Income Tax Return Filing

1. Income Tax Return Filing Income Tax Return or ITR is a form used to report the gross taxable income, claim tax deductions, and declare the total tax liability. Individuals who earn a certain amount of money should file IT Returns. Firms or organisations, Hindu undivided families(HUF), business people or salaried individuals must file ITR to the Income Tax Department of India. ITR filing is defined as a process by which an individual has to file a report of his total income earned in this financial year. ITR can be filed through the official portal of the Income Tax Department of India. There are seven various forms of ITR: ITR 1, ITR 2, ITR 3, ITR 4, ITR 4, ITR 5, ITR 6 and ITR 7. Why is it necessary to file ITR? Individuals need to file Income Tax Return if they come under the following categories: ● If it is a company or firm, irrespective of the profit and loss, they have to file ITR. ● People who fall within the respective tax slabs. ● If a tax refund needs to be claimed, ITR should be filed. ● If the individual is a resident of India and has a financial asset outside the country is eligible to file ITR. ● By being a resident of India, one who owns a foreign account should file ITR. ● If a person is applying for a visa or loan, he should file ITR. ● Suppose the person derives income from property under a charitable institution, religious place, political party, news agency, non-profitable education institution, hospital, trade union, etc. In that case, he is entitled to file ITR.

2. ● An NRI who derives their income from any of the sources in India is entitled to pay tax to India and should file the income tax return. ● If a tax refund is to be claimed, he should file ITR. In the following cases, e-filing is required: 1. The gross total annual income exceeds Rs 5 lakhs. 2. If a refund is required in a case 3. ITR 3,4,5,6,7 The taxpayer's income will be different from the type of work they are doing. Hence the form submitted will also be other for ITR filing. Various forms are available depending upon the different incomes. ITR 1, ITR 2, ITR 3, ITR 4, ITR 4, ITR 5, ITR 6, and ITR 7 are the forms available for ITR filing. To know more about these, you can check out the official website of the income tax department. Some documents are required before filing ITR: ● Bank statements ● Pan card ● TDS Certificate ● Salary payslips ● Proof of tax-saving investments ● Interest certificates ● Form 26As ● Form 16A, 16B, 16C If you fail to pay the income tax return on time, huge penalties will be charged to you as a taxpayer. You will receive a fine between Rs 1000 and Rs 10000, depending upon when you are filing ITR after the due date. It will also result in a delay in the refund if you are entitled to one, along with a 1% interest on the pending amount. You will also face other consequences apart from penalties if you delay the ITR filing. Your income tax return status can be verified on

3. the official website of the income tax department using your permanent account number and password. Every earning member of society must pay taxes. If they don't pay tax and file ITR, the tax department will send a notice. The IT department records the financial activities and transactions in the financial year of the people who are identified as non-filers. If found any malpractice, a notice will be sent to the desired person and will also receive a notification to review the documents from the IT department. It is essential to know every detail of the ITR filing. Finprov provides an online course regarding income tax where you will learn the art of deductions, exemptions, provisions and penalties in the income tax. Under this course, you can find the following topics: ● Basics and significant income heads ● TDS & TCS basics, due dates, penalty ● TDS & TCS practical training ● Depreciation under the income tax act ● Tax frames, new and old tax frames ● Maintenance of books of accounts & documents In this course, you will learn about income tax and direct. It is an online course that you can discover within the comfort of your home under the guidance of industry experts. The course fee is around Rs 799.