Income Tax Return is a form that is used to file the income tax with the Income Tax Department. Income tax is a tax imposed by the Central Government on the income of a person. Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account.
All entities are required to file the taxes on time to avoid penalties. The form that contains information of income and tax paid of an assessee is called Income Tax Return.
The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7. Vakilsearch offers the best service and helps you with the correct form to fill on the exact time.
Things to remember during income tax return filing:
Due dates for filing IT return:
Benefits of filing income tax return:
Loans: Bank loans, such as college loans, auto loans, personal loans, can be conveniently used as they need IT returns for the last three years.
Visa: As many documents are scrutinized by immigration centres and IT return evidence is a necessary document for visa applicants.
Avoid penalties: heavy sums will be paid for income tax returns not being filed and it is thus often easier to file them in order to avoid legal consequences.
To make a filing, visit here: Income tax return