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ITR Filing in Bhiwadi

Bhiwadi, a city in Rajasthan, India, is an ideal location for Income Tax Return Filing in Bhiwadi due to its rapid industrial growth and financial activities. It offers easy access to tax professionals, a low cost of living, reliable internet connectivity, and industrial growth. Under the Income Tax Act of 1961, eligible persons are required to file an ITR once a year if their annual income exceeds the taxable limit prescribed by the Government of India. ITR helps the government accurately track and assess the tax liability of individuals and companies.

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Different types of ITR Forms you can file

ITR filing in India can be a daunting task for those who are not even familiar with different types of ITR forms. Let’s discuss about different types of ITR forms and which one to choose.

  • ITR-1 OR SAHAJ : This form is for residents of India with a salary up to Rs. 50 lakhs, income, property, and farming pay up to Rs. 5000, not for those with resources outside India, directors, unlisted securities, or other sources.
  • ITR-2 : ITR 2 is for Individuals and HUFs who do not have business income
  • ITR-3 : ITR 3 is meant for individuals and HUFs with business income.
  • ITR-4 or Sugam : ITR 4 applies to residents with up to Rs. 50 Lacs income, not maintaining books of account, and wanting to pay tax on the deemed basis under the Income Tax Act, 1961, excluding outsiders
  • ITR 5 : This form is meant for persons other than individuals, HUF, companies, and persons filing returns in the ITR 7 form.
  • ITR-6 : This form is for companies other than organizations exempted under Section 11 of the Income Tax Act, 1961.
  • ITR-7 : This structure is intended for persons including companies who need to file a return under Section 139(4A) 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 particularly.

Documents & details required for Income Tax Return Filing in Bhiwadi

  • Income tax credentials Login
  • Account statement/bank passbook for the financial year
  • PAN card
  • AADHAR card
  • Form 16
  • TDS return
  • Real estate purchase and sale agreement
  • Demat account statement for mutual fund returns
  • Home loan statement
  • Account books
  • GST return
  • Fixed deposit interest certificate
  • PF/ESI passbook
  • Certificate of premium for health insurance
  • Receipt of LIC Premium
  • Donation receipt
  • Receipt of Tuition fee

Advantages of ITR Filing in Bhiwadi

  • 1

    For Easy Loan Approval

    When applying for high-value loans like home and car loans, most banks and NBFCs require an ITR of the last three years from individuals.
  • 2

    Avoid penalties

    By filing a tax return, you can avoid the penalties imposed on taxpayers who do not file a tax return by the due date.
  • 3

    Proof of Income

    The ITR confirmation form is the best proof of income or finding out the net worth of an individual.
  • 4

    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 excess tax has been paid by any concerned authority.
  • 5

    Required for VISA application

    For those who want to move abroad, the ITR is the most important document required by the foreign embassy. Filing income tax returns regularly is important.

Final words

The Income Tax Act, of 1961, and the Income Tax Rules, of 1962 mandate assessees to file tax returns before the end of each financial year.

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