAX RETURN
Partnerships are to compulsorily do the IT filling , no matter the status of the firm(profit/loss). If firm is commercially deactivated with no registered income then a NIL income tax return should be filed within the mentioned date.
LLP TAX RETURN FILING
Limited Liability Partnerships (LLP’s) are calculated as separate entities and their income tax rate is similar to that of all companies registered in India. Irrespective of profit or loss incurred in that year all the LLP’s must file their tax returns, according to the Income Tax Act.
COMPANY TAX RETURN FILING
All types of business structure are to be registered under the Ministry of Corporate Affairs like Private Limited Company, Limited Liability Partnership Company, etc. All before mentioned companies are required to file IT returns as prescribed by the Income Tax Act.
REQUIREMENT FOR FILING COMPANY TAX RETURNS
Any company registered under Government of India and operating on Indian land is to submit its field IT returns (also applicable to companies who have been inactive or dormant with no registered business transaction as well as income or expenses.
DOCUMENTS REQUIRED FOR INCOME TAX FILING IN INDIA
To complete IT filing in India, the following documents are necessary-
Documents required
-
Copy of bank statement
-
T.D.S. Certificates in the FORM16 or 16A
-
Poof of investment
-
Documents on purchase and sale of investment/assets
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If PAN applied but not received, a copy of filed PAN application and its acknowledgement
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Challan of tax paid such as advance tax or self-assessment tax
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For businesses- a copy each of the audit report , balance sheet, trading, profit and loss account , personal account of proprietor or partners
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Statement of receipts and payments
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PAN
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