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Income Tax Return Filling
Income Tax Return (ITR) filing refers to the process of submitting a statement of an individual's or entity's income to the tax authorities. The purpose of filing an Income Tax Return is to declare the income earned during a financial year, calculate the tax liability, and pay any taxes owed to the government. You can choose My Dream Consultant as top tax return filing consultant.
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Income Tax Return Filling?
Income Tax Return (ITR) filing refers to the process of submitting a statement of an individual’s or entity’s income to the tax authorities. The purpose of filing an Income Tax Return is to declare the income earned during a financial year, calculate the tax liability, and pay any taxes owed to the government. You can choose My Dream Consultant as top tax return filing consultant.
Who needs Income Tax Return Filling?
- Income Threshold:
Individuals whose total income exceeds the prescribed threshold are required to file an Income Tax Return. The income threshold can vary based on factors like age and residential status.
- Taxable Income Sources:
Those earning income from sources such as salary, house property, business or profession, capital gains, or other taxable sources are obligated to file an ITR.
- Claiming Tax Refund:
Individuals who have paid excess taxes through TDS (Tax Deducted at Source) or advance tax and are eligible for a refund need to file an ITR to claim the refund.
- Foreign Assets or Income:
Residents with foreign assets or income, or those with signing authority in foreign bank accounts, are required to file an ITR.
- Claiming Deductions or Exemptions:
Individuals claiming deductions under various sections of the Income Tax Act (such as 80C, 80D, etc.) or exemptions need to file an ITR.
Businesses and Entities:
- Mandatory for Companies:
All companies, regardless of profit or loss, are required to file Income Tax Returns.
- Professionals and Businesses:
Individuals engaged in a profession or business with total income exceeding the threshold are required to file an ITR.
- Tax Deducted at Source (TDS):
Entities responsible for deducting TDS are required to file an ITR, providing details of TDS deducted and deposited.
- Claiming Set-off or Carry Forward Losses:
Entities wanting to carry forward losses from previous years or set them off against current income need to file an ITR.
- Foreign Income or Transactions:
Businesses engaged in international transactions or having foreign income need to file an ITR with additional disclosure requirements.
- Registered under GST:
Entities registered under the Goods and Services Tax (GST) in some jurisdictions may be required to file an ITR.
What are the Types Of Income Tax Return Filling?
1. ITR-1 (Sahaj):
Applicability: For Individuals having Income from Salaries, One House Property, Other Sources (Interest, etc.) and having a total income up to Rs 50 lakhs.
Not Applicable for: Individuals having income from Business or Profession, Capital Gains, Agricultural Income exceeding Rs 5,000, or income from more than one house property.
- ITR-2:
Applicability: For Individuals and HUFs not having income from profits and gains of business or profession.
Not Applicable for: Individuals or HUFs having income from business or profession.
- ITR-3:
Applicability: For Individuals and HUFs having income from profits and gains of business or profession.
Not Applicable for: Individuals or HUFs not having income from business or profession.
- ITR-4 (Sugam):
Applicability: For Individuals, HUFs, and Firms (other than LLP) having a total income of up to Rs 50 lakhs and having income from business and profession.
Not Applicable for: Individuals, HUFs, and firms with income under presumptive taxation provisions, or having income from capital gains, more than one house property, or other sources.
- ITR-5:
Applicability: For firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and artificial juridical persons.
Not Applicable for: Individuals and HUFs.
- ITR-6:
Applicability: For companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
Not Applicable for: Companies claiming exemption under section 11.
- ITR-7:
Applicability: For persons, including companies, who are required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political parties, institutions, colleges, etc.).
Not Applicable for: Individuals and HUFs not falling under the specified categories.
- ITR-8:
Applicability: For individuals and companies who are required to furnish a statement in Form No. 3CEB under section 92E.
Not Applicable for: Other taxpayers.
- ITR-V (Verification Form):
Applicability: ITR-V is not a type of return but a verification form. It is generated after successfully e-filing the return and needs to be sent to the Centralized Processing Centre (CPC) for the return to be verified.
What are the Documents Required For Income Tax Return Filling?
Common Documents for Individuals:
- PAN Card:
- Aadhaar Card:
- Form 16:
- Form 16A/16B/16C:
- Bank Statements:
- Savings and Investment Proofs:
- Property Documents:
- Capital Gains Documents:
- Business and Profession Documents:
- Other Income Documents:
Common Documents for Businesses and Entities:
- Financial Statements:
- Books of Accounts:
- Tax Audit Report:
- TDS Certificates:
- GST Returns and Documents (if applicable):
- Business Agreements and Contracts:
- Corporate Taxation Documents:
- Foreign Income or Transactions:
- Form 26AS:
- Audit Working Papers:
What are the Benefits Of Income Tax Return Filling?
- Legal Compliance:
- Facilitates Financial Transactions:
- Proof of Income:
- Claiming Tax Refunds:
- Credit Card Application:
- Loan Approval:
- Visa Processing:
- Carry Forward of Losses:
- Compliance with Presumptive Taxation:
What is the Stepwise Process Of Income Tax Return Filling?
- Gather Necessary Documents:
Collect all relevant financial documents, including Form 16 (if employed), salary slips, bank statements, investment proofs, property documents, and any other documents related to income and deductions.
- Choose the Correct ITR Form:
Select the appropriate Income Tax Return form based on your sources of income, deductions, and other factors. Different forms are available for individuals, businesses, and specific categories of taxpayers.
- Download or Access the ITR Form:
Download the selected ITR form from the official income tax website or use an online platform that facilitates e-filing.
- Fill in the Details:
Enter the required details in the ITR form, including personal information, income details, deductions, and tax payments. Be accurate and ensure that all information is entered in the correct sections.
- Compute Total Income and Tax Liability:
Calculate your total income after considering exemptions, deductions, and other adjustments. Use the applicable tax slabs to calculate your tax liability.
- Verify the Details:
Review all the details entered in the ITR form to ensure accuracy. Double-check numbers, spellings, and other information.
- Claim Deductions and Exemptions:
If eligible, claim deductions under various sections of the Income Tax Act (e.g., 80C, 80D, etc.) and exemptions applicable to your income.
- Compute Tax Payable or Refundable:
Calculate the final tax payable or refundable amount. Ensure that any taxes already paid through TDS or advance tax are considered.
- Provide Bank Account Details:
Enter your bank account details in the ITR form for tax refunds or to facilitate electronic verification.
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