Income Tax Return Filing
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Income Tax Return Filing required mandatory
Benefits of Income Tax Return Filing
- It makes the taxpayer eligible for loan processing.
- It helps claim a TDS refund or any other tax paid in excess.
- It makes an individual a responsible citizen.
- Helps in avoiding penalty provisions.
- Considered as financial evidence for availing loan or visa.
- Helps the government to keep track of income of the taxpayer.
- Also, it allows carrying forward losses.
Pricing
(Simple & Clear Pricing. No Hidden Charges)
| Government Fee | Rs 0 |
| Professional Fees | Rs 1,459 |
| Goods & Service Tax | Rs 00 |
| Total Cost | Rs 1459 |
Filing Income Tax Returns Online in India- An Overview
(All you need to know)
GST or Goods and Services Tax has been introduced by the GST Act, 2016, with the purpose of executing the idea of “One nation One Tax” in India. It is levied and collected on the sale of goods / services across India and replaces a slew of other indirect taxes like sales tax, service tax, and VAT, that were applicable for the purpose in the old tax regime. It covers both intra-state and inter-state trade of goods and services and is categorised into Central GST, State GST, and Inter-state GST. The aggregate tax collected is shared between Central Government and State Governments in a predetermined ratio. The purpose of introducing an umbrella tax like GST is to improve the system of tax collection in India by avoiding double taxation, reducing tax evasion, and enhancing transparency in the payment and collection of taxes in India.
Step-1: Visit the official income tax department (ITD) website at https://www.incometaxindia.gov.in
Step-2: From the menu bar on the home page, click on the 'Forms/Downloads' option and navigate to the 'Income Tax Returns' menu.
Step-3: You will be redirected to a new webpage wherein you can find a list of all the ITR forms. Click on the 'PDF' option next to the respective forms to download them.
List of Documents required for Income Tax Return Filling
Following Documents are required :-
- Copy & PAN of Aadhaar
- Address details
- Bank Account details
- Additional disclosures regarding income from payroll & fixed deposits
- Data required for claiming deduction
- Data required regarding TDS return filing and advance tax payments
- Investment proof
- TDS certificate in Form 16
- Interest income certificate in Form 16A
- Form 26AS
Penalty for Late Filing of ITR
In case the returns are not filed by the due date, huge penalties are levied on the taxpayer. Apart from penalties, there could be other inconveniences and consequences that the individual would face in case the returns are not filed. Depending on when the returns are filed after the due date, individuals could face penalties between Rs.1,000 and Rs.10,000.
How Income Tax Filing Process Works :-
Salaried, Capital Gains (Stock investor), Foreign Income , NRIs, Business.
You can either upload the Documents on our portal or E-mail them to us.
Our experts will listen to your queries and solve them in no time.
A Tax Expert assigned, your return processed or re-checked.
More Question? A specialist is here to help
Call us at: +91 820 956 9514 or
Email us: info@taxtorium.com
Frequently Asked Questions
How will it be refunded to me if I have paid excess tax?
The excess tax can be demand back as a return by filing your Income-tax return. It will be returned back into your bank account through ‘ECS transfer’. It is necessary to make sure no errors are made while considering bank details such as ‘account number’, ‘IFSC code’ in the ITR form.
Who Should File an Income Tax Return?
- Individuals (Indian residents & NRI’s) – Necessary for those whose income is exceeding the prescribed limit.
- Sole Proprietors
- Companies
- LLPs and Partnership Firms
- The ITR filing is compulsory for ‘Partnerships Firm’, ‘Sole Proprietorship Firm’, ‘Companies’, and ‘LLPs’ irrespective of their turnover, income, profit or loss.
Is it possible to Submit ITR once the last date of filing is left?
In matter you fail to file the return on a scheduled date, there is a prerequisite to filing return up to a particular time. Nevertheless, with a late filing fee and reduced interests, the late arrival can be filed before the end of Assessment Year for the concerned financial year.
How can you file an income tax return in India?
You can file your income tax returns online, either on the income tax department’s website or with us. Income Tax filing or e-filling is made easy on Taxtorium. You can e-file your returns in just 3 minutes without any manual effort. Also, note that the due date to e-file your income tax returns for the assessment year 2022-23 is on or before 31st July 2022.
Which income tax return should I select for e Filing?
There are seven forms – ITR 1, 2, 3, 4, 5, 6 and 7 notified by the government for different categories of taxpayers. ITR-1 to ITR-4 applies to individuals and HUFs. They can choose the appropriate ITR form based on the income earned and source of income. ITR-5 applies to partnership firms, LLPs, AOP (Association of Persons), BoI (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund. All the companies should file ITR-6. It does not apply to companies claiming exemption from income from property held for charitable or religious purposes. Such companies should file ITR-7. If you are e-filing with Taxtorium, we automatically decide on the correct income tax return form.
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