Income Tax Return

ITR is a Tax Return From, in which Taxpayers can use this form to report information about their income and tax, payable. Every taxpayer must file ITR within the applicable due dates.

Who should file the ITR

Here are the next The ITR must be filed by all persons:

1. The gross income per year is higher than the basic exemption, i.e. Rs. 2,50,000
2. A person can have more than one source for income such as house or rental property, capital gains etc.
3. One can request a refund for income tax
4. If one has been able to earn from foreign assets or has invested in them.
5. To apply for a loan, visa, or credit card.
6. If The taxpayer is a company (or a firm), regardless of profit and loss.

Filing Returns are a sign that you are responsible. The government mandates that individuals Tax returns must be filed by those who earn a certain amount of income each year within the time limit. pre-determined due date. This is the ITR Filing Procedure.

What is Income Tax Return?

Income Tax (ITR) returns are income tax forms you must fill out and send to It can be sent electronically to the Income tax Department. It is required to fill in the following details: The details of your income (taxes) which you may have paid. People who might have taken your tax. It is possible to find income tax return forms here various formats viz ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 etc. Each format represents a distinct class. For tax payers who pay income. You need not worry of the tax category you fall under since TaxWala handles it You will receive it automatically.

Be aware of this Income tax is a direct tax and you need to only report Direct income i.e. salary, Pension, interest as well as taxes on this Income. The tax return formats are defined from the Central Board of Direct Taxes (CBDT which is Also known as the Income tax Department).

The tax returns must be filed each year and must be filed by a certain date. If the tax return indicates that excess tax that was paid in the year in question, you are eligible for an 'income tax refund subject to departmental interpretations and Calculations.

What documents are required to file ITR -1 Sahaj form?

• Form 16
• Interest Certificates from the Post offices and Banks
• Form 26AS
• Tax-savings investment proof
• Deductions under the Section 80 D to 80 U
• Home Loan statement from the NBFC/ Bank
• Capital Gains

What is Form 16?

Form 16 is a TDS certificate that your employer issues to you after TDS is taken out by The employer. Employers are required to deduct tax at source (therefore the Name TDS (Tax Deducted at Source) when an employer pays the employee's salary. employee (you). The tax is borne by the employer for the benefit of the Government. After deducting deposits, the tax to the Government. The employer is then It is required to issue a tax certificate to an employee giving details about tax Deducted. This is the form 16.

If no TDS was deducted by the employer, they It is not possible to receive a Form 16.

For filing your tax returns, you will need your Form 16 from the employer. You can Upload directly your Form 16 and complete your tax return quickly.

What is ITR-V?

ITR-V is When you file your income tax return, you will be provided with an one-page tax return. It is available here. If you haven't verified the tax returns of income for your spouse, you'll have to sign and print. Within 120 days after filing you must send the ITRV to the Income Tax Department Tax return

TYPES OF INCOME TAX RETURNS

# ITR 1 

This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources upto INR 50 Lakhs.

# ITR 2

This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

# ITR 3

This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

# ITR 4 

This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme

# ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP) 

# ITR 6

This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company