INCOME TAX RETURNS

INCOME TAX RETURNS

Every individual person have mandatory efiling income tax return if their annual income is above the specified limit. In the case of short term and long term capital gains income, this limit is not applicable and must furnish and pay income tax return as per Income Tax Rules. In case of non individuals like partnership firms, companies, LLP, Society, AOP, BOI etc must efile income tax return (itr) without considering the amount of turnover. They must efiling ITR even if the annual turnover is NIL.  The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date.  We do IT filing of all salaried employees, firms, companies, etc.

What are the benefits of e-filing Income Tax Returns?

  • Quick processing: You will receive the acknowledgement quickly. In case you are entitled to receive a refund, the process will be fast as well.
  • Convenient: You can e-file your returns at any given time and from any place. The process to e-file your returns is open 24/7.
  • Past data can be accessed: Any past data that was uploaded can easily be accessed. The data is stored in a secure manner and is very easy to access.
  • Easy to use: The process to e-file ITR is easy and all instructions are provided online. Individuals who do not use the internet on a regular basis will also find the process simple.
  • Accuracy is better: Due to the electronic connectivity and built-in validations, the process to e-file ITR is smooth and error-free. Since no paper-documentation is required, the errors are minimal as well.
  • Confidentiality: It is more secure to e-file ITR since it cannot be accessed by everyone. Since paper filing was used earlier, the documents could fall into the wrong hands.
  • Receipt proof: You will receive updates regarding your ITR at the time of filing your returns as well as once it is processed. The updates will be sent via SMS and email.
  • Electronic banking: E-filing your ITR makes it easier to receive a refund as well as make a payment. You will also have an option to make the tax payment at a later date as well. There are various other convenient features also available when you e-file the ITR.

Who should file Income Tax Returns?

  • In case you earn an income from Fixed Deposits (FD), Capital Gains, interest, and rent from house property.
  • It is mandatory for you to file ITR if you fall under the tax slabs determined by the government. You will have to file your returns with or without a Form 16.
  • In case you have changed jobs during the financial year, ITR must be filed.
  • Non-resident Indians and individuals who are earning an income from foreign assets must file ITR.

What are the documents required to e-file Income Tax Returns?

  • Details of the investments that have been made by you.
  • Form 16
  • Bank account details such as account number, bank name, and IFS code.
  • Aadhaar Card
  • PAN Card.

Income Tax Return Consultancy & Filing Services

We are offering Income Tax Return Filing services, We provide tax consulting services such as income tax return, tax filing preparation, income tax advisory services, income tax salary returns, business returns and other tax filing accounting services for Individuals, HUF’s, Small & Medium firms.