An income tax return is the tax used to file income tax to the Income Tax Department. It comes as a predefined worksheet format where the income figures used to calculate the tax liability are written. It is a document stating the income of a person. According to the law of India, ITR has to be filed every year for an individual or business, whether through regular income, interest, dividends, capital gains or other sources
But filing an ITR is a lengthy and complicated process. The person should have full knowledge of finance to Muneemg that. With Munemg you can do the ITR filing easily every year without any stress. Muneemg provides you all the services and gives you free ITR after the subscription. You can avail many benefits after subscribing to Muneemg like: easy process, expert help, 24/7 assistance, less scope of mistakes and tax saving.
Every person or entity is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates.
It is mandatory to file income tax returns in India if any of the below conditions apply to you, whether you are a man, woman or NRI, for the Assessment Year 2019-2020 (as per the Income Tax Act):
(a)Earn gross annual income (before deductions u/s 80C to 80U) more than-
(c) Want to claim an income tax refund of taxes already paid. Such as TDS, Advance Tax, etc.,
(d) Earn from or have invested in foreign assets,
(e) Looking to apply for visa or loan applications,
(f) Company or a firm, irrespective of profit or loss,
(g) Having Bank Deposits of over Rs. 1 crore,
(h) Bought foreign exchange of more than Rs. 2 lakh,
(i) Paid an electricity bill of more than Rs. 1 lakh.
Taxable income is to be calculated as per the provisions and rules contained in the Income Tax Act, 1961. For calculating income tax, slab rates are applied to the taxable income earned during the previous year. These slabs are notified in the budget at the end of each financial year. The income is calculated under various heads of Income and added. Next, deductions and/or exemptions available under Chapter VI-A, are deducted to get the Net Income Chargeable to Tax.
You just need Form – 16, if you are a salaried individual. No other document, like TDS certificate, proof of investment, needs to accompany your ITR. Still, you must keep them handy, as you may need to submit to authorities if they ask for it.
When you don’t get Form-16, given below is a list of documents that you may have:
(a) Copy of the previous year’s tax return (to declare any losses or other details),
(b) Your Bank statements (for the interest paid to your loans, balances, etc.),
(c) Your TDS certificates (to include taxes that have already been paid),
(d) Your Savings Certificates, Deductions, Donations, etc. (to include deductions),
(e) Certificates of Disability in your family (for deductions),
(f) An Interest statement that shows the interest paid to you, (possibly from Bank and/or Post Office),
(g) If having business income/loss, have balance sheets, Profit & Loss account statements, and other requisite Audit Reports
The return can be filed both physically & electronically. For e-filing download the government utility from the Income Tax portal (in excel format or java utility). Complete all the fields with the information required. Pay the taxes due and generate the XML. You can upload this XML on the government portal by logging into your account. Once the XML has been uploaded, download the acknowledgment in ITR-V. This ITR-V can be verified, either by using EVC code or can be couriered to CPC Bangalore for further processing.
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