File Your Form ITR 1 Return
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Form ITR 1 (Salaried Employees)
Why & benefits of Income Tax Filings?
The regular tax payer who has no default in filing return on time and has good records are applicable/ eligible to get loan from Banks and other financial institutions.
Income tax department provides refund for the tax payers who have paid more in paying advance tax and also those who have TDS amount which deducted by the business for salary or from other fee.
It improves the individual and businesses to track their financial progress or regression of the income. It helps to get better in financial planning for the upcoming years
The tax payer who have incurred with the loss for the financial year, they can easily carry forward the loss incurred to the assessment year and that can wave you tax liability.
ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to INR 5 thousand. (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares). The income tax department has notified ITR forms for taxpayers based on their source of income in order to create a simple tax compliance structure. Therefore, you are required to furnish the return as per the source of your income.
Income Tax is implemented in the year 1962 by the department of finance ministry in India which comes under the CBDT (Central Board of Direct Tax) and should be filed by the individuals and businesses from their earning or income or profit. The tax amount is payable as per the income slabs which might change time – time. It is always to file you returns on time to avoid the penalty and also to avid demand notice from the income tax department.
The income tax payable will vary according to the income slab and it is very important to file the returns even if there is loss or less income only except for those slabs who get income under the poverty line. Filing Income tax return on time you will be eligible to get your refund from the over paid tax and also you can claim your TDS collected from your salary or other deductions.
Those who have not filed their income tax returns on time will be penalised and those who has not filed will receive demand notice from the department of Income Tax.
Proof of Income
By filing your income tax returns you will get all the acknowledgements along with the total income and loss report for every year while filing. It is the proof for the income you have.
Procedure for Income Tax Filing
Simple Easy Process
Other documents required will be informed by the Account Manager.
Who is eligible to file Income Tax?
Any individual who income slab is below the poverty line or below the income tax slab informed time-time. It is compulsory to file for Proprietor, Partnership, private Limited, Public Limited, society, Joint companies or any other business on time.
Is it complusary to pay tax?
Tax payable is only applicable from the income only after deducting all the expenses and the tax amount is payable as per the slab implemented by the income tax department time-time. There is no tax payable for the nil return.
How to claim refund from Income tax?
By downloading your Form 26AS you'll able to check the total claimable TDS amount with the details of person/ business who have deducted TDS on your salary/ Rent/ commission/ professional fee or others. You can claim by filing your income tax only.
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