Income tax is levied by the Central Government on the income that is earned during a financial year by individuals and businesses. The taxes are considered to be a source of revenue for the government. The revenue that is collected from the source of tax is then utilised on developing infrastructure, providing better healthcare, education, subsidies to the farmers or people employed in the agriculture sector, and also for the government welfare schemes.
Every individual liable to pay income tax has to file Income Tax Return (ITR) to the Income Tax Department of India.Every individual liable to pay income tax has to file Income Tax Return (ITR) to the Income Tax Department of India.
There can be different types of income in India for which ITR can be filed such as Income from capital gains, Income from salary, profits and gains from business and profession, Income from house property, Income from other sources such as dividends, interest from deposits, royalty income, winning on lottery, etc.
ITR filing in India requires you to file information about the income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.
The applicability of any ITR form depends on the nature and amount of income and type of taxpayer. The Income Tax Department has illustrated 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
The procedure for income tax return filing in Bangalore can be complicated and hectic for working professionals or businessmen so Mibook has taken an initiative to help all such people with our filing services.
Every individual earning more than Rs 2.5 lakhs per annum has to file an income tax return in India. Every company, LLP, or Partnership Firm irrespective of its income has to file an income tax return.
Mibook offers correct and timely ITR filing in Bangalore so as to avoid harassment by tax authorities and to avoid heavy penalties. Also, a strong income tax helps to increase your credibility with banks and investors.
1. All you have to do is fill out a simple form on the website and give us some essential information like details of your Form 16, investment details, company balance sheet, the state you carry out your operations, etc.
2. Our expert team at Mibook will help optimise your tax.
3. Thereon, file your income tax return. Upon successful completion of the process, we will mail you the Verification acknowledgement form to your registered email address.
If you apply for any loans such as a home loan, car loan, etc., the eligibility and quantum of the loan would depend on your income. This can be established through income tax return filing in Bangalore. ITR will help your lender to assess your repayment capacity.
There could be some TDS cuts on some investments. And you will have to file the ITR to claim a refund of the same. Or you may have paid excess tax on your income. To get a refund for the same, you must file ITR. Many salaried individuals don’t file Income Tax Return as they think that the tax on their income has already been deducted and they have Form 16. But your employer may have paid more tax on your behalf. Not taking into consideration your actual house rent, children’s school fees, tax-saving investments, or insurance. So, ITR filing in Bangalore will enable you to get a refund from the Income-tax department.
As per Income tax rules, losses are allowed to be carried forward and set off against capital gains. But this applies only to those individuals who file ITR in the relevant assessment year. If you have incurred losses for a year and you have earned below the exemption limit. You must file your Income Tax Returns in Bangalore to be able to carry forward the losses you have incurred. And it brings balance against future gains and income.
Although the Motor Vehicles Act does not make it compulsory to present the ITR while calculating the compensation in case of accidental death or disability, the procedures approved by the Delhi High Court outline the need for ITR for self-employed persons.
Not all Businessmen, consultants, and partners get Form 16. For self-employed individuals, ITR receipts become an important document. Income tax return filing in Bangalore is the only proof of income and tax payment for them, in all sorts of financial transactions. And if they want to take up some contract or tender, they may be asked to show their tax return receipts for the previous 3 to 5 years.
PAN Card: PAN Card of the taxpayer
Entities PAN Card: In the case of a company or firm, the PAN card of all directors or partners is required
Aadhar Card: In the case of a company or firm, the Aadhar card of all directors or partners is required.
Cancelled Cheque: Cancelled cheque of the taxpayer’s bank account is required
Bank Account Statement: The statement for the concerned Financial Year is required to assess other incomes
Financial Statements: For business entities, except proprietorship, financial statements are required
Investment/ expenses u/s 80: Details about the investments made or expenditure u/s 80 must be provided
Form 16: The salaried person should provide the TDS Certificate, known as Form 16
2. Discussion and collection of basic Information
3. Consultancy for appropriate ITR form
4. Collection of required documents
2. Computation of taxable Income Tax
1. Submission and Acknowledgement
2. Online filing of income tax return
3. Sharing ITR Acknowledgment