Income Tax Return
An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure. All citizens need to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, and trusts to file income tax returns each year. Individuals and NRIs are required to file an income tax return if their income exceeds the exemption limit. Filing ITR in India is completely online and paperless. There is no need for you to submit a physical return at the local income tax offices. All documents, wherever necessary need to be submitted online.p>
Benefits of Income Tax Return
Enhanced Credibility
Filing an Income tax Return enhances your credibility & credit availing capacity from the bank's perspective as it is the only document that serves as proof of your income.
TDS Refund
On filing Income Tax Return you can claim your TDS credit and get a refund back excess TDS deducted from your net tax liability.
Avoiding Tax Notices
By filing the Income Tax correctly and on time, you can easily avoid all the hassles related to income tax notices.
Types of Income Tax Return
ITR 1
This return is for individuals whose income from Salary, Pension, House Property, or Other Sources is up to INR 50 Lakhs.
ITR 2
This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income, or other sources.
ITR 3
This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).
ITR 4
This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for a presumptive income scheme.
ITR 5
This return is for Firms, LLPs, Body of Individuals (BOI), and Association of Persons (AOP).
ITR 6
This return is for all types of companies such as Public Limited Companies, Private Limited Companies, and OPC, except Section 8 Companies.
Who Should File Income Tax Return
Proprietors below the age of 60 years with a total income exceeding Rs? 2.5 lakh.
Proprietors over the age of 80 years and above are required with a total income exceeding Rs.5 lakh.
Proprietors over the age of 60 years but below 80 years with a total income exceeding Rs.3 lakh.
All Partnership Firms, Companies, and LLPs irrespective of income or loss
Other Submission of taxspare
Form – 8 (Filing of LLP Statement of Accounts & Solvency)
Form – 11 (Filing of LLP Annual Return)
The forms are submitted in order to record the...
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