What is Income Tax Return (ITR)
An income tax return (ITR) is a form that is filed with the Department of Income Tax and contains details on a person’s income and taxes for the year, such as salary income, business and professional profit and loss, property income, and more.
File your ITR with Consult Value
In India, you can conveniently file income tax returns (ITRs) online while be at home. In India, we provide a 100% ITR filing service. It is essential to file taxes by the deadline. For business or individual ITRs, get in touch with us. All taxpayers, whether they are individuals, corporations, or limited liability partnerships, must file their ITRs annually. Depending on the type of taxpayer, the income is taxed accordingly. We have created packages for preparing income tax returns that are easy to grasp.
Tax Filing Plans By Consult Value
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Who Needs to File ITR?
It’s easy to understand the basic idea of an income tax return, but the actual question is: Who is required to file one?
Below-mentioned are the individuals who are required to file ITR –
- If an individual’s income exceeds the amount that the Income Tax Department has prescribed, which is Rs 2,50,000.
- All corporate entities are required to file an ITR.
- A person with taxable income, such as 10–12 lakh
However, if someone doesn’t file their income tax return, they can receive a notice and, if they don’t do anything about it, they might face legal action. Furthermore, a significant TDS deduction could be the consequence of not filing an ITR.
On the other hand, if an individual or corporate entity is filing ITR on time, they can avail several benefits.
What Are the Benefits of ITR Filing?
- Easy access to loans, be it applying for a car loan or a house loan, ITR can serve as an income statement.
- ITR filing can help you keep the statement of your income, which can allow you to avail the benefits of government schemes.
- Serves as an prove of income statement.
- Provides high TDS return.
Documents Required For Income Tax Return Filing
- Employer certificate
- Tax proof
- PAN card
- Balance sheet, if applicable
- ATC and other deductions
- Annual Income Statement
Important Information on Income Tax Return (ITR)
Step 1: First Pay Tax Then File Return
Filing of income tax return is a self-assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash.
Step 2: Late Return Filing
If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.
Step 3: Penalty For Not Filing The ITR
Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or reduced.
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