How to File Income Tax Return | ITR Filing
"It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousandfold" - Khalid in Raghuvansh eulogizing King Dalip.
As a matter of general belief, taxes on income and wealth originated recently. However, it is evident that incomes were taxed in some or other form in primitive and ancient communities. So before understanding how to file an income tax return, let’s have a look at some evidence that points out that tax exists in primitive and ancient communities -
- In Greece, Germany, and the Roman Empires, sometimes taxes were levied on the basis of turnover and sometimes on occupations.
- In Northern England, taxes were levied on land and on moveable property like the Saladin title in 1188.
- As per Manu, the ancient sage and law-giver indicated that the king could levy taxes, according to Sastras.
- Kautilya’s Arthasastra deals with the taxation system in a really elaborate and planned system.
- Author KB Sarkar comments in his book “Public Finance in Ancient India,” by referring to it as "Most of the taxes of Ancient India were highly productive. The admixture of direct taxes with indirect Taxes secured elasticity in the tax system, although more emphasis was laid on direct tax. The tax structure was a broad-based one and covered most people within its fold. The taxes were varied and the large variety of taxes reflected the life of a large and composite population."
These points/ reference clearly paints the picture that taxes on income have been part of our life since a long time ago, and has been reformed and revised several times to ensure its compatibility with changing financial structure.
With that, filing an ITR is one of the necessities to comply with the established laws and regulations. Let’s see, what is income tax return exactly -
What is an Income Tax Return? | Who Needs to File ITR?
Income tax Return (ITR) is the filing of a form to the Department of Income Tax which includes information regarding an individual's income and tax of a year, including income from salary, profit and loss from business and profession, income from property, and more.
So, there is that, now the question arises, who needs to file ITR?
Who Needs to File ITR?
The basic definition of - what is an Income Tax Return, is not tough to understand, but the real question that arises is who needs to file it.
Below-mentioned are the individuals who are required to file ITR -
- If an individual's income is above the prescribed amount, i.e., Rs 2,50,000 as per Income Tax Department.
- It is mandatory for all corporate entities to file an ITR.
- An individual earning taxable income, for example, 10-12 lakh.
However, if an individual fails to file the income tax return, a notice could be issued against him/ her and legal action may be taken if no further action is taken by the concerned individual. In addition to that, failing to file an ITR could also result in the deduction of high TDS.
On the other hand, if an individual or corporate entity is filing ITR on time, they can avail of several benefits, which we will discuss in the next section.
What Are the Benefits of ITR Filing?
Indeed, ITR filing offers several compelling benefits that are not ignorable, one of the finest benefits of filing of ITR is easy access to loans, be it applying for a car loan or a house loan, ITR can serve as an income statement.
Then, ITR filing can help you keep the statement of your income, which can allow you to avail the benefits of government schemes, along with enjoying a good TDS return. An ITR filing offers several more benefits, however, lack of knowledge submission of misleading information, or tampering with information could easily result in legal action against you.
Considering that you need expert assistance to meet your ITR filing requirements, you are at the right place!
JR Compliance - an award-winning compliance service provider, we are equipped with all the resources to take care of any compliance requirements, be it TDS return filing, GST returns filing, company registration, BIS registration, EPR approval, and more - we have you covered.
So, before getting into ITR filing, let’s have a look at - How to file income tax return online step by step?
How to File Income Tax Return Online Step by Step?
Below-mentioned is an in-detail guide to - How to file income tax returns online step by step -
- Log in on the official portal of ITR through credentials.
- Required information will be filed carefully as per instructions.
- An appropriate method of verification will be chosen.
- Once the method of verification will be chosen, the form will be reviewed and submitted.
- E-verification will be done through any of the months - EVC generated from the bank, Prevalidated Bank Account, and Prevalidated Demat Account.
- OTP/ EVC will be entered.
These are a few steps involved in ITR filing, though, lack of knowledge, none availability of required documents, variations in turnover, and more could result in the imposition of huge penalties. Moreover, even if you are dealing in selling or buying shares, you are required to provide appropriate information because the government has all the information through the Annual Information Statement (AIS).
Get in touch with JR Compliance - a leading compliance service provider to meet compliance requirements seamlessly. Here, let’s move to how to file income tax returns online for a salaried employees.
How to file income tax returns online for salaried employees -
- For ITR -1 will be filed.
- Information regarding employer certificates, PAN details, and other claims need to be submitted.
- Tax proof or details need to be submitted.
- Once all the required details are submitted, a return is filed.
How to file income tax return - simply follow these steps to file your income tax return, though, it is to be noted that forms to be filed under ITR filing differ depending on the purpose of filing, similar to GST return filing.
So, why, not get in touch with experts to get it done?
How Will JR Compliance Help in ITR Filing?
- Our experts will provide you with complete assistance in filing any form of ITR.
- We have a team of experts who will guide you through the ITR filing process.
- Our ITR consultants have experience of over 8+ years in meeting corporate compliance requirements of over 10,000+ clients.
- Be it filing ITR -1, ITR - 2, or any other ITR, we have got you covered.
- We guarantee to take care of documentation in a timely manner, that too without any delay.
- Our ITR consultants will provide you with unparalleled services 24*7.
Filing of ITR seems to be an easy affair, it might be, however, it might get complicated if you lack knowledge or have inaccurate knowledge regarding - how to file an Income Tax Return. Typically, an individual faces consequences due to turnover variation or if an Aadhar card is not linked to PAN, and more.
On a positive note, these can be easily ignored, if you are aware of - How to file income tax returns online step by step. Get in touch with us to file ITR, GST return, MSME return, and ROC return, and to meet compliance requirements of BIS certificate, WPC certificate, EPR authorization, and more.