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Income tax filing is a key part of India's economic development. It is a way for the government to collect revenue to fund essential services, such as education, healthcare, and infrastructure.

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ITR Online

Income Tax Return (ITR) filing in India is the process of submitting an annual tax return to the Income Tax Department of India. It is a requirement for individuals and businesses with taxable income above a certain threshold. The ITR filing process is designed to collect taxes from taxpayers and to ensure that everyone pays their fair share

To file an ITR, taxpayers must provide information about their income, deductions, and tax credits. This information can be gathered from various sources, such as Form 16 (for salaried employees), Form 26AS (for taxpayers who have made TDS payments), and bank statements.

Income Tax Returns Filing includes

  • Financial Statement
  • Tax Paid Receipt
  • ITR Acknowledgement
  • Expert Guidance.

Here are seven different ITR forms, each of which is designed for a specific type of taxpayer.

The most common ITR forms are:

  • ITR 1 - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand
  • 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 - Presumptive Income scheme for individuals HUF and Firms
  • ITR 5 - Firm, LLP, AOP and BOI
  • ITR 6 - Companies
  • ITR 7 - Trust

Documents require for Income Tax Filing

  • PAN card: Your PAN card is a unique 10-digit alphanumeric number that is issued by the Income Tax Department. It is required for all income tax transactions.
  • Form 16: Form 16 is a certificate issued by your employer that shows your salary income and deductions for the financial year.
  • Bank statement: Your bank statement shows your interest income and other income credited to your bank account during the financial year.
  • Investment proofs: If you claim deductions for investments, you will need to provide proofs of these investments. For example, if you claim a deduction for your home loan interest, you will need to provide a copy of your home loan statement.
  • Other documents: Depending on your income and deductions, you may need to provide other documents as well. For example, if you are self-employed, you may need to provide a copy of your business registration certificate.

Benefits of Filing ITR Online

Avoiding penalties

If you do not file your ITR by the due date, you may be liable to pay a penalty.

Claiming deductions and exemptions

You can claim deductions and exemptions on your income, which can reduce your tax liability.

Getting a refund

If you have paid excess of your taxes, you can claim a refund by filing an ITR.

Building a credit history

Filing ITRs can help to build your credit history, which can be helpful if you are applying for a loan or credit card.

Procedure to file ITR Online

1

Create an account on the Income Tax Department's website.

Visit the Income Tax website and clicking on the "Register" tab. You will need to provide your personal information, such as your name, address, PAN number, and Aadhaar number.

2

Select the appropriate ITR form.

There are different ITR forms available for taxpayers based on their nature of income and others. You can find a list of the ITR forms on the Income Tax Department's website.

3

Enter your income and deductions

You will need to provide details of your income and deductions for the financial year. You can find a list of the types of income and deductions that you can claim on the Income Tax Department's website.

4

Calculate your tax liability & Pay Online

Once you have entered your income and deductions, the ITR form will calculate your tax liability. You can pay your taxes online or by check. If you pay your taxes online, you will need to generate a challan and make a payment of taxes.

5

File ITR & Acknowledgment

Once you have paid your taxes, you can file your ITR online, you will receive an ITR acknowledgment number. This number is important for tracking the progress of your ITR.

6

Contact us to File your ITR

The deadline for filing ITRs is usually the end of July. However, the deadline may vary depending on the taxpayer's circumstances. We Aanoor team of professionals to assist you file your income tax returns reach us for further information.

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