Income Tax Return
Income Tax Return Filing in India
The Income Tax Return in India is a form that is submitted to the Income Tax Department by an individual or a company for income that is earned from various sources. The ITR form can be filed on electronically in India. Income Tax Return, ITR filing, Income Tax Filing Online: Comprehensive income tax services in India by chartered accountants. Income Tax Return Filing Online in India is a must for every Indian citizen or resident. Yourdoorstep will provide you all the information about How to file income tax return form in india and get your Income Tax Return Filing Online in India with minimum documents ✓ Form 16 ✓ PAN number ✓ Aadhaar number ✓ TDS Detail. The government has made the process of filing for taxes very easy in india.
How to File Income Tax Return Online in India ?
Income Tax in India is levied on income. Not every receipt is taxable under Income Tax. For example, if we sell a house for Rs 3 lakh, then income tax will not be levied on the receipt of this Rs 3 lakh, but income tax will be levied on the capital gain from selling the house. Similarly, the taxable income from a house property will be taxable. Similarly, the receipts received by the employees under the head Salary are not taxable, will calculate taxable income from the head salary and only such income is chargeable to tax. From the amount that a doctor receives from the patients, we deduct the approved expenditure and the taxable income which is taken out has to be paid income tax.
About Income Tax Return
ITR means a legal document, in which a citizen gives complete details of his income to the government. From what sources, he earned money, how much he invested, how much he saved and how much tax he paid. Income Tax Return (ITR) is the process of filing tax returns to the Income Tax Department at the end of a financial year. Tax returform is a form used by the taxpayer for filing Income Tax Return.
Types of Income:
- Salary, bonus, commission, or remuneration
- Capital Gains
- House Property (Rent Income)
- Other sources like Interest, Dividend, etc
- Gain or Profit from Business / Profession
- Firm Net Profit
- Partner Remuneration
- Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever.
- Foreign Income
- Pension or Family Pension.
- Rental income from letting of plant, machinery, or furniture with buildings.
There are three types of income. Active Income, Passive Income and Portfolio Income.
Active Income: It is that income which we have to be directly active and present to get that income that means as long as you work, you will get money, when you stop working, your income will also stop; Salaries, Commission, bonus, services are active income.
Passive Income: It is the opposite of active income, means any work that once you start, will always give you income even without your presence, this type of income is called passive income. Business, Royalties, Rental, Affiliate Marketing, multi level marketing are Passive income.
Portfolio Income: When it comes to portfolio income, your money works for you if you keep your money in the house or keep it in a savings account or any such a location wherein there is little or no opportunity of growing that money, then with the aid of taking that cash out of there, placed that money within the inventory marketplace, mutual fund, government bond where your money grows, it is called portfolio income.
Who should fill Income Tax Return in India?
If you are a citizen of India or a non-resident Indian and your total annual income in any one financial year is more than Rs 2,50,000, then it is necessary for you to file ITR. In case you earn extra than the tax exemption restriction out of your activity, commercial enterprise or profession, then it’s far necessary so as to record ITR.
If your total income in any one financial year is only from agriculture and allied work, then you do not need to file ITR. You are not required to file ITR even if your total annual income is less than Rs 2.5 lakh. Everyone should file ITR but the truth is that everyone should not file ITR. ITR can be filed even if the total annual income from job or business is less than Rs 2.5 lakh. You may not pay any tax but submit a solid proof of your income.
Document Required for Income Tax Return
It is necessary to keep these while filing ITR. Let us know such important documents, which are required to file ITR.
PAN Number: Permanent Account Number or PAN card is issued by the Income Tax Department. In this, your basic details like your name, your father’s name, date of birth and PAN number. PAN card is mandatory for filing Income Tax Return.
Aadhaar Card: Aadhar card is a unique identification document issued by the Government of India. This document contains your name, date of birth, home address and a 12-digit number called Aadhaar number. Aadhaar card details are required for the Income Tax Return File.
Form 16: Form 16, also known as TDS certificate, is a document provided by the employer to the employee. This includes all the details related to the employee’s salary breakup and the TDS deducted from it. It is an important document for salaried employees while filing income tax return. Form 16 also contains the TAN and PAN number of the employer.
Form 26AS: This is an auto-generated annual tax statement. It contains the details of tax deducted on income for your PAN of the relevant financial year.
Salary Slip: Salary slip is a document on which taxpayers can find their basic salary, TDS amount, deduction, dearness allowance, rent allowance, travel allowance etc., which are important for filing Income Tax Return.
Interest Certificate From Bank And Post Office: Interest earned from a savings bank account, post office savings account, fixed deposit or recurring deposit is taxable. Therefore, take an interest certificate from the bank or post office to know how much interest amount you have earned, if TDS has been deducted from the salary.
Tax Saving Proof: Proof such as receipt, certificate or account statement has to be kept to claim deduction for expenses or investments. Also keep documents related to investment and sale of mutual funds, shares and other securities.
For Business Person– if your business under GST or you have GST Registration, then provide GST returns detail.
Loan Documents– In case of a home loan, keep a certificate of interest issued by a financing bank or company.
Process / Steps to Complete Your ITR in India
Income Tax Return Process can be done in three ways:
- Offline – Utility Process
Download applicable ITR form in Java or Excel format and fill offline. Generate and upload the JSON file by logging in to the e-filing portal.
- Online Process
Prepare and submit the online return by logging on to the e-filing portal through tax filing software. Go to Income Tax Department Website and Click On ‘Register Yourself’.
- Select The User Type: ‘Individual’ from the list. Click on ‘Continue’.
Apart from individual, only Hindu Undivided Families (HUFs), individual/other than HUF, external agency, chartered accountants, tax deductors and collectors and third party software utility developers can register themselves on the e-filing website.
- Enter Your Required Details:
PAN, Surname, Middle Name, First Name, Date of Birth (mentioned on PAN), and Residential Status and then click on ‘Submit’.
Fill other details like password, mobile number, landline number, email id and address. Make sure you have filled this information correctly. The Income Tax Department will use your contact details to send you SMS/mail etc.
After filling all required details in the registration form, click on ‘Continue’.
Verify your registration to complete the process. One Time Password will be sent to your mobile number and a verification link will be sent to your email address. Enter the OTP which you have received and click on the link to register yourself successfully on the e-filing website.
- How to Login To Income Tax E-Filing Website?
After your successfully registration, now you can login to your account on the Income Tax website. Your PAN will be your User ID to login. You need to enter your password and captcha to log-in to your account.
- How to file Income Tax Return Online?
– Visit the Income Tax Department’s portal incometaxindiaefiling.gov.in.
– Select the option to file Income Tax Return.
– After selecting the assessment year, you will be redirected to a new page. Select the assessment year from the dropdown menu, and then choose your assessment year, along with ITR Form No. 1, and the filing type : Original or Revised Return.
– After that under submission mode, click on ‘prepare and submit online’.
– Next, select the already valid bank account. This is the bank account where you will get an Income Tax Refund if you are eligible.
Benefits of Filing Income Tax Returns
Easy Loan From Bank: If you apply for a loan in the bank, then banks ask you for ITR. If you do not have ITR, then banks ask you to provide some other proof of income. If you file ITR regularly, then you can get loans easily from the bank. With the help of ITR, you can easily get other services apart from loans from any financial institution.
Getting Visa To Go Abroad: For issuing visas in many countries, the administrative authorities ask for ITR for 3-5 years from the applicant. In fact, they check through ITR that the person, who wants to go to their country, how is his financial condition.
Helpful in getting your business opportunities: If you are an entrepreneur, a product manufacturer or a businessman and want to sell your product to a government company, then it is necessary for you to file ITR. Generally, government departments or companies take products from only those businessmen who have been filing ITR for at least the last two-three years. In fact, ITR can prove to be helpful in getting you business opportunities.
Refund on Deducting Excess Tax: Keep in mind that you need to file ITR to get refund. If you do not file Income Tax Return, then the Income Tax Department can investigate about your income. If the CBDT / tax department finds that you have not filed the return even after having taxable income, then you can be fined.
You will be saved from fine. What to do if you get the Income Tax Notice? If your file returned on time, you will avoid the penalty; you should always file the income tax return within the stipulated time frame. With this you will also be able to claim refund. If you file ITR late, you will not get interest on refunds.
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