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Income tax Filing Chennai | Itr Filing | Income Tax Return Filing Chennai

Income Tax Filing

Income tax filing is one of the most crucial activities for the development of Indian economy. We can also consider e return filing as one of the significant sources of income for the country.

Citizens are usually required to file their returns at the end of the financial year. In India, individuals and companies file their return generally by the end of July, to align with the budget requirements.

Income Tax Returns Filing

What is an Income Tax Return Filing?

The income tax return form is where the taxpayers declare their table incomes. Based on the income reported, the amount payable to the government is calculated. The entire process is income tax filing.

Another part of income tax filing is the advance tax payment and TDS return filing or TDS e-filing. Here if an individual or an entity or a company expects to earn more profits compared to the previous year, then they pay taxes in advance. While filing tax, even the advance tax is also considered, and then if the tax paid is in excess, the government will refund the amount linked to your IT returns.

 

Who can do?

  • Individuals with income from mutual funds & stocks, House Property, FD, and etc.
  • Salaried Individuals or business professionals with proprietorship companies.
  • Individuals with Foreign Income, i.e. who obtain salaries in foreign currencies, and who have foreign Assets.
  • NRI with an income of more than 20 lakhs per annum.

 

Why do you need Income tax online?

E-filing is the process of submitting your income tax returns online through an online income tax return portal. There are two known ways to file your income tax returns. The traditional style is the offline way, where you go to the Income Tax Department’s office to file your returns physically. The other way is to e-file your returns through the internet.

Advantages of ITR Return

  • First and the main point is to Avoid penalties. The maximum penalty of Rs 10,000 is levied for late filing. In case government authorities find out that you haven’t filed returns, they can even jail you for the offence after extensive investigation.
  • Avoid Tax Notices
  • Your Tax Return documents help you Build Financial Documentation. They are government verified proof for your financial investments and income which come handy in time of need.
  • Carry Forward your losses against house property and depreciation.
  • After filing your taxes, you can avail refund if you are eligible for the same.
  • Ensure a quick Visa processing by submitting your IT returns for the last three years as most embassies and consulates demand the same.

Online ITR filing process

The government of India opened ITR filing online portal. The ITR return file serves as proof of your incomes and informs the government that you are paying taxes regularly. The portal was opened to

  • Ease the process of filing returns for people who are familiar with computers and use of the internet.
  • Reduce the burden on the government officials as the number of taxpayers is increasing year-on-year.
  • Remove mid-part vendors who take this opportunity to deprive people of benefits.
  • Save paperwork involved.
  • Minimize corruption.
  • Make the process environment-friendly.
  • Easily track the records and identify loop-holes if any.
  • Make the multi-verification process easier.
  • Save governments money on human resources

and many more such useful activities.

How to file an Income Tax e-filing online

You can file your income tax returns online on the income tax department’s website. Filing your ITR returns online is as easy as opening an email account. For IT return e filing have all the mentioned documents section handy.

 

Check if you have all the essential documents and proofs scanned and ready to be uploaded for IT return filing. If not, gather the documents. Go to the online portal and login with your username and password. If you are a new user, your username will usually be your pan number, and you need to set your password. Once you have your username and password, log in to the portal to start filing the taxes.

 

Once logged in, upload your form 16 so that details can be uploaded automatically. If you are filing your form for the first time, you will have to add in additional personal information like name, address, bank account details, and so on.

 

Claim your tax deduction under various sections like 80C, 80D, and others. You can claim for HRA, LIC premium, home loan and others to lower your tax liability.

 

Once income and deductions are filed, the tax payable will be calculated. You can pay the tax either through NEFT or other online portals. Once done, now verify all the details once more to ensure you have not missed adding in crucial information and submit the form.

 

Once the ITR form is submitted, you will receive an acknowledgement number and confirmation e-mail to the ID you have provided during the process of filing your returns. Once you receive the acknowledgement, you can then proceed to e-verify your IT file using the various means displayed on the portal. As an alternative, you can even get a printout of the hardcopy and send it to the IT office at Bengaluru. As the last and final step, if you have any refund amount pending, you can track it on the e-filing site and check for its status.

 

Documents required for IT Return filing

  • Essential Documents: PAN, Aadhar Card, Current address, and Form 16 if you are salaried professional.
  • Details of all the bank accounts you hold in the financial year and bank statements.
  • Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
  • Information and proof of all the deductions that can be claimed under Section 80.
  • Tax payment information – TDS e-filing and advance tax payments.

 

Posted By : Prakash Aanoor // in Business