Advantages of ITR Filing in Bhilwara
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1
Loan Approval:
If you want to take out a loan in the future, you should file your tax return regularly. By looking at the ITR form, you can analyse the type of income and taxes paid by an individual.
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2
Filing of ITR avoids fines:
By filing a tax return, you can avoid the penalties imposed on taxpayers who do not file a tax return by the due date.
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3
Claiming Refund:
In case you have already paid advance tax or your employer has deducted any TDS or any investments by the authorities, you can claim a tax refund if any concerned authority has paid excess tax.
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4
Quick VISA processing:
For those who want to move abroad, the ITR is the most important document required by the foreign embassy.
Types of ITR Forms/Income Tax Return Forms
Filing taxes in India can be difficult. There are different ITR forms for individuals, HUFs, and firms.
- ITR 1 is for individuals with a salary up to Rs. 50 lakhs, having salary income, property of one house, and miscellaneous sources (interest and so on).
- ITR 2 is for those without business income.
- ITR 3 for those with business income.
- ITR 4 applies to those who are residents and have a total income of up to RS. 50 Lacs, do not maintain their books of account and want to pay tax on the deemed basis. It is not for individuals who are directors in any company, hold unlisted securities, own more than one property, or pay exceptional rates under section 115BBDA or section 115BBE.
- ISTR 7 and ITR 7 are for companies filing returns under Section 11 of the Income Tax Act, of 1961.
Documents and details required for Income Tax Return Filing in Bhilwara
- Income tax credentials Login
- PAN card
- AADHAR card
- Form 16
- Account statement/bank passbook for the financial year
- TDS return
- PF/ESI passbook
- Real estate purchase and sale agreement
- Demat account statement for mutual fund returns
- Home loan statement
- Account books, Audit Report
- GST return
- Fixed deposit interest certificate
- Receipt of LIC Premium
- Receipt of Tuition fee
- Certificate of premium for health insurance
- Donation receipt
What is the Procedure for ITR Filing in Bhilwara?
The procedure to follow for filing an ITR is as follows-
- Complete a simple questionnaire
- Provide us with all the necessary documents.
- Verification Needed
- File your Tax Return
- Get your Conputation
