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Filing Income Tax Returns Online in India- An Overview

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

However, e-filing income tax returns in India through the official website involves filing ITR forms. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.

Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. TAXFIN LEGAL files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax returns. For that, you will have to provide us with the following documents.

Documents Required for ITR Filing

If you are an employee:

• PAN card
• Form 16 provided by your employer
• Salary slip (each month)

If you are a business owner:

• Trading report
• Business account details
• Profit and loss statement if any

Apart from this, you can submit:

• Investment proofs
• Asset purchase/sale documents
• TDS certificates provided by banks
• Interest income statement
• Receipts regarding donations mutual funds and other forms of investments

Checklist for Income Tax Return Filing (ITR)

Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns.

Let us make it clear: Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs should file ITR.

Benefits of Filing Income Tax Return on Time

The advantages of filing IT returns are:

Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.

Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.

Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.