ITR RETURN INR - 1,000.00

Income Tax is a form of Direct Taxation. Every Individuals, who are earning taxable income have the necessary liability to pay their taxes and filing of their income tax return each year with the Income Tax Department. Income Tax return for individual is due on 31st July of each year and must be e-filed in case where the income of the individual is more than Rs. 5 lakhs per year. Non-filing of Income Tax return would lead to penalties and loss of certain deductibles, leading to higher income tax liability.

Taxsigma can help individual in e-filing of their Income Tax Return with the Income Tax Department. Taxsigma is an authorized E-Return Intermediary of Income Tax Department. Once you submit the required set of information and documents, Our Tax Experts will prepare your IT Return for you. Once, the e-return is verified by you, we can file the Income Tax E-Return and provide acknowledgement from the Income Tax Department, Government of India. Taxsigma is providing very hassle free services in matters regarding direct taxations at a very reasonable rate. Our services can be availed by any normal individual. Our Tax experts can help you in any matter regarding direct taxations. We are providing very well versed services.  

Income tax Return is like a proof of the Income earned by an individual persons, LLP, AOP, BOI and HUF etc. This is a FORM in which return filler have the liability to disclose their source of income, mode of income, details of allowances and relief claimed by a taxpayer for a particular years. Tax Return is a mandatory tax filing for individuals having taxable income in India. The filing can be made manually for persons having a taxable income of less than Rs.5 lakhs per year. E-filing of income tax return is mandatory for persons having a taxable income of more than Rs.5 lakhs per year. 

Individiuals earning over Rs.2,00,000/- are required to file their income tax returns to the Government each year. The threshold limit of exemption from personal income tax in the case of all assesses is Rs. 2,00,000. The threshold limit for a resident woman assessee is also Rs. 200,000, while for a resident senior citizen over 60 years is Rs.2,50,000 and for senior citizen over 80 years is Rs.500,000. The above exemption limit is vary every year after amendments made by the Finance Minister.

The last date for filing of individual income tax return with the concerned Income Tax Office is 31st July. E-filing is necessary for the persons having annual income above Rs 5 lakh. Assesses who needs to get their accounts audited under any act of Income Tax or any other law for time being in force is required to file their IT return by 30th September of the assessment year. Further, in case of working partner of a firm whose accounts are need to get audited under any act of Income Tax or under any law for time being in force is required to file their IT return by 30th September of the assessment year.                                                                                           

PAN Number is mandatory for filing of Income Tax Returns. In addition to PAN, the following document is also required for filing of Income Tax Return: Bank account number and MICR, Form 16, Form 16A, Form 26 AS, Form 12BA, Balance Confirmation Statements, Certificate of Tax Deducted at Source, Proof of Exempted Investments.

Form-16 is a form/statement issued by the employer detailing the details of your salary. Form-16 is used by the salaried personnel for filling of their Income Tax Return with the Income Tax Department. Form-16 is provided by an employer to his employee. Form-16 works as proof and reference for the employee at the time of filling of Income Tax Return. Form-16 reveals the details like; components of salary income of the employee, TDS deducted by Employer on the behalf of employee and tax paid by the employer to Income Tax Department.

Form 26AS is a statement of all of your income tax received by the IT Department. This Form is issued to PAN holders under Rule 31 AB of Income Tax Rules. It is a statement of tax credit showing voluntary tax payments, in addition to the TDS. Credits available in the Tax statement ensures that: the tax deducted/collected by the deductor/collector has been deposited to the concerned department; The  deductor/collector has properly filed the TDS/TCS statement giving details of the tax deducted/collected on behalf of you; bank has accurately furnished the details of the tax deposited by you. Income Tax payer has no any liability to attach photocopy of TDS certificate along with his Income Tax Return.

Balance Confirmation Statements is a very important document required for filling of Income Tax Returns. Balance Confirmation Statements reveals details of all income sources from interests earned on bank savings deposits, fixed deposits and debentures in the last financial year must be provided in the income tax returns. Hence, Balance Confirmation Statements from the banks are very necessary documents for Income Tax purpose.

Certificate of Tax Deducted at Source (TDS) is a statement provided by the person after deducting Tax at source. After verifying whether TDS has been duly deducted, the Tax Deducted at Source must be entered in the income tax return to decrease the tax liability. Certificate of Tax Deducted at Source (TDS) ensures that tax has been properly deducted and paid to the concerned departments during the quarters for which it relates.

In case of resident individuals, their global income is taxable in India. Individual who stay in India for 182 days or more in a year, is treated as resident in that year regardless of his citizenship whether he is a resident Indian or Non-resident Indian. Non-residents have liability to pay tax only on the income earned in India from a source/activity in India.

Non filing or late filing of Income tax return can attract a penalty of Rs.5,000 under section 271. Further, in case where losses are recorded in the Income Tax return then the benefits of the losses in terms of reduced tax liability in future years cannot be availed. Further, certain deductions allowable under certain sections are also not allowed for returns filed past the due date.

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