Income Tax Returns

Income Tax Return Filing is a process through which individuals and businesses provide information on their income and online income tax payment is done if applicable. Online income tax payment is done once individual or businesses compute their taxes. The individual pays taxes based on the Income Tax Slab as prescribed. Different Income Tax Return form is prescribed which is based on the sources of income. Sources of income mean how it is generated- It could be Income from salary, Income from house property, Income from business or profession, Income from capital gains, and Income from other sources (like interest income). We are providing Income Tax Return Filing in Delhi in different locations.

The government of India has facilitated filing Income Tax Return through their Income Tax India e-filing portal. Various Income Tax Return form is prescribed for individual Income Tax Return and company income tax return. Online ITR Filing and online income tax payment system has been simplified over the year, therefore mostly salaried based employees do the self-filing of Income Tax Return Form. People also reach us for Income Tax Return Services in Delhi which we provide them.

Benefits Of Income Tax return Filing in Delhi, India

ITR Receipt is an important document: Having an ITR receipt is important because it is more detailed than Form 16, entailing your income and taxation along with revenue from other sources. Use as address proof: ITR receipt is sent to your registered address, which can serve as residential proof. Helps the bank loan documentation process easier: Being a diligent income tax filer makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan, etc. “Banks usually ask for copies of tax returns filed for the previous 2-3 years at the time of applying for the loan to ascertain the income capacity of the individual. Hence, to apply for loans a tax return would be required to be filed, Compensate losses in the next financial year: Unless you file the ITR, you cannot recompense your expenses/losses in the previous financial year to the current.

As per the income-tax provisions, if tax returns are not filed on time, unadjusted losses (with some exceptions) cannot be carried forward to future years. Hence, to ensure that the losses are carried forward for future adjustment, a tax return would be required to be filed. Helps to avoid extra interest: If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you. For example, banks would deduct tax from interest on fixed deposits exceeding a certain threshold. To claim a refund of tax deducted by the bank (if any) on the interest income, a tax return would be required to be filed regardless of the taxable income. To buy an insurance policy with a higher cover: If insurance companies have reasons (non-compliance) to believe that you are a tax-evader, they will not give you policies with more cover.

Tips Related to File Income Tax Return online in Delhi India

Before filing an individual Income Tax Return, In case of a salaried person- he should have a Salary slip, Form 16, interest certificate from bank or post office if any, Form 26 AS (This can be downloaded from TRACES website), chalan of advance tax paid if any and bank account details. As the online ITR filing procedure has been simplified over the years, mostly individual ITR such as by salaried taxpayers is done on their own. when they need to claim deductions for a house loan and interest or when they claim deductions under 80 C there is much confusion which makes them file an incorrect return. In that case, they reach out to tax consultants nearby them for online income tax return filing. In the case of companies, Tax Consultants, CA, Advocate, and Company Secretary can help file the Income-tax return form. To File an Income Tax return Krishna Enterprises Can Help you to file ITR online.

Documents Required For Filling ITR online

• PAN Card & Adhar Card of Assessee
• Form 16 of individual(in case of salaried Person)
• Bank Statement for whole FY (ie. 01.04 to 31.03)
• other income details if any
• Expenses Details incase of Firm/Company
• KYC of all directors/partners incase of firm/company

Supporting Documents to Save Tax to filling ITR

• Life Insurance Premium Receipt /PPF– Under this you can invest up to an amount of 1.5 lakhs u/s 80C into Lic and get tax exemption for that amount.
• Sukanya Samridhi Yojana Scheme – Under this as well you can invest up to an amount of 1.5 lakhs u/s 80C and get tax exemption for the invested amount.
• Medical Insurance – This amount can be exempted from your Income up to 25000/- to calculate your taxable Income.
• Tax Saving FD – You can again claim a tax rebate of an amount limiting to 1.5 lakhs invested into a tax saving FD (FD with tenure of 5 years) under section 80C.
• Loan Repayment Certificates – You can claim tax rebate for your home loans and education loans repayments. You may need loan repayment certificates in order to calculate principal and interest portion on loan repayments.
• Senior Citizen Savings Scheme – You can claim deduction of upto Rs. 1.5 lakh per annum under section 80C for an amount deposited under Senior Citizen Saving Scheme.
• Tuition Fee Receipts for your Children – Payment of tuition fee upto Rs. 1.5 lakh can be claimed as deduction under section 80C.
• Donation Receipts – You can also get tax exemptions for any donation made by you to authorized NGO, trust, temple, etc. under section 80G.