According to the law of the country, every citizen should file “Income Tax Return”. Don’t you pay Income Tax? .. because you don’t know about Income Tax.

So today you will get all that information related to Income Tax here, so that you will get help in filling Income Tax Return.

So let’s start and know:

What is ITR?

Before giving information about how the ITR is filled, let us know that what is ITR.

Full form of ITR is

“INCOME TAX RETURN” .

ITR is in a Prescribed Format in which the Income of Tax Payer, tax payment was done and they’re is a Detail of Refund given to Tax Payer, which is paid by Tax Payer.

Income Tax Return is the complete Detail of Income earned in Financial Year. Both Taxable and Tax Free information earned in Financial Year is shown in ITR. You do not have to pay any tax on tax free income, it is shown only for the purpose of report.

It is not necessary for everyone to file ITR, it is only for those who’s income is more then simple exemption. It is very important to file ITR to them. This is also mentioned in Article 1962 of Income Tax.

If you are within the scope of Income Tax, than you must file the Income Tax Return File by the fix date. If you do not file Income Tax by Fix Date, than you will have to pay interest and penalty on it.

You have fully understood about what is Income Tax Return.

Friends, if you fill the ITR, than it also benefits you. Which are explained to you farther.

Benefits of income tax return:

If you file ITR returns on time, than you also get many benefits, so let’s know the benefits of filling ITR.

• Easy to get a bank loan: If you want to take a home loan or a car loan, than for the last 3 years ITR receipt is sought by the bank. Which makes it easier to take a loan.
• In starting a business: If you want to start you’re business than ITR is very important and if you want to get a contract with a government department, than for this you have to show ITR of last five years.
• Easy to get visa: If a person applies for a visa, it will ask for an ITR of 3–5 years, than the person who files the ITR on time is easier to get a visa.
• Get refund on more tax deductions: If a person has missed more tax by mistake than tax refund can be found by filing ITR.

So these were the advantages of ITR that you will get to know.

Now you have been told the rules for filing ITR.

Income Tax Return Rules:

Persons (Individuals) who are filing ITR or who are starting to fill ITR are required to know the rules for filing ITR.

After knowing what is ITR, you will know the rules of ITR

To fill the ITR form, these rules have to be followed:

If you are a salaried employee and you’re income is equal to tax, than you will also get a standard deduction of Rs 40,000. In standard deduction, the first Rs 40,000 out of you’re full year’s income will be taken out and TDS will be calculated on the outstanding income.
You will now have to pay 4% education and health cess along with tax on earnings during financial year 2018-19.

• ITR 1: This form is filled by people who have income from they’re salary, pension, or interest and the person who has a house, has taken a house loan, also has to fill this form.

• ITR 2: If you’re income comes from rent coming from more then one house in addition to salary, pension or interest, than you have to fill this form. The same form has to be filled for income from lottery such as capital gains, dividend and other sources.

• ITR 3: This form is for those who are partners in a firm or business and the source of they’re income is income from income, salary, pension and other means to the firm.

• ITR 4: This form is for all the professional persons like- lawyer, Ca, doctor etc. The person who is getting a partnership as well as professional income in a business has to fill this form.

• ITR 4s: This form is for those who have more then one house property, more then 5000 income from farming, commission and income from foreign sources also need to fill the same forum.

So these were the rules for filling ITR that you knew.

So are you also filling ITR, than know how to fill ITR farther

How to fill income tax return?

Method of filling ITR

The way to fill ITR is very easy, for which you just have to follow some simple steps. Let’s know how to fill income tax return online.

A person who has an income of more then 5 lakhs has to pay tax online. If you also want to know how to make an income tax return file, than you can follow the easy steps we have given.

• Registered Yourself: To create an income tax account, first of all you have to login income tax return on the income tax website. Their you have to click on registered you’re self. You have to fill you’re personal details and create you’re account.
  • Once you’re account is created, you have to give you’re user ID, which is the PAN card number, you can also give the password if you want.

• Login: After creating an account, click on login and after entering you’re user id, password and date of birth, give the CAPTCHA code below and click on the login button.

• Dashboard: As soon as you click on login, than the Income Tax website will bring you to you’re Dashboard which is you’re Home Screen, on this page you can see you’re name above on the right.

• Quick E-file ITR: Click on Quick E-file ITR on you’re left side, you can start you’re return file, but before returning file, you must keep the Form 16a given by the user with you, because we have this form But to enter the same information, click on the Quick E-file ITR.

• ITR-1 Select: Now you will have a page open in front of you, where you’re Pan Card Number will appear written they’re. In the ITR form name, you have to select ITR-1 for salaried employees and select the assessment year 2018-19.

• Address Fill: You have three options for Fill up the address in you’re Return, you can select the address in you’re Pan here.

• Submit: If you have Digital Signature than click on Yes or click on No than finally click on Submit Button.

• Read Instruction: As soon as you click on Submit, than they’re will be some Instruction Open in front of you which you have to read carefully. If you do not read them carefully, than you will have a problem in returning file. After reading Instruction, you have to click on Arrow Button below.
  • And one important point, remember that you do not have to click on Submit Button below because Submit Button has to click after giving you complete details.

• Personal Information: Here you will be asked for you’re personal information.
  • Clicking on the arrow button, you will see a tab of personal information on the next page and click on it. Here you have to fill all the fields with Star (*) like- Locality, Email Address, Mobile Number have to be entered, now you have to select the category of Employer, here you select the work done in PSU or Govt.
  • Now you have to select Tax Status, here you have to select Tax Payable according to you’re income. If you’re tax payable’s figure is more or less then the Tds Amount, than you have to select these options accordingly.
  • Whether you have Yes in Aadhaar and enter you’re Aadhar Number and click on Next.

On this page you will get Taxes Paid and Payable Income. Enter the number of bank accounts you have below and after that enter the IFSC Code of you’re bank, enter the Name of the Bank, Bank Account Number and select the bank account type and click on Next after entering the complete Detail.

• Section 80g Page: Next Page is you’re Section 80g Page, in which you have to enter the Detail of Donation. If you have given a donation to an organization that is applicable within Section 80g, you can put it’s Detail on this page, otherwise you can skip it and click on Next.

• Assets and Liabilities Details: Here you have to enter the details of Assets and Liabilities, it is only for those who’s income is more then 50 lakhs. If you’re income is not so much, than Ignore this page. When you have filled all the details, than go to all these tabs and check you’re Detail and Satisfy it.

• Submit Form: Finally click on Submit Button, as soon as you click on it, you’re Tax Return Submit will be done, in this way the process of filing you’re return will be completed and after this you will have to Verify you’re Return. Four options will come.

• E-verification: Out of these three options, you want to get Aadhaar Otp for you’re Income Tax Return, select this option, after this an Otp will come from you’re Aadhaar number linked to the Mobile Number, after putting Otp, you will get the E- If you get the message of verification, than you can file you’re ITR in this way.

So this is how you know to Fill ITR.

Now know what is the limit to fill ITR.

Limit to Fill Income Tax Return:

The extent of ITR varies according to income and different ages.

• Their is no tax for income less then Rs.2,50,0000.

• For different age group, they’re is 0-5% tax on income from 2.5 lakh to 5 lakh.

• According to the age of different people, they’re is a 20% tax for those earning between 5 lakh and 10 lakh.

So this was the limit of Income Tax Return, this was the complete information about Income Tax Return.

Conclusion:

So friends, you have to go through the details of filling ITR.

In which you came to know…

 

 

• What is ITR?
• What are the benefits of filling Income Tax Return?
• What is the rule of ITR?
• How to fill income tax returns?
• What is the limit of Income Tax Return?

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Thank You Friends.