Income Tax Return Filing

There are various benefits of filing the income tax return .some of the advantages are provided below -

A] AVAILABLE PROPER FINANCIAL DOCUMENTATION -

The proper financial documentation is being available as ITR is an important financial document being required whenever any one applies for loan or visa.

B] NO NOTICE FROM INCOME TAX -

Whenever the income tax return filing is done timely and properly there is no issue of getting any notice from the department of income tax

C] CARRY FORWARD OF LOSSES -

The losses can be carried forward against house property and depreciation.

D] INCOME TAX REFUND -

One can claim for the income tax refund at the time of filing of the ITR.

E] VISA PROCESSING -

The embassies normally ask for income tax return for the last 03 years in order to have fast visa processing.

The due date for an individual and for a corporate taxpayer is different from each other.

The due date for income tax return filing for an individual salaried person is 31st july.

The people who are earning their income through the business or self employed are needed to file their ITR before 31st march.

In case the companies or taxpayer has tax audit compulsory should file the ITR till 31st september.

The documentation required are guided below -

1] The basic documentation required are adhaar card number , pan card , address details of the individual or taxpayer.

2] The bank account details are also required which are being used in the financial year.

3] Other mandatory disclosure such as salary income , saving account details , fixed deposit details etc. to be provided.

4] Provide information regarding deduction claimed under section 80

5] Advance tax payment information to be provided.

Therefore one should have all documents being available before filing of income tax return and seek professional advice for filing the ITR.

The income tax return can be filed by a taxpayer online on the official website of the income tax department.One should take help of a professional to file an income tax return in order to avoid any error or mistake , get return and avoid penalties for late filing and get the right declaration of income.

After filing of income tax return a 15 digit acknowledgement number will be generated.The ITR can be filed using the net banking also.