Get your income tax return filed from a qualified Chartered Accountant
Pay Tax Karo Relax
Why You Should File Income Tax?
- You can claim a refund of excess tax paid via TDS (Tax Deducted at Source). In most cases salaried employees are eligible to claim a refund of excess TDS deducted.
- Quick Loan Application, many financial institution require your previous ITRs for processing a loan application.
- Carry-forward of Business losses. In case your business has suffered a loss, you can set off this loss against the profit of next year, however this benefit is only available if ITR is filed.
Types of ITR Forms
In total, there are almost 9 types of ITR forms available for a taxpayer to file his taxes. However, only the following forms are to be taken into consideration by individuals when filing returns as per the CBDT in India:
Income Tax Slabs
Budget 2020 has announced a new tax regime giving taxpayers an option to pay taxes as per the new tax slabs from FY 2020-21 onwards.
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing.
Yes, deducting TDS and filing a tax return are two different things. Until and unless you file your return, your TDS has no relevance for you.
You can still file your tax return on ClearTax without a Form 16. We’re just going to need your payslips.
The excess tax paid can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. Don’t make mistakes in mentioning bank details such as account number,IFSC code etc in the ITR form
Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
Even if you don’t meet this threshold, it’s a good practice to file or e-file your income tax return.