Among the multitude of taxes present in the system, Income tax is the one that deals with the taxation of the earning of every individual, firm or organization in a financial year. The earning or the income could be in the form of Salary, Interest, Dividends, Capital Gains or any other profits.
Income Tax Return is a proof that you have paid your income tax. It contains the details about your annual Income and the amount of tax you have paid. Every year, Indian citizens who earn the taxable income have to file the Income Tax Return (ITR).
You can either seek professional help or file your returns yourself.
User ID: Your PAN Number
Password: as given by you
It is mandatory for all to file their Income Tax Return. TAX Compliances are no more a trouble for you and for your business, when TAX ADVISOR is there. We will help you meet all tax Compliances, leaving no room for any confusion and stress for you. We are always there to provide you with expert guidance.
The steps for filing the income Tax Return are:-
|Easy||Moderate||Complex Level 1||Complex Level 2|
|Fees||Rs.299/-||Rs.499/-||Fee depends upon Complexity of your other Income||Fee depends upon Complexity of your other Income|
|Salary Form -16||1||More than 1||1 or More than 1||1 or More than 1|
|Other Sources of Income||Only Interest Income (Saving Bank & FDs)||Interest , Commission or Contractual Income||House Property, Capital Gain, PGBP or any Other Income||House Property, Capital Gain or any Other Income|
|Income Limit||Rs.50 Lakhs or Less than Rs. 50 Lakhs||Rs.50 Lakhs or Less than Rs. 50 Lakhs||Rs.50 Lakhs or Less than Rs. 50 Lakhs||More than Rs.50 Lakhs|
|Foreign Assets||-||-||Details of Foreign Assets/ Income||Details of Foreign Assets/ Income|
|AL Schedule||-||-||-||Details of Assets (as per schedule AL attached)|
|Requisites for ITR|
As per new ITR Forms, every assessee is compulsorily required to furnish details regarding all bank accounts whether they are operative or not.How many days do you have to verify the Income Tax Return filed Online?
You have to either send the ITR-V to CPC, Bangalore, or verify it online through electronic verification code or Aadhaar – linked- one time password, within 120 days of e- filing the return.Can you e- file your return before all tax payments are done?
You can only file your Income Tax return after all your tax payments for the year are done.Who can file the Returns in the Physical Form?
This is only allowed in these cases only:-
1. If the individual filing the return was above 80 years old in the previous year
2. If the income of the individual does not exceed INR 5 Lakh and no refund has been claimed
Yes, the Interest will be levied if the return is not filed before the end of the assessment year. If the return is not filed after the end of the assessment year, penalty may also be levied.