Posted by Greetings from Classic Associates, Tuticorin !
What is ITR?
A tax return is a form(s) filed with a taxing authority that reports income, expenses and other pertinent tax information. Income Tax returns allow taxpayers to calculate their taxliability, schedule tax payments, or request refunds for the over-payment of taxes.
Types of ITR Forms
ITR(1) – Salary/Pension, Other Sources, Income from one or more house property
ITR(2) – Every income from IT R-1 >50 Lacs, Capital Gains, More then one house property,Foreign income /assets,EquityShares
ITR(3) – Every Income from IT R 2, Business or Profession, as a partner in a firm, presumptive income greater than 50 Lacs
ITR(4) – Every Income from IT R 1 presumptive income under Salary/Pension/other sources/one house property (Total income > 50 Lacs)
ITR(5) – Applicable to LLPs, Firms, AOPs, BOIs
ITR(6) – Companies not claiming exemption under section 11
ITR(7) – Person/Companies under Section 139(4A), 139(4B), 139(4C), 139(4D)
ITR Benefits
- Claiming refund from IT
- Compensate losses in the next financial year
- Establishing income proof in compensation cases
- Use as address proof anytime
- Helps the bank loan documentation process faster
- Avoid penalties/scrutiny from the tax department
- Credit Card Processing if required
- For a hassle-free visa application process/procedure
- To buy an insurance policy with a bigger/higher cover
- Makes life easier for freelancers/independent professionals
Have more questions ? ! ? Need help in getting your ITR filed ? Feel free to contact us at:
www.classicassociate.com | support@classicassociate.com | 93444 17156
How to File ITR ( Income Tax Returns ) on Income Tax Portal online FY 2019-20 in Tuticorin | ITR consultant in Tuticorin