Filing income tax returns is mandatory for those whose earnings are taxable under the Income Tax Act. Taxpayers document their income and pay taxes to the authorities, and people register their income by filing income tax returns. Contribute to the improvement of tax By depositing back the profit tax, the assessee can also declare deductions and credits to reduce the tax liability and garnish the refund. Filing income tax returns can also help in getting rid of interest rates for past-due payments or non-compliance. For reporting online income tax returns, taxpayers need to obtain all relevant documents and facts, including income statements, receipts, bank statements, etc. Taxpayers should also choose the ideal form and mode of deposit based on their source of income and tax status.
ITR can be filed online or offline depending on the benefit of the taxpayer.
Taxpayers can appoint a CA for filing their ITR or can self-report his/her ITR with the help of registering on a professional e-filing portal of the Income Tax Department. Nevertheless, it is advocated to use a CA expert for ITR filing as they have in-depth expertise in income tax laws. Taxpayers should try to report their income tax return before the due date to avoid any inconvenience or delay.
What is ITR?
ITR stands for Income Tax Return. It is a form to be filled by the taxpayers and submitted to the Income Tax Department of India. It contains information about income earned, taxes paid, deductions claimed and refunds payable for a financial year. As per the Income Tax Act of 1961, it is mandatory for individuals and entities having taxable income in India to file an ITR.
Three types of income tax returns can be filed, which are as follows:
- Authentic Return
- Amended Return
- Return later than scheduled
Authentic Return
A valid return filed on or before the due date in the detailed format and manner is called an original return.
Amended Return
When an assessee files an income tax return and forgets to disclose any fact, enters incorrect figures by mistake, or, for any reason, opts to file an income tax return once again, he who Documents the Income – Tax Return What it does is an amended return.
Return later than scheduled
If the taxpayer does not file the online income tax return in Delhi by the cut-off date prescribed as per the Income Tax Act and then files the same after the due date, then it is said to not file the return in time. 31st December of the assessment year is the due date for filing belated returns.
How many categories of income tax return paperwork are there?
There are special categories of income tax return paperwork based on the type of income and the status of the taxpayer. There are the following theory classes and related forms:
Form Type | Type of Income | |
ITR 1 | People who receive income from sources such as employment, retirement pensions, interest, or family pensions. | |
ITR 2 | Salary, pension, interest, family pension, capital gains, foreign income, or agricultural income are all potential sources of income for individuals and Hindu Undivided Families (HUFs). | |
ITR 3 | Families and individuals earning income from business or professional activities. | |
ITR 4 | HUFs and Individuals generating income from business or profession under the presumptive taxation scheme | |
ITR 5 | Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and Artificial Juridical Persons (AJPs) | |
ITR 6 | Businesses are not eligible for exemption as per Section 11 of the Income Tax Act. | |
ITR 7 | For corporations, individuals are obligated to submit returns as per the provisions outlined in sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. | |
What are the required Documents for ITR Filing?
- PAN (Permanent Account Number)
- Bank account details with IFSC Code
- Form 16/16A or TDS certificate
- Financial statement and income statement (if relevant)
- Details of the Taxpayer
- Saving Certificate
- 26AS and AIS/TIS
How to report income tax returns offline in Delhi?
If you are a fully-fledged senior citizen and need to file an income tax return offline in Delhi, you need to follow these steps:
- Download the relevant ITR form from the official website of the Income Tax Department (https://incometaxindia.gov.in/).
- Fill in the desired information inside the form and attach the required documents like form sixteen, bank declaration, proof of investment etc.
- Take a printout of the finished figure and sign it.
- Visit your nearest Income Tax Office and submit the form and documents to file ITR in Delhi.
- Get the acknowledgment receipt from the officer and keep it for lucky reference.
What if the taxpayer fails to report ITR on the due date?
If taxpayers fail to report returns by the prescribed deadline, they may face several drawbacks:
Taxpayers will not be able to convey forward their losses as a result of capital profits and commercial enterprise and career;
The assessee has to pay interest beneath phase 234A on the charge of @1% per month on the amount of tax payable;
If the assessee is entitled to a reimbursement, the tax branch will pay hobby below segment 244A, but taxpayers will lose a number of it because of delays in filing their returns.
Why Choose CA Near By Me For Your Online Income Tax Returns Needs
At CA Near By Me, we provide reliable and professional online income tax returns in Delhi. Our group comprises experienced Chartered Accountants dedicated to ensuring the correct and timely filing of your ITR. If you are looking for a green, true and cost-effective answer to your ITR wishes, CA Near By Me is your best choice. Contact us today at (7011665073) to schedule an appointment for our offerings.
