What is ITR Filing Overview
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns. Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
Process for ITR Filing
You can file your income tax returns online, either on the income tax department's website or with us on mereprofit.com. Income Tax filing or e-filling is made easy on meraprofit.com. You can e-file your returns within just 7 minutes!
Documents Required For ITR Filing
- Pan Card of the taxpayer/ Entities PAN Card
- Aadhaar Card of the Taxpayer
- Cancelled Cheque
- Bank Account Statement
- Financial Statements
- Investment/ expenses u/s 80
- Form 16
Benefits Of ITR Filing
- Avoid late fees under 234F
- Allows carry forward of losses
- Define financial worth
- Loan Processing and high risk cover
- Claim refund of TDS paid from salary
