ITR Filing in Jaipur

Who need to file Income Tax Return ?

It is mandatory to file income tax returns in India if you are going to fall in any of the conditions which are mentioned below :

• If your gross total income(GTI) is exceed the basic exemption limit as specified in law which are :
  • For individuals below 60 years -Rs 2.5 Lakh
  • For individuals above 60 years but they must be below 80 years - Rs 3 Lakh
  • For individuals above 80 years - Rs 5 Lakh
• If you have different sources of income.
  for example: income from house property, capital gains, salary, etc.
• In order to claim an income tax refund from the department.
• If you have earned income from or have invested amount in foreign assets during the Financial Year(FY).
• If you want to apply for visa and a loan
• If the taxpayer is a company or a firm, then they have file ITR irrespective of what amounts of profit or loss they are made.

Which Type of Income Tax Return is to be File in Jaipur ?

ITR-1 OR SAHAJ

This Return Form is for a resident individual whose total income for the assessment year includes any of the following incomes:

• Income from Salary or Pension
• Income from One House Property (but exclude the case where loss is brought forward from previous years)
• Income from Other Sources (but excluding income arise through winning from Lottery and Income from Race Horses)
• Agricultural income not exceeding Rs.5000.

The taxpayer who cannot use ITR Form1 are :

• If total income is more than Rs 50 lakhs
• Agricultural income is more than Rs 5000
• If have income from capital gains which are taxable
• If have income arise from business and profession
• Having income from more than one house property
• If taxpayer is a Director in a any company
• If had any kind of investments in unlisted equity shares at any time during the financial year
• Owning assets (including financial interest in any entity) outside India, if taxpayer is a resident, this also includes signing authority in any account located outside India
• If you are a resident not ordinarily resident and non-resident
• If have foreign assets or foreign income
• If taxpayer is assessable in respect of income of another person for which tax is deducted in the hands of the other person.

ITR-2

ITR 2 is for the use of an individual or a Hindu Undivided Family whose total income for the assessment year includes any of the following incomes:

• Income from Salary or Pension
• Income from House Property
• Income from Other Sources (which also includes Winnings from Lottery and Income from Race Horses).

NOTE : Total income from the above should exceed Rs 50 Lakhs

• If taxpayer is an Individual Director in a company
• If taxpayer had any kind of investments in unlisted equity shares at any time during the financial year
• Being a resident not ordinarily resident and non-resident
• Income from Capital Gains
• Foreign Assets or Foreign income
• Agricultural income if exceed Rs 5,000
• In case if the income of another person is to be clubbed with the income of the assessee, then this Return Form used in case such income falls in any of the above categories.

The taxpayer who cannot use ITR Form 2 are : Form 2 not be used by an individual whose total income for the Assessement Year (AY) includes Income from Business or Profession.

ITR-3

ITR 3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are required to file ITR 3 :

• If taxpayer carrying on a business or profession
• If taxpayer Individual Director in a company
• If taxpayer had any kind of investments in unlisted equity shares at any time during the financial year
• Return may include income from House property, Salary or Pension and Income from other sources
• Income of a person receive as taxpayer is partner in the firm

ITR-4 or Sugam

ITR 4 is applicable to individuals and Hindu Undivided Family, Partnership firms (except LLPs) which are residents having income from a business or profession.

It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act (but if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3).

The taxpayer who cannot use ITR Form 4 are :

• When the total income surpasses the limit of INR 50 lakh
• When income is from more than a single house property
• If you have any brought forward loss and loss is to be carried forward under any head of income
• Owning any kind of foreign asset
• If taxpayer have signing authority in any account which located outside India
• Having income from any source outside India
• If you are a Director in a company
• If you have had investments in unlisted equity shares at any time during the financial year
• Being a resident not ordinarily resident and non-resident
• Have foreign assets or foreign income
• If you are assessable in respect of income of another person for which which tax is deducted in the hands of the other person

ITR-5

• Firms
• Limited Liability Partnership
• Association of Persons
• Body of Individuals
• Estate of deceased
• Estate of insolvent
• Business trust and
• Investment fund

ITR-6

ITR 6 is for Companies except the companies who are claiming exemption under section 11 ( i.e Income from property held for charitable or religious purposes), it is compulsory to filed it electronically only .

ITR-7

ITR-7 is for persons including companies required to furnish return U/S 139(4A) or U/S 139(4B) or U/S 139(4C) or U/S 139(4D) or U/S 139(4E) or U/S 139(4F).

• Return under section 139(4A) is required to be filed by every person who is in receipt of income derived from property held under trust or other legal obligation wholly for charitable or any religious purposes or in part only for such purposes.
• Return under section 139(4B) is to be filed by a political party if the total amount of income without giving effect to the provisions of section 139A exceeds the maximum permissible amount, not chargeable to income-tax.
• Return under section 139(4C) is to be filed by each and every –
  • Any Scientific research association
  • Any News agency
  • Any Association or institution as per section 10(23A)
  • Any Institution referred to in section 10(23B)
  • Fund or institution or university or other educational institution or any hospital or other medical institution.
• Return under section 139(4D) is required to be filed by every university, college or any other institution, which are not required to furnish return of income or loss under any other provision of this section.
• Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
• Return under section 139(4F) must be filed by any investment fund as referred in section 115UB.

What are the Documents Require for ITR Filing in Jaipur ?

• Form 16: Form 16 is also known as the Tax Deducted at Source Certificate.
• Salary slips: For the salaried taxpayers, it is important to keep the salary slip.
• Form 26AS: Form 26AS is also known as the annual consolidated statement, it contains information which related to tax of the taxpayer. It also contains details of tax which is deducted at source and details of advance tax.
• Form 16A: Form 16A is require because it mentions TDS on interest income on fixed deposits. Taxpayer will receive a Form 16A when there bank will deduct TDS on your interest income earned from Fixed Deposits, TDS on rent receipts, TDS on insurance commission, or any other income which is liable for such deduction.
• Form 16A provides the details about the income earned and TDS deducted and deposited on such income. Form 16A also contains the name and address of the deductor, PAN details, TAN details of the deductor, and challan details of TDS deposited.
• PAN Card is require act as and identity proof of the taxpayer
• Aadhaar card: Providing Aadhaar details is mandatory to successfully file your ITR as per section 139AA of Income Tax Act,1962
• Capital Gain Statement: In case if taxpayer invested in shares, mutual funds and etc then it is required to collect capital gain statement.

Steps for how to Register on the e-filing Portal

The whole process of Company registration can be divided into four steps:

What is the Procedure of ITR Filing in Jaipur ?

Taxpayers can file ITR in 2 ways that are :

OFFLINE FILLING OF ITR

Super senior citizens (individuals who are 80 years old and more than 80 years) are have option to file Income tax Return offline during the financial year. Also in case when an individual or HUF has an income of less than Rs.5 lakh and are not entitled to receive a refund can while ITR offline

The procedure to file returns offline is:

• Individuals must request for a Form 16.
• Then, you have to submit the ITR returns in the paper form at the Income Tax Department.
• When the form has been submitted, you will receive an acknowledgement slip from Income Tax Department.

STEPS FOR ONLINE FILLING OF ITR USING E-FILLING PORTAL ARE :

• Step 1: Calculate your income tax liability as per the of the income tax laws.
• Step 2: Then use your Form 26AS to summarise yours details of TDS payment for all the four quarters of the assessment year(AY).
• Step 3: Then determine the category that you fall under and choose an ITR as per the requirement.
• Step 4: Then visit the official e-filing website at (https://incometaxindiaefiling.gov.in.)
• Step 5: Now click on the ‘IT Return Preparation Software’ option avaliable under the ‘Download’ section on the home page.
• Step 6: Download offline utility after choosing the assessment year(AY).
• Step 7: Once you downloaded the offline utility file, fill up the fields with the relevant information of your income, tax payable, and receivable refunds.
• Step 8: After filling up the form, click on the ‘Validate’ button on the form.
• Step 9: After this validation, click on the ‘Generate XML’ button. It will convert your file in to an XML file.
• Step 10: Then log in to your income tax e-filing portal once again using your credentials.
• Step 11: Then , Shift to the ‘Income Tax Return’ option under the ‘e-file’ option from the main menu.
• Step 12: Fill up the fields with the information for example PAN, Assessment Year, ITR Form Number, and Submission Mode. Use the drop-down menu to select ‘Upload XML’ under the ‘Submission Mode’ field.
• Step 13: Click on the Continue button and upload the XML file which you saved in your computer.
• Step 14: Click on the ‘Submit’ button and select a mode of verification from the list – Electronic Verification Code, Aadhaar OTP, and then it is filed.

Why we File Income Tax Return in Jaipur?

To avail the following benefits we need to file income tax return in jaipur :