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Register Your Income Tax Return

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INCOME TAX E-FILING | Online Income Tax Return Filing in India

Income Tax E-Filing is a process through which Individuals/HUF/Associations/Businesses provide information about their income throughout the financial year & accordingly the Income tax if filed. The process of Income tax e-filing comes into existence once the final income of the assesse is computed from all sources & subsequent income tax is calculated. Different ITR Form is prescribed which is based on the sources of income.

ADVANTAGES OF ONLINE INCOME TAX RETURN FILING

Avoid penalties & scrutiny

Not adhering with income tax e-filing norms, will attract a hefty amount of penalty & subsequent scrutiny of accounts by income tax authorities. Income tax e-filing will dodge such penalties.

Improve credit net worth

Financial institution places the ITR on the top of the checklist before finalising your credit loan approval. Timely IT Return filing without any defaults will improve your Credit score.

Compensate for losses

Unadjusted losses or shortfalls cannot be carrying forwarded to subsequent financial year, if income tax is not filed. Carry forward of business losses is possible only by way Income tax e-filing.

Income Tax Refund

There are various instances in a financial year in which there has been tax deducted at source on investment. In order to claim TDS refund, IT Return filing become mandatory for taxpayers.

Official Document

Form 16 is an official document, entailing your income & tax charged there upon, along with revenue from various other sources. Multiple uses of ITR filing viz. address proof & income proof.

VISA Processing

Foreign embassies ask for your ITR receipts at the time of visa application. ITR receipts help them assess your income and indicate that you will be able to take care of the expenses on the trip.

DOCUMENTS REQUIRED FOR ONLINE IT RETURN FILING

  • Form 16 (conditional)
  • PAN Card/Aadhar Card
  • Bank Account Statements
  • Investments under section 80
  • Tax Audit Report (if applicable)
  • Income tax e-filing payment proof
  • Receipts required to claim expenses
  • Consolidated credit statement (Form 26AS)