Filing income tax is the responsibility of every citizen of India if an income is earned in the financial year. When the financial year usually ends on the 31st March, the income tax department may give you some time to get ready and file income tax returns. It is essential to
file them before the due date. If you are unable to do it within the given time, you may have to pay the penalty. Instead of doing things alone, you can take help from experts to take care of
income tax returns in Kolkata.
Common Queries You May Have on Income Tax Returns
Is it essential to File Income Tax Returns Even When Taxable Income Lesser Than Threshold Limit?
Most taxpayers are keen to know whether their income falls within the taxable limit. According to the experts, there may be a need to file the ITR even in such cases. When the aggregate income exceeds the limit, an ITR is essential. If the amount is below the said aggregate income
after rebates and deductions, you may need to e-file your income tax returns. On occasion, you may have to declare your income, its source, and the rebates and deductions you have applied.
Even if there is no need to pay the tax, the return must still be filed.
In case the TDS is cut from the income, and it falls within the taxable limit, then you can claim the income tax refund while filing the return.
Which Income Tax Form to Use for the Income Tax Filing?
Looking at diverse types of income tax return forms, you may feel confused. Each form has its intended use. Due to this reason, it may be essential to utilise them effectively. Depending on your income, experts may make the right choice for you.
● An individual should file ITR-1. On occasion, your income source should include salary, house property income, pension, and other income.
● ITR-2 is for those who earn income from capital gains. If there is more than one house property, you may fall under this category. It may be applied when you have foreign income, a company director, or unlisted equity shares.
● Whether you run a business or earn a salary, you may be required to file ITR-3. On occasion, you can be a firm partner.
In addition, there are also ITR 4, 5, 6, and 7. To learn more, you can talk with the expert to choose the right form.
Which Enables Deduction Under the Section 80C?
Section 80C enables you to deduct money due to diverse types of expenses and investments. Life Insurance Policies, ELSS schemes, EPF, PPF, bank and post office deposits over 5 years, and Senior Citizen Saving Schemes. If expenses incurred as a result of principal repayment of the home, tuition expenses for 2 children, and stamp duty on the property.
If you have any additional queries regarding income tax returns in Kolkata, you can contact the experts at S.M. Gupta & Co. Plan your tax and returns with us.
