All the non-senior citizens mandatorily need to file their income tax returns online: The Income Tax Department wants you to fill out the income tax return, which spills the beans on your income and taxes from April Fools’ to March Madness. There are seven different forms to choose from, depending on how fat your wallet is, your source of income and the category to which you, as a taxpayer belong to.
Yes, TDS and filing a tax return are like two separate legal buddies that need your attention. Paying income tax on your taxable income is a fundamental requirement, as dictated by the provisions of the Income Tax Act. However, alongside this obligation, there exists a distinct process known as filing a tax return. Consider it as a means to demonstrate compliance with tax regulations, ensuring that all applicable taxes have been duly paid. The significance of the tax return document extends beyond mere compliance. Its value becomes evident when seeking financial assistance, such as securing a loan, or even when embarking upon international ventures like visa applications.
The government has rolled out seven different forms: ITR 1, 2, 3, 4, 5, 6, and 7. ITR-1 to ITR-4 are for individuals and HUFs. Depending on your income and where it’s coming from, you gotta pick the right form from this bunch. ITR-5 is specifically for partnership firms, LLPs, AOP, BoI, AJP, estates of deceased or insolvents, business trusts, and investment funds. ITR-6 is the go-to form for all the companies. However, if your company claims an exemption for income from property held for charitable or religious purposes, then it’s ITR-7 for you And hey, if you’re e-filing with our awesome firm, we’ve got your back. We’ll automatically figure out the correct income tax return form for you. So, sit back, relax, and let us handle the tax form seamlessly!
The Income Tax Department provides a convenient option to pay directly through their website. Using either your net-banking account or debit card, you can utilize challan 280 for the payment. Here’s a breakdown of the payment types for different tax scenarios: For Advance Tax: Use payment type (100) Advance Tax. For Self-Assessment Tax: Opt for payment type (300) Self Assessment Tax. For Regular Assessment Tax: Select payment type (400) Tax on Regular Assessment Tax.