The process of Income Tax Return is quick and easy.
1. Income Tax Return 1: This filing is applicable for individuals whose earnings come from Wage, Retirement Pension, Residential Assets, or Other Origins, up to 50 Lakhs Indian Rupees (INR).
2. Income Tax Return 2: This claim is for Individuals and Hindu Undivided Families (HUF) whose income derives from remuneration, retirement pension, residential property, capital gains, foreign assets/income, or other origins.
3. Income Tax Return 3: This tax return is designed for Individuals and Hindu Undivided Families (HUF) who possess income arising from profits and gains acquired through business operations or professional endeavors (PGBP).
4. Income Tax Return 4: This filing is intended for Individuals or Hindu Undivided Families (HUF) who generate income through business operations or professional endeavors (PGBP) but have chosen the presumptive income scheme.
5. Income Tax Return 5: This claim is suitable for Firms, Limited Liability Partnerships (LLPs), Collective Bodies of Individuals (BOI), and Associations of Persons (AOP).
6. Income Tax Return 6: This claim is applicable for all types of corporations, including Public Limited Companies, Private Limited Companies, One Person Companies (OPC), except Section 8 Companies.
As per the regulations governing income taxes, it is obligatory for every individual or organization to file their tax returns and keep their income tax return status up to date if their earnings exceed the set threshold limit mentioned in the Income Tax Act-1961. There are numerous advantages to filing your income tax returns:
1. Avoiding Penalties: This year, a new provision has been introduced in the Income Tax Act-1961, specifically section 234F. Failure to file your tax returns by the due date of July 31, 2018, will result in a mandatory penalty of INR 5,000. If the returns are not filed by December 31, 2018, the penalty may increase up to INR 10,000.
2. Preventing Tax Notices: It is crucial to remember that the Income Tax department closely monitors the status of your tax returns. If you fail to file your income tax return on time, you may receive a tax notice from the department, which can lead to serious consequences. It is advisable to fulfill your tax filing obligations in a timely manner.
3. TDS Refund: If your TDS (Tax Deducted at Source) has been deducted by your employer or client, you may be eligible for a tax refund. By filing your income tax return, you can claim a credit for the TDS amount and receive a refund for any excess TDS deducted beyond your actual tax liability.
4. Simplifying Loan Applications: Financial institutions and banks require your income tax return as a primary document when sanctioning loans. The income declared in your tax return showcases your financial credibility, making it easier for you to obtain loan approvals.
5. Carry Forward Losses: Filing your income tax return on time allows you to carry forward any business or capital losses incurred during a financial year. These losses can be adjusted against future income, thereby reducing your tax liability and ultimately saving on taxes.
1. Submit Necessary Papers for Income Tax Return Submission & Details on our online platform
2. Select Package and Make online Payment using various available payment methods
3. Once you have placed the order, your application will be assigned to one of our committed experts
4. Our team of professionals will compute your income and determine your net tax obligation
5. Upon confirmation, generate the income tax receipt for payment of income tax dues
6. Following the tax payment, submit the income tax return and send the ITR-V document via email.
1. PAN Card
2. Bank Statement
3. Form 16 & 16A
4. Digital Signature Certificate
We have the ability to assist you in submitting your Income Tax Return with the aid of experts, all from the comfort of your own home.
