Income Tax Return Filing
Filing Income Tax Returns(ITR) is no more a tough task! It is easier than ever!
What is Income Tax Return Filing?
The money received by individuals and companies is subject to tax. The tax paid on a person’s The tax paid on a person’s income is income tax paid and collected by the Central Government. Such income tax is due in the same financial year in which it is paid in the form of an advance tax. However, the intimation and calculation of revenue as well as the tax obligation are accounted for in the Year of Assessment. This type of data is called the Income Tax Return. The form and time period for filing an ITR are different for different taxpayers on the basis of requirements.
Income Tax Return Forms have recently been updated to simplify user experience. However, it is obvious from these revised or revised schedules that taxpayers are responsible for proving the claims of costs, allowances and deductions. Therefore, online processing of income tax returns includes the help of experienced experts to ensure the proper filing of your return.
Documents Required For GST Registration
File ITR easier than ever!
Types of ITR Forms
Form for ITR filing are different based on type of income and business structure
Frequently Asked Questions (FAQs)
So if your gross total income is below the threshold limit of ₹2.5 lakh (individuals below 60 years), ₹3 lakh (60-79 years) or ₹5 lakh (more than 80 years of age), but you meet any of the new criteria, you will have to file ITR.
For non filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.
Yes, it is compulsory to file income tax returns (ITRs). People whose gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakh in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) and Rs 5 lakh for super senior citizens (aged above 80).
However, even if an individual doesn’t have taxable income, he/she may still have to file ITR in case the individual had received any income during the FY, on which tax was deducted at source (TDS). Not only to claim the TDS amount back as income tax refund, but filing ITR is also necessary in such cases.
Individuals aged below 60 years with an annual gross income not more than Rs 2.5 lakh are exempted from filing ITR. The exemption limit for individuals above 60 years and below 80 years is Rs 3 lakh and Rs 5 lakh for those above 80 years.
About 20-45 days
Generally, the credit of refund process takes about 20-45 days from the date of e-verification of the income tax return. However, if the acknowledgement has been sent physically to the CPC, it may take a longer time.
You are required to sign in on the income tax e-filing website and raise the request for the same under the ‘My Account’ tab in the ‘service request’ option. Once you have filed your ITR and verified it, regularly check the status of your return if you have made a refund claim in the return.