What is ITR Filing
Income Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. hese returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Why it is essential
It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil. So for FY 2009-10, filing of tax returns is essential if:
1. Individuals have taxable income exceeding Rs.160,000 p.a.
2. Women have taxable income exceeding Rs.190,000 p.a.
3. Senior Citizens have taxable income exceeding Rs.240,000 p.a.
What is that you need to know
Filing returns or not has never been a choice. It is a legal obligation which should be fulfilled by everyone who falls under the prescribed category. However, if you still needs more reasons to file your returns, here are a few: a) To avail home or personal loans.
b) For visa and immigration processing.
c) It is an income proof or a net worth certificate.
d) For claiming excess tax paid via refund
e) Applying for a higher insurance cover
Terms and Condition
1-The above packages do not include the government fee or any additional legal fees.
2-This amount paid is just the processing fee for the service
3-These packages are only for Paytm Sellers and their SKUs uploaded on Paytm marketplace.
4-The prices are inclusive of all the taxes.
5-The transaction & service delivery will happen solely between the seller and service provider, Paytm not playing any role in it.
6-For locations other than the city mentioned, you will have to courier the documents to the service provider at your own cost.
Service Provider is an independent person/organization and not a representative of Paytm. Further, Paytm is not making any kind of representation on behalf of the service provider and he/she shall be solely responsible for the quality, scope and pricing of the service(s) offered by him to you. Paytm does not warrant any service(s) provided by service providers to you and shall not be liable for any claims, damages, losses, (direct, indirect, special or consequential), loss of revenue or profits that may arise out of or in connection with the service(s) provided by Service Provider to you. You acknowledge and undertake that you will use your best and prudent judgment before engaging any of the service providers and will avail their services in your sole discretion and transact business at your own cost and risk