Income Tax & G.S.T. Return

 Online process
Income Tax Department (ITD) has recently updated its online channels for electronic submission of income tax returns and these can be done as per the above procedure:
• Visit the official e-filing portal of Income Tax Department at e-Filing Home Page
• If you are a new user, you can register by using the 'Register' button 

 Online process
Income Tax Department (ITD) has recently updated its online channels for electronic submission of income tax returns and these can be done as per the above procedure:
• Visit the official e-filing portal of Income Tax Department at e-Filing Home Page
• If you are a new user, you can register by using the 'Register' button or by clicking the 'Login' button.
• Under 'E-file', select 'Submit tax return'.
• Select an income category. (individual, Hindu Undivided Fund (HUF), etc.)
• Select a custom form.
• Enter bank details.
• See. ITR. Relevant changes can be made.
• Later, the e-version needs to be filled so that the ITR can be issued. 

 What is ITR?
Income Tax Return or ITR is a form that shows the gross taxable income for a specific financial year. Taxpayers use this form to officially report their income, deductions, exemptions, and taxes paid. Therefore, it reduces your net income tax liability for the financial year.
According to the Income Tax Act, 1961, a person 

 What is ITR?
Income Tax Return or ITR is a form that shows the gross taxable income for a specific financial year. Taxpayers use this form to officially report their income, deductions, exemptions, and taxes paid. Therefore, it reduces your net income tax liability for the financial year.
According to the Income Tax Act, 1961, a person below the age of 60 years must file a tax return if any part of his income is taxable. If your taxable income exceeds Rs. 5 lakh in a financial year or you have paid advance tax, ITR must also be filed. When you file your tax return, you also have to pay the taxes due as per the current Income Tax Schedules.
Types of ITR forms
There are nine different types of ITR forms that can be used. According to the Central Board of Direct Taxes of India, you must use the appropriate form to file your income tax. Here is a brief description of the forms:
ITR 1 or Sahaj
ITR 1 or Sahaj is the form for those individuals whose income is up to Rs. 50 lakhs from pension, salary, income from other sources and one home value. But not all salaried employees can use this form to file taxes.
ITR 2
Resident Individuals or Hindu Undivided Families (HUF) who cannot fill ITR 1 or Sahaj form can use this form. However, if the income is from business or profession, you cannot use ITR-2.
ITR 2A
This is a newly released form of ITR designed for HUFs and individuals owning more than one flat with no capital income and is salaried income. If you have long term capital gains and have paid securities tax then this form is for you.
ITR 3
This form is for individuals or HUFs who have income from their business or profession. In short, undivided families or individuals who do not qualify for ITR 1, ITR 2 and ITR 4 can file ITR 3. Anyone who receives interest, bonus, salary or commission as business income from a partnership company must also file ITR 3.
ITR 4 or Sugam is for all types of professions, companies, HUFs and companies. You can file ITR-4 if your total income includes income from business or profession u/s 44AD, 44ADA or 44AE, income from one house property, salary income and income from other sources. But you cannot submit this form if your income is more than Rs. 50 lakh per financial year.
ITR-4S
ITR-5 is for LLPs (Limited Partnerships), Corporations, Corporate Regulators, Artificial Legal Persons (AJPs), Estates, BOIs (Individuals), AOPs (connections). individuals), estates of insolvent persons and investment funds.
ITR 5
Cooperatives, companies, artificial legal entities, partnerships, local governments and associations of individuals can declare their income tax with this form.
ITR 6
Every company can fill this form online only. Companies and organizations can use this form only if they do not claim an exemption under section 11.
ITR 7
Only political parties, religious or charitable organisations, colleges, universities etc can use this form. apply for tax exemption.
Is the income tax return mandatory?
According to Indian tax laws, an income tax return must be filed if the income exceeds the basic exemption limit. The income tax is predetermined for the taxpayer. Delays in reporting not only result in late fees, but also reduce the possibility of obtaining a loan or visa for travel.
Who must file an income tax return?
According to the Income Tax Law, only individuals or companies with certain income categories must. to pay income tax. Mentioned below are the entities or companies that need to file their ITR in India:
Any person above 59 years of age with total annual income exceeding 2.5 lakhs. For senior citizens (60-79 years), the limit increases to Rs. 3 lakhs and for super senior citizens (80 years and above) the limit is Rs. 5 lakhs. It is important to note that the amount of income must be calculated before taking into account deductions under Sections 80C to 80U and other exemptions under Section 10.
All registered companies that generate income, whether they have made a profit during the year or not. .
Those seeking refund of tax deducted/income tax paid.
Persons having assets or financial interests outside India.
Foreign companies receiving treaty benefits from transactions in India.
NRI earning or collecting more than Rs. 2.5 lakhs in India in one financial year.
How to file ITR?
Income declaration can be made through online and offline channels. Here are the ways to file ITR. Steps to File ITR Online -
Online Process
1. Step: Go to the official Income Tax page.
2. Action: Login to your account using your PAN number and password. If you do not have an account, you must create a new account with the correct details.
3. Step: Go to "File Income Statement" from the "E-File" tab.
4. Step 1: Choose the right income. from the category list. (individuals, HUF and so on).
5. step: Select the correct ITR form and proceed by entering your bank account details.
6. Step 1: Check the preview of your income tax return using the pre-filled form. You can make changes if needed.
7. Step 1: Confirm the form and print. Send hard copy to income tax department for verification. Alternatively, you can verify your income tax electronically through Aadhaar OTP or a pre-approved bank account 

What is ITR or Income Tax Return?

Income Tax Return (ITR) is a form that you need to file with the Income Tax Department  in India. It contains information about a person's income and taxes for the year. The information provided in the ITR should pertain to the financial year, i.e. It starts on April 1st  and ends on March 31st of the fo

What is ITR or Income Tax Return?

Income Tax Return (ITR) is a form that you need to file with the Income Tax Department  in India. It contains information about a person's income and taxes for the year. The information provided in the ITR should pertain to the financial year, i.e. It starts on April 1st  and ends on March 31st of the following year.

Who is eligible for ITR ?

1.

Age  Tax Free (Old Regime) Tax Free (New Regime)

Below 60 Years  Rs. 2,50,000 Rs. 300000

>60 Years but < 80 years Rs. 3,00,000 Rs. 300000

80 years & above Rs. 5,00,000 Rs. 300000

2. If you want to claim an income tax refund.
3. If you acquired or invested in foreign real estate during the FINANCING period.
4. If the taxpayer is a company or institution, regardless of profit or loss.
5. If you have a job/professional loss or a loss below your income, you can only transfer it to future years if you file your return before the due date.
6. If you have 1 crore or more in one or more existing bank accounts. However, there  are no restrictions on depositing money into the Post office current account.
7. If you have deposited more than Rs 50 lakh into your 'savings account'
8. You, yourself or someone else spent more than 2 lakh on travel abroad
9. If the annual electricity charges exceeds 1 lakh.
10. If your tax deducted in the form of TDS/TCS is more than Rs 25,000. For senior  citizens (over 60), this limit is 50,000.
11. Your business turnover is over 60 lakh
12. Your income from profession are over 10 lakh.

1. Who is eligible to file ITR-1 for AY 2024-25?

ITR-1 can be filed by a Resident Individual whose:
•    Total income does not exceed ₹ 50 lakh during the FY
•    Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: 
o    Interest from Savings Accounts
o  

1. Who is eligible to file ITR-1 for AY 2024-25?

ITR-1 can be filed by a Resident Individual whose:
•    Total income does not exceed ₹ 50 lakh during the FY
•    Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: 
o    Interest from Savings Accounts
o    Interest from Deposits (Bank / Post Office / Cooperative Society)
o    Interest from Income Tax Refund
o    Interest received on Enhanced Compensation
o    Any other Interest Income
o    Family Pension
•    Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

2. Who is not eligible to file ITR-1 for AY 2024-25?

ITR-1 cannot be filed by any individual who:
•    is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
•    has total income exceeding ₹ 50 lakh
•    has agricultural income exceeding ₹ 5000/-
•    has income from lottery, racehorses, legal gambling etc.
•    has taxable capital gains (short term and long term)
•    has invested in unlisted equity shares
•    has income from business or profession
•    is a Director in a company
•    has tax deduction under section 194N of Income Tax Act
•    has deferred income tax on ESOP received from employer being an eligible start-up
•    owns and has income from more than one house property
•    is not covered under the eligibility conditions for ITR-1