About the Service
File income tax return is a sign that is mandated by the Government of India on individuals who earn a specified amount of annual income must File ITR within the Due Date. This is called ITR Filing Procedure.
· 1. Individual/Salaried Person+
· 2. Pan card and Aadhaar card
· 3. Bank statements
· 4. All documents in evidence of investment or expense
Timeline of service
Form shall be filed within 4-5 working days from the receipt of the documents
1. 1.Who is required to file an ITR?
Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR. This implies, individuals and Hindu Undivided Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to file the income tax returns. For senior citizens (individuals between 60 years and 80 years of age) the threshold is Rs 3,00,000, and that for very senior citizens (aged above 80 years) it is Rs 5.00,000.
2. 2. What are the Advantages of filing an income tax return online?
· Quick processing: You will get the acknowledgement of ITR promptly. Refunds, if any, are processed faster online than paper-filed returns.
· Accuracy: E-filing software minimizes errors
· Convenience: E-filing facility is available and can be done at your convenience
· Privacy: The data entered by you are safe as they cannot be accessed by anyone
· Record of past ITRs: It is easier to access previous data, should you need them at any time in future.
2. 3. Whom does the ITR-4 apply to?
The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes:
· Business income according to the presumptive income scheme under section 44AD or 44AE
· Professional income according to presumptive income scheme under section 44ADA
· Income from salary or pension up to Rs 50 lakh
· Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
· Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses )