Income Tax Return Filing in Ujjain, Madhya Pradesh | How to file ITR in Ujjain, Madhya Pradesh
Income Tax Return Filing in Ujjain, Madhya Pradesh are filed under section 139(1) of Income Tax Act, 1961. It is the charging section of Income Tax in Ujjain, Madhya Pradesh. Your ITR Filing in Ujjain, Madhya Pradesh includes incomes earned from 5 sources i.e Salary, House Property, Capital Gains, Business and/or profession and Other sources.
Contact details for Income Tax efiling in Ujjain, Madhya Pradesh Income Tax Return in Ujjain, Madhya Pradesh
Emailid: [email protected]
Mobile: 9971782649
Income Tax Return Filing in Ujjain, Madhya Pradesh - Our Services
Salaried Income Tax Return Filing in Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh, 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 Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh, 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 Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh, calculation of correct FD Interest; Analysis of 26AS, annual information’s statement, FD Interest Certificates and bank statements
Share trading ITR Filing in Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh, Calculations of profit/loss, turnover and purchases
Business ITR Filing in Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh, Preparation of Profit & Loss Accounts and Balance Sheets. Filings under section 44AD, ITR 3 and Income Tax Audits in Ujjain, Madhya Pradesh
Pension Income Tax Return Filing in Ujjain, Madhya Pradesh
ITR Filings in Ujjain, Madhya Pradesh, 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 Ujjain, Madhya Pradesh
ITR Filings in Ujjain, Madhya Pradesh, Determination of residential status, Determination of taxable Income, Determination of Non Taxable Income in Ujjain, Madhya Pradesh
Income Tax Return for rental incomes in Ujjain, Madhya Pradesh
Income Tax Return Filings in Ujjain, Madhya Pradesh for rentals earned on house property, calculations of interest on loan taken for house property
F&O Trades ITR Filing in Ujjain, Madhya Pradesh
ITR Filings in Ujjain, Madhya Pradesh, Understanding the transactions of F&O, Income Tax Audits (in case turnover exceeds the prescribed limits)
Companies Income Tax Return in Ujjain, Madhya Pradesh
Filings of Income Tax Returns in Ujjain, Madhya Pradesh for Companies registered under Companies Act. Preparation of computation of tax liability, filing of Profit and Loss Account, Balance Sheet
Can you file Income Tax Return in Ujjain, Madhya Pradesh your self without the help of a Chartered Accountant ?
The answer to this question is a big Yes. So, first lets see how you can do it without the help of anybody including by simply going to the website of Income Tax Department and then we will answer the real question i.e should you file your Income Tax Return in Ujjain, Madhya Pradesh on your own without the help of a Chartered Accountant or in what cases the return can be filed on your own. Lets first see the simple steps of filing the Income Tax Return in Ujjain, Madhya Pradesh on your own:
How to File Income Tax return in Ujjain, Madhya Pradesh online yourself ?
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 (Fig 2) then enter your PAN number (Fig 3) and continue. You will be required to fill in the details such as your address, mobile number and email ID. You are also will 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 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 cant 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 (fig 4) – Then enter your PAN number and Click on Continue (Fig 5) – Then check the box which says please confirm your secure access message displayed above, enter password and click on continue (Fig 6) 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 (fig 7)
Step 5: Select the Assessement Year for which ITR in Ujjain, Madhya Pradesh 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 softwares) and click continue (fig 8) > 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. Lets now explore the real question i.e should you file your Income Tax return in Ujjain, Madhya Pradesh on your own without the help of a Chartered Accountant ?
Should you file your Income Tax Return in Ujjain, Madhya Pradesh yourself ?
Lets explore the answer in an unbiased manner :
Filing your Income Tax Return in Ujjain, Madhya Pradesh yourself:
In my understanding, we humans are one of the most intelligent species and can do anything & everything we would like. So yes, as said, you can yourself file Income Tax Return in Ujjain, Madhya Pradesh.
But should you ?
To be very honest here without any bias. You should file your Income Tax Return in Ujjain, Madhya Pradesh yourself if all the below conditions satisfy in your case:
1- You are a salaried employee and
2- Your salary is less than INR 5.5 Lakhs per annum and
3- You receive Form 16 from your employer and
4- You do not have any other Income from any other source and
5- You have a little finance background or you are a bank employee and
6- You do not plan to expand your sources of Income in the future which you may if you will be in touch with your Chartered Accountant over few years, build relations and keep asking the relevant question for growth.
It is important to note here that in my opinion if all the above conditions apply together in your case then you should file your Income Tax Return yourself but my advise for N number of reasons for your own benefit would be to get it filed with a Chartered Accountant or Tax advocate only.
Having said that, usually people do not file Income Tax Returns by themselves as it not only requires the knowledge of Income tax but general accounting, General Practice, other laws, accounting concepts to ensure there will be no future Income Tax Notices or Litigations along with a proper tax planning as the Income Tax Act, Indian laws, general practice and accounting concepts are evolving everyday along with us
But Sir, I still want to file my ITR myself, what should I do ?
Go ahead and follow the steps as mentioned above and file the return but NEVER use any third party/private website or portal to file your Income Tax Return. Never upload any document, do not provide any Income detail or PAN detail to any website or to any other person other than a Practicing Chartered Accountant or a Tax Advocate who are practicing and governed under relevant Acts of Parliament, working for the interest of the clients and the nation. It is our strong advise to not fall prey to any private website and never upload/provide your income/personal details until and unless its a website of a Practising Chartered Accountancy Firm in India or Practising Law Firm in India or a Practising Chartered Accountant in India or a Practising Advocate in India
Process of efiling Income Tax Return in Ujjain, Madhya Pradesh online
Step 1: Email the pictures of your PAN Card, Aadhar Card (both side), Mobile Number and Email ID
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
Step 3: Creation of Income Tax Profile/Resetting Password through Aadhar otp
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 or the same can be collected in person from our office
Step 7: Telephonic Conversation for further discussion on draft computation of Income and discussion for better tax planning & reporting of Income for litigation free assessement.
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 Assessement 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.
Is it compulsory to File Income Tax Return (ITR) in Ujjain, Madhya Pradesh ?
Following are the cases in which it is compulsory to file Income Tax Return mandatorily u/s 139(1) of Income Tax Act:
1- Every Company or a Firm needs to file the Income Tax Return
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 having more than 80 years age) in a particular Financial Year needs to file Income Tax Return
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,
Lets understand the 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 Ujjain, Madhya Pradesh 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.
Income Tax Return Filing in Ujjain, Madhya Pradesh | How to file ITR in Ujjain, Madhya Pradesh
Income Tax Return Filing in Ujjain, Madhya Pradesh are filed under section 139(1) of Income Tax Act, 1961. It is the charging section of Income Tax in India. Your ITR Filing in Ujjain, Madhya Pradesh includes incomes earned from 5 sources i.e Salary, House Property, Capital Gains, Business and/or profession and Other sources.
Contact details for Income Tax Return filing in Ujjain, Madhya Pradesh
Emailid: [email protected]
Mobile: 9971782649