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?
What is Income Tax Return?
What are the compulsory documents to be attached with I-T Return?
How can I e-verify or acknowledge ITR Online?
- 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?
What is the Income Tax Rate?
Who needs to file an Income Tax Return?
What is all the basic information required to file the I-T Return?
What is ITR-V?
What is exempt Income and taxable Income?
DOCUMENTS NEEDED TO e-FILE INCOME TAX ONLINE
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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.
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.
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.