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RETURN FOR SALARIED

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About

Income tax return is a statement containing details of all types or Sources of Income a person earns in a particular Financial Year. It also contains Tax liability/refundable/Nil  on the taxable income of the person after claiming all deductions. As income tax return is submitted to the income tax department so it is proof or acknowledgement that the person has disclosed all its income and taxes to the government.

Income Tax return refers to the form(s) used to file income tax with the IT Department. The form generally has a pre-determined format in which the figures of income are entered in order to calculate the amount of tax that is to be paid. Income tax returns are also found online and may be filed through the internet. You must file your returns by our experts.

Income tax returns must be mandatorily filed by all individuals who are recieving salary and other income more than tax exemption limit.

Due dates for filing IT return:

July 31: For individuals and firms who are not liable to audit.

Benefits

Filing income tax returns creates a financial background by creating a financial credibility of the assessee which in turn is very helpful for easy processing of loans from the banks.
Visa procurement for foreign travel needs proof of income tax returns.
Some losses such as Speculation Loss, Business Loss, Capital Loss, Loss from activity of owning & maintaining race horses can be carried forward only on filing the income tax returns before the due date.
In order to claim refund of any excess tax paid it is essential to first file the returns.
If there is an error while filing the original income tax return, the same can be rectified and the return can be revised only if the original return has been filed before the due date.
Income tax returns can serve as proof for Non ECR (Non Emigration Check Required) while applying for passport. The applicant needs to produce a copy of proof of assessment of income tax returns & actual payment of income tax for last one year or income tax statement that is stamped by the income tax authorities.
Timely filing of tax returns saves you penalty and interest..
In case of accidental death, during court trial insurance company needs proof of income to arrive at accidental claim. If any return is missing this could lower the claim amount because court takes ITR as the only evidence. The formula for claim is by multiplying the yearly income by the expected life of the deceased.
For obtaining government tenders, registration on panels, etc. income tax returns are checked by the tender scrutiny committee and five to seven ITRs are considered to see whether the applicant (contractor) has done the work of that much amount earlier or not. So to enlarge your business horizon and obtaining more tenders from the government or private bodies one need to file the regular returns every year.
Buying a high life cover of Rs. 50 lakhs or One crore are available only against your income tax returns which are needed to verify your annual income.
Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has come into existence wherein any foreign income or assets, which has not been included in your income tax returns, needs to be disclosed & tax has to be paid on the same.
In many cases income tax returns are also accepted as your proof of address.

Documents Required

Individual / Director

Copy of Aadhar card and PAN Card

Bank Statement from 1st April to 31st March for the concerned Year.

Form-16 (If Applicable)

Details of any other income earned during the concerned year.

For the Registered Office

Details of any property purchased or sold in the concerned year.

Details of the other important information like- Global chart of share transactions.

User ID & password for https://incometaxindiaefiling.gov.in site, if any

Package Includes

Basic

499

all inclusive fees

Form 16 ( Single/Multiple) (Up to Salary of 50 lakh)

Interest Income

Income Form Other Source

Agriculture Income

House Propertey Income

Gold

1499

all inclusive fees

Form 16 ( Single/Multiple) (Up to Salary of 50 lakh)

Interest Income

Income Form Other Source

Agriculture Income

House Propertey Income

Capital Gain Income

Share Transction Income

Chat With Expert

Dimond

1999

all inclusive fees

Form 16 ( Single/Multiple) (Up to Salary of 50 lakh)

Interest Income

Income Form Other Source

Agriculture Income

House Propertey Income

Capital Gain Income

Share Transction Income

Chat With Expert

NRI Income

Other Income from Business

15 min Consultation with CA

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Make a Package according to your specifications at a very reasonable price

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How long will it take?

MAXIMUM 2 WORKING DAYS

Frequently Asked Question

Income tax return is a statement containing details of all types or Sources of Income a person earns in a particular Financial Year. It also contains Tax liability/refundable/Nil on the taxable income of the person after claiming all deductions. As income tax return is submitted to the income tax department it is proof or acknowledgement that the person has disclosed all its income and taxes to the government.
Financial year (FY) in an income tax related to the previous year in which an assessee earns his income. Whereas Assessment Year (AY) is the period in which the assessable income is computed and the income tax return for the same is filled.For E.g. suppose the FY is 2014-15 which had passed, then the AY for the same will be 2015-16 in which the tax for previous FY is computed.
Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act, 1961 is required to file an Income Tax Return.
No documents are required to be attached with Income Tax Return.
Yes, a person must be a PAN Card holder in order to file an Income Tax Return.

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