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The Income Tax Return (ITR) is a document that must get submitted to the Income Tax Department of India. It comprises information on a person’s earnings, and the taxes must get paid on those earnings throughout the year. The information in an ITR must be for a particular financial year, which begins on April 1st and ends on March 31st of the following year.
Form 16 A
Capital Gain Tax
Self assessment Challan/Advance tax Challan
Details about all your bank statements
Statement related to home loan (if any)
Details related to property
Deductions under Section 80D to 80U
Interest certificate from Banks and Post Office
An income tax return (ITR) is a document used to report information related to your earnings and taxes to the Income Tax Department. A taxpayer’s tax liability gets computed using their income. If the return reveals that too much tax got paid during the year, the individual will be eligible for a refund from the Income Tax Department.
Every year, a person or company who makes money during a fiscal year has to file an income tax return as per the law. The income could be in the form of a salary, business profits, rental income, dividends, capital gains, interest, or other forms of earnings.
Individuals and businesses must file tax returns by a specific deadline. If a taxpayer misses the deadline, they will get charged with a penalty.
Is it mandatory to file Income Tax Return?
If your income exceeds the basic exemption limit, you must file your income tax returns according to Indian tax legislation. Taxpayers’ income tax rate is predetermined. A delay in filing returns will not only result in late filing costs, but it will get harder to obtain a loan or a visa for travel.
Who is required to file a tax return?
According to the Income Tax Act, Individuals and corporations who fall into certain income bands should pay income tax. The entities or enterprises listed below are required to file ITRs in India regularly:
Every year, a Private Limited Company is required to produce Financial Statements and Annual Returns. The Annual Return must include information on the company’s shareholders, members, and directors, among other things.
The Income Tax Return (ITR) is a document that must get submitted to the Income Tax Department of India. It comprises information on a person’s earnings, and the taxes must get paid on those earnings throughout the year.
A GST return is a document that a taxpayer (every GSTIN) should expect to file with the tax administrative authorities, detailing all income/sales and expenses/purchases. Tax authorities use this to compute net tax liability.