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All About online Income Tax Return (ITR) filings in India
Income Tax Return (ITR) after note ban in India?
Income Tax Return is the yearly statement filed by every individual to show the income earned during the year and the related taxes paid or not. It has gained serious importance after demonetization and hence, every ITR should be filed with due care. Therefore, it is not recommended to file the Income Tax Return free rather use expert to file the same
Common mistakes to avoid while filing the ITR
People think that filing the Income tax Return (ITR) is a very simple task and therefore they don’t pay attention to the same. However, it should be filed properly to avoid any chances of being in default. Three common mistakes to avoid:
#Wrong filing of account Number: If your account number is not correct, your refund shall not be credited to your bank account and hence please recheck the account number and IFSC code while filing the Income Tax return in India.
#Filing ITR by Form 16: This is the most common mistake done by the people who file their ITR only using the form 16. However, you must check the other supporting documents like 26AS, Form 16A, saving proof etc.
#Not filing Balance Sheet/ P and L: If you are filing the income Tax return as self employed and you are not filing the balance sheet or profit & loss account, then your ITR shall become defective return.
Who all are liable to file the Income tax Return?
Every person whose total income is more than the basic exemption limit of Rs.2,50 lakh, then he is liable to file ITR. Further, after note ban, it is recommended to file the ITR properly to avoid any chances of tax notice by Income Tax Department.
Learn About Tax Planning in India
Learn everything about the Income Tax Return, advantages, disadvantages, return filing in India.
Documents Required for Online ITR Filing in India
In case of Salaried Employee
- – Form 16 (TDS Certificate).
- – Income Tax login and Password.
- – Saving Proof (LIC policy, FD etc).
- – Copy of Bank Statement to check any other income.
In other cases
- – TDS Certificates (like Form 16A).
- – Revenue and Expenditure details.
- – Details of property purchased or sold (if any).
- – Copy of Bank Statement to Check to check any other income.
We need all documents in scan format and no hard copy of documents is required.
ITR Filing Process
Its takes a day to file the Income Tax Return subject to timely submission of Documents
ITR First Draft
The first draft of ITR is prepared by the CA on the basis of the data submitted.
The first draft is verified and tax planning is initiated at this stage.
Approval and Filed
Once ITR is final, the same is sent for client approval & then is filed.
Types of ITR form in India
Choose your applicable ITR form according to the income you earned during the year.
ITR 1 (Sahaj) – For Income from Salary & Interest
ITR 2 – For all incomes other than business income.
ITR 4 – For all incomes including business income.
ITR 4S (Saral) – For Presumptive tax, 8% is deemed income of turnover.
ITR 5 – For Partnerships business, this ITR is used for all income.
ITR 6 – For Companies, this ITR is used for all the incomes.
Important Links for better Income Tax Return
Know about Income tax slabs.
How to Check Income Tax Refund Status Online.
What is mean by defective return?
Know about 8 amazing tax planning.
Savings and investment schemes for tax planning
How to verify your TDS with income tax department?
- Do tax planning.
- Prepare better returns.