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.
Valubiz offers the best service and helps you with the correct form to fill on the exact time.
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?
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
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.