How To File Income Tax Return? A Complete Guide - Must Check

The earned Individuals and businesses have to need to pay taxes as per the central government rules. The Income Tax Department has established an online platform to fill the ITR forms. In today’s era, the online method of filing income tax returns is the easiest way to do so. This online platform creates by the finance ministry of our country. Now we discuss the following steps to file an ITR.

How To File Income Tax Return? A Complete Guide - Must Check


Procedure for filling ITR

1.     Google to the income tax e-filing portal.

2.     If you are a new user, then you register with your pan card.

3.     Or, if you are already registered then login with Account Id (Pan card number), Fill password, and captcha.

4.     To fill the ITR, firstly select the “Filing of Income Tax Return” option.

5.     A new web page will appear.

6.     Complete the whole detail which is required for your form.

7.     Fill bank account detail properly.

8.     After filling in all details, click on “continue”.

9.     Click the Calculate Tax button, to know your payable amount.

10. If applicable, pay the required tax.

11. Enter the challan details on the tax return section of the form.


Note: Download the ITR Form that is applicable to you. If you do not know the right form, consult LawDocs.


Documents Required

●      PAN Card

●      Entity’s PAN Card

●      Aadhar Card

●      Canceled Cheque

●      Bank Account Statement

●      Financial Statements

●      Investment/ expenses u/s 80

●      Form 16



Importance of filing ITR

 An individual with income exceeding the minimum exemption limit is required to file an income tax return. Additionally, a business entity registered as a company or firm is also required to file ITR.

 

●      Single proof of income and creates financial history

●      Income Tax Assessment order works as an address proof.

●      It is mandatory for obtaining loan and credit facilities by the bank.

●      ITR is required for Visa processing.

●      In case excess deduction of TDS/TCS refund can be obtained by filing ITR.

●      To carry forward business losses, it is mandatory to file ITR within the due date

●      Insurance companies ask for ITR for buying a high-life cover.

 

 

Written by

Chetna Bansal (Manager IT Services- LawDocs)

Suyash Raizada (Chief Manager IT Services- LawDocs)

Comments

Post a Comment

Popular posts from this blog

Hire Purchase Agreement - Legal Service Provider In India

Image
    What is Hire Purchase Agreement? A  hire purchase agreement  is an agreement of hire with an option to purchase available at the disposal. The user makes a downpayment during the purchase, and the outstanding balance will be paid in instalments with an interest charge. Mostly, Indian people used concept mortgage, which is similar to the hire purchase agreement. In both cases, the ownership of the purchased goods will be transferred to the lender until the borrower pays off the whole debt. A hire purchase agreement is usually executed between one company and another party usually knows as a “hirer”. Various clauses of a hire purchase agreements include confirmation to hire from both parties, price of the equipment in question, payment to execute the agreement, monthly instalments payable by the hirer, remedies upon default of instalment by the hirer, dispute resolution clause etc. among other clauses governing the transaction.   The hire purchase agreement to...
Read more

Importance of ISI Mark Certification for Consumer and Manufacturers- Lawdocs

Image
Get the standards of India.   Basically, the Indian Standards Institute is the mark of product testing. Bureau of Indian Standards ( BIS) plays a very important role to maintain the quality and genuineness of products. It is mandatory for some products such as many electrical appliances, LPG cylinders, etc, and optional for many other categories of products.   How a user can register for ISI mark certification? apply online for a grant of Registration. All tested report files attached with the application form which are recognized by the BIS lab. Fees deposit according to the application form. Fill form VI online. If the user faces any problem while filling the form or for other information then the user can contact the BIS office in online mode. Once the query is satisfactorily resolved and affidavit cum undertaking has been submitted, Registration is granted by BIS. Registration letter uploaded on the applicant’s portal. Users need to renew the registration form afte...
Read more

All You Need To Know About A Lease Agreement-Lawdocs

Image
  A lease deed is a contract between the owner and the tenant. A lease/ Rent agreement is signed for the long term, ranging between 1 - 5 years even more than that. Once you signed the contract, there is no choice to change.   LawDocs services for the home delivery of your rent agreement. Drafts for rent agreement, receipt of payment, notice for repair, etc.   There are various elements of a valid Rental Agreement:   1.     The lease should be immovable property. 2.     Consideration must be involved in the contract. 3.     A lease deed for an immovable property shall be made for 11 months. 4.     Without any undue influence, the lessor must deliver the contract and the lessee must accept the contract.   Service provide by LawDocs Search, find, download and edit the draft, free. Or call us for expert service. Choose to get it delivered at your location with or without stamp paper...
Read more