Since last year, the Income Tax Department has been quite vigilant in ensuring that Income tax return compliance in our country is as strengthen as much possible. The department’s goal is very clear, it wants you are complied with the laws for the time being in force with a move to operations online and removing traditional paper-based compliance requirements. We are being a esteemed client base and has been endeavor on part of us to render valued professional services to client. All businesses are advised to connect for Online IT Return filing with an expert naming CA Sanket Agarwal (Tax consultant near you). His tax filing and business registration services have benefited over 10,000 businesses in India, Dubai, and Hong Kong etc.
Online IT Return filing: Overview
The Income Tax Return (ITR) is a document that you fill out to report the specifics of your earnings from various sources and pay taxes to the government. ITRs entails an individual’s earnings and tax-saving investments for a particular fiscal year. The Government has announced seven different ITR forms for Online IT Return filing: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, and ITR 8.
Why is it essential to do IT Return filing in India?
Certain eligible persons are required to file their income tax returns once a year under the Income Tax Act of 1961. Non-filing of an income tax return legitimizes your earnings and investments, whereas submitting one means you have not declared your qualified income, which is required by law to be disclosed, and hence your money/property tainted to be Black Money. Additionally, if you have overpaid taxes to the government, you may be eligible for an income tax refund by way of filing your income tax return. Your income tax return is also important when applying for loans, credit cards, and other financial products.
When do one have to file my tax return?
The deadline for filing your Income Tax Return is July 31st (after the end of each financial year for which it has to be filed). Although, for those who are subject to a tax audit, the deadline is October 31st, and in the case of transfer pricing, the deadline is November 30th after the end of the financial year.
The following people are subject to a tax audit:
- Person engaged in a profession under section 44ADA with gross receipts of more than Rs 50 lakhs.
- A person who is engaged in a business or profession within the provisions of section 44AD and whose sales/turnover exceeds Rs 2 crore, or who declares income that is less than the presumed income under the applicable section.
With effect from AY 2022-23 (FY 2021-22), the Rs 1 crore minimum limit for a tax audit is enhanced to Rs 10 crore if the taxpayer’s cash receipts and cash payments are restricted to 5% of gross receipts and gross payments.
How can I find out if my income tax e-filing for 2020-21 is completed?
To verify the status of your online IT return filing, complete the instructions below, using the reference links as a guide:
- Go to the [https://www.incometaxindiaefiling.gov.in/home] website for tax filing.
- On the left side vertical bar menu, look for “ITR Status.”
- Select “ITR Status” from the drop-down menu.
- A new window titled “ITR Status” will appear. Fill up your personal information, including your PAN card number, acknowledgement number, and captcha.
- Select “Submit.”
For more details connect with CAONWEB Tax experts for resolving your queries!!!
Q-What salary is tax free in India?
Individuals with incomes of less than 2.50 lakh are tax-free under both new and old tax systems. You can, however, seek a tax rebate on income up to ₹ 5 Lakh to make it tax-free.
Q-How can one avoid paying tax on their salary?
Tax Saving Options for Salaried Employees Employee Provident Fund, Public Provident Fund, Equity Linked Savings Scheme, Life Insurance, ULIPs etc.
Q-What is time limitation for filing ITR return of income?
The deadline for filing an income tax return is July 31st of each year.
Q-Which months are tax deductible?
The previous year, also known as the financial year or your tax year, is a 12-month period that begins on April 1 and concludes on March 31 of the following year. Your tax year ends on March 31st, however of when you started your job, and a new tax year starts on April 1st.
Related Blog: 6 BENEFITS OF FILING INCOME TAX RETURN
Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.