Why Is It Important To File Income Tax Return?
It is important to file income tax returns as the form helps communicate the particulars of an individual’s/firm’s income in a financial year and the taxes paid on it, to the income tax department
.
When Is It Mandatory to E-file Income Tax Return?
It is compulsory to e-file your income tax return for–
- Corporate Taxpayers
- Firm/individual/Hindu Undivided Family whose account-book is required to be audited under section 44AB
- Individual having assets or signing authority of any account overseas
- Taxpayers having an income lower than Rs 5 lakh per annum.
- Taxpayers claiming relief under section 90, 90A or 91
How To E-file Income Tax Return?
- Register on the Income Tax Department’s tax filing website incometaxindiaefiling.gov.in
- Provide your Permanent Account Number (PAN) and create a password. Your PAN will serve as your user ID.
- Choose Whether You Wish To Fill In the Application Online or Offline
Online: Simply select the e-file option and start filling in the information.
Offline: Download the form, fill your details and upload it on the \website once you are done. - Chose the Right Form To File Your Taxes
| ITR-1 | For Individuals having a salary or pension income |
| ITR-2 | For Individuals/HUFs having income from any source other than business/profession |
| ITR-3 | For Individuals/HUFs who are a partner in a Partnership Firm or LLP |
| ITR-4 | For Individual/HUFs carrying a proprietary business or profession |
| ITR-5 | For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals) |
How To Clear Queries Related To E-filing Income Tax Return?
In case of queries, contact on 020 6165 6622
Why To File Income Tax Return Online?
It is beneficial to file your income tax returns online, even if it is not mandatory for you, as it is a simpler, faster and more convenient procedure. This way you can file your return at any place and anytime, which save a lot of time and effort too.