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Income Tax Returns in India

We have two types of taxes in India – Direct Tax and Indirect tax.

Direct Tax is a tax that is calculated directly on your Income e.g. tax on salary etc. Income tax is a Direct Tax.

 

Indirect Tax is a tax that is indirectly charged. And is put on goods or services. So if you are purchasing a mobile phone or a new suit. Most indirect taxes have now come under Goods and Services Tax (GST).

Why Income tax return Filling Important?

 

As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers. A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes.

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Types of ITR

ITR Forms for Individuals

ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.

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ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.

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ITR – 3 – For individuals and HUF with income from profits of a business or profession.

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ITR – 4 (Sugam) – For Individuals, HUFs, and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA, or 44AE.

ITR Forms for Individuals

ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7

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ITR – 6 – All companies except those that claim tax exemption as per Section 11.

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ITR – 7 – Person incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

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Who are liable to File Income Tax Return

  • Individual Person

  • All Register Companies Generate Income .

  • NRI  earn income more than 2.5 lakh in india in F.Y

  • Case of TDS Refunds.

Documents Require for ITR Filling

  • Pan Card

  • Addhar Card

  • Form 16 for salary Person

  • Form 16a other than Salary Person

  • Form 16b in case of sale and Purchase of Property

  • Form 16c  From Tenant ,Details of TDS Deduction.

  • Bank Details

  • Investment Details

Advantages of Filling Income Tax Return

  • Filing returns is a sign you are responsible.

  • If you want to claim adjustment against past losses, a return is necessary.

  • In Case of requirement  loan and Credit Cards by banks.
    Claim of TDS Deduction .

  • Smoothen your visa process while traveling overseas as many countries  need proof of your regular income.

Important Dates of Income Tax Filling

  • Before January 31 - Individuals must submit their proof of investment

  • Before March 31 - is deadline before which any investments under Section  80C of the Income Tax Act, 1961 must be made

  • Before July 31 - Due date to file income tax return Between October and November Tax returns must be verified by this time

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