We bring you the best possible solutions for your company.
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..
Trusted by the world’s fastest growing companies:
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