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Income Tax Return Individual Resident

Income Tax Return Individual Resident

We take care of everything, so you don't have to worry about your taxes anymore.

FILE ITR NOW!

Why Income Tax return need to file?

Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
• Any private, public, foreign, domestic company.
• Any Limited Liability Partnership (LLP) and unlimited liability partnership.

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Advantages of Filling Income tax return?

  • For firm & companies- even if no income return filing mandatory
  • Claiming refund
  • Establishing income proof in compensation cases
  • Helps the bank loan documentation process easier
  • Credit Card Processing
  • For a hassle-free visa application procedure
  • Makes life easier for freelancers and Professional.

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Disadvantages of a Non Filling Income tax return.

  • Losses cannot be carried forward.
  • Deductions under Chapter – VI A
  • Interest under Section 234 * Loss on refund of Taxes (Financial loss)
  • Best judgment assessment (Assessment under section 144):
  • Penalty for Concealment of Income
  • Prosecution for Failure to

Documents Required For Income Tax Return Individual Resident

Copy of PAN

Aadhar Number (Mandatory)
.
Form 16 received from Employer (if available)
Banks Accounts details / statements of all bank accounts (including Joint Accounts)
Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden).
Passport Number ( if you have visited outside India in last financial year)

FAQs

  • What are the mode of filing ITR?
    The return of income can be filed with the Income-tax Department in any of the following modes.
    • By furnishing the return in a paper form.
    • By furnishing the return electronically under digital signature, i.e., e-filing with digital signature.
  • Where to file the ITR?
    Return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in
  • Is there any help desk for tax payers?
    In case of queries on e-filing of return, the taxpayer can contact us at 8882101000
  • If I have paid excess tax, how will I get the refund?
    Yes, provided the original return has been filed before the due date and the Department has not completed the assessment. It is expected that the mistake in the original return is of a genuine and bona fide nature and not rectification of any deliberate mistake. However, a belated return (being a return filed after the due date) cannot be revised.
  • Can the return be filed after due date?
    Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. Return filed after the prescribed due date is called as a belated return.
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