WHAT IS INCOME TAX RETURN?
Income-tax is a tax levied and collected by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. The provisions relating to the income-tax are governed by the Income-tax Act, 1961.
Income Tax (IT) return is the tax document or forms used to file Tax Returns to the Income Tax Department of India. The tax return is usually in a predefined worksheet format where the income figures used to calculate, the tax liability is written into the documents themselves.
The law expresses that government forms must be documented each year for an individual or business that received income during the year, whether through consistent pay (compensation), profits, intrigue, capital increases or different sources
ADVANTAGE OF FILING TAX RETURNS
This can boost chances of getting a suitable home loan if you apply for one in the future. Some credit card companies demand proof of tax returns before issuing a card.
As income is recorded by the tax department, it is easier for individuals to enter into future transactions with minimal complications. Filing IT returns makes you a responsible citizen of your nation
WHAT IS THE FILING OF INCOME TAX RETURNS AND WHY IS IT REQUIRED?
The law states that tax returns should be filed each year for an individual or commercial enterprise that obtained income during the year, whether through ordinary profits (wages), dividends, hobby, capital gains or different sources.
filing of the income tax returns (ITR) is an announcement of your income across different resources, tax liabilities, the tax that has been paid and the refunds (in case any) that the government is supposed to give. Filing of the income tax provides proof of your income as legal and disclosed. It helps you in lots of ways inclusive of getting refunds, applying for loans, making use of for tenders, start-up funding and many others.
INCOME TAX FILLING SERVICES
Every employee needs to file his Income Tax Returns (ITR) every year as per income tax regulation, there are multiple option and variation available while filing ITR as given below
ITR 1 – Individuals with income from salary and interest, income < 50 Lacs ITR 2 – everything from ITR1 >50 Lacs, Capital gain, as a partnership firm, foreign income, agriculture income >5000 rs
ITR 3 – Everything from ITR2, Business Profession
ITR 4 – Presumptive business income under section 44AD, 44ADA, 44AE
ITR 5 – Firms, AOPs, BOIs and LLP
ITR 6 – Companies other than companies claiming exemption under section 11
ITR 7 – Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
FILE INCOME TAX RETURN WITH WWW.EASYFILEITR.COM ( 500 RS ONLY)T&C
You just need to submit required Document (as mention below) and our one of the expert will get in touch with you for filling your ITR. We provide the easiest way to file your ITR in cost effective manner
Document Required while filling ITR
- PAN card
- Aadhaar Card
- Bank account details
- Form 16 (issued by the employer)
- Income tax e-filing profile (profile on ITR e-filing portal)
- Investment details if any
- Loan details if any
Most of the Audience are facing trouble/Confuse while filing Income Tax return as well as managing rebates under different applicable sections and arriving at the final ITR form can get very cumbersome.
At EasyfileITR, we offer end to end solution related to Income tax return and help you with the proper guideline, expert tax consultation, PAN application, refund assistance etc.