Overview of Income Tax Return Filing
Taxpayers record their taxable income, deductions, and tax payments on an income tax return, or IT returns. Income tax, IT return filing is the name given to the process of filing an IT return. The total amount that should be paid to the government as income tax is computed while filing the actuals. The income tax agency will repay you if you paid more tax than was required for the fiscal year. You may also discover that you have underpaid your taxes for the year. If this is the case, you must pay the remaining tax and file your tax return.
If your total Indian income exceeds Rs.2,50,000, you must file an income tax return, regardless of whether you live in India or not.
Even if you don’t earn more than Rs.2,50,000, filing or e-filing your income tax return is a smart idea. An IT return is a crucial document to present when applying for a home loan because it reveals your financial standing. As proof of income, an income tax return demonstrates your ability to repay a loan.
You’ll need at least three years’ worth of filed income tax returns to submit as proof of income if you’re preparing to move overseas for higher education or are about to start a career outside of India. People who are processing your visa application may ask for this financial information in order to assess your financial situation, demonstrating that you can sustain yourself in their nation.
We’re always here at Registration Arena to help you figure out how to file your tax returns online. All major cities in India, including Hyderabad, Mumbai, and New Delhi, as well as Chennai, Kolkata, and other Indian towns can file IT returns using Registration Arena.
Documents Required For Filing IT Return Online:-
1) Form 16 from the Employer
2) You’ll need to produce basic information such as PAN, Aadhar card number, and current address.
3) Details about all the bank accounts you’ve held in the given financial year. This is a mandatory disclosure you must
make for e filing your income tax returns.
4) Details about your income from salary, fixed deposits, savings bank account, etc.
5) Information of all the deductions you’ve claimed under Section 80.
6) You’ll also need to produce tax payment information such as TDS and advance tax payments
Business IT Return
1) All Bank Account Statements
2) You’ll need to produce basic information such as PAN, Aadhar card number, and current address.
3) All Loan Account Statements
4) Details about your investments, fixed deposits, savings bank account, etc.
5) Information of all the deductions you’ve claimed under Section 80.
6) You’ll also need to produce tax payment information such as TDS and advance tax payments
7) Details of Sales and Purchases and expenses during the year.