Income Tax Filing in Chennai

INCOME TAX FILING AGENTS IN CHENNAI

An Official Document the taxpayer has to file with the Internal revenue service containing the Income, Profit & loss of the business and other deductions & exemptions along with the Tax Liability Payable or the Tax Refund Receivable.

Anybody who is less than 60 years of age and has an annual income more than Rs2.5 lakh has to file income tax returns, as per the Act. Apart from financial discipline, filing income tax returns has several advantages. Banks check the IT Returns for approving Loans / Credit Card Requests. 

Failing to file your income tax return in time, a penalty may be levied by the assessing officer. 

Every Taxpayer is categorised to compute the Taxable Income as per the terms mentioned in the Income Tax Act. Respective Form is applicable to each Category of TaxPayers.

Filing an income tax return may seem complicated and difficult. However, Once understanding all income sources and deductions, it becomes easy to file the Return.

Penalty for Late ITR Efiling

As per Section 234F of the Income Tax Act, 1961 the penalty for delayed or no filing of ITR is as follows:

  • Rs.5000 in case of ITR Efiling on or before 31st December of the Assessment Year
  • Rs.10000 in case of no filing of Income Tax Return

What is Income Tax?

Income tax is an annual levy or tax on the income earned by a particular person during a financial year. It is charged and collected by the central government.

What is Income Tax Return?

Income Tax Return or I-T Return or ITR Filing is a form to be filled by taxpayers giving information about all sources of income, amount of income earned, Any deductions to be claimed on the investments made and taxes paid in a particular Period.

What are the compulsory documents to be attached with I-T Return?

IT return is an annexure less return. Hence, no documents are needed to be attached with I-T Return.

How can I e-verify or acknowledge ITR Online?

To E-verify ITR follow the steps mentioned below:

  • Visit Income Tax Official Portal
  • Under “My account” tab, click on “e-verify” option
  • E-verification can be done in 4 ways stated in the window. You can select one and then OTP (One Time Password) will be generated
  • Enter the OTP and your ITR e-verification is successfully completed

What is ITR Efiling Last Date for AY 2020-21?

The last date for Efiling Income Tax Return in AY 2020-21 for FY 2019-20 is 30th November, 2020 which was extended from the original deadline of 31st July, 2020 due to the pandemic in the country.

What is the Income Tax Rate?

Once the taxable income of the taxpayer is determined, the tax is computed on such income. This tax is computed at the rates specified in Income tax Act. It is computed at a certain percentage of taxable income.

Who needs to file an Income Tax Return?

Normally, if the annual income of the taxpayer is above Rs. 250000/- is eligible to file Income tax Return, However this limit is more in case of senior citizens.

What is all the basic information required to file the I-T Return?

Taxpayers need to provide Full name as per Pan Card, Date of Birth, Address, Pan No, Aadhar No, Bank Account Details, Valid Mobile No & Email ID.

What is ITR-V?

This is the acknowledgement that I-T Return has been filed. You will receive this acknowledgement through sms and email.

What is exempt Income and taxable Income?

An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called taxable incomes.

DOCUMENTS NEEDED TO e-FILE INCOME TAX ONLINE

Form 16 Issued by the employer
Form 16A Issued by bank wherever applicable
Form 26AS which details tax credits to your account
Home loan documents or HRA receipts
Documents of investments made for tax savings
Documentary Proof to Claim Deductions
Details of Capital Gains if applicable.
There are few more documents that will be applicable depending on the complexity of the return

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Benefits of Filing Income Tax

Proof of Income/ Net Worth

The best authentic document in support of claim of income level Your Tax Return documents are proof of your financial investments.

Tax Refund

A stitch in time saves nine, the earlier you file the sooner you will get the refund. Taxpayers receive a refund at the end of the year when they have too much money withheld.

Obtaining Visa

While applying for a visa, foreign embassies/consulates of many countries ask to furnish the last 3 Years Income Tax Return filed copies.

To carry forward losses

Unless you file the ITR, you cannot recompense your expenses/losses in the previous financial year to the current.