Income Tax Returns

A tax return is a form or form filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

Benefits of Income Tax Returns?

There are many benefits of filing income tax returns before the due date, Easy loan approvals, Claiming TDS refunds, Carry forward of losses, VISA processing, Buying a high life cover, Self-employed, Avoid interest on tax liability.

Why do we need to file Income Tax Returns?

"Income tax return gives you a detailed picture of your total income earned during a year and taxes paid on it. In fact, you must ideally file your return so that you can carry forward the losses you have incurred to set it off against the income of the subsequent years.

Who is required to file Income Tax Return?

Anybody who is less than 60 years of age and has an annual income of more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut-off is Rs5 lakh.

Types Income Tax Returns?

ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7

Documents Required:

If needed, you will be asked for a document.