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  • Jul 29

ZERO COST To e-File Your Return (SELF)

If it is more camplicated to file ITR on Income tax portal .you can get expert advise to do tax filing for you. it is personal, convenient & fast with maximum refund calculated for you. Buy a Package suitable for you Click here https://taxring.com/service/top-plans

Which ITR Form should you fill?

The official website of the Income Tax Department lists several forms that taxpayers may be required to fill up based on their income. While some of these forms are easy to fill, others require additional disclosures such as your profit and loss statements. To help you better understand the forms available, here's a quick guide:

ITR-1: Sahaj or ITR- 1 is to be filed individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.

ITR-2: This form should be filed by Individuals and HUFs not having income from profits and gains of business or profession.

ITR-3:This form is for individuals and HUFs having income from profits and gains of business or profession

ITR-4 : (Sugam): If your business attracts presumptive income for you, then you need to fill this form. This form is to be filed by Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

5 Easy Steps to e-file your Income Tax Return on  Efiling Portal?

  •  Register yourself on Income tax portal
  •  Choose ITR form applicable for you
  •  Fill the Personal & Income details
  •  Review your return
  •  File ITR
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Frequently Ask Questions (FAQ's)

A: Tax is levied on your income once it surpasses a certain level. To pay the taxes, you have to file an Income Tax Return. ITR is a form wherein you enter details regarding the income you have earned in the past financial year.
A: An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department. Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.
A: 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.
A: It is important to have all the relevant documents handy before you start your e-filing process. Bank and post office savings account passbook, PPF account passbook Salary slips Aadhar Card, PAN card Form-16- TDS certificate issued to you by your employer to provide details of the salary paid to you and TDS deducted on it, if any Interest certificates from banks and post office Form-16A, if TDS is deducted on payments other than salaries such as interest received from fixed deposits, recurring deposits etc. over the specified limits as per the current tax laws Form-16B from the buyer if you have sold a property, showing the TDS deducted on the amount paid to you Form-16C from your tenant, for providing the details of TDS deducted on the rent received by you, if any Form 26AS - your consolidated annual tax statement. It has all the information about the taxes deposited against your PAN a) TDS deducted by your employer b) TDS deducted by banks c) TDS deducted by any other organisations from payments made to you d) Advance taxes deposited by you e) Self-assessment taxes paid by you Tax saving investment proofs Proofs to claim deductions under section 80D to 80U (health insurance premium for self and family, interest on education loan) Home loan statement from bank
A: Form 26As is a vital document showing the portion of tax deducted at source on payments/investments made by individuals, employees and freelancers. This enables the taxpayers to claim refunds for any additional tax or overdue tax payments made.
A: If you do not file an Income tax return, you cannot carry forward or set off your losses. Filing of the Income-tax return not only helps you but also helps the nation. The tax that you pay is used by the government to build infrastructure and to improve other facilities of the nation such as medical, defence, etc.
A: It is mandatory to file an income tax return if your annual income is higher than Rs. 2.5 lakh per annum.
A: If an individual forgets to file their ITRs, it can invite a penalty of up to ₹10,000. Besides this, a delay or pause in the filing of income tax returns also makes you liable to pay interest on the taxable amount you owe the government.
A: It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those above 80 years of age who do not have any income from regular business or professional income.
A: It is a misconception that if the income is less than the taxable amount, one should not file an ITR. One must file an ITR even if the payment is below the taxable income slab. It helps for security purposes and is also essential for other legal procedures. An ITR stands for Income Tax Return.