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Income Tax Return Filing

 

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Online Tax Return Filing

 

You can file your income tax returns online, either on the income tax department’s website or with us on www.firstfiling.in
Income Tax Return filing is made easy on FirstFiling as our experts will help you file your returns and finish all the formalities without having to leave the comfort of your home. And, we will help you gain the most that you can, on every tax return that you file!


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    Income Tax Return Filing

    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing.

    While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.

    Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.

    Penalty for Late Filing Income Tax Return

    Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

    • Late Filing between 1st August and 31st December – Rs.5000
    • Late Filing After 31st December – Rs.10,000
    • Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

    Income Tax Return Due Date

    The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

    Professional

    In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.

    Business

    In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

    Presumptive Taxation Scheme

    If a person is enrolled under the presumptive taxation scheme under section 44AD​ and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.

    Who can file Returns with FirstFiling?

    Benefits of filing Income Tax Returns

    FirstFiling can help you through the entire process filing your income tax returns!

    Our team of professionals can get it done for you effortlessly!

    Documents Required

    • Form 16
    • Form 26AS
    • Salary Slips of any month
    • Deduction under Section 80C to 80U of the Income Tax Act
    • Bank account details
    • PAN Card
    • Adhaar Card
    • Capital Gain Statement
    • Rent Agreement
    • Proof of any other Income (Saving, Dividend, FD Interest, etc)

    Pricing

    (All inclusive)

    Frequently Asked Questions

    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
    Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.

    Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
    Even if you don’t meet this threshold, it’s a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.
    If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you’ll need at least three years’ filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.

    You can file your income tax returns online, either on the income tax department’s website or with us on www.firstfiling.in
    Income Tax filing or e-filling is made easy with FirstFiling.
    Also, note that the due date to e-file your income tax returns for the assessment year 2021-2022 is on or before 30th September 2021.

    – Produce basic information such as PAN, Aadhar Card, and current address.
    – Details about all the bank accounts you’ve held in the given financial year is mandatory.
    – Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
    – Information about all the deductions you’ve claimed under Section 80.
    – Tax payment information such as TDS and advance tax payments.

    No, you cannot file income tax returns online for years before 2014. From 2017-18 onwards, you can only e-file income tax return for 1 year. For example, you can e-file the income tax return for FY 2017-18 only up to 31 March, 2019. You can’t file any returns for years passed.

    Once you’ve filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return, which you can do from your Netbanking accounts.

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