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An income Tax Return is filed by every person with taxable income whose accounts are not liable to audit. There is a specific limit of total income which exceeds then a mandatory return needs to be filed.
It has various uses such as claiming tax deductions, investment in foreign assets, application for a visa or a loan, reporting gross taxable income and net tax liability.
The companies, partnership firms, Hindu Undivided Family (HUF), entrepreneurs or sole proprietors, employees, etc. must file a return on Income tax to the Income tax department. There are seven forms of ITR which are denoted to a specific head for every section of individuals and organizations.
There are two ways in which ITR can be filed i.e., either online or offline mode. The following are the steps for online return filing as given below:
Step 1 : Visit the Income tax E Filing Portal
Step 2 : Income tax login with help of user ID, password, displayed captcha code and then click on the ‘login’ button.
Step 3 : Click on the ‘E-File’ option in the menu and then click on the ‘Return of Income tax’ link.
Step 4 : After clicking on the ‘Return of Income tax’ link, it will display the following points:
Step 5 : Click on the ‘Continue’ option
Step 6 : There is an instruction given to file ITR with the applicable fields relating to the mandatory details of the ITR form.
Step 7 : Select the verification option in the ‘Taxes Paid and Verification’ tab.
Step 8 : In the next step; there are three options given as follows:
Step 9 : Click on the ‘Preview and Submit’ button with verification of all the data entered in the ITR.
Step 10 : Submit the ITR.
Step 11 : After choosing the option ‘I would like to e-verify’ then an e-verification can be completed through the following methods with help of the OTP entered:
Step 12 : : The OTP or EVC must be entered within 60 seconds or an ITR will be automatically submitted. The ITR should be verified by the ‘My Account>E-verify return’ option by sending ITR-V with a signature to CPC.
The Central Board of Direct Taxes (CBDT) has made the list of forms which include the following:
The following are the ITR filing for individual taxpayers who can choose the existing tax system or a new tax system with a lower rate of taxation. The taxpayer can choose concessional rates in the new tax system which doesn’t allow certain exemptions and deductions which are allowed in the existing tax system:
Income Tax Return must be filled when gross total income received from any of the five sources of income such as salary, house property, capital gains, etc exceeds the limit. The basic exemption limit depends on the income tax as chosen by the taxpayer for filing ITR. When an individual for a financial year the basic exemption limit is up to Rs. 250000. An additional 4 percent on the Health and Education cess is applicable to the amount calculated and a surcharge where income exceeds Rs. 50 lakhs up to Rs. 1 crore.
When a total amount exceeds the limit of Rs. 1 crore deposited in a single or more current account then an individual has to file Income Tax Returns.
In case an individual crosses an expenditure of Rs. 2 lakhs for himself or another person then ITR is applicable.
In case an individual exceeds more than Rs. 1 lakh for payment of electricity bill then ITR is applicable.
When turnover exceeds Rs. 60 lakhs in a previous year then ITR is applicable.
In case the receipts exceed Rs. 10 lakhs for a professional in a previous year then ITR is applicable.
In the case of an individual collecting Rs. 25000 or more tax deducted at source or tax collected at source and for senior citizens the limit is Rs. 50000 or more then Income Tax Return is applicable.
When a person has deposited more than Rs. 50 lakhs in a single account or more then ITR is applicable.
The Income tax E Filing Portal provides the submission of returns online with a verification option.
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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