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.
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