About Income Tax Return
Income Tax is tax levied on the income of a person by the government of India as per the provisons contained in the Income Tax Act, 1961. It is levied on income earned during the year starting from 1st April and ending 31st March.
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Advantages of filing Income Tax return
Fulfilling legal obligation
Filing of ITR is basically a legal obligation which everyone who falls under is required to comply with.
Easy availability of loans
Having filed the ITR will help individuals for getting loan from banks easily by showing copy of tax returns..
To carry forward losses
If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
If one plans to start their business and need to fill a government tender, then it is mandatorily required to show the income tax return receipts.
Return Filing Process
Download the government utility from Income Tax portal (in excel format or java utility).
Complete all the fields and information required, pay the tax due and generate the xml.
Upload the xml by looging into your account and after uploading the same download the acknowledgement.
Frequently Asked Questions (FAQs)
How Registrationseva help with Filing Income Tax return filing?
Registrationseva can help in filing Income Tax return in 2 working days and it provides the best tax planning and advisory services for Individual who wants to file his/her tax return.
What are Previous Year and Assessment year?
In Simple language previous year is the financial year in which the income is earned. The income earned during this previous year is charged to tax in Assessment year which is the year next to previous year. For example for the Income earned in Financial year ( Previous Year ) 2015-2016 the assessment of tax is carried out in 2016-2017. Thus 2016-2017 is the assessment year.
On what amount is income tax calculated?
For calculating income tax notified slab rates are applied to the taxable income of a person earned during previous year. Taxable income is to be calculated as per the provisions and rules contained in the Income Tax Act, 1961. One has to calculate income under various heads of Income and net them after deducting deduction available under Chapter VIA to get Net Income Chargeable to Tax.
Who is required to file Income Tax return?
Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age. It is compulsory to file an income tax return if any of the condition is applicable to you
What is 26AS?? Is it required to file Income Tax return?
26AS is a consolidated statement showing the tax credit associated with our PAN. It shows how much tax has been received by government by way of TDS deposited by deductor (employer, bank) on our behalf, Advance tax deposited by us, self-assessment tax deposited etc. It is important to match tax payments and TDS deducted with 26AS before filing your income tax return to get tax credit as we can take tax credit of only those items appearing in our 26AS.
What is Form 16?
Form-16 is a statement issued by the employer detailing the details of your salary, the amount of taxable salary calculated
What is Certificate of TDS?
Certificate of Tax Deducted at Source (TDS) is a statement provided by the person after deducting tax at source. After verifying whether TDS has been duly deducted, the Tax Deducted at Source must be entered in the income tax return to decrease the tax liability.
Documents Required to Process?
2. Form 16
3. Form 26AS
4. Certficate of Tax Deducated at Source
5. Bank Statements/Passbook
6. Any Investment Documents like interest paid on housing loan, educational loan Interest payments
7. Business/Professional Income Details receipts
8. Any other document as may be required
Email id and Phone Number of an individual or any other information as may be required.