PSD FILINGS

What is Income Tax Return Filing (ITR) ?

Income tax return filing in India is the process where taxpayers disclose their available income, allowances, and tax payments.

Individuals and businesses are required to file their income tax returns annually.
ITR filing includes declaring income, deductions, and tax liability for a specific financial year.
ITR filing can be submitted both online and offline.
Failure to file ITR may lead to penalties or legal consequences.
ITR helps the government figure out how much tax you need to pay or refund.
It provides information on income sources, deductions, and tax-saving investments made during the financial year.

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Who is eligible to file Income Tax Return (ITR)?

ITR Filing, mandatory for taxable earners, is now easier with e-filing, offering conveniences like streamlined visa applications. Opting for expert assistance from PSD Filings ensures accurate, hassle-free ITR filing, covering individual taxpayers, businesses, and legal entities for proper income disclosure and tax management.

Individual Filing :

Individuals who earn a salary and have a gross income exceeding the exemption threshold, accounting for deductions under Sections 80C to 80U, must file their Income Tax returns.

Corporate Filing :

All types of firms, whether private limited, LLPs, partnerships, etc., are required to file their IT returns annually, irrespective of whether they made a profit or incurred a loss.

Directors Filing :

Individuals serving as Directors in Private Limited Companies or as Partners in LLP firms must fulfill their income tax return filing obligations as per regulatory requirements.

Dividend Taxes :

Individuals who receive dividends from mutual funds, bonds, equities, fixed deposits, interest, and various other sources are required to file their Income Tax returns.

Charity Taxation :

Individuals who earn income from charity or religious trusts, as well as through voluntary contributions, are required to file their Income Tax returns for proper compliance.

Tax Compliance :

Individuals and businesses, regardless of their income sources, are mandated to file income tax returns if they are seeking tax refunds or wish to ensure compliance.

NRI Tax Obligations :

Non-Resident Indians (NRIs), technology professionals working abroad, and individuals with foreign income or assets are legally required to submit their Income Tax returns in India.

Step-by-Step Procedure For Income Tax Filing

Filing Income Tax Returns (ITR) online involves gathering necessary documents and choosing the right form. Log in or register on the e-filing portal, fill in accurate details, compute tax liability, and submit the form. Adhering to deadlines is crucial to avoid penalties.

STEP 1 :

Required Documents

Gather essential tax documents such as Form 16, TDS certificates, bank statements, and investment records to ensure accurate and thorough preparation for filing your taxes.

STEP 2 :

Register in Website

Head over to the Income Tax Website, where you can register by providing essential information such as your PAN, name, date of birth, and other necessary details.

STEP 3 :

Registration Details

Go to the Income Tax Website, where you can register by providing your Permanent Account Number (PAN), name, date of birth, and any other necessary information.

STEP 4 :

Access Instructions

Once you've registered successfully, access your account by logging in with your PAN as the user ID and the password you created during registration.

STEP 5 :

ITR Form Selection

Choose the correct ITR form based on your income sources. Fill in the necessary details accurately, deciding between online and offline methods for submission.

STEP 6 :

Accurate Information

Ensure the accuracy of the information you've provided, double-check all entered details, and then proceed to click on the 'Submit' button to finalize your submission.

STEP 7 :

Acknowledgement

If using the online mode, receive an acknowledgement on your registered email ID; for offline mode, download the XML file and upload it to the portal.

STEP 8 :

Verify ITR

After submitting your ITR, ensure its accuracy by verifying through options like Aadhaar OTP, bank account-based OTP, or digital signature for added security.

STEP 9 :

Processing Confirmation

After verification, the Income Tax Department will process your Income Tax Return (ITR), and you will receive an intimation regarding the status of your filing.

How Can We Assist You in Income Tax Return Filing?

PSD Filings can assist you with online Income Tax Return filing in India by providing expert guidance and support throughout the process. They ensure accurate documentation, compliance with tax regulations, and a seamless filing experience. With PSD Filings, you can navigate the complexities of income tax filing with confidence and convenience.