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Income tax filing india | ITR filing | Taxation policy in india

procedure of income tax filing in India, ITR filing of foreign assets, last date of filing income tax returns, consequences of not filing ITR

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Income tax filing india | ITR filing | Taxation policy in india

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  1. About Us Taxolawgy is an online marketplace for providing highest quality of Legal and Financial services in the most transparent environment at affordable rates, while opening global business opportunities for experts like Advocates, CA, CS, etc. www.taxolawgy.com 2

  2. ITR Filing - Taxolawgy Filing for income tax returns in India is a mandatory process. This article will explain you the ITR filing procedure taxation policy in India in the simplestway. Procedure of Income Tax Filing India under

  3. Who is required to file income tax returns? • <60 years of age and total annual income >2.5 lakh INR • Senior citizen i.e. 60-80 years of age, annual gross income >3 lakh INR. • Super senior citizen i.e. 80 years or above annual gross income 5 lakh INR. • A company or a firm, regardless of profit or loss, filing ITR for the financial year is a requirement. • If you are looking forth to claiming a tax refund for the fiscal year. • An Indian citizen and act as a signing authority for any foreign account.

  4. Who is required to file income tax returns? • An Indian citizen & maintain an asset or business interest established outside India. • If you have traded equity shares in a company or unit of equity-oriented mutual funds or unit of business trust >2.5 lakh INR & have earned tax-exempt long- term capital gains from the same. • If you accept any income earned from the trade of a property which had been held under a charitable or religious trust, political party, educational institution, and any other authority, body or trust. • A foreign company which has been using any treaty benefit on any deal made in India. • An NRI (Non-Resident Indian) but if your cumulative yearly gross income earned or accrued in India exceeds 2,50,000 INR. • File ITR if you are looking for a loan. ITR filings are taken as legitimate income proofs. You will need them while opting for any kind of loan. • If you do not file an ITR even after falling into any of the preceding criteria, you are liable to respective penalties for the error.

  5. Mandatory Filing of Return in case of assets stationed outside India They are ordinary-residents in India and is not under the obligation to furnish return u/s 139 Such a person at any time during the P.Y. Someone who holds, as a profitable owner or otherwise, any asset positioned outside India Is a possessor of any asset located outside India   • •

  6. Due Date for Income Tax Filing in India? The fiscal year 2018-19, AY 2019-20 Taxpayer Category Tax Filing Due Date – FY 2018-19 Individual 31st July 2019 31st July 2019 31st July 2019 Hindu Undivided Family (HUF) 31st July 2019 Association of Persons (AOP) 31st July 2019 30thSeptember 2019 Businesses (Requiring Audit) 30thSeptember 2019 Businesses (Requiring TP Report)

  7. Documents Needed for Filing Income Tax Returns 31stJuly is the final day to file your Income Tax Returns in India in any given financial year. The procedure of Income Tax Filing India requires some preparation. This is why the Government provides you with four months’ window period to organize all documents like salary/income details, bank statements, previous tax statements, etc. 1. Choosing the applicable ITR form 2. Link Aadhaar with PAN 3. For Salaried Employees 4. Documents related to interest income 5. Form 26AS 6. Section 80 Investments 7. Documents Required Deductions to Claim Expenses as

  8. The Procedure for Income Tax Filing India Everything you need to know about Income tax filing.

  9. The Procedure for Income Tax Filing in India One can fill the ITR form online. This step by step guide will help you file your ITR on time at the ease of your house 1. Visit the e-filing website: https://incometaxindiaefiling.gov.in/ 2. If you are a first-time user or filing your returns for the first time then click on the ‘New Registration’ tab and register yourself by providing important details and creating your profile and password. While creating your user ID, you must ensure that you have an active e-mail id and mobile number and it is cited correctly. www.taxolawgy.com

  10. How to check the status of your ITR Using acknowledgement number (without login credentials) Using login credentials • Firstly, look for the option of check ITR status under the services tab on the extreme left on the e-filing website • After that, you’ll land on a page where you’ll have to fill your PAN number and ITR acknowledgement • The status is displayed after the submission • Firstly, look for the option of check ITR status under the services tab on the extreme left on the e-filing website • After that, you’ll land on a page where you’ll have to fill your PAN number and ITR acknowledgement • The status is displayed after the submission

  11. Thank you! +918961101101 www.taxolawgy.com info@taxolawgy.com

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