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Income Tax Return

A statement which a taxpayer presents to the income-tax department in a prescribed form every year is called Income Tax Return. It’s a collective statement of income and tax.

Need to file Income Tax Return
As per Income Tax Act 1961, It’s a responsibility of every citizen of India to file an Income Tax Return. Also, in the last few years, our government has made it mandatory for everyone.

Taxpayers who file a mandatory Income Tax Return

1- Any public, private, foreign, domestic company.

2- Any LLP and unlimited liability partnership.

3- Any person whose total income(gross) is more than the limit of exemption.

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Merits of filing Income Tax Return

1- To meet legal requirements every citizen of India (including NRIs) with a total income of over 2.5 lakhs, need to file an income tax return.

2- Easy loan approval.

3- Claiming tax refund..

4- Credit card processing.

5- Carry forward your losses.

6- Avoid penalty (upto 5000 Rs).

7- Quick visa application process.

8- Life becomes easy for professionals and freelancers.

9- To buy an insurance policy with a higher cover.

Demerits of a Non-Filing Income Tax Return

1- The assessing officer may use his power to waive of the penalty of Rs 5000 in case if you haven’t filed an income tax return.

2- Loss in interest on return.

3- Losses cannot be carried forward.

4- No claim on deductions under Chapter – VI-A.

5- Penalty for hiding income.

6- Best Judgement Assessment under section 144.

Steps Followed

1- Documentation Process

2- Income Computation

3- Tax Due Calculation

4- Tax Paid

4- Preparation of Return

4- Return Submission

Requisites for Income Tax Returns

1- PAN card copy.

2- Aadhaar card copy.

3- Bank Accounts details (including IFSC code).

4- Form 16 (if available).

5- Form 16 A (if available).

6- Passport Number.

7- Investments details.

8- Statement related to the home loan (if taken).

9- Salary slips.

10- Tax-saving proofs.

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