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ITR Filing online in patna at ₹ 499.
ITR Filing has to be done by each person who already has their ITR Filing
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ITR Filing Online
These are the primary components of an ITR form in patna, though the specifics may vary depending on the type of taxpayer and the applicable ITR form. It's crucial for taxpayers to accurately fill out all required details and submit the ITR within the specified deadline to comply with tax laws and avoid penalties.
If you are looking for an answer to how to fill ITR online then follow the several steps to complete the process. First, use the ITR portal to fill out the form, and then fill out the outward, inward monthly reports. Next, use the ITR-2 form to fill in the details of the supply.
A ITR statement is a document that contains the following details that a ITR-registered taxpayer must file with the Administrative Authorities:
- Income from Salary/Pension
- Income from House Property
- Income from Business or Profession
- Capital Gains
- Income from Other Sources (such as interest income, rental income, etc.)
- Agricultural Income (if applicable)
The tax authorities use these documents to calculate their net tax liability. Under the current ITR tax regime, every registered dealer must file the requisites, such as:
- Purchases
- Sales
- ITR On sales
- Input tax Credit earned by levying ITR on purchases
Benefits of ITR Filing
The following are the benefits of ITR filing, that are as follows:
- Compliance with Tax Laws: Filing ITR ensures compliance with tax laws and regulations mandated by the government. It is a legal obligation for individuals and entities whose income exceeds the specified threshold.
- Claiming Refunds: Taxpayers may be eligible for a tax refund if they have paid more tax than their actual liability. Filing ITR enables taxpayers to claim refunds of excess taxes paid during the financial year.
- Documentation of Income: ITR serves as a record of the taxpayer's income, deductions, and tax payments for the financial year. It provides documented proof of income, which may be required for various purposes such as applying for loans, visas, or government benefits.
- Facilitates Loan Approval: Many financial institutions require ITR documents as proof of income when processing loan applications. Filing ITR regularly helps individuals establish their creditworthiness and enhances their chances of loan approval.
- Avoiding Penalties and Legal Issues: Non-compliance with tax filing requirements can lead to penalties, interest charges, and legal consequences imposed by the tax authorities. Filing ITR within the specified deadlines helps taxpayers avoid such penalties and legal issues.
- Availing Tax Deductions and Exemptions: Filing ITR enables taxpayers to avail of various deductions and exemptions provided under the Income Tax Act. This includes deductions for investments in specified instruments, expenses incurred, donations made to charitable organizations, etc.
- Building Financial Discipline: Regularly filing ITR encourages financial discipline among taxpayers. It necessitates maintaining accurate records of income, expenses, and investments, fostering responsible financial management practices.
- Supports Financial Planning: Reviewing and analyzing income and tax liabilities while filing ITR helps taxpayers evaluate their financial situation. It provides valuable insights for effective financial planning and tax optimization strategies.
- Compliance with Visa and Immigration Requirements: When applying for visas or immigration to foreign countries, individuals may be required to furnish ITR documents as proof of financial stability and compliance with tax laws.
- Contribution to Nation-Building: Filing ITR contributes to the nation's development by ensuring a steady inflow of revenue for government initiatives and public welfare programs.
Overall, filing ITR is not only a legal requirement but also offers numerous financial and personal benefits to taxpayers, helping them fulfill their civic responsibilities while managing their finances effectively.
ITRs Filing is a must for…
It's important for all eligible taxpayers to file their ITR within the specified due dates to avoid penalties and comply with tax laws and regulations.
- Individuals: Any individual whose total income exceeds the basic exemption limit as
specified by the Income Tax Department is required to file an ITR. This includes:
- Salaried individuals
- Self-employed professionals
- Freelancers
- Pensioners
- Individuals earning income from other sources such as interest, rental income, capital gains, etc.
- Hindu Undivided Families (HUFs): HUFs with income exceeding the exemption limit need to file ITR.
- Companies: All companies, whether public or private, are required to file ITR regardless of whether they have made profits or incurred losses.
- Partnerships: Partnership firms are required to file ITR to report their income and pay taxes accordingly.
- Limited Liability Partnerships (LLPs): LLPs are required to file ITR regardless of whether they have made profits or incurred losses.
- Trusts and Charitable Institutions: Trusts, societies, and charitable institutions that earn income are required to file ITR.
- Association of Persons (AOPs) and Body of Individuals (BOIs): AOPs and BOIs with income exceeding the exemption limit are required to file ITR.
- Artificial Juridical Persons: Entities such as estates of deceased persons, associations, or institutions that are recognized by law as having legal rights and duties are required to file ITR if their income exceeds the exemption limit.
- Non-Resident patnans (NRIs): NRIs are required to file ITR if their income in patna exceeds the basic exemption limit. Certain types of income earned by NRIs in patna may be subject to tax, such as income from property, capital gains, etc.
- Any other entity or individual specified by the Income Tax Department: The Income Tax Department may specify certain categories of taxpayers or entities that are required to file ITR, even if their income is below the basic exemption limit, for various reasons such as fulfilling international reporting requirements, claiming tax refunds, etc.
Note: Each QRMP filer must pay the ITR even though they file quarterly ITR s.
Eligibility Criteria for ITR Filing in patna
To become eligible for ITR filing, you must have ITR registration. The eligibility criteria for ITR registration are as follows:
- Residential Status: Any individual who qualifies as a resident of patna as per the Income Tax Act is eligible to file an ITR. The residential status is determined based on the individual's physical presence in patna during the financial year (April 1 to March 31).
- Age: Individuals of all age groups, including minors, are eligible to file ITR if they meet the other criteria such as having taxable income.
-
Income Threshold: The eligibility for ITR filing depends on the individual's total income
earned during the financial year. As of my last update, the basic exemption limit for income
tax in patna was:
- Income Threshold: The eligibility for ITR filing depends on the individual's total income earned during the financial year. As of my last update, the basic exemption limit for income tax in patna was:
- ₹3 lakh for senior citizens (aged 60 to 80 years)
- ₹5 lakh for super senior citizens (aged above 80 years)
- Sources of Income: Individuals earning income from various sources such as salary, house property, business or profession, capital gains, and other sources are required to file ITR if their total income exceeds the basic exemption limit.
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Mandatory Filing: Even if the individual's income is below the basic exemption limit, they
may still need to file ITR if they meet certain conditions such as:
- Having assets located outside patna
- Being a signing authority in a foreign bank account li
- Being a resident and having income from any source outside patna
- Wanting to claim a tax refund
- Resident Not Ordinarily Resident (RNOR): Individuals who qualify as RNORs under the Income Tax Act have specific criteria for taxation. RNORs may have different tax implications compared to ordinary residents, and they may need to file ITR based on their income and other factors.
- Non-Resident patnans (NRIs): NRIs are required to file ITR in patna if their income in patna exceeds the basic exemption limit. Certain types of income earned by NRIs in patna may be subject to tax, such as income from property, capital gains, etc.
Documents Required for filing ITR Filing in patna
Every ITR register company must attach the following documents along with the application for the ITRs filing to secure the submission of their successfuls with the Department of Revenue:
- PAN Card: Permanent Account Number (PAN) is a mandatory document for all taxpayers in patna.
- Aadhaar Card: Aadhaar number is required for electronic verification of the ITR. It's also necessary for linking various financial transactions and for availing certain benefits.
- Form 16: Form 16 is provided by employers to salaried employees. It contains details of salary income, tax deducted at source (TDS), and other allowances.
- Form 16A/16B/16C: These forms are issued for TDS on income sources other than salary, such as interest income, rental income, or commission income.
- Bank Statements: Bank statements for all savings accounts and fixed deposits held during the financial year are needed to report interest income and other transactions.
-
Investment Proofs: Documents supporting investments made under various sections of the
Income Tax Act, such as:
- Section 80C (e.g., PPF receipts, LIC premium receipts, ELSS investment proofs, etc.)
- Section 80D (e.g., health insurance premium receipts)
- Section 80G (e.g., donation receipts)
- Property Documents: Documents related to the ownership of property such as sale/purchase deed, loan repayment details, rental agreements, etc., if applicable.
- Capital Gains: Details of capital gains from the sale of assets such as property, shares, mutual funds, etc. Purchase and sale documents, along with calculations of capital gains, are required.
- Business/Profession Income: For individuals with business or profession income, documents such as profit and loss account, balance sheet, audit report (if applicable), and GSTs need to be maintained.
- Rent Receipts: Receipts for rent paid or received during the financial year, if applicable.
- Form 26AS: This is the annual consolidated tax statement that shows details of tax deducted on behalf of the taxpayer and tax collected during the year. It can be downloaded from the income tax e-filing portal.
- Medical Bills: Bills for medical expenses and health insurance premiums paid during the financial year, if claiming deductions under Section 80D.
- Education Loan Interest Certificate: Certificate from the lender showing the interest paid on an education loan, if claiming deductions under Section 80E.
- Any other relevant documents: Depending on the taxpayer's specific circumstances, additional documents may be required to support income, deductions, or tax credits.
Process for filing ITR Filing in patna
The process of filing the ITR Filing is as follows:
- ITR-1 (Sahaj): This form is applicable to individual taxpayers who have income from salaries, one house property, other sources (excluding income from lottery and racehorses), and whose total income does not exceed ₹50 lakh.
- ITR-2: Individuals and Hindu Undivided Families (HUFs) not having income from business or profession but having income from more than one house property, capital gains, foreign assets/income, and other sources.
- ITR-3: Individuals and HUFs having income from business or profession. This form is also applicable for partners in firms.
- ITR-4 (Sugam): This form is for individuals, HUFs, and firms (other than LLPs) having presumptive income from business and profession. It's applicable to taxpayers opting for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
- ITR-5: This form is for persons other than individuals, HUFs, companies, and persons filing ITR-7. It includes firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and artificial juridical persons.
- ITR-6: Companies other than companies claiming exemption under section 11 (income from property held for charitable or religious purposes).
- ITR-7: Persons including companies required to furnish under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This includes trusts, political parties, institutions, colleges, etc.
Frequently Asked Questions
ITR-7: Persons including companies required to furnish under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This includes trusts, political parties, institutions, colleges, etc.
ITR-6: Companies other than companies claiming exemption under section 11 (income from property held for charitable or religious purposes).
ITR-5: This form is for persons other than individuals, HUFs, companies, and persons filing ITR-7. It includes firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and artificial juridical persons.
