Income Tax Return Filing for Individuals
With Firm Registration
- Filing ITR
- Filing Forms
- Flexible and Simple online Process
- Consultancy from Experts
- On time compliances
- Get your registration in 3-4 days
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Introduction
Any individual earning an income above minimum exempted amount is liable to pay income tax. The income can be earned from any source like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business or professional income.
Income Tax Return is a form required to be filed with Income Tax Department. The format and applicability of these forms are defined by Income Tax Department. All forms have separate disclosure requirements according to the Incomes Reported.
As per The Income Tax Act 1961, eligible individuals need to file their income tax returns once a year. Filing of Income Tax Return legitimates your earnings and investments whereas in case of non-filing of Income Tax Return if the income is required to be disclosed becomes BLACK MONEY. If you file your Income Tax Return on time you can get an income tax refund as well, if you have paid excessive taxes to the government.
Advantages Of Income Tax Filing Returns
Documents Required For Personal ITR Filing In Jaipur
Income from salary
- Aadhar card
- Pan card
- Form 16 (having details of salary)
- Bank statement
- Investment under section 80
Income from house property
- Aadhar card
- PAN card
- Rent Receipt
- Bank Statement
- Investment under section 80
Income from Business or Profession
- Aadhar card
- PAN card of taxpayer
- PAN card of Entity
- Bank Statement
- Financial Statements
- Investment under section 80
Income from Capital Gain
- Aadhar card
- PAN card
- Bank Statement
- Receipt of sale of capital assets
- Receipt of purchase of capital assets
- Investment under section 80
Income from Other source
- Aadhaar card
- PAN card
- Bank statement
- Investment under section 80
Procedure For Filing ITR
Fill the simple questionnaire provided by our team.
Provide us all the necessary documents as per the category of your income as mentioned above
We will analyse all the details and after verification from client we will file your income tax return before the due date and protect you from any penalty
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
FAQ's On ITR Filing For Individuals
Firm Registration helps you in the best possible manner for filing the income tax return you are eligible for. Further, our team helps you in advising the best way of investments so that tax liability is reduced.
No, If the income tax is already paid in the form of advance tax or TDS then no liability to pay the tax and in other case if your income is more than the maximum amount not chargeable to tax then you have to pay the tax as per the tax exemption limit decided for that financial year.
Yes of course one can revise the ITR after filing before one year after completion of the Financial Year.
For Example, for F.Y 2019-20, revise return can be filed before 31 March 2021.
You can only file an Income Tax Return after paying the Income Tax due to the government. If you submit the ITR without paying then your Income Tax Return can be declared Defective Return.
For individuals ITR filing with nil income is not compulsory but in case you want to file then you can. Individuals whose income exceeds the basic exemption limit i.e. 2.5 lakhs, is recommended to file ITR to avoid scrutiny by the Income Tax Department. Also, if your tax liabilities are zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required and a person can avail so many benefits of filing an income tax return.
It is clearly not compulsory for individual having income less than exempted limit to file ITR but as we mentioned above the benefits of filling return if you want to avail such benefit you must file the Income Tax Return.
In case you fail to file the return before due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2019-20, belated returns can be filed till 31st March, 2021.
If you have income up to Rs 5 lakh and you don’t file your ITR assuming that your tax payable will be zero after taking necessary deduction you are liable to get a notice from the income tax department.