A worksheet wherein you declare your Income, Assets, and Liabilities to compute tax liability, submitted to the Government before the deadline. If the sheet shows that excess tax has been paid then you will be eligible for a refund.
2. Why Income Tax Return (I.T.R)?
- You can claim a tax refund
- A solid proof of your Income earning capacity
- Easy Loan Approval
- Avoiding penalties
- Carry forward in case of any loss
- Quick Visa processing etc..
- Tax planning
3. What are the documents for filing I.T.R?
Not all documents are mandatory, you can file your returns with the available documents listed below:
- Form 16
- Interest certificates from Banks/ Post Offices
- Form 26 AS
- Investment proofs which are of tax-saving nature
- Home Loan statement from Bank/NBFC
- Bank Account details in case of refund
- Capital gains statement if applicable
4. Which I.T.R should be filed?
ITR-1: For individuals earning less than 50 lacs and consist of income from salary, pension, other sources, and one house property
ITR-2: Income from ITR-1>50 Lakhs + More than one House Property + Capital gains + any foreign Income/ Foreign Asset
ITR-4: Income from ITR-1>50 Lakhs + Presumptive income
5. When I.T.R should be filed?
For Individuals, the last date for filing ITR is usually July 31. But it may get extended from time to time as decided by the statutory authorities
6. What are the additional details to be filled in the ITR form?
In addition to submitting your income details, some additional details concerning your personal data to validate your ITR. You have to quote your Aadhar and PAN details to validate your ITR
7. is the linking of Aadhar and PAN necessary in Income Tax Portal?
Yes, It is mandatory to link your Aadhar and PAN in the Income-tax portal.
Note: Details mentioned in Aadhar card and PAN card should be the same and any differences were seen will not be considered valid.
8. why do you need to submit your Aadhar and PAN details to the Income Tax Department?
Since filing is an online procedure you need to validate the return submitted by you. To serve that purpose your Aadhar details are taken in for verification and using that details validation will become a simpler process.
9. is there any other mode to submit the ITR?
In case you don’t have Aadhar or you can validate your ITR through:
- EVC generated through your bank Account
- Send a copy of acknowledgment directly to CPC, Bengaluru
10. How to reduce the tax liability?
In order to reduce the tax liability, the government of India announces several tax savings schemes/Instruments and also certain expenses that qualify for deduction from your Total Income earned. Investing in those instruments at the right quantity will help you save tax to a large extent. Allowable expenses also qualify for deduction subject to certain restrictions.
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