Income tax return: Step by step guide to file ITR

 What is income tax return?

An Income tax return (ITR) is a form that enables the taxpayer to declare their income and taxes to be paid to the Income Tax Department during the year. Income can be of any type or form such as income from salary, capital gains, house property, or sources such as dividends and interests. Even in the absence of a regular source of income, you should file your income tax return. As per the income tax laws, the return must be filed every year by an individual or firm pertaining to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year. Upon failure to be abiding by the due tax, the taxpayer has to pay a penalty. 

 

 

Is it compulsory to file an income tax return in India?

 

As per the tax laws in India, any individual or company should file ITR if their income exceeds the exemption limit. The taxpayer should read the guidelines carefully to know the benefits of timely filing of ITR. 

 

Documents required to file ITR

 

• PAN Card

• Bank statements

• Salary pay slips

• Form 26 AS

• Form 16A, 16B, 16C

• TDS certificate

• Interest certificate 

 

Step by step guide on how to file ITR on Income Tax Government portal

 

Over the past few years, the process of income tax collection and return filing has been digitized. Thus, it has become convenient for individuals as well as businesses to file returns online. Let us have a look at the step-by-step process of filing ITR. 

 

1. Visit the efiling website - https://www.incometax.gov.in/iec/foportal

 

2. Login or register through the link to file your returns.

 

3. Click on the Taxpayer and then enter the required details. 

 

4. Next, click on continue and provide details such as your name, address, date of birth etc, as required. 

 

5. Provide your Email ID and registered mobile number. 

 

6. Once the form has been filled up, click continue. 

 

7. Next, you will have to verify the details following which the 6 digit OTP will be sent to your registered email ID. 

 

8. Enter the OTP and follow the instructions given to complete the registration process.

 

9. Once the OTP is verified, a new window will open wherein you will have to verify the details. 

 

10. The final step is to set your password and secure login message. 

 

11. Click on Register following which you will receive the final acknowledgment message. 

 

RBG Consultants - Best income tax consultants in Dwarka

 

We at RBG Consultants provide the best ITR filing services in Dwarka. We have a team of the best income tax consultants in Dwarka providing professional consultancy services calculating correct income tax payable or refundable. Hence, If you are looking for trained CAs to help you with ITR filing, look no further than us. We are committed to providing hassle-free ways to help manage income tax return services on time. 

Tax Planning in Dwarka - RBG Consultants

We provide professional services for tax planning in Dwarka at fair prices. We always believe in the quality of service and consider client relations as goodwill. Our strength is based on a dedicated team of chartered accountants that provide highly personalized accounting, GST, company registration, bookkeeping, ITR filing, etc.

Mobile number: +91 9810166145

A handy guide on how to register a company in India

If you are looking to start a business in India, it is recommended to first look at what sort of business entity to register. Understanding the business category your company falls under is a crucial aspect you as a business should be aware of before going ahead with the process of company registration in India.

The different types of legal entities are:

• Private limited company 

• Limited liability partnership

• One person company 

• Partnership firm 

• Sole proprietorship

It is important that business owners and directors choose the most appropriate business structure as choosing the wrong one can greatly impact the finances of the individual and company. Let us now go into the details of how to register a company in India online and the documents required for company registration process.

How to register a company in India online

Company registration process in India has become easier than before. Here are just 4 things that you need to keep in mind about how to register a company in India.

1. Direct Identification Number (DIN) - This is an identification number of company's director and one of the most important documents that need to be submitted to the authorities. 

2. Director Signature Certificate (DSC) - The stakeholders must have digital signatures on the various forms to be filled at Ministry of Corporate Affairs (MCA) portal.

3. Registration on MCA portal

The necessary documents must be submitted on the MCA portal to apply for company registration in India. For this, the company’s director must first register on MCA portal and gain access to different services in order to ensure that the process is carried out hassle free.

4. Certificate of Incorporation

Once the documents are submitted, the Registrar of Companies examines the application and if that is successful, they issue a Certificate of Incorporation for the company. 

Documents required for company registration 

If the applicants have all these documents handy, then the average time taken for concerned authorities to confirm company's registration is 10 to14 days. 

• ID proof documents of Directors and shareholders - Adhaar card, voter ID, PAN card

• Address proof documents - Telephone bill/water bill/ electricity bill

• Digital signature certificate of all Directors

• Passport size photograph of Directors (3 each)

• Director identification number (DIN) of all Directors

• Bank account statement 

• Proof of address of the place of the business. It can be rental agreement, property registration certificate 

• In case of rented places, NOC from the owner is required

• MoA and AoA

Kindly note: It is advised to submit the latest documents. The telephone and electricity bill should not be older than 2 months. 

Best company registration consultants in India - RBG Consultants 

If you do not have adequate knowledge about the company registration process online or document submission, company registration can become an overwhelming task. However, with the assistance of top consultants like RBG Consultants, you can do company registration online in a hassle-free manner. Right from paying the company registration fees, submitting the required documents to receiving the company registration certificate, they have got you covered. Contact the team today!