Overview of ITR Filing
The Income Tax Act of 1961 mandates the annual filing of income tax returns for eligible individuals and businesses. Non-filing of returns results in black money and requires disclosure of income. Income can come from various sources, including salary, rental income, interest, mutual funds, agriculture, property or business sales, and professional gain. Filing an ITR helps the government track and assess tax liability accurately.
Why choose Ajmer to file ITR?
Ajmer is among one of the oldest cities in Rajasthan. It is the centre of the Ajmer district of the same name. Ajmer is located in the centre of the state of Rajasthan.
Not only this, Ajmer has a great geographical location itself, which is located in the middle of Rajasthan. Textiles, arts and crafts, festivals, dance, and people are other things that attract the education and organization sector and thus employ people of Ajmer. The cost of living in this city is not necessarily as high as in any other metropolis. But again, you’ll be able to use some other devices than you might expect:
- Good weather conditions
- You will receive information about your target market in all its forms.
- From the rich to the wicked to the center of splendor.
- Available necessities for business.
- Individuals of all kinds.
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 residents (other than ordinarily residents) with 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 and details required to file ITR/Income Tax Return
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 Ajmer:
- 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 Ajmer?
The procedure to follow for filing ITR is-
- 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 Ajmer
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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. So if you want to take out a loan in the future, you should file your tax return regularly.
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2
Proof of Income
The ITR confirmation form is the best proof of income or finding out the net worth of an individual. By looking at the ITR form, you can analyze the type of income and taxes paid by an individual.
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3
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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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.
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5
Required for VISA application
For those who want to move abroad, ITR is the most important document required by the foreign embassy. Filing income tax returns regularly is important.
What is the penalty for failure to pay income tax?
As per Section 234F of the Income Tax Act, late filing fees will be charged from FY 2018-19. If you file your IT return after the due date but before December 31 of the assessment year, you will have to pay a late penalty of ₹5,000. 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 ₹5000.
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.
