There are various schemes implemented by the government to ensure the smooth functioning and development of the organization. Tax is an amount that each earning employee pays in one way or the other. This amount is invested for the development of the country. There are various ways wherein the employee can file for a tax return under certain terms and conditions. This is perplexing for any working individual. To begin with, let’s understand the definition of income tax returns and how it functions.
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What is ITR or Income Tax Return?
ITR or income tax return is a form of income tax that indicates the next liability of the employee. It is as per the amendments imposed by the state and federal government that it is mandatory for the employee earning a certain amount to file for ITR return. It is a financial report of the financial gains of the year. The individual can gain detail on income tax returns via the official Income tax portal. The individual can get notified with seven different forms to file ITR in accordance with the category. To name them ITR 1, ITR 2 ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
Why is it imperative to file ITR?
This is a mandatory obligation by the constitution for the individual to file for ITR. this is mandatory for the individuals who are eligible under these terms and conditions:
- Individuals who earn an amount that falls in the Tax slab
- If it is a company, it is obligatory to file ITR irrespective of the fact that it has earned any profit or loss in the financial year.
- If an individual needs to claim tax returns.
- If an individual has lost in the financial year which needs to be carried forward
- If any individual has property outside India and is a resident of India.
- If any resident of India happens to be a signing authority for any foreign bank account.
- If anyone wants to apply for a loan or visa
- If any NRI has sources to derive income from India. In this case, if the income is taxable in India then it is the responsibility of the person to file ITR.
What are the cases that may be required to be filed online with e-filing of income tax?
There are various types of taxes and with digitization, it became easier for the individual to file an ITR. However, there are certain portals that need to be filed along with e-filing income tax :
- If in case the person is eligible for income tax returns. Then it is essential to opt for a person to fill in along with the ITR form,
- If the person has an annual income that exceeds five lakh rupees. This is then required to file along with the ITR form.
- If the person requires a refund. This is to note that it is different from the income tax refund.
- There are a few mandatory fields that need to be filled while e-filing. To name, ITR 3, ITR4, ITR 5, ITR 6, and ITR 7 are a few.
How to download ITR forms?
It has become easier for individuals to work with the assistance of digitization. The ITR forms are easily available online to download. Let’s take a look at how to download these ITR forms and gain clarity of TDS online:
- Step 1- visit the official website of ITS
- Step 2 on the home page, click on the menu bar.
- Step 3-three select the forms/ download option.
- Step 4- the page will be redirected and it will download a pdf that contains the forms for ITR.
To gain more knowledge anyone can access the options on the official page and gain clarity.
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