Income Tax Return

Overview

Income tax is a direct tax imposed on the income of a person. It is taxed at slab rates. The income & tax is disclosed by the income tax return. It is charged differently for different individuals like individuals, partnership firm, company, etc

The primary sources of income as per income tax are:

1. Income from Salary

2. Income from House Property

3. Profits and Gains of Business or Profession

4. Capital Gains Income; and

5. Income from Other Sources

Benefits of Income Tax Return Filling

  • Bank while applying the Loans ask for ITR to aceess creditworthness of client.
  • Losses can not be carried forward (with some exceptions) unless you file your ITR in accordance with section 139(9) of Income Tax Act.
  • Visa authorities ask for copies of past tax returns, hence to apply for a visa a tax return would be required to be filed.
  • ITR required while buying a high life cover.
  • If you have a refund due from the Income Tax Department, you will have to file returns, without which you will have to forgo the refund.
  • ITR help to become eligible to apply for government tender.

Who are required to file Income Tax Return

  • In case of individuals, if gross total income exceeds maximum amount chargeable to tax.
  • In case of a company or a firm irrespective of whether there is any income or loss or NIL income during the financial year, it is mandatory to file income tax return.
  • E filing of Income Tax return is compulsory if you want to claim income tax refund.
  • If you want to carry forward loss under any head of income, it is mandatory to file IT Return.
  • Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to RNORs).
  • If you are a Resident and have signing authority in a foreign account.(Not applicable to RNORs)
  • You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  • If tax has been deducted from your income, then you must file income tax return to avoid notice from the income tax department as it has information about your income.
  • If you have entered into any transaction listed under the Annual information Return (AIR) then you must file your IT Return as the income already has notice about you being involved in such transactions and may send you a notice asking about your income tax return.
  • If you have been filing your income tax return during the previous years then it is advisable that you file income tax return for the current financial year also even though you may not be liable to just to avoid a notice from the income tax department.
  • If you are planning to take a loan or apply for a visa, a proof of return filing may be required from you.

Required Documents

  • Bank Statement
  • Pan Card & login details/email id & phone number
  • Form 16A in case of salaried employee.
  • Source of income under all heads
  • Interest Certificate

Process

How Vakil Salah help you to get GST registration?

Document Collection

We will collect the details & document required for ITR from you.

Calculate the tax Liability & sumbit the ITR

After collecting details, we will calculte your tax liabilit & sent you the challan. After you pay your tax liability & share the details vakil Salah sumbit the return.

Aknowledgement

Once the form is submitted a anknowledgement is sent to your id of the ITR filed.

FAQ's

1. How PAN is formed?

All PAN numbers are a combination of ten alpha-numeric characters. The first three characters represent a series starting from AAA to ZZZ. The fourth character represents the status of the PAN holder. C stands for Company, P for Person, H for HUF (Hindu Undivided Family), F for Firm, A for Association of Persons (AOP), T for AOP (Trust), B for Body of Individuals (BOI), L for Local Authority, J for Artificial Juridical Person and G for Government. The fifth character is either the surname (in case of a person) or the name of the entity (in all other cases). The sixth to ninth characters are sequential numbers running from 0001 to 9999

2. Consequences if return not filed?

Panelty upto Rs. 50000/ in case of delay or non filling of return.

3.IN how much time your return is filed?

After sharing the details maximum 8 working housrs it will take to file a return.