Income Tax Return

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ITR RETURN FILING FORM

Income Details

Note : This is just a simple Income Tax Filing form and it is not associated with the Original ITR Form.

What is ITR filing?

ITR filing is the process by which taxpayer has to file a report of his total income earned on financial year. Through Income Tax Department official portal individual can complete their filing of returns. It has notified with seven various forms – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Procedure of Filing IT Returns

 

Allows carry forward of losses

 

Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.

 

Define financial worth

 

The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.

 

Loan Processing and high risk cover

 
The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.
 

Claim refund of TDS paid from salary

 

Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.

  1. Entities PAN Card
  2. Aadhar Card
  3. Cancelled Cheque
  4. Bank Account Statement
  5. Financial Statements
  6. Investment/ expenses u/s 80
  7. Form 16
 

Day 1 – Collection

 
  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
 

Day 2 – Execution

 
  • Computation of payable Income Tax
 

Day 3 – Submission and Acknowledgement

 
  • Online filing of income tax return
  • Sharing ITR Acknowledgment
 
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