Income Tax Return Filing
If you are a person who earns more than INR 250000 in a year, you are required to pay income tax and file income tax returns. You might have already paid your tax in the form of Advance tax or TDS deducted from your Salary or other type of incomes. However, paying tax alone is not enough and unless you file your IT Return, you are not tax compliant.
An income tax return is a form where you declare your income, tax payable and also how the tax has been paid i.e. as Advance Tax, TDS or paid along with return. The process of submitting this form, is called as Income Tax Return Filing. At any point of time, you can file your past two years’ tax returns. Tax returns are to be filed by 31st July every year.
PocketLawyer is India's leading platform for Legal, Tax and Financial services. We make the process of Income Tax Return Filing easy and hassle-free for you. In addition to IT Return Filing, PocketLawyer can also help you with ESI Return Filing, Tax Notice Reply, Excise Return, TDS Return, GST Return Filing, and more.
Reasons for Income Tax Return Filing
- It is a mandatory compliance. If you fail to file returns, you might receive a notice from Income Tax Department. You may also be charged a penalty of INR 5000.
- You may not receive your income tax refund, if any, unless you file your IT Return.
- To procure home loan, personal loan, car loan, etc. from Bank, IT Return acknowledgement is a mandatory document, for assessing your capacity to repay the loan.
- Even for processing Visa applications, IT Return acknowledgement is an important document.
Documents to be provided for Income Tax Return Filing
- Basic details like Name, PAN Number, UID Aadhar Number & Contact Details
- Details of all your Bank Accounts and Annual Statements or Passbook.
- Your Form 16 or Form 16A, Advance Tax payment receipts, etc.
- Details of Tax Saving Investments
- Other details based on your income (tax expert will guide you by asking questions & will also explain how to obtain the information required)
- Digital Signature Ceritificate (optional, you can opt for Aadhar OTP, Physical Signature or Netbanking based Verification option)
Timeline & Steps for Income Tax Return Filing
- You will provide the details as listed above to your Tax Expert preferably in the month of June or early July.
- Your Tax Expert will go through the documents in next couple of days and ask for more details, if required.
- You are expected to provide the additional details as soon as possible.
- Your tax expert will then process your details and prepare Tax Computation.
- On the basis of Tax Computation, you will be informed about your Tax liability (i.e. if there is any additional tax payable or if there will be a tax refund.) and inform you, to obtain your confirmation.
- In case of additional tax payable, you will be required to pay Self Assessment Tax. (Your tax expert will guide you, if you are not aware of the process). In case of Tax Refunds, the same shall be directly deposited by the IT Department in your Bank Account usually within 3 months from date of filing return.
- After confirming, tax expert will prepare your IT Return.
- Your tax expert will file your return online and ask you for verification, if you do not have Digital Signature. An IT Return Acknolwedgement (ITR-V) will be generated after verification. You will also receive an Email from IT Department on successful filing of return.
Documents to be Collected to File Income Tax Return
- Tax Computation Sheet (can be a Spreadsheet or System Generated working)
- Acknowledgement of Return filed (ITR-V)
Fee for Income Tax Return Filing and Time required
Income Tax Returns can be filed within 7 days. The minimum fees charged for filing Income returns is INR 3000 per return. The criteria for deciding fees & time required depends on the source & nature of your income and complexity involved in filing return owing to the same.
Why Choose PocketLawyer for Income Tax Return Filing?
- Experienced and qualified professionals with more than 12 years of experience.
- Access to highly qualified professionals anytime, anywhere in India.
- Fixed price. No hidden fees or long-term commitment.
- 100% satisfaction guaranteed. Our money back guarantee makes sure that you get complete satisfaction, every time you choose our services.
What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
- Choosing PocketLawyer means the best service, at the best price.