Income Tax Return
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Overview of Income Tax Return(ITR) Filling Overview
- An income tax return, or ITR, as it is popularly known, is a form that contains the information a taxpayer has to interact with the Income Tax Department of India. ITR directly shows one's contribution to public services and infrastructure. It has all the necessary information pertaining to what are the sources of income, deductions & exemptions, tax liabilities, and information regarding filing.
- E-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. The income tax return forms are different based on the type of taxpayer. Every taxpayer should do the ITR filing timely to avoid penalty.
Advantages of Income Tax Returns (ITR ) Filing
Filing income tax returns provides several benefits to the citizen. Below, we discuss the top 5 advantages of filing an income tax return in India.
- Individuals/Proprietors: Anyone can register a trademark for a unique product or service.
- Easy to Claim Tax Refunds: A taxpayer whose total annual income is less than ₹5 lakh can claim a tax refund on the tax that was deducted from his income. It becomes vital to file the returns within 31st July every year.
- Avoid Legal Repercussions: Failure to file ITR in India may lead to penalties, fines, and legal proceedings, other than action from income tax authorities. To ensure that this does not happen, you should file a return before the due date set by the authorities.
- Easy Loan Processes: While submitting an application for a loan or a visa, you should submit your last 3 years of income tax returns. Filing your ITR increases your credibility as a borrower and helps lenders or Visa issuers evaluate your ability to pay.
- ITR Returns are a Proof of Income: ITR returns serve self-employed individuals or freelancers who do not have an official income document to substantiate their income.
Documents Required to File Income Tax Return File
Along with other forms, the following documents should be provided to file your income tax returns online:
- PAN Card
- Aadhar Card
- Form 16
- Form 16A
- Form 16b
- Form 16c
- Bank account details
- Investment details
- Bank statement or passbook
- Home loan statement
- Details of capital gains
- Details of Rental income
- Details of foreign income
- Details of dividend income
- Investments in tax saving instruments
- Life insurance receipts
- PPF receipt
- Donation receipts
- Details regarding equity or mutual funds
