E FILING INCOME TAX RETURN

E-filing Income Tax Returns in India—

Income tax is a tax on the income of a person. Income tax is defined as the tax charged on the yearly income earned by a person. The amount of tax applicable to you will depend on how much money you earn as income over the course of a financial year. Direct Taxes are broadly classified as :
  • Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed
  • Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India. The form that contains information on income and tax paid for an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7. Easymantax offers the best service and helps you with the correct form to fill on the exact time.
Head of Income
Nature of Income covered
Income from Salary
Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit and pension are covered under here
Income from Other Sources
Individuals enjoying income from fixed deposits, income from interest, savings bank account interest, commission, winning the quiz.
Income from House Property
Individuals receiving income from property, rental property.
Income from Capital Gains
Individuals earned income from mutual funds, bonds, stocks, house property, etc.
Income from Business and Profession
Every company, be it private limited, LLP, or partnership irrespective of the income or loss and if you are self-employed, work as a contractor, or run a business. Life insurance agents, chartered accountants, doctors, and lawyers who have their own practice, tuition teachers are cover under this head.

Documents Required for Income Tax Filing in India

To fulfill IT filing in India, the following documents are necessary:
  • Bank statements
  • Proof of investments
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • Audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners if Applicable.
  • Statement of receipts and payments when no regular books are maintained
  • Receipts of payment of insurance premium, interest certificate, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, children tuition fees slip etc. to support claimed deductions

How To fill Income Tax Online

With basic identity documents, you can file your Returns. We help you filing your Return in four simple steps- Step 1:- Fill the form and attach the scan copy of your documents. Step 2:- Our team will verify all the information and documents provided by you. Step 3:- Then we will start the return process after verifying the authenticity of the documents. Step 4:- Once your returns is filled, we will intimate you.

FAQ’s On Income Tax Return

What is the Tax return filing?

Tax return filing is mandatory if your income exceeds a certain limit. ITR filing is mandatory for businesses. There are different income tax slab based on the age group and the residential status. Different tax rates for businesses based on the structure of their legal entity. Individual income tax return forms and company ITR forms are different.  

What I have to file my tax return. If my company/government deducted TDS.

Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.  

When it is mandatory to file a return of income?

Yes, It is mandatory to file a return of income for a company and a firm. However, individuals, HUF, AOP, BOI are mandatorily required to file a return of income if the income exceeds basis exemption limit of Rs 2.5 lakhs and as per law. This limit is different for senior citizens and super senior citizens.  

If I have paid excess tax, how will it be refunded to me?

The excess tax can be claimed as a refund by filing your Income-tax return. It will be refunded and credited back into your bank account through ECS transfer. It is important to make sure no mistakes are made while mentioning bank details such as account number, IFSC code, etc. in the ITR form.  

What documents do I need to attach to an Income tax return?

Income tax returns are completely paperless filing procedures now. You need not submit any physical or scan copies with your return. However, you should retain these documents so that you can produce those when demanded by tax authorities.

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