ITR Filing

Mandatory to file by all citizens whose income come under the ambit of tax payable income. It is an important and beneficial document that helps in certain ways to every individual who files it. Register with us to leave all your income tax and ITR filing related worries to us.

  • Help in all queries relating to ITR and tax payable
  • Assistance in Calculation of Tax Deduction
  • Easy Online Filing Process
  • Filling of tax details in an Offline and Online Process
  • Online ITR filed Verification Process

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Definition
PROCEDURE
documents
FAQ’S

Income Tax Return Filing The ITR form is the one which is made to specifically assess the information about his/her income and tax applicable to thereon on income tax department. There are different types of Income tax Return forms such as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7. However, if you file a belated return in the form, you will not be allowed to carry forward your certain losses. As per the Income Tax Act in 1961 and Income Tax Rules 1962, it obligates the citizens to file the ITR form at the end of every financial year with the Income Tax Department. The ITR forms always have a specific due date to be filed. Also, each of the ITR form is specifically applicable to only a certain amount of assesses.


The forms which are correctly filed are only assessed by the department of Income Tax. Therefore, it becomes all the more imperative and crucial to which form is applied to each of the different case. It must be noted that ITR forms also vary on the source of the income criteria of the Assessee along with the different category of the assessee.

Procedure for ITR Filing

Collect all the Essential and Required Documents:

Before filing up the ITR form, the first mandatory step is to collect all the documents that are required to file such as the salary slips, form 16 and other important interest certificates. These documents will enable you to form and calculate your gross taxable income, which will further help to provide the details such as the tax deductable from your income in a particular financial year.

The Important Form 26A S, download and Check it:

The form 26AS is a kind of tax passbook which has all the necessary details of the tax that has been deducted from your income in the financial years and deposited in your PAN. Herein, you must also cross check the Form 26AS with your TDS certificates to make sure that your salary and interest is deposited with the government and against your PAN account.

Identify and Correct the Form 26AS errors, if there are any:

If your amount shown in your TDS and interest certificates do not match with the form 26AS, then it is advised to take the matter to the deductor and get these errors rectified. The deductor could be anyone be it employer, the bank or others, request them to correct the errors and fill the right details. The step is crucial for if you do not rectify the errors, then you will not be able to claim your credit on the tac which has been deducted. It is advised by all tax experts and CA’s that one should always keep track of your form 26AS in order to avoid any discrepancies at the time of ITR filing.

Calculate your total Income for the Financial Year:

Once you are done with all the previous steps such as collecting the required documents and verification of the tax deducted, you are now required to compute your total income that is chargeable for tax. The total income can be calculated by adding the income from five different head and with all the claimed and relevant deductions.

Calculate your Tax Liability:

After calculating the annual income, now is the time to compute your tax liability by applying the valid tax rates for the financial year.

Computing the tax payable, if any:

Once you are done with the previous steps, deduct all the taxes that have been paid already in the financial year through TDS, advance tax paid and TCS. Now add interests in the Section 234A, 234B and 234C, if any.

File the ITR Form:

Once all the taxes that were due are paid by you, if any, you can now file your ITR form. Also, if you want to claim any refund by the government you can do so by filing an ITR form.

Verification of the Income Tax Return Form:

Once you have filed the ITR, the most important step is to get it verified and this is done in 5 methods. Out of these 5, 4 are online and 1 is physical verification. If you wish to verify your return electronically, there is no need to send the documents to the tax department. However, if you wish a physical verification, you can do so by attaching a duly signed copy to ITR-V/Acknowledgement to CPC, Post Box no. 1, Electronic City Post Office, Bangalore- 560100, Karnataka, India. Remember the duration to verify the ITR is 120 days, after which the ITR filed will be deemed as unfiled..




Benefits of ITR Filing

To very briefly touch upon some features:

Timely Filing of ITR avoids Penalties
Hassle Free Bank Loans
Easy Visa Processing
Compensate Losses
It is an Important Document

Frequently Asked Questions (FAQ)

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Income-tax is to be paid by every person. The term person as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. For the purpose of charging Income-tax, the term person includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

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The rates of Income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year. You can also check your tax liability by using the free online tax calculator available at www.incometaxindia.gov.in

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Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.

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