Income Tax Filling

Income Tax Filling

E-filing Income Tax Returns in India

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

Income tax is a tax imposed by the Central Government on income of a person.

Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty.

The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

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    IT Tax Refunds & Taxpayers Responsibility

    A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.

    Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.

    Why File IT Returns?

    Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.

    Visa: As Immigration centres scrutinize many documents and IT returns proofs is 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.

    How to file your income tax return online?

    To file your IT returns, gather all documents like bank statements, last year’s return and Form 16

    • Register at the website using the PAN number. It becomes your ID.
    • View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
    • Download the ITR Form that is applicable to you. If you do not know the right form, consult Valubiz.
    • Complete the entire form by filling in the required details and then submit it.
    • Click the Calculate Tax button, to know your payable amount.
      If applicable, pay the required tax.
    • Enter the challan details on the tax return section of the form.

    Income Tax Return Acknowledgment

    1.svg

    Name

    2

    Address

    3

    Status

    4

    PAN CARD

    5

    Bank Statement

    6

    Deductions

    7

    Tax paid

    8

    Verification

    How does income tax return filing online work for you?

    This form contains the information of the income tax paid by an assessee, filing of which helps in easy acquiring of loans, visa application and also helps avoid penalties.

    • Information Collection
    • Return Preparation
    • Return Filing
    Our agents will set up a seamless process for data collection.
    Your return will be prepared as required.
    Before you know it, your return will be ready for filing.

    FAQs on Income Tax Return

    My company deducts TDS. Do I still have to file my tax return?
    Yes, you need to file. There is a difference between filing income tax return and deducting TDS. You file a tax return as a proof of the payment of all the taxes due. The IT return would also help you while applying for a visa or a loan.
    How do I pay tax to the government?
    You can make the payment directly to the Government on the official website of the IT Department. You may pay through net banking, along with Challan 280.
    Can I file income tax returns for years I missed?
    Yes. You can file delayed IT returns for all the years lapsed so far.
    If I have paid excess tax, how will it be refunded to me?
    You can claim for refund of your excess tax amount while filing your IT Return. Your refund will be credited into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form.