Income Tax Return

Every individual must file a return of their total income if it exceeds the maximum amount not chargeable to income tax. This process can be completed 100% online.

In the case of individuals, HUFs, Associations of Persons, Bodies of Individuals, and Artificial Juridical Persons, filing a return becomes compulsory if their total income surpasses the maximum amount exempt from income tax.

Indian citizens are obligated to file an Income Tax Return annually if their income is taxable. Taxpayers with an income exceeding Rs. 2.5 lakh are eligible for a tax rebate.
Companies and firms are also required to file a return of income in all cases.

Advantages of Income Tax Filing Online

• Avoid penalties by filing ITR returns on time to avoid late fees.
• Convenient online verification of ITR.
• Easy loan approval linked to timely ITR filing.
• Necessary for visa processing.
• Enables claiming of tax refund if due.
• Facilitates the carry-forward of losses.
• Serves as address proof and income proof.

Indian citizens are required to file an income tax return annually if their taxable income exceeds Rs. 2.5 lakh. Taxpayers with an income exceeding this limit will receive a tax rebate.

If not filed on or before the due date, you cannot revise your return, and any losses cannot be carried forward.

Refund

Refunds arise when the amount of tax paid exceeds the amount properly chargeable for the year. Refunds may become due in cases such as excessive tax deducted at source, higher advance tax paid, or reduction in tax due to rectification, appeal, or double taxation relief.

Particulars to be Furnished with the Return

The prescribed return form may require the Assessee to furnish particulars of:

• Income exempt from tax.
• Assets of the prescribed nature and value.
• Bank account and credit card details.
• Expenditure exceeding prescribed limits.
• Other prescribed outgoings.

Documents Required for Filing Income Tax Return

• Personal details of the Assessee as per PAN Card.
• Date of Incorporation for Company/Firm.
• PAN number of the Company.
• Aadhar Card Number.
• User ID & password of the Income Tax website.
• Registered Office Address.
• Annual Income Details.
• Financial Reports for the Financial year.
• Financial Statements of the previous years.

Type of Income Tax Returns

• ITR-1: For Individuals with a total income up to Rs. 50 Lakhs, having income from salaries, one house property, other sources, and agricultural income up to Rs. 5 thousand.
• ITR-2: For Individuals and HUFs not having income from profits and gains of business or profession.
• ITR-3: For Individuals and HUFs having income from profits and gains of business or profession.
• ITR-4: For Individuals, HUFs, and Firms being a Resident with Total Income up to Rs. 50 lakhs and income from business and profession under section 44AD, 44ADA, or 44AE.
• ITR-5: For persons other than individuals, HUFs, Company, and Person filing Form ITR-7.
• ITR-6: For companies other than those claiming an exemption under section 11.
• ITR-7: For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
• ITR-V: Acknowledgment.

Registration Process:

Preparation: ETaxwala tax experts will collect necessary documents and information for the preparation of Income Tax returns.

Return Preparation: ETaxwala will prepare your returns as per the documents and information provided.

For Approval: ETaxwala will send you the prepared return for your approval.

Income Tax Return Filing: After approval, our tax experts will file your Income Tax returns.