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Income Tax Return Filing in India

Income Tax is a type of direct tax imposed on the income of the individual, firm or organization of Indian citizen. Here the word citizen is used which means that any Indian residing outside India and having the citizenship of India also needs to pay tax on Income earned or arise in India. Income tax is imposed on both types of income i.e. direct or indirect income earned by assesse. Direct Income includes salary, wages etc. whereas indirect income includes interest, rent, commission etc.

Income tax return (ITR) is a valid legal document which proves that all the taxes have been paid on the income earned by the assesse in a particular financial year. It contains all the necessary details of the annual income earned and the taxes paid thereupon. Every Indian citizen is required to file income tax return as per the provisions of Income Tax Act 1961.

How we help with income tax return filing

Income tax return filing procedure is made easy at caonweb. All you have to do is reach out to us, we are available on online chat on our portal, You could email us at info@caonweb.com or call us at 7065818801. Income tax return filing procedure is made easy with help of our experts. If you do not file income tax return within the due date, you are not able to carry forward your losses plus you will have to pay interest as well, you will also face the penalty. The best way for individual and for businesses is to rely on to tax experts and get you income tax return filing done with the help of tax experts. There are chances of getting notification from income tax department if you have not complied with the income tax rules or made any error while filing up your income tax return. Therefore don’t worry on how to file ITR return online, with one click away we make income tax return filing procedure easy.

Advantages of filing ITRs

Acquiring loan

All major banks in India ask for a copy of income tax return before approving the loan, hence it is important to file income tax return as one cannot foresee the requirement of loan.

Claim Refund

In case if excess TDS is deducted by the employer or the person making the payment refund can be claimed for this excess tax paid only if income tax return is filed.

Carry forward of losses

As per the provisions of Income Tax Act 1961 to carry forward any type of losses (except house property losses) it is mandatory to file income tax return, hence if the return is nit filed the losses cannot be carried forward for that particular financial year.

Legal document

The filed income tax return serve as a legal document and can be produced in front of any authority like income tax department, visa authorities, financial institutions etc.

Surity

Documents Required for Income Tax Return Filing

  • PAN Card
  • AADHAR Card
  • Email & contact details
  • Income Details

Income Tax Return Filing: A Step-By-Step Guide

Submit the documents as requested

We compute your tax liability/refund

We fill up your income tax return

We file/submit your return and get it verified

We email you the the proof of your filing

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Frequently Asked Questions

It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.​

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.e.g., Income earned during the period of 1st April, 2017 to 31st March, 2018 is treated as income of the previous year 2017-18. Income of the previous year 2017-18 will be charged to tax in the next year, i.e., in the assessment year 2018-19.​

Experts at caonweb will do this work once you submit the requested documents with them.

At caonweb, team of chartered accountants directly advise clients on such requirement. All you have to do is go to ask free question section and write, Professional will answer your query.

Advance tax follows the concept of pay as you earn. Payments have to be made in installments as per the due dates provided by the income tax. If your total tax liability is Rs.10000 or more in a financial year, you have to pay advance tax It applies to all categories of taxpayers except for senior citizens who are 60 years or older and do not run any business.

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:​​

  • a) In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :
    • i) Up to 15 per cent – On or before 15th June
    • ii) Up to 45 per cent – On or before 15th September
    • iii) Up to 75 per cent – On or before 15th December​
    • iv) Up to 100 per cent –On or before 15th March
  • b) In case of eligible assessee as referred to in section 44AD and 44ADA:

    Up to 100 per cent – On or before 15th March
    Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year. The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.​

If you are earning, You must pay taxes as applicable. You need to get registered with Income tax for which you need pan card and also aadhar card. While filing up the return-details of your income and bank account details is required.

Yes you can if it is a simple one, For example you have only one source of income that is salary, in this case it is a simple procedure as there are no technicalities involved. However in cases such as income from capital gains, income from business, You may not have an idea about carry forward of losses, allowability or disallowabilty of expenses, exemption clauses. So in that case it is best to get your ITR filing done from a professional.