All You Need To Know About Filing ITR - SKPN

“Taxation is the price that civilized communities pay for the opportunity to remain civilized.” – Albert Bushnell Hart

The previous quote gives up a lot, isn’t it? In short, any one’s financial wisdom is determined by the timely Filing of its ITR. The Filing of his ITR is not as complicated as it looks. In this blog we will discuss in detail about the ITR, its benefits, the required documents, about how you can make your ITR.

Income Tax Return – What is it?

An income tax return (ITR) is a form used to offer information about your income and tax on the income tax department. Fiscal responsibility is calculated based on your income. If the statement shows that excess tax has been paid for one year, it will be eligible to receive a tax remuneration from the Income Tax Department.

According to income tax laws, the ITR must be presented every year for you or your business income during that financial year. Income can be in the form of salary, business benefits, home ownership or dividends, capital gains, interests, etc. Income tax should be filed within a specific date. If you didn’t fill in tax within the given date then there is a penalty.

Is it Mandatory to File an Income Tax?

According to the tax laws of India, it is obliged to submit its income tax returns if your income is more than the basic exemption limit. A delay in offering your ITR not only attracts a late fee, but also hinders your chances of getting a loan or a visa.

Who qualifies to submit tax returns?

According to income tax law, income tax must only be paid by individuals or companies supported within certain income. Below are the entities that necessarily submit their ITRs in India:

- All individuals, to the age of 59, whose total revenue exceeds Rs 2.5 lakh. For the elderly (60-79 years), the limit increases Rs. 3 lakh and for the upper superiors (80 years and more) The limit is Rs. 5 lakhs.
- All registered companies, regardless of whether they have obtained any benefit or not until the year.
- Those who want to claim a compensation on the excess income tax that they paid.
- Individuals who have assets or entities of financial interest that have outside India.
- Foreign companies who are having treaty benefits in India transactions.
- NRIs who accumulate more than Rs. 2.5 lacs in India in a single financial year.

Documents require to file ITR:

Documents required for the filing of tax returns on Indian income It is important to have all relevant documents by hand before the start of its E-Filing procedure.

-Bank and Post Office Save Passbook, PPF Account Passbook
- Salary slip
- Aadhar Card
- Pan Card
- 16 TDS Form Certificate issued by your employer to pay salary details to you and derived TDS on it, if you provide a share certificates of banks and post office.
- Form 16A, as TDS is derived in addition to salaries payments, such as interest received from fixed deposits, repetitive deposits, etc. During the limits specified according to current tax legislation
- Form 16B of the buyer If you have a property, which derives the TDS in the amount you pay
- Form 16C of your tenant, after the details of TDS derived in the door you received rent provided, if applicable
- Form 26A – Your consolidated tax return. It has all the information about the tax deposited against your pan.
a) TDS distracted by your employer
b) TDS derived by banks
c) TDS derived by any other organized your payments
d) Advance tax deposited by your
e) Self-assessment tax paid by you
Tax savings Investment tests
Tests to claim deductions in terms of section 80D to 80U (Health Insurance Premium for self and family, interest on education loan)
Statement of mortgage loans from the bank

Why should you File your tax return?

Many people feel that filing tax returns are voluntary, so they reject it as unnecessary and heavy.

The Filing of tax returns is an annual activity observed as a moral and social duty of all responsible citizens of the country. It is the basis that the government determines the amount and media of spending citizens and provides a platform for evaluating the repayment, among other forms of relief from time to time. Filing of returns is a sign that you are responsible. Not only that, it also makes it easier for people and companies to celebrate in later transactions, as their income is registered by the tax department with appropriate tax, if applicable, pay.

Even if your income level does not qualify for the compulsory tax return, it can be a good idea to volunteer for the same. In most countries require registration of immovable property advances as proof of tax returns for the past three years. Filing tax returns makes it easier to record the transaction.

Advantages of submitting a tax return Fast processing:

- Recognizing the declaration of the income tax (ITR) is fast. More importantly, remuneration, if any, are processed faster than the proceeds offered on paper.
- Better precision: Electronic file software with built-in validations and electronic connectivity is smooth to reduce errors.
- Convenience: The electronic file installation is available 24/7 and can archive anytime, anywhere.
- Confidentiality: Your data is not accessible to anyone. Accessibility to the past data.
- Receipt test: Get a confirmation of the Filing, both at the time of the Filing) and then, by e-mail’s.
- Use of E- Banking: Direct deposit convenience for a direct refund and debt for tax payments. You now have the option to archive now, Pay later: Decide which day your tax payment bank account should debit.

About the Author
SKPN is a well reputed income tax consultant in Pune. We at SKPN are giving in-depth tax advisory, Tax Audit and Tax Planning services to our clients by breaking down the changes. Our expert’s explanation “AS DEVOTED ADVISORS” is as significant as consistently making us outstanding amongst other sanctioned bookkeeping firm in India. Regardless of whether are you thinking for a separating and revamping of your business or dealing with successive changes in charge controls, our expert team will like and regard you how to viciously confront/face and travel securely through those circumstances and give an (exceptionally near reality or genuine number) and profound (comprehension of huge things) to meet current business needs.