INCOME TAX RETURN SERVICES IN MORADABAD

Every person who is earning income which exceeds minimum threshold limit is liable to pay income tax to government. However for certain class of taxpayers there is no limit and they are liable to pay tax on whatever the income earned during financial year. 

Further, in respect of an individual, HUF, Association of Persons, Body of Individuals, Artificial Juridical Person, filing of return of income shall be compulsory if their total income exceeds the maximum amount which is not chargeable to income tax.

Income Tax Department has prescribed various forms that have to be filed by taxpayer to file their income tax return.

WHAT IS INCOME TAX RETURN?

This is simply a format provided by CBDT on income tax portal, through which every taxpayer is required to furnish details of income, assets, liabilities and taxes paid each year.

Advantages of Income Tax Filing Online

• Avoid penalties by filing the IT Returns.
• File IT Returns on time to avoid the late fees.
• Online verification of ITR through electronic mode, at the convenience of your office or home.
• Easy Loan approval is only possible if you file the ITR Returns.
• Required for Visa Processing, IT Return copies are required while Visa Processing.
• Claim Tax refund, if due by filing the ITR Returns on time.
• Carry Forward of Losses.
• ITR can be used as Address proof & Income proof. 

Types of Income Tax Returns (ITR):             

RETURNS	DESCRIPTION
ITR-1	Individuals being a Resident (other than not ordinarily Resident)  having total income up to Rs. 50 Lakhs, having income from salaries, one house property, other sources (Interest, etc.), and Agricultural income up to Rs. 5,000 (Not for  an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
ITR-2	For Individuals and HUFs not having income from profits and gains of business or profession
ITR-3	For Individuals and HUFs having income from profits and gains of business or profession
ITR-4	For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income up to Rs. 50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
ITR-5	Return of Income – For persons other than Individual, HUF, Company, and Person filing Form ITR-7
ITR-6	Return of Income – For companies other than companies claiming an exemption under section 11.
ITR-7	Return of Income – For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
ITR-V	Acknowledgment

External Links:

• Income Tax Return (India)