Income Tax – Setyourbiz

Online Income Tax Return.

Online & easy process

An Income Tax Return (ITR) is a form used by individuals, Hindu Undivided Families and companies to file information about their income and taxes to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive income tax refund from the Income Tax Department.

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Income tax is a tax paid on the annual income earned by an individual. The amount of tax paid depends on how much money you earn as income over a financial year. Individuals can make online payments for income tax, TDS/TCS payment and non-TDS/TCS payments using their respective ID or PAN card details. The entire process becomes simple and quick. In simple word When you earn money, the government takes a portion of it through income tax. The amount of tax you pay depends on how much you earn. You can pay taxes online through the Income Tax department’s website. The whole process is quick and simple on new income tax portal.

Filing income tax is one of the most important tasks for every Indian citizen be it a salaried individual or a businessman. To clarify doubts, every year the Finance Ministry of India releases a budget that explains the dos and don’ts of IT deductions. At the same time, every citizen is confused about making an investment that will help them save some taxes.

Who Should File Income Tax Returns Online?

Individual having age of 59 or less – Anyone whose total income for a financial year exceeds 2.5 lakhs. The limit increases to 3 lakhs for senior citizens (aged 60-79) and 5 lakhs for super senior citizens (aged 80 or above). The income amount should be calculated before factoring in the deductions allowed under sections 80C to 80U and other exemptions under section 10.

Company Registered in India – whether or not they’ve made a profit through the year.

Any person – Individuals who wish to receive a refund on the income taxes they’ve overpaid or TDS paid on salary.

Individual- who have assets or financial interest in entities located outside India.

Foreign companies- The Corporation enjoy treaty benefits on transactions made in India, person, or other business located in India.

NRIs who earn or accrue more than Rs. 2.5 lakh form India in a single financial year or any financial year and related to India.

Information and documents required to fill ITR online

Before you start your e-filing process, make sure you have all the relevant documents handy.
PAN card or PAN card details issued by income tax department.
Aadhar Card or Aadhar no issued by UIDAI.
Bank passbook or Bank statement, PPF account statement or post office saving account passbook.
Valid Phone no and Email ID for OTP and intimation purpose.
Salary slip issued by Employer in case of employed person.
Any form out of these Form-16, Form-16B, Form-16C, Form-26AS.