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Income Tax Return

An income tax return is a document in which the taxpayer—whether they are an individual, business, or Hindu undivided family—discloses information about their income, claims any applicable exemptions and deductions, and declares the amount of tax they owe on that income. The taxpayer's tax payment amount is also shown on the income tax return.

At the end of each fiscal year, the taxpayer must file an income tax return with data and information pertaining to his income and the tax due thereupon

Income Tax e Filing

Income taxes can be filed in two different ways, including online and offline. Now, all income tax returns must be filed through the ITR eFiling method solely, in accordance with government directives. There is no offline method available.

ITR Online eFiling is Required in the Following Situations Beginning April 1, 2022 -

1) If your annual taxable income exceeds 2.5 lakh Indian rupees

2) If you would like to request a TDS refund

3) If you wish to benefit from carrying over losses, do so.

5) If annual foreign travel costs exceed 2 lakh rupees; 6) If annual power bill costs exceed 1 lakh rupees; 7) If annual business sales or turnover exceed 60 lakh rupees.

8) If your TDS total exceeds 25000 rupees per year.

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Income Tax Return

Benefits or Advantages of Income Tax Return Filing?

#1 Loan : Since many banks require a copy of income tax returns, someone who has filed one may be able to get a loan for a car or a house.

#2 To claim refund : You must file a return in order to obtain any refund claims that are owed to you by the income tax department.

#3 To carry forward losses : If you have any capital losses and haven't filed an income tax return, you cannot carry the same losses forward.

#4 Visa processing : If you intend to travel abroad, there's a chance that you'll be asked to present your most recent income tax return receipt when you go for your visa interview.

#5 Buying high life insurance policy : If you intend to purchase a life insurance policy, such as one worth Rs. 50 lakh or Rs. 1 crore, a life insurance provider like LIC might request copies of your prior years' Income Tax Return receipts.

#6 Government tender : You should have the last several years' income tax returns and receipts on hand if you want to apply for any government contracts in the future. This is necessary to demonstrate your financial stability..

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Documents Required for Income Tax e Filing

#1 PAN Card Registration
#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

Points to be Considered During Efiling of ITR

• selecting the appropriate income tax return form

• Clearly state the income categories under which it falls.

• If your annual income is greater than Rs. 50 lakhs, you must declare all of your assets.

• Keep all paperwork and evidence secure for future use.

• must include your Aadhar Number

• Examine Form 26AS, the tax credit statement, and verify your personal information.

• Including interest revenue from fixed deposits as well.

• Do not conceal any of your money sources.

• Report any income that is exempt.

• should double-check your tax returns

Great benefits from Shri Associate

Income Tax Return

  • Income Tax Return @ 199*

  • We ensure that all your filing of Income Tax Return is on time with accuracy in documents that needs submission.

  • For clients who still have been stuck with handling the old tax regime, we provide tax assessment assistance. Especially whose taxes stuck under those erstwhile laws that regulated them.

  • Our firm also gives support services when the client is contesting disputed refund claims. Our major task will be to get your Income Tax Return

  • Excellent IT Return Support

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Sunday: Closed

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