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  • Jul 29

ZERO COSTe-Filing of Your duty Return (SELF)

Filing your Income Tax Return( ITR) on the Income duty gate does not have to bedaunting.However, do not worry, If you find it complex. You can mileage expert backing to handle your duty form snappily, accessibly, and at no cost to you. With expert guidance, you will maximize your refund with ease. Explore our range of acclimatized packages then( (Click Here show packages) Top plan as per your budget

Which ITR Form Should You Use?

 Navigating through the colorful ITR forms can be confusing. To simplify the process, then is a breakdown

 ITR- 1( Sahaj) Suitable for individualities with a total income of over toRs. 50 lakh, encompassing income from hires, one house property, other sources( like interest), and agrarian income up toRs. 5,000.

 ITR- 2 Designed for individualities and HUFs without income from business or profession.

 ITR- 3 Intended for individualities and HUFs with income from business or profession.

 ITR- 4 ( Sugam) If your business qualifies for plausible income, this form is for you. It applies to individualities, HUFs, and enterprises( banning LLPs) with a total income of over toRs. 50 lakh, calculated under sections 44AD, 44ADA, or 44AE.

5 Simple way toe-File Your Income Tax Return on theE-filing Portal

1. Register on the Income duty gate. 
2. elect the applicable ITR form. 
3. Fill in your particular and income details. 
4. Review your return for delicacy. 
5. train your ITR hassle-free.

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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.