What is Income Tax Return Filing?
Individuals and businesses both have to pay taxes on their earnings. The central government levies and collects income tax, which is a tax levied on a person’s earnings. The tax on earned income is due in the same fiscal year in which it was accrued in the form of advance tax. However, the Assessment Year provides notification and calculation of income as well as tax liability. Income Tax Return is the name of the notification form. Depending on the criteria, different taxpayers have different forms and time limits for filing ITRs.
The user experience for Income Tax Return forms has recently been improved. However, it is clear from these new or modified schedules that taxpayers must prove their claim of expenses, exemptions, and deductions. As a result, online income tax return filing necessitates the assistance of experienced professionals to ensure that your return is filed correctly.
An income tax return is a document on which taxpayers must declare their taxable income from all sources, as well as any eligible deductions and tax payments. This is referred to as the ITR Filing Procedure.
You are entitled to an income tax refund if you have paid more taxes than are “payable.” If the situation is the opposite, you should pay the remaining balance before filing your tax return. TDS or Advance Tax is paid by you in cases where more taxes have been paid in advance. In this case, you should report accurate earnings and taxes on your tax returns.
Income tax return forms range from ITR 1 to ITR 7, and are used for various types of income and entities. There are various disclosure requirements depending on the type of forms.
In India, ITR filing is done entirely online and without the use of paper. You do not need to submit a paper return to your local income tax office. All documents must be submitted online, if at all possible. Regardless of the Accounting Year used, an income tax return must be filed for a specific Financial Year (i.e. April to March).
ITR filing Process
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Note Down the Documents Required to File Income Tax Return
For Salaried Person
PAN Card
Bank Statement with IFSC for the complete financial year
Aadhaar Card
Email ID and Aadhaar linked mobile no.
Form-16
For Other Assesses
PAN Card
Revenue & Expenditure Detail (Financial Statements)
Detail of property purchased & sold (if any)
Bank Statement for the complete financial year
File ITR in 3 Easy Steps
- Answer Quick Questions
- Pick a Package that best fit your requirements
- It takes less than 5 minutes to fill in our Questionnaires
- Provide basic details & documents required for registration
- Make payment through secured payment gateways
- Experts are Here to Help
- Assigned Relationship Manager
- CA assisted ITR filing
- Computation of Income Tax payable
- Online filing of Income Tax Return
- Acknowledgement of ITR filed
- Your ITR is Filed
- All it takes is 2-3 working days*
*Subject to Government Processing Time
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Benefits of Income Tax Return Filing
FAQs On Income Tax Returns
You need not worry about the same. You may still file your return. Please get in touch with us and we will do the rest. File your ITR 1 online for 2021-22 with BizHub at affordable prices
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These documents should be preserved for a minimum of eight financial years.
Form 26 AS is consolidated tax statement (Form 26AS) is used as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return.
Due date of investment under section 80C has been extended to 30th June 2020. This is for Financial Year 2019-20. Earlier date was 31st March 2020. Read more on extension on other due dates amid Corona outbreak as announcements made by Nirmala Sitharaman Press Conference.
ITR-V is a 1-page acknowledgment summary document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return as a verification. However, you may also Verify using Aadhar or net banking. If you have filed using your DSC, none of the verifications will be required.
Income tax returns are completely paperless filing procedures now. You need not submit any physical or scan copies along with your returns. However, you should retain these documents so that you can produce those when demanded by tax authorities.
Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the department by way of filing of a return. Only then does the government acquire rights over the prepaid taxes as its own revenue. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract a levy of penalty.
No. Return is to be filed only if you have taxable income.
Yes, you don’t have to worry about the same. Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Get in touch with us to quickly file a revised return.
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