ITR Filing in Chittorgarh

Overview of Income Tax Return Filing in Chittorgarh

Chittorgarh is a beautiful city located in the state of Rajasthan, India. The city is known for its rich heritage, architecture, and beautiful landscapes. However, it is also becoming increasingly popular as a destination for filing Income Tax Returns (ITR). In this article, we will discuss why Chittorgarh is an ideal location for filing ITR.

Under the Income Tax Act of 1961, eligible persons are required to file income tax returns once a year. By filing an income tax return, your earnings and investments are eligible, while in the case of the non-filing of an income tax return, if the income is required to be disclosed, it becomes black money. If you file your tax return on time, you can also get an income tax refund if you overpaid the government. Any individual who has income above the minimum exempt amount is required to pay income tax. Income can be derived from any source such as salary, rental income, interest income from savings, income from mutual funds, income from agriculture, sale of property or business, or professional income.

ITR or Income Tax Return is an annual document that taxpayers in India have to file. It is a declaration of income earned by an individual, Hindu Undivided Family (HUF), company, Association of Persons (AoP), an association of individuals, etc. for a particular financial year. All taxpayers are required to file an ITR if their annual income exceeds the taxable limit prescribed by the Government of India. Filing ITR helps the government to accurately track and assess the tax liability of individuals and companies.

Why choose Chittorgarh to file ITR?

Chittorgarh is a great choice for filing ITR due to its expert assistance, cost-effective services, easy accessibility, compliance with tax laws, and assistance with tax planning. If you are looking to file your ITR in Chittorgarh, make sure to hire a reputable tax consultant or chartered accountant to ensure a hassle-free and accurate filing experience.

• Chittorgarh has a large number of tax consultants and chartered accountants who are well-versed in the Indian tax system. For high-value loans, individuals need an ITR of the last three years.
• The cost of hiring a tax consultant or chartered accountant in Chittorgarh is relatively low compared to other major cities in India. This makes it an attractive option for individuals and businesses who want to save money on their tax filing services.
• Chittorgarh has good connectivity to major cities in Rajasthan, making it easy for taxpayers to visit tax consultants or chartered accountants in the city. Additionally, most tax consultants in Chittorgarh provide online services, which means you can file your ITR from the comfort of your home or office.
• Tax laws and regulations are constantly changing in India. However, tax consultants and chartered accountants in Chittorgarh are well-versed with the latest updates and changes in tax laws. They can ensure that your ITR is filed in compliance with all tax laws and regulations, avoiding any potential legal issues.
• Tax consultants and chartered accountants in Chittorgarh can also provide assistance with tax planning. They can help individuals and businesses to identify tax-saving opportunities, minimize tax liabilities, and plan for future tax payments.

Types of ITR Forms/Income Tax Return Forms

Filing taxes in India can be a daunting task, especially for those who are not familiar with the various ITR forms. We’ll discuss each form and how to choose the right one for your specific needs.

ITR-1 OR SAHAJ

This form is for individuals who are residents (other than ordinarily residents) who have a salary up to Rs. 50 lakhs, having salary income, property of one house, miscellaneous sources (interest and so on), and farming pays up to Rs. 5000. This form is not for a person who-

• Has resources (remembering the pecuniary interest for the element) situated outside India; or
• Has payments from any source outside India; or
• Is a director in any company; or
• Held any unlisted securities at any time during the previous year; or
• Owns more than one property whose salary is charged under the heading "Payment from real estate"; or
• Has a payment under the heading "Payment from Other Sources" in the idea:-
• Winning the lottery;
• Activity in the field of ownership and maintenance of racehorses;
• Pay exceptional rates under section 115BBDA or section 115BBE; or
• Transfer losses or offset losses; or

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 individuals, HUFs, and firms 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 under the provisions of the Income Tax Act, 1961. This excludes a person who-

• Has resources (remembering the pecuniary interest for the element) situated outside India; or
• Has payments from any source outside India; or
• Is a director in any organization; or
• Held any unlisted securities at any time during the preceding year; or
• Claims more than one house, the salary of which is charged under the heading "Payment from the property of the house"; or
• Has a payment under the heading "Payment from Other Sources" in the idea:-
• Lottery prizes;
• Events of buying and keeping race ponies;
• Pay unique rates under section 115BBDA or section 115BBE; or
• Has any presented misfortune to mediate under any wages; or
• Is assessable on the income on which duty has been deducted at source held by an individual other than the assessee.

ITR 5

This form is meant for persons other than individuals, HUF, companies, and persons filing returns in 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) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 particularly.

Documents required to file Income Tax Return Filing in Chittorgarh

It is important to understand the documents and details required to file ITR to ensure that the process goes smoothly. The following documents are required for ITR filing in Chittorgarh:

• PAN card
• AADHAR card
• Complete account statement/bank passbook for the financial year
• Income tax credentials Login
• Form 16
• Real estate purchase and sale agreement
• Demat account statement for mutual fund returns
• Home loan statement
• Account books maintained by Sales Ledger, Purchase Ledger, Expense Voucher, Complete Bank Statements, Stock Ledger, Fixed Asset Ledger, Audit Report
• TDS return
• GST return
• Fixed deposit interest certificate
• Receipt of LIC Premium
• Receipt of Tuition fee
• Certificate of premium for health insurance
• Donation receipt
• PF/ESI passbook

What is the Procedure for ITR Filing in Chittorgarh?

The procedure to follow for Income Tax Return Filing in Chittorgarh-

• Complete a simple questionnaire provided by our team.
• Provide us with all the necessary documents as mentioned above.
• We will analyze all the details and after verification from the client, we will file your tax return before the due date and protect you from any penalty.
• After completing the income tax return, we will inform you further and also provide you with the computation and return form.

Advantages of ITR Filing in Chittorgarh

What is the penalty for failure to pay income tax?

As per Section 234F of the Income Tax Act, filing IT return after the due date. The charges will be ₹5,000 for late penalty. In case you pay after 31st December of this AY, the penalty will be ₹10,000. However, the late fee would not exceed ₹1000 if your income does not exceed ₹5,00,000.

Final words

In summary, the Income Tax Return (ITR) is the form in which an assessee provides information about his income and taxes to the Department of Income Tax. The ITR forms differ in applicability depending on the source of income of the taxpayer, the amount of income earned, and to which category the taxpayer belongs i.e. Individuals, HUF, and Company, etc.

The Income Tax Act, 1961, and the Income Tax Rules, 1962 are the two governing statutes making it mandatory for an assessee to file a tax return with the Department before the due date at the end of every financial year.