Income Tax Returns

Income Tax Return Filing: An Overview

What is an income tax return?

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.

How can you file an income tax return in India?

You can file your income tax returns online, either on the income tax department's website or with us on www.legalguard.in
Income Tax filing or e-filling is made easy on legalguard.in. You can e-file your returns within just 7 minutes!
Also note that the due date to e-file your income tax returns for the assessment year 2019-2020 is on or before July 31, 2019.

Is it possible to file Tax Returns for financial years before 2014 online?

No, you cannot file income tax returns online for years before 2014. From 2017-18 onwards, you can only e-file income tax return for 1 year. For example, you can e-file the income tax return for FY 2017-18 only up to 31 March, 2019. You can't file any returns for years passed.

Why do you have to file income tax returns?

Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.
If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.

What are the details you need when you're e-filing your income tax returns?

• Produce basic information such as PAN, Aadhar Card, and current address.
• Details about all the bank accounts you've held in the given financial year is mandatory.
• Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
• Information about all the deductions you've claimed under Section 80.
• Tax payment information such as TDS and advance tax payments.

What’s the next step after you’ve e-filed your income tax return?

Once you’ve filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return, which you can do from your Netbanking accounts.

Who can File Income Tax Returns(ITR) with Legalguard.in?

Individuals having Income from Capital Gains (mutual funds & stocks), House Property, FD, Interest etc.

Individuals who only have Salary income can file with or without Form-16.

Individuals who have switched jobs during the financial year can file (Multiple Form-16).

Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI.

Benefits of filing Income Tax Returns

    Avoid late fees under 234F.

Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.

  Avoid Tax Notices

Taxpayers are often served notices from the IT department for delayed & missed return submissions.

  Build Financial Documentation

Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.

 Carry forward your losses

You can carry forward losses against house property and depreciation.

  Tax Refund

You can claim a tax refund; the earlier you file the sooner you will get the refund.

  Quick Visa processing

Most embassies and consulates require you to submit IT returns for the last 3 years.

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