Income Tax Return

An Income Tax Return (ITR) is a form filed with the tax authorities by individuals or entities to report their income, deductions, and taxes paid to the government.

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Process to file Income tax Return

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Online Filing on Income Tax Portal

Verification and Submission

What is Income Tax Return Filing?

Individuals and businesses are liable to pay taxes on their income. Income tax, levied and collected by the Central Government, is imposed on the income earned by individuals. This tax obligation must be fulfilled within the same financial year in which the income is accrued, often in the form of advance tax payments. However, the assessment of income and calculation of tax liability occur in the Assessment Year. This process is facilitated through the submission of an Income Tax Return, which details the taxpayer’s income, deductions, and tax liability. The filing requirements, including the form and deadline, vary for different taxpayers based on specific criteria.c Recent modifications to Income Tax Return forms aim to simplify the user experience. However, these changes highlight the taxpayer’s responsibility to substantiate claims for expenses, exemptions, and deductions accurately. Given the complexity of tax laws and regulations, seeking assistance from experienced professionals is advisable to ensure the correct filing of your return.

Who Should File an Income Tax Return?

  • Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U
  • Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT return
  • Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
  • Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
  • Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
  • Individuals and businesses seeking tax refunds
  • NRIs and tech professionals .

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Documents Required for Income Tax Return Filing

  • PAN Card
  • Entities PAN Card
  • Aadhar Card
  • Cancelled Cheque
  • Bank Account Statement
  • Financial Statements
  • Investment/ expenses u/s 80
  • Form 16

12A / 80G Benefits

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.

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Frequently Asked Questions

How to Claim Income Tax Refund?
Filing a complete income tax return by the deadline is the simplest approach to obtain your tax refund. You can check the total advance tax payments made on Form 26AS as you file your return.
How to Check Income Tax e-filing Status?
For users who have filed ITR via our platform, you may now check your efiling of income tax return status online in the website or you can also get in touch with our experts to help you out.
How Many Times We Can File Itr in a Year?
You may submit a revised return as many times as you like. To file an ITR return you must include information about your initial ITR with each updated return you file.
My company deducts TDS, should I still file my tax return?
Of course, technically there is a difference between filing income tax returns and detecting TDS. In this case, when you file a tax return it becomes a proof of payment of all taxes due. The income tax return documents will also be an added benefit when you apply for a loan. Also, if there are any excess taxes deducted the same will be refunded to your bank account
If I had paid extra tax how would it be refunded to me?
The government has provided options to refund your excess tax amount when you file your IT return. This will be credited directly to the specific bank account through an ECS. Make sure to file the bank details with utmost care.