Income Tax Return Filing in Chandigarh

Each business is required to submit various returns to the relevant governmental agencies. We at SPA help income tax return file service. Earnings made through taxes are an important revenue generation system of the Indian government .

Income tax is one of the various taxes in the system. It deals with taxing an individual, company, or organization’s earnings over the financial year. The earnings or revenue could come from regular salaries, dividends, interest, capital gains, or any other source of profit.

What is an Income Tax Return Filing Or ITR Filing?

An income tax return is taken as evidence that you have paid your online income taxes as per government rules. The ITR includes information about your yearly income and also about the total amount of taxes you have paid. Any person who has taxable income must file an Income Tax Return (ITR) each year .

If you pay more tax, then filing an ITR will assist you in getting a refund. You have to pay a fine or suffer legal action if you don’t file your ITR on time.

How to E-File ITR Or Online ITR Filing in Chandigarh?

You have to do this in order to file an e-file:

On the Income Tax Department of India website, choose the e-filing option.
You will be directed to another website when you select the e-filing option. On the redirected website, choose the online ITR filing form that is suitable for you.
You can download Java utility or Excel utility that suits you
Open the file, then fill out the form after downloading the utility.
Calculate the tax, validate the information and click the Generate XML.
After saving the form, upload it on IT Department’s e-filing website.
After uploading the form and attaching all the documents, click the submit button.
If you have downloaded the JAVA utility, after downloading the utility, open the utility and click on the ‘prefill.’
Give your User ID and Password along with the DOB and choose Prefill Address.
Enter the necessary details, calculate the exact tax and save the XML file.
Press the Submit button.

Conditions Necessary to Income Tax Filing

The following conditions are applicable for a person to mandatorily file an income tax return online:

If the gross total annual income before deductions under 80C to 80U for a person under 60 years of age is Rs 2,50,000, For people between ages 60 and 80, it is 3,00,000, and for people above 80 years, it is 5,00,000.
Irrespective of the profit or loss, the company or firm has to file an Income tax return for a financial year.
If there is a need to claim a income tax refund online
If there is a carry-forward need for a loss under the head of income
If an Indian resident has an asset or financial interest outside of India
If an Indian resident is a signing authority in a foreign account
If one makes income from the property held under a religious purpose or trust for charity or a research association or a political party, educational or medical institute, news agency, trade union, educational institution, a not-for-profit university, infrastructure debt fund, infrastructure, any authority, trust or body income tax returns Filing in Chandigarh.

Benefits of Income Tax Returns Filing

Maintaining the record of every detail with the proper information for an income tax return filing might be time-consuming. So, doing the filing earlier online will be more helpful.

Online ITR must be filed by the due date, which may vary from time to time or in every financial year. Filing income tax returns a month or two before the due date ensures that there is less traffic on the website and that the process runs smoothly.

If tax returns for the previous year were not filed on time, the penalty interest increases for each day beyond the due date. So, it is highly recommended to file your taxes early.

Establishing a favorable financial history – Online income tax return filing or online ITR Filing creates a history of your financial records with the income tax department service. Many businesses that you might do business in the future would like this tax history.

Financial record proof – Having an ITR-V form is usually helpful because you can quickly use it as evidence for any type of financial liability or obtaining a credit line.

In SPA, we ensure that every assesses files their returns on time and handles all tax planning to reduce tax liabilities in accordance with the law. You can contact our members at SPA before taking any final decision on income tax return filing service for NRI , as the details given above may change from time to time.

SCO 234,Second Floor,

Sector-40D,Chandigarh-160036

Call : 9814122754