Steps
Just fill the form and our CA's will contact you regarding ITR Filing.
Filling out the form is quick and easy and will provide you with numerous benefits
in the long run.
By
this, you will be able to get consultation from our Auditorwala CA/CS and will be
able to get
Guidance. So, why wait? Take the first step towards a bright future for
your business and fill out the form today.
The documents required for ITR filing may vary based on the type and nature of
income earned by the taxpayer. However, some common documents required for ITR
filing are:
- PAN Card: The Permanent Account Number (PAN) card is mandatory for all taxpayers to file their income tax returns.
- Form 16/16A: These are certificates issued by the employer(s) showing details of the salary, TDS deducted, and tax paid by the employee during the financial year.
- Bank statements: Bank statements for all bank accounts held during the financial year are required to verify the income earned and tax paid.
- Investment proofs: Investment proofs for all investments made during the financial year are required to claim deductions under various sections of the Income Tax Act.
- Rent receipts: Rent receipts are required to claim the House Rent Allowance (HRA) deduction, if applicable.
- Form 26AS: Form 26AS is a statement showing details of TDS deducted on salary, interest income, etc. and tax paid by the taxpayer during the financial year.
- Aadhaar Card: Aadhaar Card is mandatory for e-filing of income tax returns.
- Determine the applicable ITR form: Determine the applicable ITR form based on the type of income earned and the category of the taxpayer.
- Collect the required documents: Collect all the required documents such as Form 16/16A, bank statements, investment proofs, rent receipts, etc.
- Prepare and file ITR: Prepare the ITR form offline or online using the income tax e-filing portal, and submit the form after filling all the required details.
- Verify ITR: After submitting the ITR form, verify it using any of the available options such as Aadhaar-based OTP, Net banking, or EVC.
- Acknowledgment: After successful verification, an acknowledgment will be generated, which should be saved and used for future reference.
- Rectification of errors: If any errors are found in the ITR form after submission, they can be rectified using the online rectification facility on the income tax e-filing portal.
- Respond to notices: If any notices or communication are received from the Income Tax Department, respond to them promptly and provide the required information or documents.
- Compliance: Filing ITR is a legal requirement, and non-compliance can result in penalties or legal actions by the Income Tax Department.
- Claim tax refunds: Filing ITR can help taxpayers claim tax refunds if they have paid excess tax during the financial year.
- Carry forward losses: Filing ITR is necessary to carry forward losses, which can be set off against future income to reduce the tax liability.
- Apply for loans: ITR filing can help individuals apply for loans, such as home loans, as it serves as proof of income.
- Visa application: Many countries require a copy of the ITR filed by an individual to process visa applications.
- Financial record: Filing ITR creates a financial record, which can be used to apply for credit cards, insurance, and other financial products.
- Avoid penalties: Filing ITR before the due date can help avoid penalties, which can be as high as Rs. 10,000 for late filing.
- Transparency: Filing ITR promotes transparency in the tax system and helps the government identify tax evaders and black money holders.
ITR filing is important because it is a legal requirement for taxpayers, helps claim
tax refunds, carries forward losses, serves as proof of income for loans and visa
processing, creates a financial record, avoids penalties, promotes transparency in
the tax system, and helps the government identify tax evaders.
ITR filing is mandatory for individuals and entities whose total income exceeds the
basic exemption limit specified by the Income Tax Department. It helps in reporting
income, calculating tax liability, claiming tax refunds, establishing financial
credibility, complying with the law, and avoiding scrutiny by tax authorities.
