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Key Features For Our ITR FIling Services
Indian citizens should file income taxes with the government with great responsibility. You may
quickly file your income tax online thanks to modern technologies. There are no time restrictions
and this technique is quick and precise.
ITR forms must be submitted in order to file an income tax return in India via the official website.
ITR forms are different for those who are self-employed and those who are employed. Given that the
income tax division has a variety of forms with designations ranging from ITR 1 to ITR 7, this is a
crucial responsibility. Each form has a distinct purpose and fits into a specific category.
Your income tax will not be filed on time even if you only forget to fill out one field on the form
or make any other mistakes. Here is where you require professional advice. Vakilsearch regularly
files income tax returns for both people and organizations. Consequently, you may rely on us to file
your income tax return online. You must give us the following documents in order to do it.
Advantages of ITR FIling Services are:
Table Of Contents
Know Everything About ITR Filling
Company Registration Process
Documents Required for ITR Return File
If you are an employee:
- PAN card
- Form 16 provided by your employer
- Salary slip (**Very essential for e filing of ITR)
If you are a business owner:
- Trading report
- Business account details
- Profit and loss statement if any
Apart from this, you can submit:
- Investment proofs
- Asset purchase/sale documents
- TDS certificates provided by banks
- Interest income statement
- Receipts regarding donations mutual funds and other forms of investments.
Checklist for Income Tax Return Filing (ITR return)
For Filing income tax return, Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns online.
Let us make it clear: Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs should file ITR.
Who Should File an Income Tax Return?
According to the Income Tax Department, the following entities are required to file yearly IT returns:
- Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U
- Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT return
- Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
- Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
- Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
- Individuals and businesses seeking tax refunds
- NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets.
Benefits of E-Filing of Income Tax Return
The advantages of ITR Filing are:
Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.
Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.
Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
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