What is Income Tax Return filing
Return on Income Simply filing Income Tax means paying a tax on gross income to the central government, which is determined by the government based on income. Individuals, NRIs, Partnership Firms, LLPs, corporations, and trusts must all file their income tax returns. Everyone is required to file an income tax return each year. Individuals and NRIs must file an Income Tax Return if their annual gross income exceeds Rs: 5 lakhs. Regardless of the amount of income or loss, sole proprietorships, partnerships, and limited liability companies must file an income tax return. Regardless of size, all corporations and LLPs are required to file an income tax return.
Who is required to file an income tax return in Faridabad?
- If you are an Indian citizen or a non-resident Indian and your total annual income in any one fiscal year exceeds Rs 2,50,000, you must file ITR. If you earn more than the tax exemption limit from your activity, enterprise, or profession, you must file an ITR.
- If your total income in any given fiscal year is solely from agriculture and allied work, you are exempt from filing ITR. Even if your total annual income is less than Rs 2.5 lakh, you are not required to file an ITR. Everyone should file an ITR, but everyone should not file an ITR. Even if your total annual income from your job or business is less than Rs 2.5 lakh, you can file an ITR. You may not pay any taxes if you provide solid proof of your income.
Advantages of Filing an Income Tax Return
- Bank Loan: If you apply for a loan at a bank, the bank will ask you for your ITR. If you do not have an ITR, banks will require you to provide other proof of income. If you file your ITR on a regular basis, you will find it easier to obtain bank loans. You can easily obtain services other than loans from any financial institution with the help of ITR.
- Obtaining a Visa to Travel Abroad: Many countries require ITR for 3-5 years from the applicant before issuing a visa. In fact, they use ITR to determine the financial situation of the person who wishes to visit their country.
- Helpful in obtaining business opportunities: If you are an entrepreneur, product manufacturer, or businessman and want to sell your product to a government company, you must file an ITR. In general, government departments or companies only accept products from businessmen who have filed ITR for at least the last two to three years. In fact, ITR can assist you in obtaining business opportunities.
- Refund for Deducting Excess Tax: Keep in mind that you must file an ITR to receive a refund. If you do not file an income tax return, the Income Tax Department may conduct an investigation into your earnings. If the CBDT / tax department discovers that you did not file the return despite having taxable income, you may be fined.
Documents Required for Income Tax Return (ITR) Filing
ITR Filing Documents for Salaried Employees
If you are an employee, you must have the following documents:
- PAN card
- Form 16 provided by your employer
- Salary slip (each month)
If you own a business, you should:
- Report on Trading
- Account information for a business
- If applicable, a profit and loss statement
Aside from that, you may submit:
- Proofs of investment
- Asset purchase and sale agreements
- Banks provide TDS
- Statement of Interest Income
- Donation receipts, mutual fund receipts, and other forms of investment receipts
How Can SRV Associates Assist You With ITR Filing?
Filing your own income tax returns will be a time-consuming task. However, if you use to file your income tax returns, you can complete the entire process in just three steps. We have an expert team that can assist you around the clock and file your income tax returns on time.