E-Filing Income Tax Returns Online in India – An Overview

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

However, Filing income tax return in India through the official website involves filing ITR forms. There is a different ITR form for individuals and ITR form for salaried people. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.

Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. Vakilsearch files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax return online. For that, you will have to provide us with the following documents.

Documents Required for ITR Return File

If you are an employee:

• PAN card
• Form 16 provided by your employer
• Salary slip (**Very essential for e filing of ITR)

If you are a business owner:

• Trading report
• Business account details
• Profit and loss statement if any

Apart from this, you can submit:

• Investment proofs
• Asset purchase/sale documents
• TDS certificates provided by banks
• Interest income statement
• Receipts regarding donations mutual funds and other forms of investments.

Checklist for Income Tax Return Filing (ITR return)

For Filing income tax return, Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns online.

Let us make it clear: Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs should file ITR.

Benefits of E-Filing of Income Tax Return

The advantages of ITR Filing are:

Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.

Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.

Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

Last Date for Filing Income Tax Returns

The return that is currently being filed is for the income you earned in FY 2022-23, or for the money earned between 1 April 2022 and 31 March 2023, must be submitted before 31 July 2023, in order to avoid a late filing penalty.

Who Should File an Income Tax Return?

According to the Income Tax Department, the following entities are required to file yearly IT returns:

• Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U
• Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT return
• Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
• Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
• Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
• Individuals and businesses seeking tax refunds
• NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets.

How to File Your Income Tax Return Online

For ITR filing online, first and foremost keep all the soft copies, scanned copies of all the required documents like your bank statement and last year’s return. You should also fill out income tax Form 16.

• itr online apply:Submit all the required documents to our experts
• Step 2: Through the registered portal our experts will file your income tax return online
• Step 3: ITR Filing Form will be selected based on your category, and experts will fill in all required information and claim any applicable exemptions
• Step 4: Our experts will inform you regarding the tax payable amount if any after all exemptions
• Step 5: Subsequently your income tax return will be filed without any hassle.

Note: Make sure to fill in accurate details in every field of the form, and select the applicable ITR Filing Form based on your criteria. If you have any doubts you can reach out to our expert and they will help you out.

You should know that non-compliance with filing of income tax returns can result in huge penalties. So why take that risk, when you can easily get an expert to file your income tax returns online!