Income Tax Return filing: No pain! File your ITR in just 7 minutes – Here is how
For taxpayers, less than two months are left for Income Tax return filing. The Income Tax Return (ITR) is a form for reporting gross taxable income from different sources.
For taxpayers, less than two months are left for Income Tax return filing. The Income Tax Return (ITR) is a form for reporting gross taxable income from different sources, claiming tax deductions and declaring net tax liability to the income tax authority. ITR is filed by a salaried or self-employed individual, Hindu Undivided Family (HUF), companies or firms. The last to date file income tax for the current financial year is July 31, 2019.
The process of filing the income tax return has become easier over the last few years with the introduction of e-filing portal. However, there are still a number of people who might not be aware of the process and find it tiring.
But, there is no need to worry as you can file your income tax return (ITR) in just 7 minutes, according to Heena Arora, Finance & Marketing Head of All India ITR. Arora told Zee Business Online that you just need to follow these steps -
1] Once the application is downloaded, the user needs to sign up and upload his Form 16 and other required documents;
2] Once all the relevant details are filled in, the software of All India ITR automatically reads the information provided in the documents and fills it in Form 16. The user can review his Form 16;
3] After all the correct information has been filled in Form 16 it directs the user to the government e-filing website and after submitting the form; and
4] There one can complete the process of filing Form 16 in 7 minutes thus the designated tax expert will e-file the ITR within 7 minutes.
Who needs to file ITR?
As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds income tax exemption limit (Rs 2.5 lakh for FY 19) is liable to file the income tax return. Also, any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
Top 7 Stocks to Track: This defence PSU multibagger can give 45% return; food delivery app stock likely to rise 19%
Mutual Fund SIP: Invest Rs 1000 per month to grow your corpus to over Rs 3.5 core at retirement, know calculations
11:19 AM IST