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Find information about Online Income Tax Return Filing Process, Online ITR Filling, Income Tax Refund, Documents Required for ITR Filling, Online Income Tax Return Filing Fees
Income Tax Return Filing is a process through which individual and businesses provide information on their income and online income tax payment is done if applicable. Online income tax payment is done once individual or businesses compute their taxes. The individual pays taxes based on the Income Tax Slab as prescribed. Different Income Tax Return form is prescribed which is based on the sources of income. Sources of income mean how it is generated- It could be Income from salary, Income from house property, Income from business or profession, Income from capital gains, Income from other sources (like interest income).
The government of India has facilitated in filing Income Tax Return through their Income Tax India e-filing portal. Various Income Tax Return form is prescribed for individual Income Tax Return, company income tax return. Online ITR Filing and online income tax payment system has been simplified over the year, therefore mostly salaried based employees do the self-filing of Income Tax Return Form.
Benefits Of Income Tax return Filling in India
ITR Receipt is an important document: Having an ITR receipt is important because it is more detailed than Form 16, entailing your income and taxation along with revenue from other sources.Use as address proof: ITR receipt is sent to your registered address, which can serve as residential proof.Helps the bank loan documentation process easier: Being a diligent income tax filer makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan etc. “Banks usually ask for copies of tax returns filed for previous 2-3 years at the time of applying for the loan to ascertain income capacity of the individual. Hence, to apply for loans a tax return would be required to be filed, Compensate losses in the next financial year: Unless you file the ITR, you cannot recompense your expenses/losses in the previous financial year to the current. As per the income-tax provisions, if tax returns are not filed on time, unadjusted losses (with some exceptions) cannot be carried forward to future years. Hence, to ensure that the losses are carried forward for future adjustment, a tax return would be required to be filed.Helps to avoid extra interest: If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you. For example, banks would deduct tax from interest on fixed deposits exceeding a certain threshold. To claim a refund of tax deducted by the bank (if any) on the interest income, a tax return would be required to be filed regardless of the taxable income.To buy an insurance policy with a higher cover: If insurance companies have reasons (non-compliance) to believe that you are a tax-evader, they will not give you policies with more cover.
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