An income tax (IT) return is the tax form or forms used to file income tax with the Income Tax Department. The tax return is usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves.
The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources.
Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date.
If the return shows excess tax has been paid during a given year, the assesses is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.
The income tax department has released the ITR filing software utility for all seven ITR forms for the FY 2018-19 (AY 2019-20). Out of these only ITR-1 and ITR-4, can be filed completely online without having to download any software utility in Excel or Java format.
Using completely online method, a person can fill the income tax return (ITR) form online by entering the relevant information and finally submit it online as well.
This step by step guide will help you do the same.
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach Is any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc. As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB,80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.
Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to www.incometaxindiaefiling.gov.in for e-filing the return of income.
No, on the contrary by not filing your return in spite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.
I am very pleased with the project you have done, and especially your commitment to providing a quality solution when it meant going the extra mile to do so.
WE WORKED WITH THELEGALBANK TO REGISTERED OUR COMPANY Protocloud Technologies PVT. LTD. THE COMPANY IMPRESSED US WITH THEIR SERVICES.
WE WORKED WITH THELEGALBANK TO REGISTERED OUR COMPANY PIXYRS SOFTECH & RESEARCH PRIVATE LIMITED THE COMPANY IMPRESSED US WITH THEIR SERVICES.
B-4/193, Chitrakoot Scheme, Vaishali Nagar, Jaipur, Rajasthan-302021
+91-141-4910100 , +91-9119112929