Yes, individuals can file their ITR themselves using online platforms. However it's highly recommended to get in touch with Tax experts to avoid errors.
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info@lawgicalstation.com
This act provides the framework for levying, collecting, and administering income tax in India. It specifies the rules and procedures for filing income tax returns by companies, individuals, businesses, and other entities.
An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information.
e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.
Streamline your e-filing process with a secure Digital Signature Certificate. This digital equivalent of your physical signature ensures authenticity and ease of ITR tax filing.
Choose the hassle-free option of e-filing without a Digital Signature Certificate. Generate an ITR-V form, print it, sign it, and send it to the Central Processing Centre (CPC), Bangalore within 30 days from e-filing. This option applies if Aadhaar details are not updated on the Income Tax site.
Simplify your e-filing experience by verifying your tax return through your Aadhaar number or bank account. This eliminates the need to submit the ITR-V form to CPC.
Ensure a smooth E filing of Income Tax Return process by having key documents readily available. These may include PAN, Aadhaar linked to PAN, bank account information, salary slips, rent receipts, Form 16, interest certificates, insurance and home loan details, investment information, and proof of additional income such as from property or capital gains.
Relax, you don't need to stress about the process. Simply upload your necessary documents, and our team will handle the rest. We are your reliable partners, committed to guiding you at every juncture.
Timely e-filing expedites verification, ensuring prompt refunds.
Stay clear of penalties by filing your taxes accurately and on time.
Avoid receiving a Defective Return Notice through accurate tax filing.
Say goodbye to the commotion of the last-minute tax filing rush.
Income Tax Return serves as a legal document, serving as proof in two ways: (a) Identity Proof: It can be used as identity proof, accepted by the government for various purposes, including obtaining an AADHAAR card. (b) Income Proof: The ITR form contains detailed information on incomes and expenses, serving as income proof for transactions like property purchases.
Filing an income tax return allows you to claim deductions, reducing the tax burden. These deductions can be availed through investments and can include TDS and rebates.
Income tax returns are essential when applying for loans. Banks and credit card companies require ITR as proof of income and financial stability before approving loans or issuing credit cards.
Filing ITR is necessary when planning to go abroad. Many countries require ITR as part of the documentation process for visa approval, as it showcases financial history and provides details to the embassy.
Failure to file Income Tax Returns, despite being eligible to pay taxes, can lead to penalties and punishments. The Income Tax Act 1961 allows for penalties of up to Rs 5000 and other serious consequences for non-compliance.
The Income-tax Act 1961 allows for the carrying forward of losses from one year to the next (under Sections 70 and 71). This provision enables taxpayers to offset losses against future income.
Yes, individuals can file their ITR themselves using online platforms. However it's highly recommended to get in touch with Tax experts to avoid errors.
Yes, you can file ITR without Form 16. You can use other documents like salary slips, bank statements, and investment proofs for accurate reporting.
You can opt for hassle free income tax e-filing online with our tax experts at Lawgical Station.
Income tax return filing is important to fulfil your legal obligation, avoid penalties, claim refunds, and provide a record of your financial transactions to the government.
The minimum income to file ITR in India varies depending on age and income sources, but generally, it's ₹2.5 lakhs for individuals below 60 years of age.
By entering your PAN and assessment year under the 'Refund/Demand Status' page, you can access the Income Tax Department's e-filing portal and track the status of your tax refund online.
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