Income Tax Filling
Income Tax Filling Services
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E-filing Income Tax Returns in India – An Overview
Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on income of a person.
Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty.
The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
B. Pramanik & Associates offers the best service and helps you with the correct form to fill on the exact time.
B. Pramanik & Associates Leading Tax Consultancy in Kolkata but providing Accounting, Taxation, Auditing, Company Information services in all over India. B. Pramanik & Associates have expert Taxation Lawyer’s, Chartered Accountant’s, Cost Accountant’s to provide professional services.
If you want to file your Income Tax Return then contact with us immediately
B. Pramanik & Associates
(Leading Tax Consultancy)
Office: 158, Dumdum Road, Kolkata – 700074, West Bengal, India
Phone: +91 9339055647 | 6289064067
Things to remember during income tax return filing
Do not wait for the due date to file the IT return.
Always collate all the documents needed to file ITR
Pick the correct IT return form. This is important.
The advantages of filing for IT returns are:
Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
Visa: As Immigration centres scrutinize many documents and IT returns proofs is 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.
IT Tax Refunds & Taxpayers Responsibility
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.
How to file your income tax return online?
A Detailed Process
To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling.gov.in.
Register at the website using the PAN number. It becomes your ID.
View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
Download the ITR Form that is applicable to you. If you do not know the right form, consult B. Pramanik & Associates.
Complete the entire form by filling in the required details and then submit it.
Click the Calculate Tax button, to know your payable amount.
If applicable, pay the required tax.
Enter the challan details on the tax return section of the form.
Due dates for filing IT return
July 31: A firm or individuals who are not liable for audit.
September 30: A company or other who is liable to audit.
March 31: All individuals and companies filing belated returns.
B. Pramanik & Associates recommends making use of Google Calendar to get early notification of due dates and on time ITR filing.
Income Tax Return acknowledgment
Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:
Permanent Account Number
A brief statement of taxable income
Documents required for Income Tax Filing in India
To fulfill IT filing in India, the following documents are necessary:
Proof of investments
T.D.S. Certificates in Form 16 or 16A as applicable
Documents on purchase and sale of investments/assets
Challan of tax paid such as advance tax or self-assessment tax
If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
Statement of receipts and payments when no regular books are maintained
Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
Why B Pramanik & Associates?
2 Working Days
Just share your bank statement and cash transaction details and we’ll create the financial statements. In two working days, you’ll get your ITR filed.
9.1 Customer Score
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
160 Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
We are a network of professionals comprising of Chartered Accountants, Company Secretaries, Lawyers and MBAs. We operate across geographies of India.
B. Pramanik & Associates is a one stop solution to all your financial needs. You state your requirements and we get the most able team to get your job done asap. Its that simple !
Our clients have contacted us for –
Starting a business
Procuring Secured/Unsecured loans
Recovery of debt – Civil recovery and Sec-138 under NI Act
To Know the credibility of their buyers
Filing of Returns – GST, Income Tax, TDS, etc
We are not content with merely providing a consultation which leaves our clients with figuring out the intricacies of the implementation .
We Provide end-to-end execution of our proposal be it procurement of funds, filing of returns or Recovery of debt. We partner with our client on his particular project and work relentlessly till the job is done.
Frequently Asked Questions
You can file your income tax returns online, either on the income tax department’s website or with us on www.bpramanikassociates.com
Income Tax filing or e-filling is made easy on www.bpramanikassociates.com You can e-file your returns within just 7 minutes!
Also note that the due date to e-file your income tax returns for the assessment year 2020-21 is on or before December 31, 2020.
Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you’ve paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.
Great question! There are seven forms – ITR 1, 2, 3, 4, 5, 6 and 7 for each type of tax situation. Honestly, choosing the correct income tax form is a lot of work. Which is why if you are e-filing with ClearTax, we automatically decide the correct income tax return form.
You can pay tax to the government directly on the Income Tax Department website using your netbanking account with challan 280.
You can still file your tax return on ClearTax without a Form 16. You’re just going to need your payslips. Follow the instructions on this guide to e-file without Form 16.
ITR-V is a 1-page document that you receive after e-filing your income tax return. In case you have not e-verified your income tax return, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
You can file ITR 1 if the agricultural income is up to Rs 5,000. For agricultural income exceeding Rs 5,000, you have to file ITR 2.To know about ITR 2.Click here.
The excess tax paid can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. Don’t make mistakes in mentioning bank details such as account number, IFSC code etc in the ITR form.
You must file your return before the due date, if you have sustained loss in the financial year and if you want to carry forward it to the subsequent year for adjustment against subsequent years positive income. Loss can be carried forward only if you have filed the return claiming such loss before the due date.
As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).
a. Individuals who only have Salary income
b. Individuals who have switched jobs (Multiple Form 16)
c. Individuals having Income from Capital Gains (mutual funds & stocks), business/profession, House Property, other income such as Interest etc.
d. Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI
You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud. Also you can always take assistance from CA to file IT returns. With B Pramanik & Associates you can get an Expert to calculate your taxes and e-file your tax return on your behalf.
Advocate Banshidhar Pramanik is the best Taxation Lawyer in India. Expert for Accounting, Taxation & Foreign Investment Services. For more information visit: www.bpramanikassociates.com