Income Tax Returns in India with REGISTRATION MITRA

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Income Tax Returns In India

Income Tax Returns or ITR is a form used to declare the Income earned, net tax liability, claiming of tax deductions, and to report the gross taxable income in a financial year. It is mandatory for individuals who earn a certain amount of money have to File IT Returns. Firms or companies, Hindu Undivided Families (HUFs), and self-employed or salaried individuals must file ITR to the Income Tax Department of India.

Various forms of Income Tax Returns

Form No.	Applicability
ITR-1	The form must be used by individuals who make an annual income of less than Rs.50 lakh via pension or salary and from only one house property.
ITR-2	The form must be used by shareholders of private companies, Directors of Companies, Non-Resident Indians (NRIs), or individuals who make an income via capital gains, from two or more house properties, and from foreign sources. However, the income of the individual must be more than Rs.50 lakh.
ITR-3	The form must be used by individuals who run a proprietorship or are professionals in India.
ITR-4	Individuals who are under the presumptive taxation scheme must use this form. In order for individuals to join the scheme, they must earn less than Rs.50 lakh from professional income or less than Rs.2 crore from business income.
ITR-5	This form is for association and body of individuals, Limited Liability Partnerships (LLPs), and partnership firms to report their income and tax computation.
ITR-6	Companies that are registered in India must use this form.
ITR-7	In case entities are claiming an exemption as universities or colleges, scientific research institutions, political parties, and religious or charitable trusts, this form must be used..

Documents Required

PAN of Applicant/Director/Partner
Aadhar of Applicant/Director/Partner
Form 26AS
Salary Pay slips
Form 16A, 16B, 16C

Bank statements
Interest certificates
TDS certificate
Proof of tax saving investments
Financials in case of Company, LLP, Partnership firms other than individuals

Advantages Of Income Tax Returns

Easy Loan Approval
Claim Tax refund i.e., TDS
Carry forward your losses

Presumptive taxation scheme for professionals
Quick visa processing
Income and address proof

Return Filling Procedure

Step 1
Calculation of Liability and Advice
- The first step is to calculate the tax liability of client and advice accordingly.
Step 2
Return preparation and submission
- In this step, prepare the return in offline tool or software
- Then submit the return online on Income Tax portal.
Step 3
3. E-verification
- On successful submission, e-verify the return using aadhar OTP or through bank details or DSC.
- After e-verification, an Acknowledgement will be generated.

Registraion Mitra has made filing ITR in Delhi Easier

We are the leading experts in filing ITRs in Delhi. We take note of all legal formalities and comply with the rules defined by the government. Thus, if you too are looking for ITR filing then contact Registration Mitra for seamless service.

How Registration Mitra helps in this Entire Process

Proper Advice and research

our expert reaches to you and understands your requirement, calculate your tax liability and advice accordingly.

Preparation of return

We will collect and prepare the required return for submission with the department..

Online Filling

We will file the return online on Income Tax portal.

Acknowledgement

After submission and e-verification, we will provide you with the acknowledgement issued by the Income Tax Department.

Frequently Asked Question For The Registraion

Yes, you can file the ITR by visiting the official website of the Income Tax Department provided you have the knowledge of Income Tax law.

In case you fall under the tax slab that is provided by the government, it is mandatory to file the ITR.

No, it is mandatory to file your ITR. The government get a complete record of how your income is distributed with the help of the ITR.

In case the returns are not filed by the due date, huge penalties are levied on the taxpayer. Apart from penalties, there could be other inconveniences and consequences that the individual would face in case the returns are not filed. Depending on when the returns are filed after the due date, individuals could face penalties between Rs.1,000 and Rs.10,000

Yes, it is useful to file your tax returns. In case you wish to apply for a loan, the ITR may be considered as a mandatory document that must be submitted.

The status of the Income Tax Return can be checked on the official website of the Income Tax Department of India. The status can be checked with the help of your Permanent Account Number and password.