An Income Tax Return (ITR) is a form filed with the Indian government by individuals or entities to report their income and tax liabilities for a particular financial year. Filing an ITR is mandatory for those meeting certain income thresholds. Benefits of filing include compliance with tax laws, avoiding penalties, and facilitating financial transactions like loans or visa applications. It also enables individuals to claim tax deductions, exemptions, and refunds, reducing their overall tax burden. Moreover, an ITR serves as proof of income, crucial for various official purposes. Ultimately, it ensures transparency in financial dealings and contributes to nation-building through taxes.
Based on the annual income you have to file ITR, and by choosing Industrial Assistant you can finish this process in just 3 easy steps!
Our expert team will get in touch with you. They will resolve all your queries and collect the required information
If required we will help you with the process and check for all the compliance with the IT department.
TeamFinodha will file the tax return on your behalf and continue to update the status until it is done
Check the status of your most recent income tax refund updated in the Income Tax Department systems.
Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and ‘income from other sources’. The government also often provides certain leeway such that various deductions are made from an individual’s income before the tax to be levied is calculated.
Income Tax Returns (ITR) forms are the basis of calculating a person’s income tax. It is a statement showing the status of a person, all their sources of revenue, deductions and, lastly, the tax payable or tax refund, if any. With Industrial Assistant , taxpayers can quickly, easily and securely file their returns, have access to their tax return information also know how to file income tax return, and make sure their taxes are accurate, up-to-date and in compliance with the laws. With ITR Online, you can make sure you’re maximizing your deductions and getting the most out of your tax return.
The due date for income tax return filing is an important date for taxpayers to keep in mind. As the deadline for filing taxes for the year approaches, taxpayers should make sure to take note of the due date for income tax e-filing in order to ensure that their taxes are filed on time. The due date for filling income tax return is July 31 every financial year. With the proper planning and preparation, it is possible to successfully file taxes before the deadline.
Do you want to file your income tax returns but don’t know what documents you need? Filing income tax returns can be a daunting task, but it doesn’t have to be. Knowing what documents you need to file your income tax returns can help make the process much smoother. Industrial Assistant will discuss the documents required for income tax e-Filing and how to make sure you have everything you need.
| 1. Aadhar Number | 6. Form 26AS | 11. Proof of investment |
| 2. PAN Card Number | 7. Fixed deposit statements | 12. Medical expenses receipts, if any |
| 3. Bank Account details | 8. Rent receipts for claiming house rent allowance | 13. Proof of home loan interest, if any |
| 4. Form 16 | 9. Bank Passbook | 14. Share transaction statement, if any |
| 5. Form 16A | 10. Investment details | 15. GST Registration Number Details if any |
Type of Income Tax Return Form
ITR 1 form is for resident individuals who have total income upto Rs. 50 lakh. You will have to provide break up of your salary and house property.
ITR 2 form is applicable for individuals and HUFs not having income from profits and gains of business or profession.
ITR 3 Form is for individuals and HUFs having income from profits and gains of business or profession.
ITR 4 Form is for presumptive income from business and profession.
ITR 5 Form is for persons other than individual HUF company i.e. Firms, association of person and body of individuals.
The ITR 6 Form is for companies other than companies claiming exemption under Section 11.
ITR 7 Form for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.
a) These deductions and exemptions can be availed in some investments and thus help in reducing the tax you ultimately pay. b) TDS and rebates can also be claimed back. But to have access to these tax benefits, you are required to file an income tax return. If you have not filed ITR you cannot claim deductions as well.
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.
Form-16 is the TDS certificate issued by your employer when they deduct TDS. When an employer deducts TDS on salaries, the income tax act requires that a certificate be issued by the employer, where the details of tax deducted and deposited are certified. Read more to find out how to get Form 16, and make most of it.
In many countries, including India, individuals and entities with taxable income are required to file an Income Tax Return (ITR) with the relevant tax authority. In India, for instance, any individual or entity whose income exceeds the prescribed exemption limit is obligated to file an ITR. This includes salaried individuals, self-employed professionals, businesses, and other entities such as trusts and partnerships. Filing an ITR is essential for individuals and entities to report their income, claim deductions or exemptions, and fulfill their tax obligations according to the laws of their respective countries.
The Tax Deducted at Source (TDS) on salary in India is deducted by the employer before paying the salary to the employee. The rate of TDS on salary depends on the individual’s total annual income and applicable tax slabs.
As of my last update, TDS rates for the financial year 2021-2022 (assessment year 2022-2023) were as follows:
1. Up to Rs. 2.5 lakhs: No TDS
2. Rs. 2,50,001 to Rs. 5,00,000: 5%
3. Rs. 5,00,001 to Rs. 10,00,000: 20%
4. Above Rs. 10,00,000: 30%
Additionally, the employer also deducts TDS on other components of salary like allowances, perquisites, etc., if applicable.
It’s important to note that these rates and slabs might change over time due to amendments in tax laws, so it’s advisable to refer to the latest regulations or consult a tax professional for the most accurate information.
No, you don’t necessarily need to pay money to file your Income Tax Return (ITR). In many countries, including India, individuals can file their ITR for free using either online or offline methods provided by the tax authorities. There are several online platforms and software applications authorized by the tax authorities where you can file your ITR without any charge.
However, if you seek assistance from a tax professional or use specialized tax filing services, they may charge a fee for their services. But it’s not mandatory to avail of such services to file your ITR. Many individuals choose to file their taxes themselves using free resources provided by the tax authorities or trusted online platforms.
Form 26AS is a consolidated statement that contains details of tax deducted, collected, and deposited with the Income Tax Department against your PAN (Permanent Account Number). In India, it serves as an annual tax statement, providing a comprehensive summary of all tax-related transactions associated with your PAN.
Form 26AS includes details such as:
1. Tax deducted at source (TDS) on salary, interest income, rent, etc.
2. Tax collected at source (TCS) on transactions like sale of goods, purchase of automobiles, etc.
3. Advance tax and self-assessment tax payments made by you.
4. Refunds received during the financial year.
5. High-value transactions reported by banks and financial institutions.
It’s an important document for taxpayers as it helps in verifying the accuracy of tax deductions made by deductors (employers, banks, etc.), facilitates the process of filing Income Tax Returns (ITR), and enables taxpayers to reconcile their tax liabilities with the tax deposited.
Taxpayers can access their Form 26AS online through the Income Tax Department’s website or through their net banking portals if they are linked with their PAN.
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