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Introduction on Income Tax
Income Tax is a direct tax that a government levies on income of the citizens. The income tax act 1961, mandates that the central government collect this tax. The Government can change the income slab and tax rate every year in the union budget.
Income does not mean money earned in the form of salary. It also include income from house property, profits from business, gain from profession, capital gain, income from other sources. The government also often provides certain leeway such that various deductions are made from an individual's income before the tax to be levied is calculated.
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What is Income Tax Return (ITR)
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Income Tax E-filing Due Date (ITR Return)
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Documents Required for Income Tax eFiling
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Type of Income Tax Return Form
What is Income Tax Return
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Income Tax Returns (ITR) forms are the basis of calculating a person's income tax. It is a statement showing the status of a person, all their sources of revenue, deductions and, lastly, the tax payable or tax refund, if any.
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With Bhadauria group , taxpayers can quickly, easily and securely file their returns, have access to their tax return information also know how to file income tax return, and make sure their taxes are accurate, up-to-date and in compliance with the laws. With ITR Online, you can make sure you're maximizing your deductions and getting the most out of your tax return.
Income Tax E-filing Due Date (ITR Return)
The due date for income tax return filing is an important date for taxpayers to keep in mind. As the deadline for filing taxes for the year approaches, taxpayers should make sure to take note of the due date for income tax e-filing in order to ensure that their taxes are filed on time.
The due date for filling income tax return is July 31 every financial year. With the proper planning and preparation, it is possible to successfully file taxes before the deadline.
Documents required for ITR
PAN Card Number
Bank Account details
Form 16
Fixed deposit statements
Rent receipts for claiming house rent allowance
Proof of investment
Proof of home loan interest, if any
Share transaction statement, if any
Proof of home loan interest, if any
Medical expenses receipts, if any
Fixed deposit statements
Form 26AS
Procedure of Filing ITR
Creation of ID with income Tax porral
Account creation with valid Certificate
Fill the different form of Income Tax
Submit the application with the Income Tax department
Upload the necessary documents
Medical expenses receipts, if any
Type of Income Tax Return Form
There are multiple Income Tax Returns form available to tax payer as per income received in previous year.
ITR 1 - ITR 1 form is for resident individuals who have total income upto Rs. 50 lakh.
ITR 2 - ITR 2 form is for individuals and HUFs not having income from profits and gains of business or profession.
ITR 3 - ITR 3 Form is for individuals and HUFs having income from profits and gains of business or profession.
ITR 4 - ITR 4 Form is for presumptive income from business and profession.
ITR 5 - ITR 5 Form is for persons other than individual HUF company i.e. Firms, association of person
ITR 6 - The ITR 6 Form is for companies other than companies claiming exemption under Section 11
ITR 7 - ITR 7 Form for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.
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