Income Tax Return Filing
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Income Tax Return Filing in Kothrud Pune
Income tax return ITRs are kind of forms which are used to declare net tax
liabilities, claim tax deductions, report gross taxable income, in which an
individual who earns specific amount of money are required to fill this IT return.
Whether you are a self-employed of salaried individual, firm/corporation, Hindu
undivided families (HUFs) should file an ITR to respective income tax department
of India. Here, it is a process where the person paying a tax must record his total
income earned during fiscal year. There are seven form of ITR available for an
individual know as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, ITR7 and for firms and
companies different ITRs are available know as ITR5, ITR6, ITR7.
Who is required to file Income tax return?
- Individual tax payer & HUF (below 60 years of age) both men and women which earning of Rs. 2,50,000
- Individual tax payer & HUF (between 60-80 years of age) both men and women with earning of Rs. 3,00,000
- Individual tax payer & HUF (above 80 years) with earning Rs. 5,00,000
Benefits of filing ITR – It is important to file and ITR & also on time
- Easy Approval of loan.
- Avoid penalties & notices.
- Claim TDS refunds.
- Carry forward losses.
- Responsibility towards nation