What is an income tax return?
An income tax return means a form where an assesse declares their tax payments which include income as well as deductions. The process of filing an income tax return is called income tax filing. When you file your income tax return, the total income tax that you owe to the government is calculated. Let’s say if you pay more tax than what is required for a particular financial year then the IT department will refund your extra money in your bank account, isn’t that amazing! If you have underpaid taxes for that particular year then you have to pay the remaining amount and file your income tax returns.
Income tax return form varies from ITR 1 to ITR 7 these are used for different kinds of income. Some forms are lengthier than others as they need some additional information like the balance sheet and profit and loss statement
Why you should file income tax return?
It does not matter whether you are an NRI or an Indian resident but filing an income tax return is mandatory if your total income exceeds Rs.2.5 lakh.
An Income tax return is a necessary document that you must produce while opting for a home loan as it helps you to get a home loan.
If you wish to pursue education abroad or about to take up a job outside India then you must have at least three years filed tax returns to show it as a proof of income. Officials who process your visa application will ask you for your income tax return documents to assess your financial health. They evaluate to check whether you can support yourself in the foreign country.
What are the details you require when you e-file income tax returns online
Here is the list of details
- Basic Information like PAN, Aadhar and current address
- You should provide information about all the bank accounts held in that particular financial year.
- You should have all the details of income (like form 16 for salary, bank statement for interest income) and deduction claimed under section 80 while filing the tax return
- You should have your updated traces form (Form 26AS) in which information of taxes are reported like advance tax payments as well as TDS
How can you e-file an income tax return in India?
Anyone can e-file their income tax returns online in India at the income tax department’s website but you must be aware of all the tedious process involved in it. Hence, you can connect with us at https://www.ustaxfiling.in/ so that we will ensure that your income tax return is filed accurately in India and you don’t have to worry about it.
Income tax filing or e-filing of income tax becomes easy with https://www.ustaxfiling.in/. you can e-file your income tax returns within a few minutes with us. You can e-file your income tax return for this year before 30th November 2020. Due to COVID19 pandemic Indian government has extended date for filing your income tax returns.
Is it possible to file income tax returns for the financial year 2019-20 online?
Yes, you can easily file income tax returns for the financial year 2019-20 online with us at https://www.ustaxfiling.in/. We make sure to help you out in every possible way to file your correct income tax returns online without hassle. We are ethical and transparent in our work and make sure to help our clients to avoid a last-minute hassle.
What is the next step after you e-file your income tax return?
After filing your tax return, you need to e-verify the same. There are different methods available for the e-verification of return, you can verify your return through Aadhar OTP, through your internet banking system or send the print of your ITR-V to the income tax department Bangalore.
Why choose USTAXFiling.in?
We at USTAXFiling.in make sure to offer our clients all the necessary information accurately. Our e-file income tax returns online service is the best with complete transparency and ethical practices. We make sure to file your income tax returns on time so that our clients don’t face any last-minute troubles like high penalties. You don’t have to worry at all once you connect with us at USTAXfiling. You can sit at the comfort of your home and all your income tax return filing is done by our tax experts on time. Our tax experts are ready to assist you anytime.