File Your Income Tax
Returns (ITR) Easily
with ProAdvisor
File your ITR Online in just 999/- Only
What is Income?
Money received from doing something, especially on regular basis, or through investments.
What is Income Tax?
Tax levied directly on personal income is known as Income Tax.
What is an Income Tax Return?
Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department.
Who all are required to file Online Income Tax Return (ITR)?
Assesses, whose gross total income exceeds Rs.2,50,000 (Rs.3,00,000 in case of senior citizen having age of 60 years) before claiming benefits of Section 80C (investment allowance) is required to file his/her Income Tax Return (ITR) as per the due date as given below.
When to file ITR?
- For assessee not subject to tax audit: Due date is 31st July from the end of relevant year.
- For assessee who is subject to tax audit: Due date is 30th September from the end of relevant year.
- For assessee on whom Transfer Pricing provision is applicable: Due date is 30th November from the end of relevant year.
Benefits of Income Tax Returns Filling on Time
Avoid any penalty & prosecution under different acts
By timely filing of your ITR, one can avoid various penalty and prosecutions uder different Acts such as GST Act, Benami Law, Customs Act and more by giving a proof of ownership of property or assets such as land, building, jewellery, car etc.
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.
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.
Income & Address Proof
Income Tax Return can be used as a proof of your income & address which helps to use it as a legal document at various places.
Quick Visa Processing
Most embassies require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
Documents Required for Online Income Tax Filing in India
Basic Documents Required
- PAN
- AADHAR
- SAVING ACCOUNT PASSBOOK
- INVESTMENT DETAILS (PF, PPF, MUTUAL FUND, LIC, FDRs, NPS etc)
- HOME LOAN REPAYMENT SCHEDULE (if any)
- DONATION RECEIPTS (IF ANY)
Salary Income
- FORM-16
- HRA DETAILS: RENT SLIPS, EXPENSE PROOF
- LTA: PROOF OF EXPENDITURE INCURRED
- SALARY SLIPS
Income From House Property
- KYC DETAILS OF TENANT
- ADDRESS OF HOUSE PROPERTY
- INTEREST CERTIFICATE OF HOME LOAN TAKEN (if any)
- MUNICIPAL TAXES PAID
Income from Business Profession
- CURRENT ACCOUNT STATEMENT
- DETAILS OF PURCHASES MADE DURING THE YEAR
- DETAILS OF SALES MADE BY WAY OF CASH
- DETAILS OF EXPENSES INCURRED SUCH AS ELECTRICITY, TELEPHONE BILL etc
- DETAILS OF ASSET PURCHASED FOR DEPRECIATION PURPOSE
Income from Capital Gain
- IF CAPITAL GAIN IS FROM SALE OF LAND: SALE & PURCHASE DEED
- DETAILS OF BROKERAGE PAID
- DETAILS OF ANY AMOUNT INCURRED AFTER 2001 BY WAY OF IMPROVEMENT IN BUILDING
- DETAILS OF SALE & PURCHASE INVOICE IN CASE OF CAPITAL GAIN FROM SALE OF GOLD, JEWELLERY etc
- OPENING & CLOSING HOLDING
- CERTIFICATE OF SHARES & MUTUAL FUND
- TRANSACTION SUMMARY FOR THE PURPOSE OF COMPUTING GAINS u/s 111A/ 112A
Income from Other Sources
- DETAILS OF GIFT RECEIVED IN A YEAR EXCEEDING Rs. 50,000.
- DETAILS OF COMMISSION INCOME
- DETAILS OF TUITION INCOME
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Types of Income Tax Returns
ITR-1
(SAHAJ)
SALARY, INTEREST & HOUSE PROPERTY
ITR-2
FOR INCOME FROM CAPITAL GAINS, FOREIGN INCOME,
HOLDING DIRECTORSHIP, UNLISTED SHARES IN A COMPANY
ITR-3
FOR EVERY INCOME IN ITR-2 & INCOME AS A PARTNER IN A FIRM OR PRESUMPTIVE INCOME > Rs. 50 LACS
ITR-4
BUSINESS INCOME
ITR-4S
(SUGAM)
FOR PRESUMPTIVE TAX (SEC 44AD/ADA)
ITR-5
FOR PARTNERSHIP FIRMS AND LLPs
ITR-6
FOR COMPANIES
ITR-7
INCOME OF TRUSTS, CO OPERATIVE SOCIETIES
Explore Online Income Tax Filing in India
Frequently Asked Questions
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.
You can pay the tax directly on the Income Tax Department website using your Netbanking account with challan 280.
Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.
Taxpayers are not required to attach any documents like proof of investment, TDS certificates, for ITR return forms along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
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Income Tax Consultant in Malviya Nagar Jaipur
Want to file Income Tax and TDS returns or PF or GST returns? Fed up of searching income tax return consultant near me, but unable to find one, we are here to help you. Proadvisor is verified and renowned Income Tax Consultant in Malviya Nagar Jaipur....
We offer on demand income tax filing services in Jaipur to individuals as well as corporate industries. All you need is to bring required documents like PAN card, AADHAR card, salary income details, income from house property, etc.
With our office situated in Malviya Nagar, we have been renouned
This means that it is not necessary for you to visit our office for income tax return filing in Malviya Nagar Jaipur, just tell the details about the returns you want to file over a phone call and we will do it for you from comfort of your home.
