Income Tax Return Filing

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Income Tax Return Filing

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