Document Collection- A LegalVista Income Tax Expert will collect the necessary information and documents for preparation of your income tax return.
Return Preparation- Based on the documents and information presented, a LegalVista Expert will prepare your return, which will again be reviewed by Senior Expert and sent for your approval.
Return Filing- Once the tax return is verified and accepted by you, our Tax expert will file your tax return with the Income Tax Department.
* In case of Salaried Employee:
Form 16 (TDS Certificate).
Income Tax login and Password.
Proof of savings (LIC policy, FD etc).
Copy of Bank Statements to check income from other sources such as bank interest.
* In other cases:
TDS Certificates (like Form 16A).
Revenue and Expenditure details.
Details of property purchased or sold (if any).
Copy of Bank Statement to Check any other income.
Every person whose total income is more than the basic exemption limit prescribed in each Financial Year, then he is liable to file ITR. Further, post demonetisation, it is recommended to file the ITR with proper caution to avoid any chances of tax notice or scrutiny assessment by Income Tax Department.
People think that filing the Income tax Return (ITR) is a very simple task and therefore they don’t pay attention to the same. However, it should be filed properly to avoid any chances of being in default. Three common mistakes to avoid:
#Wrong filing of Account Number: If your account number is not correct, your refund shall not be credited to your bank account and hence please recheck the account number and IFSC code while filing the Income Tax Return in India.
#Filing ITR by Form 16: This is the most common mistake done by people who file their ITR only using Form 16. However, you must check the other supporting documents like 26AS, Form 16A, saving proof etc.
#Not filing Balance Sheet/ P and L: If you are filing the income Tax return as self employed and you are not filing the balance sheet or profit & loss account, then your ITR shall become defective return.
ITR 1 (Sahaj) – For Income from Salary, one house property & Interest
ITR 2 – For Individuals and HUFs not carrying out business or profession under any proprietorship.
ITR 3 – For individuals and HUFs having income from a proprietary business or profession)
ITR 4 – Sugam For presumptive income from business or profession.
ITR 4S (Saral) – For Presumptive tax, 8% is deemed income of turnover.
ITR 5 – For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6 – For Companies other than companies claiming exemption under section 11.
ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes.