Personal Income Tax Return Filing – The Complete Guide

Income Tax Return or commonly known as ITR is a form that is used to file an income tax with the Income Tax Department of India. The tax slabs on the income are regulated by the Central Government.

The assessee first needs to fill this form along with all the proofs and documents that justify the source of earning. Later, the IT department verifies these details and attachments of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. 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.

Benefits of Filing Income Tax Return
Paying the tax is the responsibility of every citizen and entity, also it offers multiple advantages, such as it defines your credibility:

  • It is easy to avail of multiple bank loans as it requires the last three years of IT returns.
  • For visa applicants, it is an important document as the Immigration center scrutinizes it along with other documents
  • Hefty amounts would be charged for non-filing of income tax returns so it is always a better option to file it to avoid legal repercussions.

Process of e-Filing Income Tax Return

  • To file IT returns, gather all documents like bank statements, last year’s return, and Form 16
  • Log on to the income tax portal and register using your PAN number, select Form 26AS as it shows the tax deducted by the employer on behalf of you. Make sure that it matches with the TDS on Form 16
  • Now, download the ITR form, which is compatible with your source of earnings. If you need assistance reach out to us
  • Fill in the entire form with required details and then submit it
  • Click the Calculate Tax button, to know your payable amount and pay it (if applicable)
  • Lastly, do not forget to enter the challan details on the tax return section of the form
  • Due dates for Filing Personal Income Tax Return
  •  31st July: A firm or individual who is not liable for audit.
  •  31st March: All individuals filing belated returns.

What is Income Tax Return Acknowledgement?
The portal will issue an acknowledgment slip in duplicate, Once ITR is filed, that covers details like

  • Name
  • Address
  • Status
  • Permanent Account Number
  • A brief statement of taxable income
  • Deductions
  • Tax paid
  • Verification

Documents Required for e-Filing Income Tax Return

  • Bank statements along with investment proofs
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • Receipts of insurance premium, mutual fund, donation, etc
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment, and in case you haven’t applied for it, fill out the PAN application form along with two photographs

How can we help you with a smooth Personal Income Tax Filing Process?

First, we seamlessly process and verify your data for the collection then prepare it in the proper structure as per the stated requirements, then if required we assist you in carrying out the income tax audit under the guidance of experts to ensure that you comply with IT policies.

We make sure that you are aware of every step to maintain data transparency as well as security. To save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.

Our service structure features end-to-end fulfillment under the guidance of our expert.


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