Are you looking to file Income Tax Return i.e ITR ?
This blog will tell you everything you ever want to know about Income Tax Return Filing including who needs to file Income Tax Return, the process of getting registered on Income Tax Website, Process of filing ITR, what we can offer as a Chartered Accountancy firm as a service provider and different source of Incomes taxable under Income Tax Act, 1961.
My name is CA Bhuvnesh Kumar Goyal and I have been filing Income Tax Returns since 2009 for our clients with all other services of CA in Jaipur. I have an experience of more than 14 years of filing income tax returns for income under head salary, capital gain, house property, business or profession and other sources.
Income tax is a term that often creates stress and confusion among taxpayers. However, filing your income tax return (ITR) is a crucial process that is mandatory under the law.
Who is required to file Income Tax Return
Section 139 of Income Tax 1961, states that the following person shall (mandatory) file Income Tax Return before the due date
1- Every Company or a Firm
2- Individuals, HUF and any other person other than Company or a Firm in case his total income exceeds (Rs 2,50,000 for Individuals less than 60 years, Rs 3,00,000 for Individuals in the age bracket of 60-80 and Rs 5,00,000 for individuals older than 80 years) in a particular Financial Year
3- Individuals, HUF and any other person other than Company or a Firm in case total income is less than Rs 2,50,000 but fulfills any of the following conditions:
a) incurs an expenditure of fifty thousand rupees or more towards consumption of electricity
b) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf
c) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
d) [***]
e) has incurred expenditure for himself or any other person on travel to any foreign country; or
f) is the holder of a credit card, not being an “add-on” card, issued by any bank or institution; or
g) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,
*** deleted
Importance of filing income tax return
Filing income tax returns is not only a legal requirement, but it also provides several benefits to taxpayers. These benefits include:
- Avoiding Penalties: Failing to file income tax returns within the due date can result in penalties and interest charges. These charges can increase the tax liability of the taxpayer significantly.
- Claiming Tax Refunds: If a taxpayer has paid more taxes than they owe during the financial year, they can claim a refund by filing their income tax return.
- Loan Application: Banks and other financial institutions require income tax returns as proof of income when a taxpayer applies for loans, credit cards, or other financial products.
- Visa Application: When applying for a visa to travel abroad, taxpayers may need to provide their income tax returns as proof of their financial stability.
Our Services
Salaried Income Tax Return Filing in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan, Preparation of tax computations, multiple employer filing in the same year; Analysis of 26AS, annual informations statement, form 16, salary slips and bank statements
Income Tax Return in case of Sale of Property in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan, Preparation of tax computations, Calculation of Capital Gains, Determining the cost of acquisiition, cost of improvement, indexation; Analysis of sale deed, agreement to sale, stamp duty value, stamp duty paid, forfeiture
Income Tax Return for FD Interest in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan calculation of correct FD Interest; Analysis of 26AS, annual information’s statement, FD Interest Certificates and bank statements
Share trading ITR Filing in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan, Calculations of profit/loss, turnover and purchases
Business ITR Filing in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan, Preparation of Profit & Loss Accounts and Balance Sheets. Filings under section 44AD, ITR 3 and Income Tax Audits in Jaipur Rajasthan
Pension Income Tax Return Filing in Jaipur Rajasthan
ITR Filings in Jaipur Rajasthan, Preparation of tax computations, multiple employer filing in the same year; Analysis of 26AS, annual informations statement, form 16, pension slips and bank statements
NRI Income Tax Return in Jaipur Rajasthan
ITR Filings in Jaipur Rajasthan, Determination of residential status, Determination of taxable Income, Determination of Non Taxable Income in Jaipur Rajasthan
Income Tax Return for rental incomes in Jaipur Rajasthan
Income Tax Return Filings in Jaipur Rajasthan for rentals earned on house property, calculations of interest on loan taken for house property
F&O Trades ITR Filing in Jaipur Rajasthan
ITR Filings in Jaipur Rajasthan, Understanding the transactions of F&O, Income Tax Audits (in case turnover exceeds the prescribed limits)
Companies Income Tax Return in Jaipur Rajasthan
Filings of Income Tax Returns in Jaipur Rajasthan for Companies registered under Companies Act. Preparation of computation of tax liability, filing of Profit and Loss Account, Balance Sheet
How to File Income Tax return online ?
Step 1: Go to the Government website by clicking here or using the the following URL https://www.incometax.gov.in/iec/foportal
Step 2: The second step is to register yourself on the Income Tax Portal. If you are already registered then proceed to step 3. If you are not registered then make sure you have a VALID PAN Number with you, if you do not have a PAN Card then you can simply have one using Instant PAN facility by going to the Government website Link by clicking here or using the following URL https://eportal.incometax.gov.in/iec/foservices/#/pre-login/instant-e-pan. Once you have a VALID PAN with you, proceed as follows:
Click on register which is available on the right top corner, then enter your PAN number and continue. You will be required to fill in the details such as your address, mobile number and email ID. You will further be asked to create password. Once you fill in the details, OTP will be sent on both email and mobile number. On entering the OTP, the account on Income Tax Portal gets created, Congratulations, you can now move on to step number 3 !!
Step 3: Once you are registered, go to the Government website again clicking here or using the following URL https://www.incometax.gov.in/iec/foportal and click on Login at the right top corner. You will be required to enter your PAN Card as your user ID and Password which you created in step 2 to proceed further. (note: In case you do not remember your password or you can’t recall if you have already registered on the portal or not then you can simply enter your PAN and click forgot password as well. The password can easily be reset through Aadhar otp or otp received on registered email & mobile). So how did we proceed in this step?
Click on login – Then enter your PAN number and Click on Continue – Then check the box which says please confirm your secure access message displayed above, enter password and click on continue to move forward to step 4.
Step 4: After you are logged in – Take your cursor to e-file tab – then on Income Tax Returns and then click on File Income Tax Return
Step 5: Select the Assessment Year for which ITR in Jaipur Rajasthan needs to be filed, Select the filing type i.e Original Return, Revised Return, Belated, Updated Return and check on yes or no on the question are you audited u/s 44AB or political party as per section 13A as the case may be > Select the mode of filing i.e Online or Offline (Online mode is recommended for self-filing as Offline mode is usually done through software’s) and click continue > and Start new filing
Step 6: Selection of Status > Choose ITR Form to be filed (i.e. ITR 1 or 2 or 3 etc)
Step 7: Some information will be prefilled already on the basis of TDS statements, 26 AS and Annual Information Statement and some income information is to be filled (it is advisable to avoid answering to the questions and straight forward proceed to fill in the Income details for better filing experience)
Step 8: Once all the information and income detail is filled, verify the information with form 26 AS, Annual Information Statement, your salary slips, Form 16, bank statements, GST Returns (if any) as well to cross check everything and file the return.
Step 9: Once the return is filed, it is needed to be verified which can be done through an otp within the statutory time limit
Congratulations, the ITR is Filed. Let’s now explore the real question i.e., should you file your Income Tax return in Jaipur Rajasthan on your own without the help of a Chartered Accountant?
Process of Filing Income Tax Return online with B K Goyal & Co LLP
- Step 1: Email the pictures of your PAN Card, Aadhar Card (both side), Mobile Number and Email ID to [email protected]
- Step 2: Email all your Income Details such as Form 16, Salary slips, FD Interest Certificates, Share trading P&L Statements, House loan interest certificates, etc
- Step 3: Creation of Income Tax Profile/Resetting Password through Aadhar otp from our end
- Step 4: Analysis of all the documents, reconciliation of all the details with 26AS, Annual Information Statement, Form 16, Capital Gain Reports, Salary Slips, GST Returns and creation of initial draft of Computation of Income by us which may take a couple of days.
- Step 5: Submission of additional documents as may be required
- Step 6: Preparation of draft computation and sharing the same over email to you for your feedback.
- Step 7: Telephonic Conversation for further discussion on draft computation of Income and discussion for better tax planning & reporting of Income for litigation free assessment.
- Step 8: Final draft of computation will be prepared and shared over email for its acceptance from your side along with details of fee to be deposited, amount of eligible refund/additional tax to be deposited or the same can be done in person at our office.
- Step 9: Once the acceptance of draft and fee is received, we will proceed with the filing procedure for you.
- Step 10: Once the Income Tax Return is filed for Assessment year 2023-24, we will e-verify it through Aadhar otp (In case additional tax needs to be deposited, then we will need to deposit the additional tax first in order to file Income Tax Return)
- Step 11: Once the ITR is e-verified, we will email the Final Computation of Income and Income Tax Return along with Tax Challan Receipt (if any) or a hard copy can be collected from the office at an appointed time.
- Note: Once the entire process is complete, Income Tax return will be sent to CPC(Bangalore) for Processing. An intimation will be received by you under section 143. The intimation is the final product of the entire process which informs you the actual amount of refund/additional amount of tax still need to be paid.
- We keep on checking for any Income Tax Notices, Demands raised by CPC Bangalore or Assessing Officer for any of the year including all the past years as well to minimise the future litigations.
Different source of Incomes under Income Tax Act
- Income under head Salary: Every Salaried Employee having salary more than Rs 2.5 Lakhs are required to file their Income tax return. Income Tax return can also be filed if salary is less than Rs 2.5 Lakhs
- Income under head house property: House property or flat given on rent attracts Income Tax under head house property which is to be disclosed in the Income Tax Return in Jaipur Rajasthan and relevant Income Tax to be paid.
- Income under head capital gain: Capital gain arises on transfer of any asset such as House, Land, Machinery, Vehicle etc. The transfer of asset would be liable to tax on the gains made on such transfer.
- Income under head business and/or profession: Business includes means an activity which leads to provision of any Goods and Service including Manufacturing, Trading, Services such as IT, Tourism etc
- Income under head other sources: Interest earned on Fixed Deposits, Savings Accounts, Loans advances are to be shown in Income Tax Return along with other sources of Income if any.