Personal Tax filing
Personal Tax return filing for an individual with salary income.Market Price: | ₹800 |
---|---|
Professional Services Price: | ₹390incl. GST |
Government Fee: | Included |
GET STARTED
INCOME TAX E-FILING | Online Income Tax Return Filing in India
Income Tax E-Filing is a process through which Individuals/HUF/Associations/Businesses provide information about their income throughout the financial year & accordingly the Income tax if filed. The process of Income tax e-filing comes into existence once the final income of the assesse is computed from all sources & subsequent income tax is calculated. Different ITR Form is prescribed which is based on the sources of income.
The source of income means how it is generated-it is income from salaries, income from housing assets, income from business or occupation, income from capital gains, income from other sources (interest). Income etc.
The government of India has introduced a taxpayer friendly income tax e-filing portal 2020-21. With the advent & extended reach of technology, the Income tax e-filing process has also been improved.
Easily File Income Tax Return
DOCUMENTS REQUIRED FOR ONLINE IT RETURN FILING
- Form 16 (Taxpayers having salary income)
- Bank Statements
- Details of Investments (Optional)
- Details of Insurance & Loans (Optional)
- PAN Copy (Optional)
- Aadhaar Copy (Optional)
WHY YOU NEED AN EXPERT ADVICE FOR INCOME TAX E-FILING ?
There some of the common mistakes which most of the individuals do during the process of income tax e-filing, such as:
· Choosing an incorrect ITR form
· Missing to report source of Income
· Putting in incorrect personal information
· Possible deductions that could be claimed
· Failure in reconciliation of Form 26AS & TDS information
Income tax e-filing 2020-21 contains lot many deductions, new income tax slab rates, new ITR forms & ITR due date extended etc. So as to minimise your Income tax & maximise your effective Income you must get in touch with our Income tax e-filing experts.
Income Tax Return Filing Procedure
Before filing an individual IT Return, In case of a salaried person- he should have Salary slip, Form 16, interest certificate from bank or post office if any, Form 26 AS (This can be downloaded from TRACES website), chalan of advance tax paid if any and bank account details. As the online IT Return filing procedure has been simplified over the years, mostly individual ITR such as by salaried taxpayer is done on their own.
when they need to claim deductions for a house loan and interest or when they claim deduction under 80 C there is much confusion which makes them file an incorrect return. In that case, they reach out to tax consultants nearby them for online IT Return filing. In the case of companies, Tax Consultants such as Chartered Accountants can help file the Income-tax return form. For companies, technical issues such as claiming of expenses, calculation of taxes, carried forward of losses etc are an important matter which is looked after by a consultant. For company various documents are required, the primary documents required in income tax India efiling are audited balance sheet, Form 26AS, deductions details under section 80, details of bank accounts. Various other documents are required based on in which sector a company operates.
ADVANTAGES OF ONLINE INCOME TAX RETURN FILING
Avoid penalties & scrutiny
Not adhering with income tax e-filing norms, will attract a hefty amount of penalty & subsequent scrutiny of accounts by income tax authorities. Income tax e-filing will dodge such penalties.
Improve credit net worth
Financial institution places the ITR on the top of the checklist before finalising your credit loan approval. Timely IT Return filing without any defaults will improve your Credit score..
Compensate for losses
Unadjusted losses or shortfalls cannot be carrying forwarded to subsequent financial year, if income tax is not filed. Carry forward of business losses is possible only by way Income tax e-filing.
Income Tax Refund
There are various instances in a financial year in which there has been tax deducted at source on investment. In order to claim TDS refund, IT Return filing become mandatory for taxpayers.
Official Document
Form 16 is an official document, entailing your income & tax charged there upon, along with revenue from various other sources. Multiple uses of ITR filing viz. address proof & income proof.
VISA Processing
Foreign embassies ask for your ITR receipts at the time of visa application. ITR receipts help them assess your income and indicate that you will be able to take care of the expenses on the trip.