IT Returns in India

Income Tax Return Filing

The income earned by the individuals and businesses are subject to tax. The form and time limit for filing ITR are different for different taxpayers based on the criteria.

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Why IT Returns ?

Why Should You File Income Tax Return?

Loan Processing and high risk cover

The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.

Claim refund of TDS paid from salary

Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.

Allows carry forward of losses

Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.

Define financial worth

The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.

Types of ITR Forms

ITR - 1

For Income from Salary & Interest

ITR - 2

For all incomes other than business income

ITR - 3

For Business & Profeession income

ITR - 4

For all incomes including business income

ITR - 5

For Partnerships business, this ITR is used for all income

ITR - 6

For Companies, this ITR is used for all the incomes

Quick IT Returns!

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
  • Computation of payable Income Tax
  • Online filing of income tax return
  • Sharing ITR Acknowledgment