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ITR Filing

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The income tax is levied on the income of a person, which is levied and collected by the Central Government. And it is statutorily obligatory for every person being a company or a firm or being a person other than a company or firm to furnish a return of his total income or the total income of any other person in respect of which he is assessable under the Income-tax Act.

Advantages of ITR

Carry Forward of losses

The losses incurred by the business during the financial year are eligible to be carry forward to set off with the income of subsequent year.

Refund of TDS

A person who received salary from employer after deduction of TDS may claim refund in respect of such TDS if his income is not subject to taxation.

Enhance credit worthiness

Filing of ITR helps the person to increase its credibility and helps in easy availability of loan for various purpose.

Quick Visa Processing

Acknowledgement receipt of ITR serve as id and address proof and helps in visa process.

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Documents or Information required for ITR filing

 Login Credential

 Bank Statement

 Donation Slips

 Invoices

 Form 16 (for salaried person)

 Section 80C investment documents. Investment made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C

Forms relating to Returns

 ITR 1 (SAHAJ) can be filed by an individual who is having income from salaries, one house property, income from other sources (interest etc.). and having total income upto Rs. 50 lakh

 Individuals and HUFs having not having income from business or profession shall be eligible to file ITR 2

 Individuals and HUFs having income under the head “Profits and gains of business or profession” have to file ITR 3

 ITR 4 (SUGAM) can be used by eligible assesses having presumptive income from business or profession

 ITR 5 can be used by persons other than individual, HUF, company and person filing Form ITR 7

 ITR 6 can be used for companies

File ITR Online:

1) Introductory Step

 Pick a Package that best fits your requirements

 Provide basic details & documents required for registration

 Make payment through secured payment gateways

2) Operating Step

 Preparation and filing of ITR

 Acknowledgment of filing ITR

Process for filing return:

Day 1

Provide basic details & documents required for registration

Day 2 - 3

Preparation of ITR

Online ITR filing and acknowledgment of filing the ITR