Individual Income Tax Filing

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A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.

  • Overview
  • Things to remember
  • Why file IT returns?
  • How to file your income tax
  • Due dates for filing IT
  • Income Tax Return
  • Documents required

Documents required to file TDS Return online

The following documents have to be submitted for filing the TDS returns.

  • TAN details
  • PAN details
  • Last TDS filing details, if applicable
  • The period for which TDS has to be filed
  • Date of incorporation of the business
  • No. of transactions for filing TDS returns
  • Name of the entity - Proprietorship/ Partnership/ Company/ LLP

Things to remember during income tax return filing

  • Do not wait for the due date to file the IT return.
  • Always collate all the documents needed to file ITR
  • Pick the correct IT return form. This is important.

Why file IT returns?

Benefits

The advantages of filing for IT returns are:

  • Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
  • Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
  • Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

IT Tax Refunds & Taxpayers Responsibility

A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.

Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.

How to file your income tax return online?

A Detailed Process

To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling.gov.in.

  • Register at the website using the PAN number. It becomes your ID.
  • View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
  • Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.
  • Complete the entire form by filling in the required details and then submit it.
  • Click the Calculate Tax button, to know your payable amount.
  • If applicable, pay the required tax.
  • Enter the challan details on the tax return section of the form.

Due dates for filing IT return

  • July 31: A firm or individuals who are not liable for audit.
  • September 30: A company or other who is liable to audit.
  • March 31: All individuals and companies filing belated returns.

Vakilsearch recommends making use of Google Calendar to get early notification of due dates and on time ITR filing.

Income Tax Return acknowledgment

Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:

  • Name
  • Address
  • Status
  • Permanent Account Number
  • A brief statement of taxable income
  • Deductions
  • Tax paid
  • Verification

Documents required for Individual income Tax Filling

In India, Individual income Tax Filling cannot be done without proper identity and address proof. These documents will be needed for all the directors and the shareholders of the company to be incorporated. Listed below are the documents that are accepted by MCA for the online company registration process acceptable.

Identity And Address Proof

  • Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
  • Scanned copy of Voter’s ID/Passport/Driver’s License
  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned passport-sized photograph specimen signature (blank document with signature [directors only])

For the foreign nationals, an apostilled or notarized copy of the passport has to be submitted mandatorily. All documents submitted should be valid. The residence proof documents like the bank statement or the electricity bill must be less than 2 months old.

Registered Office Proof

For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.

  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned copy of Notarized rental agreement in English
  • Scanned copy of No-objection certificate from the property owner
  • Scanned copy of sale deed/property deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence too.

Things to remember during income tax return filing

  • Do not wait for the due date to file the IT return.
  • Always collate all the documents needed to file ITR
  • Pick the correct IT return form. This is important.

Why file IT returns?

Benefits

The advantages of filing for IT returns are:

  • Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
  • Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
  • Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

IT Tax Refunds & Taxpayers Responsibility

A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.

Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.

How to file your income tax return online?

A Detailed Process

To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling.gov.in.

  • Register at the website using the PAN number. It becomes your ID.
  • View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
  • Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.
  • Complete the entire form by filling in the required details and then submit it.
  • Click the Calculate Tax button, to know your payable amount.
  • If applicable, pay the required tax.
  • Enter the challan details on the tax return section of the form.

Due dates for filing IT return

  • July 31: A firm or individuals who are not liable for audit.
  • September 30: A company or other who is liable to audit.
  • March 31: All individuals and companies filing belated returns.

Vakilsearch recommends making use of Google Calendar to get early notification of due dates and on time ITR filing.

Income Tax Return acknowledgment

Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:

  • Name
  • Address
  • Status
  • Permanent Account Number
  • A brief statement of taxable income
  • Deductions
  • Tax paid
  • Verification

Documents required for Individual income Tax Filling

In India, Individual income Tax Filling cannot be done without proper identity and address proof. These documents will be needed for all the directors and the shareholders of the company to be incorporated. Listed below are the documents that are accepted by MCA for the online company registration process acceptable.

Identity And Address Proof

  • Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
  • Scanned copy of Voter’s ID/Passport/Driver’s License
  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned passport-sized photograph specimen signature (blank document with signature [directors only])

For the foreign nationals, an apostilled or notarized copy of the passport has to be submitted mandatorily. All documents submitted should be valid. The residence proof documents like the bank statement or the electricity bill must be less than 2 months old.

Registered Office Proof

For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.

  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned copy of Notarized rental agreement in English
  • Scanned copy of No-objection certificate from the property owner
  • Scanned copy of sale deed/property deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence too.