Filing an income tax return is pretty straightforward. You just fill out a form with info about how much money you made during the year and other important details. Then, you hand it in to the tax department. This form covers your salary. It also includes profits from your business. Additionally, it encompasses money from selling assets like houses, stocks, or property. Furthermore, it considers any interest or dividends you earned. Essentially, it pertains to everyone who earns money.

What Is ITR Filing?

ITR filing is simply a procedure where you tell or reveal your income and taxes to the government. You declare how much money you made and the tax you paid. It applies to individuals surpassing the tax-free income limit. It is also necessary for those who want to receive a refund for excess tax deducted at source (TDS) or attempt to roll over losses to subsequent years.

The Steps for ITR Filing

Before submitting your online income tax return, ensure you know your owed tax amount. This ensures accuracy in your submission and avoids potential errors. Go to the official income tax department website to do it electronically. Fill in the right sections, add any necessary files, and double-check everything once you're done.

Go to the official income tax e-filing page and get the applicable ITR form from the IT Return Preparation Software section. On your PC, open the ITR form that you downloaded.

Subsequently, complete the relevant fields and collect the needed paperwork, such as Form 26AS, Form 16 and TDS certificates. After that, create and save an ITR form JSON file. Lastly, upload the JSON file to submit the ITR form.

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For Whom Are Income Tax Returns Intended

Assessee earning at least Rs. 5 lakhs in total income.
a resident of HUF who possesses assets outside of India.
In accordance with Section 139 (4B) (ITR 7), an Assessee must file returns.
In accordance with Section 11(2), the assessee is required to give the assessing officer notice (a).
an individual making a claim for relief or deductions under 90A or 90 sections.
a resident with the ability to sign checks on any account located outside of India.

Advantages of Online ITR Filing

Although you can still file your income tax return offline, there are certain benefits to filing online. The following are advantages of online ITR filing:

What Making a Tax Refund Claim

To receive a tax refund, file your income tax return online. Ensure you paid more than the required tax amount.

Evidence of Income

Form-16 is solely for salaried taxpayers. If you're self-employed or a business owner, your online tax return is your Proof of Income.

Loan Processing

The banks need copies of your most recent income tax returns in order to determine your sources of income when you apply for a loan for a car, house, or any other purpose.

Making Loss Claims

If you are an individual taxpayer and would like to claim specific losses, like losses from capital gains, business, or profession, you must file your income tax return online. Additionally, it aids in keeping track of losses that you may later be able to reimburse.

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