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Individual Income Tax Filing

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, e-filing income tax returns in India through the official website involves filing ITR forms. There is a different ITR form for individual and ITR form for salaried person. 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. Actolegal files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax returns. 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 (each month)

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)

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.

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

Benefits of Filing Income Tax Return on Time

The advantages of filing IT returns 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 centers scrutinize 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

So if you come under the taxable income make sure to file it before the last date.

  • Individuals or a firm that are not liable for audit should file income tax returns before July 31 of every year.
  • An institution or a company that is liable for an audit should file its IT returns before September 30 of every year.
  • Individuals and companies filing belated returns should complete before March 31 of every year

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 returns
  • 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

First and foremost have 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.

  • Step 1: Submit all the required documents to our experts
  • Step 2: Through the registered portal our experts will file your income tax returns online
  • Step 3: ITR 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 returns 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 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!

How Actolegal Can Help You With ITR Filing?

Filing income tax returns on your own is going to be a tedious task. But if you choose Actolegal to file your income tax returns, the whole process can be completed in just three steps. We have an expert team who can provide support around the clock and file your income tax returns without any delay. Why Do It Yourselves, when our experts can do it for you ASAP

Affordable price: When compared to other competitors we provide the most affordable price to file your income tax returns.

Super fast process If you are running low on time or pretty close to the deadline then you should reach out to our experts. We provide the fastest income tax returns filing process in the country

Adept team: Filing income tax returns is one of our daily jobs, our team does it with such ease!

Popular in town: More than thousands of companies choose Actolegal for filing their Income tax. Apart from this, we have a large number of individuals who choose Actolegal for filing their income tax returns online.

All you have to do is reach out to us, sit back, relax, and watch your income tax return filing at super ease.

FAQ about Individual-Income-Tax-Filing