Are you a salaried individual earning more than "5 lakhs" annually Or do you own a partnership firm or a LLP or any business?
Then you are liable to pay income tax to the Government of India. Even if you are an NRI you will have to file income tax return. If beyond you salary or irrespective of your salary you earn income from interest on your savings, from mutual funds or on income through your property, it’s mandatory for you to file your income tax return. Filing of income tax returns is an evidence of your legal earnings and it’s also a source to know your total earning from various channels. Now-a-days income tax return is commonly filed online too. Be it online or offline our ITR filing services are meant to make your life simpler.
Who must File Income Tax Returns (ITR)?
- Individual whose total annual gross income exceeds Rs. 5,00,000, this may vary for senior citizens above 60 years of age
- Company or businesses in India
- Individuals who wish to claim a tax refund
- An Indian resident who is a signing authority for any foreign account
- An Indian resident who owns foreign assets
- Individuals who have sold equity shares in a company or unit of equity oriented mutual funds or unit of business trust for more than Rs.2,50,000 and have gained tax-exempt long-term capital gains from the same
- Individuals who have sold a property and earned income
- A foreign company which has been taking any treaty benefit on any transaction made in India.
- NRIs (Non-Resident Indian) whose total annual gross income earned or accrued in India exceeds Rs.2,50,000
Advantage of filing ITR :
- ITR documents are proof of your total financial earnings and investments
- You can carry forward losses against house property and depreciation.
- You can claim tax and enjoy returns, if eligible
- IT return filings builds your good financial record and plays a vital role when applying for home loan, visa etc.
Individuals must keep these documents handy for ITR filing :
- Bank account statements
- Proof of investments and Form 16 (Salary certificate issued by the employer)
- Form 16A / TDS certificate
- Challan of tax payment made like advance tax or self assessment tax
- Proof of investments in property
- Documents of purchase and sale of investments/assets