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Call ExpertAn income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information.
e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.
"Act: The Income Tax Act, 1961 (India)"
This act provides the framework for levying, collecting, and administering income tax in India. It specifies the rules and procedures for filing income tax returns by companies, individuals, businesses, and other entities.
Filing income tax returns offers multiple advantages for a citizen. Here are the top 5 advantages of filing an income tax return in India.
If a taxpayer earns less than ₹5 lakh in a year, they can claim tax refunds that are deducted from their income. It is crucial to file IT returns online by 31 July of every year.
Not filing your income tax returns online in India may result in penalties and legal consequences. The income tax authority may send a notice that carries hefty fines and penalties. It is essential to prevent it by submitting ITR returns on schedule.
While applying for a loan or a visa, you should provide your last three years of ITR filing. Submitting the tax returns increases credibility and can help lenders assess your financial status.
Freelancers or other self-employed individuals who don't have an official income statement can use their ITR returns to verify their income.
Along with other forms, the following documents should be provided to file your income tax returns online:
Individuals or companies that fall under the following criteria should file IT returns in India:Â
Here is a detailed checklist for filing ITR returns
Individuals, Hindu Undivided Families (HUFs), businesses, and others who meet the Income Tax Department’s income requirements are all eligible to file an ITR.
You can opt for hassle free income tax e-filing online with our tax experts at Vakilsearch.
‘E-filing’ is the procedure of electronically filing income tax returns online through the website of the Income Tax Department.
Make an accurate tax return claim by including all allowed deductions and exemptions, and by attaching the required supporting documentation.
Yes, you can file ITR without Form 16. You can use other documents like salary slips, bank statements, and investment proofs for accurate reporting.
Yes, individuals can file their ITR themselves using online platforms. However it’s highly recommended to get in touch with Tax experts to avoid errors.
Check your income tax online using the income tax departments filing portal. Log into the Income Tax Department’s e-filing portal > Select ‘View Returns/Forms’ section > You can check the status.