What is Income Tax Return Filing?
The income earned by the individuals and businesses are subject to tax. The tax levied on income of person is Income tax, which is levied and collected by Central Government. The tax on income earned is payable in the same financial year in which it is earned in form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation is called Income Tax Return. The time limit for filing ITR is different for taxpayers based on their organisation structure or the income type.
Currently, windows for return filing for Financial Year 2017 - 18 and relevant Assessment Year 2018 - 19 is open. For Financial Year 2017 - 18, Income Tax Return forms are recently modified, that targets simplified user experience. But through this new or modified schedules, it is apparent that taxpayers are responsible to prove claim of expenses, exemptions and deductions. Hence, online filing of income tax return requires the assistance from expert Chartered Accountants. Alike the due date of filing, ITR forms are also different for the different categories of taxpayers.
Who is required to file income tax return?
Individuals, whose Gross Total Income exceeds basic exemption limit
To carry forward the losses to next financial year
Resident individual holding assets or financial interest outside India
All companies, LLP and Partnership firm, irrespective the total income
To claim refund of Income tax paid (TDS or otherwise)
Resident having signing authority in a foreign account
Advantages of Income Tax Return Filing
ITR filing allows carry forward of losses
Loan Processing is easy based on track of ITR filed
Buy insurance policy with high risk cover
To claim refund from TDS paid from salary income
It increases capital base and define financial worth
Change of business structure
Documents Required For ITR filing
- 1Copy of PAN Card the taxpayer
- 2Copy of PAN Card of the partners or directors
- 3Copy of Aadhar Card of the partners or directors
- 4Bank Account Statement for concerned F.Y.
- 5Cancelled Cheque
- 6Balance Sheet and Financial Statements
- 7Details about the Investment/ expenses u/s 80
- 8Proof of investments & Salary Certificate (if any)
- 9Form 16 (TDS Certificate), if applicable
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Provide basic details & documents required for filing
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Computation of Income Tax payable
Online filing of Income Tax Return
Acknowledgement of ITR filed
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Online filing of income tax return requires generating log in credentials based on PAN Card details of the taxpayer. Return will include the details of all the income, profit and gains from any source of business. For filing ITR, the source of incomes are categorised in five main heads. The total income of the assessee will be categorised according and the tax liability is computed based on the rates applicable. From generating credential, computation of tax to final filing, experts at LegalWiz.in makes your task easy. The whole ITR filing process is assisted by qualified Chartered Accountant. At LegalWiz.in, we cater the consumers looking for fast and affordable services. Our packages are customised based on the type of taxpayer and applicable return type for ease of access and transparency. To understand about the package details or any process related to online filing, feel free to get in touch with our experts available on call or through mail.
Filing Income Tax return is necessary not only to inform about the income and transactions to Government, but also to create documentation evidence of your income. The benefits mentioned above make it essential for any individual, especially for the businesses. The companies and Partnership Firm including LLP must file the ITR irrespective the total income or net tax liability. Our expert would first discuss the requirement and assist you to choose appropriate option for filing ITR. Once you provide the details of income and its sources, along with other necessary details, our CA would initiate the process of filing. Online filing of income tax return is completed after the confirmation of tax computation.
At LegalWiz.in, our experts are committed to serve with better, faster and affordable online services. From ITR for individual to business filing, we assure hassle-free and transparent services backed by 100% customer satisfaction. We not only offer services to manage your business but also set and protect your business. Accounting and bookkeeping to filing GST return, we are one stop solution for all need.