Income Tax Return (ITR)
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Frequently Asked Question.
An Income Tax Return (ITR) is a formal document filed with the tax authorities that reports your income, expenses, and tax liabilities for a particular financial year. It is used to calculate the amount of tax you owe or the refund you may be entitled to.
Filing Income Tax Returns is crucial for several reasons:
- Legal Requirement: It is mandatory for individuals and businesses above a certain income threshold.
- Tax Compliance: Helps you comply with tax laws and avoid penalties.
- Financial Record: Provides a record of your income and tax payments.
- Loan Applications: Often required for applying for loans or credit.
To file your Income Tax Return, you typically need:
- Income Statements: Salary slips, Form 16 (for salaried individuals), or financial statements (for businesses).
- Tax Deducted at Source (TDS) Certificates: Form 16 or Form 16A.
- Bank Statements: To verify income and deductions.
- Investment Proofs: Details of investments for tax-saving purposes (e.g., LIC, PPF, mutual funds).
- Receipts for Deductions: For deductions under sections like 80C, 80D, etc.
- Other Relevant Documents: Such as rental agreements, mortgage interest certificates.
The different types of ITR forms are designed for various categories of taxpayers:
- ITR-1 (Sahaj): For individuals with income from salary, pension, or a single house property.
- ITR-2: For individuals and HUFs not having income from business or profession.
- ITR-3: For individuals and HUFs having income from a business or profession.
- ITR-4 (Sugam): For individuals, HUFs, and businesses opting for the presumptive taxation scheme under Section 44AD/44AE.
- ITR-5: For firms, association of persons (AOPs), body of individuals (BOIs), and certain other entities.
- ITR-6: For companies other than those claiming exemption under Section 11.
- ITR-7: For persons including companies required to furnish returns under Section 139(4A), 139(4B), 139(4C), or 139(4D).
The deadline for filing Income Tax Returns is usually July 31st of the assessment year. For example, for the financial year 2023-24, the deadline would be July 31, 2024. Extended deadlines may apply in some cases, such as for businesses or if you’re filing an amended return.
If you miss the deadline, you can still file your return before the end of the assessment year that means for F.Y.2023-24, you can file your ITR till 31st December’2024 , but you may incur a late fee. Filing late can also attract interest on any taxes due and potential penalties.
You can check the status of your Income Tax Return by visiting the official Income Tax e-filing website and using the “View Returns/Forms” option. You will need to log in using your PAN and other credentials.
If you receive a notice from the Income Tax Department, it is essential to respond promptly. Contact our Chartered Accountants (CA) for assistance—we can help you understand the notice, gather necessary documents, and provide a suitable response.
Yes, we provide comprehensive services for filing Income Tax Returns, including preparation, filing, and ensuring compliance with current regulations. Book a call with our CA to discuss your specific needs.
For additional questions or assistance with your Income Tax Return, please reach out to us through our Contact Us page, call us at [8800939899], or email us at info@mydigitalca.com. We’re here to support you!
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