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ITR stands for Income Tax Return. It is a prescribed form through which taxpayers declare their taxable income, deductions, and taxes paid to the Income Tax Department. Filing an Income Tax Return (ITR) is a legal obligation for individuals, businesses, or any other entity that earns income in India above the specified exemption limit.

Purpose of ITR

  1. Declaration of Income: Taxpayers use ITR forms to report their income earned during a financial year from various sources such as salary, business/profession, house property, capital gains, and other sources like interest and dividends.

  2. Claiming Deductions and Exemptions: Taxpayers can claim deductions under various sections of the Income Tax Act, such as Section 80C (for investments like PPF, NSC, ELSS, etc.), Section 80D (for medical insurance premiums), and others.

  3. Calculation of Tax Liability: After reporting income and claiming deductions, taxpayers calculate their total taxable income and determine the tax liability applicable as per the income tax slabs and rates.

  4. Payment of Taxes: If taxes are due after considering TDS (Tax Deducted at Source), advance tax payments, and other credits, taxpayers can pay the balance tax to the government.

  5. Refund of Taxes: If excess taxes have been paid through TDS or advance tax, taxpayers can claim a refund after filing the ITR.

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Basic

Basic

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Rs.1500/-
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Income Tax Return 

- Salaried Individual

- Pension Individual

Standard

Standard

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Rs.2000/-
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Income Tax Return for

- Income form Capital Gains (mutual funds & stocks), House Property, FD, Interest etc.

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Rs.3000/-
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Income Tax Return Filing

- Salary Income and Capital Gains both

About

Income Tax Return ( ITR Return )

Income tax filing is a online procedure of filing taxable income, deductions, and tax payments of tax payers on income tax government site as per calculation for the financial year.

Individuals having Income from :

1. Salary or Pension income.

2. Capital Gains (mutual funds & stocks), House Property, FD, Interest etc.

3. Foreign Income (Onsite deputation), Foreign Assets, NRI.

4. Salary Income and Capital Gains both.

The due date for income tax return(itr) filing is 31st July of every year for individual taxpayers.

 

Types of ITR Forms

The type of ITR form to be filed depends on the nature and sources of income. Commonly used ITR forms include:

  • ITR-1 (Sahaj): For individuals having income from salaries, one house property, other sources (interest, etc.), and total income up to ?50 lakh.

  • ITR-2: For individuals and HUFs not having income from profits and gains of business or profession.

  • ITR-3: For individuals and HUFs having income from profits and gains of business or profession.

  • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) having income from business or profession calculated under presumptive taxation provisions.

Document Required

Documents of Income Tax Return ( Individual ) :

In Case of Salaried or pension :

1. Pan Card of Individual

2. Adhaar Card of Individual

3. Bank Statement of financial year.

4. Information about income from salary, fixed deposits, kids tuition fees, Life Insurance and donation etc.

What You Get

Income Tax Aknowledgement

Advantage

Advantage of Income Tax Return Filing :

1. It also helps in getting hassle free bank loans and visa processing etc.

2. Its help to buying high life cover term policy with sum insured of Rs.50 lakh or more.

3. You will not be able to carry forward short-term or long-term capital losses, in a financial year(if any), to be adjusted against short-term or long-term capital gains made in the subsequent years. 

4. The filing of income tax return is required to claim TDS, If TDS is deducted from taxpayer's income.

 

Time Duration

2-7 Days

Faq's

Certainly! Here are some frequently asked questions (FAQs) related to Individual Income Tax Return (ITR) filing in India, along with their answers:

1. Who needs to file Income Tax Return (ITR)?

  • Answer: Individuals whose total income before deductions exceeds the basic exemption limit (currently ?2.5 lakh per annum for individuals below 60 years) are required to file Income Tax Returns. Also, those with income from business or profession irrespective of the amount need to file ITR.

2. What is the due date for filing Income Tax Return?

  • Answer: For most individuals, the due date for filing ITR is 31st July of the assessment year. However, for individuals whose accounts are required to be audited under any law, the due date is typically 30th September.

3. How can I file my Income Tax Return (ITR)?

  • Answer: Income Tax Returns can be filed online through the Income Tax Department's e-filing portal (https://www.incometaxindiaefiling.gov.in/). You can choose the appropriate ITR form based on your sources of income and file it electronically.

4. What are the consequences of not filing Income Tax Return (ITR) on time?

  • Answer: Failure to file ITR on time can lead to penalties and interest under Section 234F of the Income Tax Act, 1961. The penalty amount varies based on the delay period and the total income.

5. Which ITR form should I use?

  • Answer: The choice of ITR form depends on the nature and sources of income. For example:
    • ITR-1 (Sahaj): For individuals having income from salaries, one house property, other sources (interest, etc.), and total income up to ?50 lakh.
    • ITR-2: For individuals and HUFs not having income from profits and gains of business or profession.
    • ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
    • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) having income from business or profession under presumptive taxation provisions.

6. What documents do I need to file my Income Tax Return (ITR)?

  • Answer: Essential documents include PAN card, Aadhaar card, Form 16 (if salaried), details of income from other sources, bank statements, investment proofs, and any other documents supporting deductions claimed under various sections of the Income Tax Act.

7. How do I rectify errors in my filed Income Tax Return (ITR)?

  • Answer: Errors in the filed ITR can be rectified by filing a revised return under Section 139(5) of the Income Tax Act within one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.

8. Can I file my Income Tax Return (ITR) after the due date?

  • Answer: Yes, you can file a belated return within the stipulated time frame (usually by 31st March of the assessment year). However, late filing may attract penalties and interest, and you lose certain benefits like carry forward of losses.

9. How can I check the status of my Income Tax Return (ITR) filing?

  • Answer: You can check the status of your filed ITR by logging into the Income Tax Department's e-filing portal. Under the 'My Account' section, select 'View e-Filed Returns/Forms' to see the status.

10. What is the process for claiming a refund after filing Income Tax Return (ITR)?

  • Answer: If you are eligible for a refund after filing ITR, the Income Tax Department verifies the details and processes the refund. You can track the status of your refund online through the Income Tax Department's e-filing portal.

These FAQs cover common queries related to Individual Income Tax Return (ITR) filing in India. For specific or detailed queries, it's advisable to consult with a tax professional or refer to the Income Tax Department's official website for the latest updates and guidelines.