Income Tax Return

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Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year.

    India's Most Reliable Income Tax Filing Platform with Users throughout India

    • 97.4% of Kaushalya consultancy users never get tax notices.
    • More customers saved money while submitting their taxes using our services.
    • We work with you to legally reduce your tax obligations.
    • We help you determine your accurate tax liability and get the right refund.
    • ITRs are filed with us by individuals, businesses, partnerships, trusts, and other types of entities.

    What is income tax return (ITR) e-filing?

    All individuals, apart from senior citizens, must electronically file their income tax returns (also referred to as "e-filing") via the internet. A form that must be submitted to the Income Tax Department is an income tax return. It includes details on a person's earnings and taxes paid during the fiscal year, which runs from 1 April to 31 March. According to the amount of income, the source of the revenue and the category to which the taxpayer belongs, the Income Tax Department has established seven ITR forms.

    The income tax return can be electronically filed using Kaushalya consultancy's e-filing tool in a quick and easy process. Since Kaushalya consultancy is a gateway that the government has authorized to handle the e-filing of returns, 100% authenticity and security are upheld.
    A company tax return is nothing more than a statement of the earnings and costs of the company. If the business is profitable, the tax must be paid on that income. In addition to submitting taxes, a business could also be required to pay advance tax or file TDS. The assets and liabilities of a business are also disclosed in tax forms.

    The new ITR 4 or Partner reports cover individuals, HUFs, and Partnership businesses (other than LLPs) that have benefited from a business or occupation. It also covers people who chose the presumptive income system following Sections 44AD, 44ADA, and 44AE of the Income Tax Act.

    Who Should Submit a Tax Return?

    The following companies, according to the Income Tax Department, are required to submit annual IT returns:

    • Salaried people whose pre-deduction gross income exceeds the exemption threshold under sections 80C to 80U.
    • Every company, whether private limited, LLP, or partnership, is required to file IT returns regardless of profit or loss.
    • Individuals who hold the positions of Partner or Director in a Limited Liability Partnership.
    • Those who receive dividend payments from stocks, bonds, mutual funds, fixed deposits, interest, and other sources.
    • Those who earn income through voluntary contributions as well as from charitable or religious trusts.
    • People and companies requesting tax refunds.
    • NRIs, tech experts on onsite deputies, and anyone with assets or income from foreign.

    Benefits of Filing Income Taxes

    Since India's income tax compliance has historically been low, the government has recently taken strict enforcement efforts by tying various incentives to timely filing of taxes. Benefits of filing taxes include but are not limited to:

    1. Get loans more easily.
    2. Avoid paying fines and embarrassing situations.
    3. Get reimbursement for the extra tax you paid.
    4. Foreign VISA stamping is hassle-free with the filing of IT returns.
    5. Increase your ability to repay future loans.
    6. Be a good citizen to aid India’s development and ensure your family’s safety.

    Due date for filing income tax returns for the year 2022–2023

    We assist you in submitting your tax returns on time. You can still file for the returns even if you miss the deadline. Even though only after paying the prescribed fee issued by the Indian Income Tax Department. We file our income tax returns online using either the website of the income tax department or third-party services.

    An individual must submit required documentation in order to electronically file ITR forms. Those documents must be scanned and attached to the ITR form. It is delivered to the Indian Income Tax authorities, allowing them to validate your income tax filing returns. The ITR form is supplemented with the Permanent Account Number, Aadhar card, bank account information, Form 16, Form 26AS, and investment information. You must complete and submit your returns so that they can be documented and kept for official use.

    Documents needed for income tax e-filing in India

    The following paperwork is needed for income tax filing in India:

    • The bank’s statements.
    • Proof of investment
    • TDS Certificates in Forms 16 or 16A, as appropriate.
    • Papers for buying and selling investments and assets
    • Profit challans, such as self-assessment or advance tax challans.
    • A copy of the PAN application that was submitted and, in the case that the PAN was not issued, its acknowledgment.
    • You will want a completed PAN application form as well as two passport-size photos if you haven’t already done so.
    • A copy of the company’s balance sheet, audit report, trading Record P&L statement, and personal account of the owner or partners.
    • A statement of receipts and payments is prepared when there are no daily records maintained.
    • Retain receipts for payments made for insurance premiums, provident purchases of NSCs, new stock investments, mutual funds etc. support deduction claims.

    Procedure for Income tax e-filing

    The following paperwork is needed for income tax filing in India:

    • Step 1: Login to the website.
      Use the Income Tax Department’s site to Kaushalya consultancy view it and submit returns online. When you register, your PAN will serve as your user ID.
    • Step 2: Download a relevant ITR form
      Select the required Income Tax Return (ITR) form under “Download” in e-filing for the relevant assessment year. Download the ITR-1 (Sahaj) return preparation programme if you are an employee. Adding information to Form 16.
    • Step 3: Adding information to Form 16
      Open the Excel programme you downloaded, follow the on-screen prompts, and enter all of the data from your Form 16 there.
    • Step 4: Compile all necessary tax information
      Determine the amount of tax payable, pay the tax, and enter the details of the associated challan in the tax return. If you don’t owe any taxes, you can skip this step.
    • Step 5: Verify the information provided.
      Verify the data you supplied, then automatically produce an XML file and store it to your computer.
    • Step 6: Submit your return.
      Place the XML file in the folder labelled “Submit Return.”
    • Step 7: DSC (Digital signature)
      You can electronically sign the document if requested. If you lack a DSC, you can skip this step.
    • Step 8: ITR approval after verification
      A notification for effective e-filing displays on your phone. You can obtain the ITR-Verification confirmation form that has been prepared. Additionally, your registered email address receives it.
    • Step 9: Check income tax e-filing in India
      Registered Email address and Mobile Number. The ITR-5 acknowledgment does not need to be physically delivered to CPC in order to undergo e-verification.

    Important things to look for while filing an ITR

    1. Give accurate and previously validated bank account information on your ITR to prevent any refund issues.
    2. AIS/TIS on Form 26AS should always be cross-verified.
    3. Check last year’s ITR form to assess any carried-over losses from last year.
    4. To choose the best government, compare the old and new regimes.
    5. ITRs must be electronically validated within 120 days after filing; otherwise, they will be regarded as having not been filed.
    6. To prevent receiving a defective return notice, use the appropriate ITR form according to your income.

    How Can Kaushalya consultancy Assist in ITR Filing?

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    It will be laborious to prepare your own income tax returns. However, if you use Kaushalya consultancy to file your tax returns, you may finish everything in only three simple steps. Our knowledgeable staff is available around-the-clock to help and can quickly file your income tax returns. We offer the most competitive pricing for filing your income tax returns as compared to our competitors. You should contact our specialists if you are running out of time or getting near to the deadline. We offer the country's quickest method for filing income tax returns.

    Frequently Asked Questions

    You can file your income tax returns online with us at https://www.kcca.in/ or through the income tax department's website. On KCPL, filing an income tax return electronically is simple. Your returns can be electronically filed in about three minutes without any manual work. Also take note that the deadline for electronically filing your income tax returns for the assessment year 2022–23 is July 31st, 2022, or earlier.

    Without Form 16, you can still use Clear Tax to submit your tax return. All you'll need are your paystubs. For e-filing without Form 16, adhere to the directions in this manual.

    With the help of reputable Tax Expert Firms, https://www.kcca.in/ is present throughout all of India, enabling Local Reach with Cutting Edge Technology. We are local tax consultants in your area. In Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata and other cities of India we are giving online ca services.

    After 120 days of the filing date, you can e-verify your ITR. Using your net banking account or an OTP based on your Aadhaar, you can e-verify. Your ITR file could be deemed invalid if you don't e-verify it.


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