Income Tax Return filing is the mechanism of providing a declaration about the Income and Expenditure of the taxpayer to the Income Tax Department. The Tax Liability is decided on the basis of current tax rate slab which is prescribed by the Income Tax Department every year.
Income Tax Return Filing (ITR Filing) is very mandatory for that all kind of taxpayers whose Income increased by the prescribed Income limit. And, this whole process is regulated under the Income Tax Act, 1961.
This declaration contains the details about the Income earned during the period of 1st April to 31st March.
Eligibility to pay Income Tax Return
- Those individuals whose income goes over the prescribed income limit. They should file the Income Tax Return.
- This Income Tax Return is for the Sole Proprietor’s.
- Many companies are also eligible to pay Income Tax Return.
- LLP and Partnership Firm.
Advantages of Filing Income Tax Return
- Proper Documentation of Financials.
- To avoid notice from the Income Tax Authority.
- Carry Forward Losses.
- Income Tax Refund.
- For Speedy Visa Processing.
Due Dates of Filing the Income Tax Return
Those taxpayers who do not require a Tax Audit the due date for filing their Income Tax Return is 31st July of every year. In the case of a company require Tax Audit under Income Tax, the due date for filing their Income Tax Return is 30th September.
For the person, who has entered into the international transaction or specified domestic transaction, the due date for filing their Income Tax Return is 30th November of every assessment year.
In case, if the taxpayer does not pay the tax according to the due date then he/she will liable to pay late fee of Rs. 5,000. The person is liable to pay interest if he/she is not able to pay the amount on time.
Document Required for Income Tax Filing
These are the required documents like;
- PAN Card, Aadhar Card Number, and detail of the current address will be required.
- For ITR Filing, bank account details are required of the given financial year which is a mandatory disclosure.
- Other disclosures regarding income from salary, fixed deposit, saving bank accounts are also necessary.
- Information related to the deduction claimed under section 80.
- Information regarding TDS return filing and advance tax payments.
Tradenfill is one of the top leading and very trustworthy online business platforms in India which offers end to end Income Tax services from PAN to Income Tax Return Filing. Tradenfill can help to file Income Tax Returns in India. The time taken to file a Income Tax Return is about 1-3 working days. It subject to Government processing time and client document submission. If you have any query on Income Tax return filing by scheduling an appointment with our advisor.