Not sure which form is applicable for your ITR?
Income Tax Return Filing
Advantages of Income Tax Return Filing
Process of ITR Filing
Share basic information such as PAN, Aadhar Card, and current address
Details of all the bank accounts maintained in the previous year
Salary Details, Rental Income Details Income from Investments (like FDs, Savings Bank Accounts), details in regard to any assets sold (Property, Shares, Mutual Funds etc)
Tax Saving Details
Any tax saving investments made or deductions claimed against various incomes
Tax Payment Info
Details regarding any advance tax payments, self assessment tax or TDS
- Who should file an ITR?
- For FY 2019-20, if your annual gross total income (before allowing any deductions under section 80C to 80U) exceeds ₹ 2.5 lakh (₹ 3 lakh for those aged 60 years and above & 5 lakhs for 80 years & above) you must file an income tax return in India.
- You must also file a tax return if excess TDS has been deducted and you want to claim a refund.
- Deposited more than Rs. 1 Crore in current accounts during the year
- Electricity expense more than Rs. 1 lakh during the year
- Incurred Foreign travel expenditure more than 2lakh or
- Want to carry forward Profession or Business loss or Capital gain loss
- Beneficial owner or beneficiary of any assets outside India or signing authority in any account located outside India (including financial interest)
- Residing in specified area and incurred Rs 50,000 or more on electricity expense and “having immovable property or vehicle (other than 2 wheeled) or foreign travel expenditure or credit card or club membership (Entrance Fee > Rs 25,000)”
- Why should you file an ITR?
- To avoid a late fee upto ₹ 10,000 and avoid paying additional interest on taxes due
- To claim back the refund of taxes deducted over & above your tax liability
- Other benefits mentioned the top section of this page
Income Tax Return Plans for Individuals
Income Tax Return Plans for Self Employed and Professionals
* All Prices Exclusive of GST
* Terms & Conditions Apply
* More than 200 transactions in case of Traders & Business Returns to be charged separately
* Special Corporate Discounts Available for 10 or more returns, contact us at firstname.lastname@example.org
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