In India, there are two types of taxes one is direct tax which is directly levied upon the income of the individual and another is indirect tax which is levied indirectly upon an individual. Example of direct tax is income tax and of indirect tax is Goods and Services Tax, service tax etc.
Every individual who receives income in India is subject to income tax under the Income Tax Act, 1961. Under Income Tax Act there can be income from 5 different heads which are Income from salary, house property, capital gains, business and profession and other sources.Income of individuals, Hindu undivided family, association of person, body of individuals firms and companies are taxed under the Income tax act.
Income Tax Return is a form in which the taxpayer whether it be an individual or firm or Hindu undivided family, discloses details of its income, claims exemptions and deductions which are applicable on it and the amount of tax payable on such income. The Income Tax Return also reflects the amount of taxes paid by the taxpayer.
Income tax return is form in which the taxpayer files data and information regarding his income and tax payable thereon at the end of every financial year.
Income Tax can be filed by the two way i.e is the Online Method and another offline Method. Now as per the Government Instructions all the income tax return will be filed only through ITR eFiling Method. Offline Method is not available.
So in the following cases, ITR Online eFiling is Mandatory From 1st April 2022 –
1) if your taxable income is more than 2.5 lakh Rupees in a year
2) if your want to claim any TDS Refund
3) if you want to take the benefits of carry forward of the losses
5) if foregin travel expenses is more than 2 lakh rupees in a year
6) if electricity bill expenses more than 1 lakh rupees in a year
7) if total business sales or turnover more than 60 lakh rupees in a year
8) if you have TDS more than 25000 rupees in a year.
Service Fee –
ITR-1 (Salary + Other Income) – 1499/- INR
ITR-4 (Business + Other Income) – 1499/-INR
ITR – 2 (Salary+Stock Market+Other Income) – 2999/-INR
ITR -3 (Salary+Stocks+F&O+Intraday+Other Income) – 3499/-INR*
Include :
#1 All Plans above Include Dedicated ITR Filing by Experienced Tax Consultant.
#2 Income Tax Final Intimation & Refund Assistance
*not included Tax Audit or Books of Accounts Preparations for FNO.
There are various advantages of filling an Income Tax Return which are as follows:
#1 Loan : An individual who has filed INCOME TAX RETURN can help him in availing vehicle or home loans as many banks asks for a copy of Income tax Returns.
#2 To claim refund : If any refund claim is due to you form the income tax department you will have to file return in order to receive the refund claim.
#3 To carry forward losses : If you are incurring any capital losses, you cannot carry forward the same id you have not filed an income tax return.
#4 Visa processing : If you are planning to travel overseas, there might be chances that at the time of visa interview you are required to furnish your Income tax return receipt of last years.
#5 Buying high life insurance policy : If you are planning to buy any life insurance policy like of Rs. 50 lakh or Rs. 1 Crore, then the life insurance company like LIC might ask for your Income Tax Return receipts of previous years.
#6 Government tender : If you are planning to obtain any government tender in future, you should have your income tax returns receipts of the last few years. This is required to support your financial status.
#1 PAN Card
#2 Aadhar Number
#3 Bank Account details
#4 Form 16
#5 Form 16A
#6 Form 26AS
#7 Investment details
#8 Rent receipts for claiming house rent allowance
#9 Bank Passbook
#10 Fixed deposit statement
#11 Proof of investment
#12 Medical expenses receipts, if any
#13 Proof of home loan interest, if any
#14 Share transaction statement, if any
#15 GST Registration Number Details if any
