How to File your Income Tax Online – The Tax Planet

1. How to File your Income Tax Online – The Tax Planet The lockdown hampered all of our daily activities. Even going out to get groceries felt like entering a war zone. Despite these flaws, a few things flourished, including Netflix, Zoom, and E-Filing. You read that correctly. For the fiscal year 2019-2020, Income Tax Filing Services in India increased by 14%. Filing your income tax return online has become a simple task. According to a circular issued by the tax department, the new portal will aid in faster processing and refunds. The income tax department has launched a new web portal that is more interactive and user friendly to simplify the tax filing process and tasks. According to a circular issued by the tax department, the new portal will aid in faster processing and refunds. Individual income tax returns (ITRs) 1 and 4 are now available for filing. You must select the ITR which you are eligible to file. There are various conditions attached to the ITR that can be filed. So, for example, a salaried person with up to 50 lakh in income, one house property, and agricultural income of up to 5,000 can file ITR 1. Individuals and HUFs who do not have income from business or profession can file ITR 2. For the time being, only ITR 1 and ITR 4 are available for filing by individuals. If you are unsure which tax form to use, you can seek assistance online. Following that, you will be asked why you are Filing Income Tax Return, whether it is because your income exceeds the basic exempted limit or because of the seventh provision of Section 139. (1). Under this Section, a person is required to file ITR if he or she has deposited more than 1 crore in one or more current accounts during the year, incurred more than 2 lakh on a foreign trip, or paid more than 1 lakh in electricity bills. You must select the appropriate option.

2. After completing filling of Income and other details you have to submit the ITR. Remember submission is not the end of the process of ITR , you will need to verify the ITR. Verification of ITR can be done online by using the Aadhar OTP option or through EVC. It can be done offline too be sending the signed copy of ITR V to CPC Bangalore. For smoother and better Income Tax Filing Services, switch to The Tax Planet. According to the Income Tax Act of 1961, filing an income tax return is mandatory. You don't have to be worried about the process, even though it is intricate and exhausting. With our expert services for filing Income Tax Return, we help you relieve stress. We begin by setting up your E-Filing account to manage your income tax returns. From documentation to processing, The Tax Planet assists you in completing your income tax returns in a timely and efficient manner. If you have questions, please contact us via email at“info@thetaxplanet.com” , @+91 9811094733 For more info @ https://thetaxplanet.com/ Contact Person @ Kanika Bali Source From @ income-tax-online-the-tax-planet-10bcc51a9048 https://medium.com/@thetaxplanet.seo/how-to-file-your-