Income Tax Return Filing

Service Description

ITR is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc. Why should you file ITR? It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you: 1. If your gross annual income is more than the basic exemption limit as specified below- Particulars Amount For individuals below 60 years Rs 2.5 Lakh For individuals above 60 years but below 80 years Rs 3.0 Lakh For individuals above 80 years Rs 5.0 Lakh 2. If you want to claim an income tax refund from the department. 3. If you have earned from or have invested in foreign assets during the FY. 4. If you wish to apply for visa or a loan 5. If the taxpayer is a company or a firm, irrespective of profit or loss. Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions: Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank accounts; or Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person; or Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity consumption. ----------------------------------------------- For more assistance, contact at 7575 8426 75 or mail at inquiries@karia.biz