Income Tax Return

An Overview of Filing Income Tax Returns in India

It is the responsibility of every Indian Citizen to file Income Tax to the government. The process of filing Income Tax has become fast and easy with the progress of technology, as the process is entirely online.

One has to file ITR Forms if filing from the official website for Income Tax returns. These ITR Forms from 1 to 7 complicate the process as they target people falling under different categories. Both professional and salaried individuals have to pay ITR through one of these forms, depending on their type.

There is no chance of making any mistake in the form, as that will only delay the process. Therefore, you can always ask for expert guidance from experts in this industry at Eazy Startups.

Documents Required for ITR return File.

If you are an employee:

• PAN card
• Form 16 provided by your employer
• Salary slip (each month)

If you are a business owner:

• Trading report
• Business account details
• Profit and loss statement, if any

Apart from this, you can submit the following:

• Investment proofs
• Asset purchase/sale documents
• TDS certificates provided by banks
• Interest income statement

Receipts regarding donations to mutual funds and other forms of investments

Benefits of Filing Income Tax Return on Time

The advantages of filing IT returns are:

• It is easier to avail of loans from banks such as education, home, and personal loans as the ITR file acts as credibility proof.
• IT Returns can also be helpful when looking to get VISA, as it is mandatory to present an ITR file to the authorities when applying for a VISA due to migration restrictions.
• If you want to avoid paying hefty penalties, filing your ITR on time is better.

Last Date for Filing Income Tax Returns

These are the last dates for people with taxable income under different conditions.

• The date to file ITR for individuals or a firm that are not liable for audit is July 31st of every year
• The date to file ITR for individuals or a firm that is liable for audit is September 30th of every year
• Individuals and companies filing belated returns should file their ITR before March 31st of every year

Who Should File an Income Tax Return?

As per the regulations of the Income Tax Department of India, these entities are required to file ITR:

• Individuals with salaries that exceed the exemption level before deductions under sections 80C and 80U
• Every firm of all structures, whether private limited, LLP, or partnership, must file IT returns irrespective of the profit or loss.
• Directors of a Private Limited Company or a Partner in a Limited Liability Partnership firm also have to file ITR.
• If one earns dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources, one must file ITR.
• If the sources of income are a charity or religious trusts, and also voluntary contributions
• Those seeking tax refunds, be they individuals or an organization

Anyone with foreign income sources or assets, as well as NRIs and Tech Professionals

Process File Your Income Tax Return Online

Fill out income tax Form 16 beforehand and have all the copies of the required documents like your bank statement and last year’s return ready.

• Step 1: Submit the required documents to the Eazy Startups team
• Step 2: The team will find your ITR on the official portal
• Step 3: Our experts will fill in your information on the application form as per your category and file any exemptions
• Step 4: You will be reported on the procedure and any exemptions
• Step 5: In this way, your ITR will be filed easily

Frequently Asked Questions