ITR Filing in Jaipur

Income Tax Return (ITR) is the form in which assessee files information about there Income and tax to the Income Tax Department.

Variety of forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
The applicability of ITR forms varies and depending on the sources of income of the taxpayer(assessee), the amount of the income earned and to which category the taxpayer (like individuals, HUF, company, etc)belongs.

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates assessee to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due dates.

    Who need to file Income Tax Return ?

    It is mandatory to file income tax returns in India if you are going to fall in any of the conditions which are mentioned below :

    Which Type of Income Tax Return is to be File in Jaipur ?

    ITR-1 OR SAHAJ

    This Return Form is for a resident individual whose total income for the assessment year includes any of the following incomes:

    The taxpayer who cannot use ITR Form1 are :

    ITR-2

    ITR 2 is for the use of an individual or a Hindu Undivided Family whose total income for the assessment year includes any of the following incomes:

    NOTE : Total income from the above should exceed Rs 50 Lakhs

    The taxpayer who cannot use ITR Form 2 are :
    Form 2 not be used by an individual whose total income for the Assessement Year (AY) includes Income from Business or Profession.

    ITR-3

    ITR 3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are required to file ITR 3 :

    ITR-4 or Sugam

    ITR 4 is applicable to individuals and Hindu Undivided Family, Partnership firms (except LLPs) which are residents having income from a business or profession.

    It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act (but if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3).

    The taxpayer who cannot use ITR Form 4 are :

    ITR 5

    ITR-6

    ITR 6 is for Companies except the companies who are claiming exemption under section 11 ( i.e Income from property held for charitable or religious purposes), it is compulsory to filed it electronically only .

    ITR-7

    ITR-7 is for persons including companies required to furnish return U/S 139(4A) or U/S 139(4B) or U/S 139(4C) or U/S 139(4D) or U/S 139(4E) or U/S 139(4F).

    What are the Documents Require for ITR Filing in Jaipur ?

    Steps for how to Register on the e-filing Portal

    The whole process of Company registration can be divided into four steps:

    • 1

      Visit to the electronic-filing website (https://incometaxindiaefiling.gov.in)

    • 2

      Register to e-file your returns for that click on the ‘Register Yourself’ button to register yourself

    • 3

      Select which kind of User Type you are

    • 4

      Basic details have to be filled up

    • 5

      Then, verification of PAN

    • 6

      And then Account is activate

    What is the Procedure of ITR Filing in Jaipur ?

    Taxpayers can file ITR in 2 ways that are :

    OFFLINE FILLING OF ITR

    Super senior citizens (individuals who are 80 years old and more than 80 years) are have option to file Income tax Return offline during the financial year.
    Also in case when an individual or HUF has an income of less than Rs.5 lakh and are not entitled to receive a refund can while ITR offline

    The procedure to file returns offline is:

    STEPS FOR ONLINE FILLING OF ITR USING E-FILLING PORTAL ARE :

    Why we File Income Tax Return in Jaipur?

    To avail the following benefits we need to file income tax return in jaipur :

    • 1

      For Easy Loan Approval
      But filing the ITR will help individuals, to apply easily for loan of the vehicles , House Loan etc.

    • 2

      Claim Tax Refund
      For claiming refund due from the Income Tax Department file income tax return

    • 3

      Income And Address Proof
      Income Tax Return can also be used as a proof of your Income and of your Address.

    • 4

      Enables Quick Visa Processing

    • 5

      If taxpayers files ITR on due date then they can easily carry forward losses and loss from house property and unabsorbed depreciation can be carry forward even if ITR not file on due date

    • 6

      If taxpayers required to file Income Tax returns but the did not file then in such case the tax officer has right to impose a penalty of up to Rs.5000,so in order to avoid from such penalty u should file ITR

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