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Income tax filing india | ITR filing | Taxation policy in india (3)

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procedure of income tax filing in India, ITR filing of foreign assets, last date of filing income tax returns, consequences of not filing ITR – PowerPoint PPT presentation

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Title: Income tax filing india | ITR filing | Taxation policy in india (3)


1
(No Transcript)
2
About Us
  • Taxolawgy is an online marketplace for providing
    highest quality of Legal and Financial services
    in the most transparent environment at affordable
    rates, while opening global business
    opportunities for experts like Advocates, CA, CS,
    etc.

3
Procedure of Income Tax Filing India
  • ITR Filing - Taxolawgy

Filing for income tax returns in India is a
mandatory process. This article will explain you
the ITR filing procedure under taxation policy in
India in the simplest way.
4
Who is required to file income tax returns?
  • lt60 years of age and total annual income gt2.5
    lakh INR
  • Senior citizen i.e. 60-80 years of age, annual
    gross income gt3 lakh INR.
  • Super senior citizen i.e. 80 years or above
    annual gross income 5 lakh INR.
  • A company or a firm, regardless of profit or
    loss, filing ITR for the financial year is a
    requirement.
  • If you are looking forth to claiming a tax refund
    for the fiscal year.
  • An Indian citizen and act as a signing authority
    for any foreign account.

5
Who is required to file income tax returns?
  • An Indian citizen maintain an asset or business
    interest established outside India.
  • If you have traded equity shares in a company or
    unit of equity-oriented mutual funds or unit of
    business trust gt2.5 lakh INR have earned
    tax-exempt long-term capital gains from the same.
  • If you accept any income earned from the trade of
    a property which had been held under a charitable
    or religious trust, political party, educational
    institution, and any other authority, body or
    trust.
  • A foreign company which has been using any treaty
    benefit on any deal made in India.
  • An NRI (Non-Resident Indian) but if your
    cumulative yearly gross income earned or accrued
    in India exceeds 2,50,000 INR.
  • File ITR if you are looking for a loan. ITR
    filings are taken as legitimate income proofs.
    You will need them while opting for any kind of
    loan.
  • If you do not file an ITR even after falling into
    any of the preceding criteria, you are liable to
    respective penalties for the error.

6
Mandatory Filing of Return in case of
assets stationed outside India
  • They are ordinary-residents in India and is not
    under the obligation to furnish return u/s 139
  • Such a person at any time during the P.Y.
  • Someone who holds, as a profitable owner or
    otherwise, any asset positioned outside India
  • Is a possessor of any asset located outside India

7
Due Date for Income Tax Filing in India? The
fiscal year 2018-19, AY 2019-20
Taxpayer Category Tax Filing Due Date FY 2018-19
Individual 31st July 2019
31st July 2019 31st July 2019
Hindu Undivided Family (HUF) 31st July 2019
Association of Persons (AOP) 31st July 2019
Businesses (Requiring Audit) 30th September 2019
Businesses (Requiring TP Report) 30th September 2019
8
Documents Needed for Filing Income Tax Returns
  • 31st July is the final day to file your Income
    Tax Returns in India in any given financial year.
    The procedure of Income Tax Filing India requires
    some preparation. This is why the Government
    provides you with four months window period to
    organize all documents like salary/income
    details, bank statements, previous tax
    statements, etc.
  1. Choosing the applicable ITR form
  2. Link Aadhaar with PAN
  3. For Salaried Employees
  4. Documents related to interest income
  5. Form 26AS
  6. Section 80 Investments
  7. Documents Required to Claim Expenses as Deductions

9
The Procedure for Income Tax Filing India
  • Everything you need to know about
  • Income tax filing.

10
The Procedure for Income Tax Filing in India
  • One can fill the ITR form online. This step by
    step guide will help you file your ITR on time at
    the ease of your house 
  1. Visit the e-filing website https//incometaxindia
    efiling.gov.in/
  2. If you are a first-time user or filing your
    returns for the first time then click on the New
    Registration tab and register yourself by
    providing important details and creating your
    profile and password. While creating your user
    ID, you must ensure that you have an active
    e-mail id and mobile number and it is cited
    correctly.

11
How to check the status of your ITR
Using acknowledgement number (without login
credentials)
Using login credentials
  • Firstly, look for the option of check ITR status
    under the services tab on the extreme left on the
    e-filing website
  • After that, youll land on a page where youll
    have to fill your PAN number and ITR
    acknowledgement
  • The status is displayed after the submission
  • Firstly, look for the option of check ITR status
    under the services tab on the extreme left on the
    e-filing website
  • After that, youll land on a page where youll
    have to fill your PAN number and ITR
    acknowledgement
  • The status is displayed after the submission

12
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