ITR e-Filing | Income Tax Return 2023

Pralay Bhowmik

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E-Filing of Income Tax Returns

ITR 1 (Sahaj) = Individuals with income from salary and interest

ITR 2 = Individuals with Hindu Undivided Families not having income from business or profession

ITR 3 = Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

ITR 4 = Individuals and HUFs having income from a proprietary business or profession

ITR 4S (Sugam) = Individuals/HUF having income from presumptive business

ITR 5 = Firms, AOPs, BOIs, and LLP

ITR 6 = Companies other than companies claiming exemption under section 11

ITR 7 = Individuals including companies required to furnish returns under section 139(4A) section 139(4B) or section 139(4C) or section 139(4D)

What you will get:

Benefits of the premium Package:

What is Income Tax Return?

It’s a prescribed form through which a person can furnish the details of his /her income earned through different sources of income and taxes paid for the relevant financial year to the Income Tax Department.

Do I have to file my income tax return?

Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type of deductions/investments.

My employer deducts and deposits TDS on my behalf. Do I need to still file my Income Tax Return?

Yes, even if your employer deducts and deposits your TDS on regular and timely basis, you are still required to file your tax return if your income exceeds Rs. 2,50,000. This helps in determining any dues or eligibility for refunds

Is E-Filing mandatory?

E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed

What is Form-16?

Your employer gives you Form-16 as a certificate of total TDS deducted from salary. Details of TDS deducted and the details of salary, allowances & deductions are mentioned in Form-16.However the details of deductions mentioned are subject to the proof of deductions submitted by you to your employer. Hence real computation may change from the computation mentioned in Form-16.</p> <p>It is given at the end of year and helps you file your income tax return. Remember Form-16 is not an alternative for Income Tax Return. Filing Income tax return is mandatory even if correct TDS has been deducted as per Form—16.

Pralay Bhowmik

From India
Seller Since 2023

Pralay is a Tax consultant with 8 years of experience in areas such as GST, Income tax, Company Registration, and various License registrations. As a Tax consultant, Pralay helps individuals and businesses with their tax-related matters, such as filing tax returns, managing tax compliance, and providing tax planning advice. They may also assist clients with company registration, obtaining licenses, and other related legal procedures. With their extensive experience and knowledge of tax laws and regulations, Pralay is likely a valuable resource for their clients. They may work independently or as part of a team, providing customized solutions to their client's tax and legal needs.