Income Tax Return

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Income Tax Return

Before filing the income tax return, it is very important for us to know What is the income tax. It is the source of income of the government. All the citizens of India who earns through any mode whether business or job to run their lives and if their income slab falls under the taxation bracket, they have to pay some of their income to the government in the form of income tax.

If you are a businessman and generating income from your business, then you will have to pay tax. Income tax has to be paid on the profit earned by you. All these are called income tax in India, it depends on the annual amount earned by you ie turnover.

By filing the income tax return, the government gets proof of our income source. The income tax return file contains all the details of our income, it also includes where we are getting income from, what are the expenses we make, our rents, investments, fixed deposits, mutual funds etc. It is a kind of declaration of your assets and income.

The income tax return is also called ITR as an abbreviation. It is very important to file an income tax return every year by the last month of the financial year. Filing the income tax return is an important practice, in case you pay more taxes than the tax liability, then you can also get your money refunded by appealing to the income tax department and sometimes the government itself does it. There is no problem even if you submit your income tax return on or before 31st March. You can also consider paying advance tax if you want to avoid the last-minute rush.

Who is liable to file ITR?

Let us update you on the latest tax slab introduced by the government of India. You can see in the table below and find out your earning bracket and your tax eligibility.

• If you are less than 60 years of age and a male. If you are a woman, then you will not have to pay anything up to 2.5 lakh i.e. up to 2.5 lakh income tax exemption has been given.

• but if your income is from Rs 250001 to Rs 500000, then you will have to pay 5% income tax to the Indian government. If your income in this category is between ₹ 500001 to ₹ 1000000, then you will have to pay an income tax of 20% to the Government of India.

• if your income rises above 10 lakhs, then you will have to pay an income tax of 30% marks. After this, if you are a person between the age of 60 years to 80 years, then you will be given income tax exemption of up to ₹ 300000, if your age is more than 80 years then you are free on income tax up to 500000.

• The government has implemented separate rules for the old men and women of the country and it is also in the interest of the country. Your taxable income does not cover savings, insurance premiums and standard deductions from your income.

Which ITR form do you need to fill?

Although there are many types of income tax return forms, there are three main forms in which ITR-1, ITR-2 and ITR-3 are also known as ITR-1.

Documents Required to File ITR

• For this first you must have a PAN card and you have to keep in mind whether your PAN card is jointed with mobile number and also with Aadhaar card or not if your PAN card is not jointed. so your registration will not be complete.
• after that you should have an Aadhar card which is for your identity proof.
• after this you must have the passbook of any bank’s savings account, all the banks you have before March 31, the details of all the statements should be on that passbook in 1 year. You are given a statement four times by the bank, you have to update it by totalling it all.
• if you have any Fixed Deposit in your name, then go to the bank or post office and find out about its status and it is in writing. Give information If you have taken a home loan then you should have all the documents.
• if you invest money somewhere, then you should have all the details about it, apart from this, if you are investing your money, you will also have to give all information.
• If you invest in cryptocurrency and you have made a good profit there, then you cannot fill the phone off, for this you will have to fill out income tax forms two or more.

If someone files ITR for the very first time:

So for this, first of all, you have to register by visiting the Income Tax site, for this, your PAN card must be linked to your Aadhar card. If your file asks for your password, otherwise after entering the user id, click on the continue button, now where it is necessary to enter the password, press on forget password below it and after a few time a page will open there, continue thereafter that your a one time password will come on the registered mobile number, you will have to create a new password by entering it, now we tell you how you have to go to the income tax government portal and do the full process of registration.

How to register?

• kindly go to the income tax portal that is under the government, after that you have to click on there. Now you must have seen the register today just below Let us get started
• it will not be right if you are growing for yourself then click register, you have to type there if your PAN number turns out to be correct Success PAN Validated Successfully will come down, after that they will ask you whether you are al taxpayer or not.
• after that you will give some information about yourself. then they Will ask for your date of birth or name surname etc, here you have to take care of the surname, you have to type the surname in the digest, after that click on continue, then there you will get the mobile number, mail id address, after filling all these information you will have to Now you have to press on continue button.
• now you will have to go to the inbox of the ID and the inbox of the mobile number to see that there is an OTP, then after looking from there you have to fill both OTP. after entering these two OTPs, your all details will be verified easily.
• If you have made some mistake, then there is an edit button on the right side, you can rectify your mistakes by pressing it, now you have to enter your password below, there will be a column under the password, where you have to enter a personal message like India is my country, my name is Rohan etc. as you wish.
• after that you have to click on the register button and there you will see that a new page has been opened there, now you will click on that page. You will see the above written Registered Successfully it means that you have been registered on the official website of Income Tax and all this information will be sent to you on email id and mobile number as a message.

Linking PAN & Aadhar card

• Now we are going to tell you the right way to link PAN card with Aadhar card, if your PAN card is not linked with your Aadhar card, then what you have to do
• irst of all you have to go to the official site of Income Tax and click on Aadhar Status. You have to go to their site and see, you will get the Aadhar status written, you have to click on it, then a new page will open, here you have to type your PAN card number and Aadhar number in the box, then there will be a box.
• after that You will get the view link Aadhar status written in the box, then you have to click on it, if your pan card is already linked then there will be your pan then your number is linked to Aadhar number if your pan and Aadhar are not linked then You have to click on the link Aadhar option there, here you have to type some basic information like PAN number, Aadhar number, register mobile number or your name, you have to put all this in it.
• after that the line will be written below, it has only a year. Birth In Aadhar Card And Second I Agree To Validate My Aadhar all details.
• If the only year is written in the date of birth, then click on the first line, if the date of birth in your Aadhar has the full date of birth i.e. date and month also written, then you do not have to click on the second line, everyone has to click on the line on which you should press.
• so you can do this in this way. You can link your PAN card with your Aadhar card and file your income tax return on the official site of Income Tax.