What is an income tax return?
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
Why do you have to file income tax returns?
Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.
If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
How can you file an income tax return in India?
You can file your income tax returns online, either on the income tax department's website or with us on www.mybizmitra.com
Income Tax filing or e-filling is made easy on mybizmitra.com. You can e-file your returns within just 15 minutes!
Also note that the due date to e-file your income tax returns for the assessment year 2019-2020 is on or before July 31, 2019.
What are the details you need when you're e-filing your income tax returns?
- Produce basic information such as PAN, Aadhar Card, and current address.
- Details about all the bank accounts you've held in the given financial year is mandatory.
- Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
- Information about all the deductions you've claimed under Section 80.
- Tax payment information such as TDS and advance tax payments.
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