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What is Income Tax Retun ?
SAHAJ
Income Tax Return is a form where individual (assesses) file their information about his income and Tax and submit the form to Income tax Department . These form help the individual to calculate his/her tax liability, or shedule tax payment or request refund for the overpayment of taxes from the Income Tax Department
The Income Tax Act 1961 and 1962 bounds the Indians Citizen to file their income tax return after the Financial Year (F.Y.) and before the endig of the Assessment Year(A.Y.)
For filling of Income Tax Return in Respect of preceding Financial Year (i.e. ongoing Assessessment Year ) following form have been prescribed by Income tax Department
- ITR 1 SAHAJ
- ITR 2
- ITR 3
- ITR 4
- ITR 5
- ITR 6
- ITR 7
Benefits Of Filling Return Every year ?
Every individual taxpayer is mandatorily required to file the Income tax Return whose gross taxable income of all heads exceeds the basic exemption( i.e. 2,50,000) limit before claiming the exemption's . And there are several benefits of filling the Income tax return
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Easy Processing Of Loan :
The Income Tax Refund reflect the income and tax liability of the assessee which act as a financial certificate of the assessee and creates the finacial credibility of the assessee which in turn is very helpul for processing of loan from the banks . That is the reason all major banks ask the copy of the income tax refund
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Claim Tax Refund :
If the Tax laid upon you is less then the Tax paid by you then individual can claim for the Refund from the Income Tax Department (ITC) for that they have to file return without which you have to forgo the refund . Taxpayer can also have some exemption under diffrent section of Income Tax Act 1961 while filling the return .
Some taxpayer also primarily investing through fixed deposit . On such investment Tax is deducted at Source (TDS) at 10 per cent . If the Individual total taxable income is less then the 2,50,000 then he can claim for full refund .
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Foreign Travel/Visa Processing :
Since ITR Reciepts shows that the individual have some Source of income in india thus strenghtning your case as individual will not leave the Country for good but will return. So if you wish to travel overseas then you must have ITR copy Since foreign consulates askk for the ITR receipt of the last couple of years at the time of the visa interview or maybe three years receipt. So it is important to file your return
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Buying A High Life Cover :
Having a high live cover has become trendy in todays era . However these cover are only availabel against your ITR documents to verify the anual income of individual Insurance company always ask for the ITR copy if you tend to buy policy with sum insured of 50,00,000 or more . These policy will only be provided when your ITR meets certain annual income of yours and others factor also
Steps To File Income Tax Return ?
2018-19
Our Services
Why Us
- Because We have 10 years of experience In this field
- Because Selection of right ITR and preperation are done by Our Expert Ca/Cs/Advocate
- Because we have Expert Taxation Advocate and CA from all over India who will always guide you for maximum tax saving
- Becasue Provident Action are taken By our team in order to optimize your deduction
- Because We provide every services to you on time and with perfection
- Becasue we provide cash back gurantee if You have satisfied the T&C
- Because provide full assistance until the ITR is filled and also asssit you with any notice form Income Tax Department
- Becasue when you join with us you just have to relax and all the work will be completed with perfection and within the given time frame
Document Requred To file Income Tax Return
You Must Procure All Listed Doccument Before Filling Income Tax Return
- Permanent Account Number (pan)
- Addhar Number
- Form 16 or Form 16A issued By your Employer
- Form 26As From the IT department
- Profit ad Loss Account and Balance Sheet
- Books Of account(if Required)
- Bank Statement
- Sales Register or details of all purchases (including Capital Asset) and Expanses during the Financial Year
- Registration certificate
- GST Return
For Salaried Person
For Business Person
Document Requried to claim Deduction Under Certain Heads
- Investment Made under PPF (Public Provident Fund), NSC(National Savings Certificate) , ULIP(Unit Linked Insurance Plan)
- Investment made in LIC(life Insurance Policy)
- Contribution Made In NPS( National Pension Scheme )
- Tution School Fees Of 2 Children
- Interest paid On Loan For Higher Studies
- Stamp Duty and Registeration Charges Paid
- Donation For Scientific research or Rural development
- Donation to any Political Parties recognised by electoral Department of India
- Interest Paid on Housing loan this relief is allowed for self occupied property or deemed let out property . The amount of relief is 2,00,000
- Bank Statement For income earned from Interest
- Income statement for the interest earned from Fixed deposit
- Certificate Received from the bank or from the other's
What is Form 26AS
What is Form 26AS
What is Form 16
What is Form 16
Form 16 Comes under section 203 of Inocome Tax Act 1961 which states that every person being an employer should furnish the certificate to the person on whose income the tax is collected. Which specifies the income of the taxy payer and also states that the tax is paid to the central goverment i.e. Income Tax Departement
Form 16 basically contains two part i.e. Part A and Part B.
Part A reflects as the proof of the tax deducted by the employer and contains all the Tds information it is also know as Form 16A.Part A also reflects the TAN (Tax Deduction Account Number) of the employer & PAN (Permanent Account Number) details of bothe the employer and employee . The name and address of both the employee and employer is mentioned
Part A reflect the following details
- Certificate Number
- Your name and address and also that of your employer
- Your Permanent Accouunt Number (PAN) and that of your employer
- Tax Deduction Nubmer (TAN) of your employer
- Range of Commissioner of Income Tax (CITDS)
- Assessment Year
- Period For which the Certificate belongs too
- Quater wise information of the amount of salary paid to you. Receipt numbers of the quarterly TDS retruns filed by employer , TDS amount deducted and deposited in Indian Treasury Department by your employer in your name
- Status of Matching with OTLAS if reflect `f` (indicating Final) if reflecting `u`(indicating Unmatched) . If in your case OTLAS verification shows `u` then tell your employer as fast as possible
- Verificateion Details of Employer
Part B is an important part of your Form 16 since it has a cosolidated detail of salary paid to you during the year .It also reflects your detailed salary components , taxability of the same and the total amount of tax payable by you for the year against which TDS had been deducted. The breakup of your Salary as well as detail of deduction claimed by you under diffrent heads and section
Part A reflect the following details
- Gross Salary
- Exempted allownces under Section 10 of the Income Tax Act 1961 i.e. Conveyance allownace, house rent etc.
- Deduction allowable from the salary income - entertainment allowance and prefessional tax
- Total Income chargeable under the head 'Salaries ' based on the above figures
- Tax saving deductions that your are eligible for like PPF , LIC ,Mediclaim etc
- Tax on total income payable by you - This is the amount that the employer have deducted from the salary which is provided to you by him
- If TDS deducted by employer is greater then the total taxable income your salary then you can claim for return while filling your return
- Verification details of Employer