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Income Tax Return

Online Income Tax Return (ITR) Filings


1. What is Income Tax Return in India?


As Per The Income Tax Act Every Indian Required to file their Tax Return. Such return contains the details of Taxable Earning and Tax Details for the year. after calculating tax person need to pay tax amount to government of India. Its a Direct Tax Required to pay by individuals and corporate(s). The Rules for Filing of Income Tax Return Govern by The Income Tax Act and Finance Act of Respective Financial year.


2. What are Benefits of Filing your Income Tax Return?


  • Compliance: On Time Income Tax Return Filing and Tax payment Saves from future trouble from penalty and interest.
  • Easy Loan Approval: Banker ask for Tax Return while processing Loans. Mostly Income Tax Return required when we apply for Home Loan, Mortage Loan, Personal Loan, Vehicle Loan. it helps in all types of Loan processing.
  • VISA: Foreign Embassies First Checks Tax Compliance of current country. No country in the world will give any type of VISA who does not follow tax compliance. ITR filing helps in Education VISA of Children, Permanent Residence VISA, Tourist VISA, etc.
  • Tax Refund: By Filing Income Tax Return you can get refund of TDS on excess deduction or payment of Tax.
  • Income and Address Proof: Most of the Government Scheme(s) are Income Based. to avail benefit of Government Scheme Like PM Aavas Yojana, Interest Free Loan, Free Home, Subsidies you need to furnish Income Proof. Income Tax Return filing is considered as valid Income Proof in India.


3. Who Needs to File Income Tax Return in India?


  • Assessee Who is having Income More than Rs. 2,50,000. Assessee Means Person as per Income Tax Act.
  • For Corporate Assessee ITR filing is Compulsory.
  • Partnership Firm, LLP, Company, Trust are Required to Maintain Books of Account. ITR Filing is compulsory even in case of loss.
  • For Whom Income Tax Return Filing is Optional:
    • Person Who is having gross taxable income less than Rs. 2,50,000.
    • Person who is earning exempt income Only. like Income From Agriculture. Means Person who is doing farming activity on their own does not required to file Tax Return.


4. Document Required For Income Tax Return Filing?

  • Primary Doc’s
    • PAN Card (Permanent Account Number in India)
    • Adhar Card (In Case of Resident)
    • Bank Account Details (Account No., IFSC Code)
    • Mobile Number and/or Email id


  • Doc’s as applicable
    • Income From Salary Tax Return
      • For Person who is having only Income from Job: Form 16 or Salary Slip or Salary Details
    • Income From House Property
      • If Having Home Loan: Loan Repayment Certificate
      • House Rent Income: Rent Income Details
      • Municipal Tax Paid Details
    • Income From Capital Gain
      • Person who is having Income from Mutual Fund or Share Transaction: Trans. Report (C.Gain Report)
      • Asset Sale and Purchase Mostly like House- Office- Gold sale in year: Value of Selling and Buying with dates
      • Long Term and Short Term Capital Gain Details
    • Income From Other Source
      • For Person who is having only Income from Interest: Bank Passbook
      • Other Income Details Mostly Like Dividend, Bank FD Interest, Other if any.
      • Gift Income
    • Income From Business and Profession
      • Business and Profession Where Books of account Not Maintain and Audit is Not Applicable (44AD | 44ADA)
        • Presumptive Income From Business: Gross Receipt Details From Business and Profit from Business (Min 8% Profit)(Min 6% Profit if Digital Transactions)
        • Presumptive Income From Profession: Gross Receipt Details From Profession and Profit Details from Professions (Min 50% Profit)
      • Business Income Where Books of Account Maintained and Audit is Applicable:(44AB)
        • Complete Books of Account Data
        • Profit and Loss Account
        • Balance Sheet
        • Capital Account
        • Audit Report (if Any)
    • Exempt Income Details
      • Agriculture Income Details
      • Section 10 exemption Incomes
      • PPF Interest
      • Gift
      • Life Insurance Maturity Benefits
    • Deduction Details
      • Life Insurance Premium
      • Housing Loan Payment
      • Tax Saver Fund & Tax Saver FD
      • PPF Contribution
      • Donation


5.How to Generate Computation of Income and Tax for Return Filing?

We will ask for the document which is applicable to you from above list. After receiving such doc’s we will calculate your Income as per Income Tax act. Based on our calculation of Taxable Income we will generate Computation of Income (COI) for the Financial year. From Computation of Income You can check Total Income and Total Tax Amount to pay for the Financial year. after your approval we will file Online Income Tax Return.

We will Give you following Document once we will complete your return filing process.

  1. Acknowledgement of ITR V
  2. 26AS : TDS Details Statement
  3. Complete ITR Form.
  4. Computation of Income (COI)
  5. Income Tax Paid Chalan
  6. other if any (All Document will be CA Certified)



Click Here Filing Online Tax Return with Best Income Tax Professionals

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