Income Tax Return Individual Resident

What Is Income Tax Return?

Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form every year.

Why Income Tax Return Need To File?

Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below:
* Any private, public, foreign, domestic company.
* Any Limited Liability Partnership (LLP) and unlimited liability partnership.
* Any total individual income is exceeding the exemption limit.

Advantages of Filling Income tax return

* Legal Requirement by Income Tax Act 1961 – for individual & HUF -If gross total income Exceeding 2,50,000/-then shall have to file return
* For firm & companies- even if no income return filing mandatory
* Claiming refund
* Carry-forward of losses
* Establishing income proof in compensation cases
* Helps the bank loan documentation process easier
* Credit Card Processing
* For a hassle-free visa application procedure
* Makes life easier for freelancers and Professional

Disadvantages of a Non Filling Income tax return

* Losses cannot be carried forward.
* Deductions under Chapter – VI A cannot be claim
* Interest under Section 234
* Loss on refund of Taxes (Financial loss)
* Best judgment assessment (Assessment under section 144):
* Penalty for Concealment of Income
* Prosecution for Failure to Furnish Return of Income u/s 276CC

Documents Required For Income Tax Return Individual Resident

  • Copy of PAN
  • Banks Accounts details / statements of all bank accounts (including Joint Accounts)
  • Form 16 received from Employer (if available)
  • Form 16 A received form Deductor (if available)
  • Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden)
  • Aadhar Number (Mandatory)
  • Passport Number ( if you have visited outside India in last financial year)

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Income Tax Return Individual Resident
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