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.