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Tax Return Filing for A 201516 Bombay Chartered Accountants Society 29th July 2015 CA Ganesh Rajgopalan CA Ruthie Shanghai Contents Persons obliged to file tax returns IT Forms to be used Due dates

How to fill out itr forms - bcasonline

How to Fill Out ITR Forms:

1. Gather all necessary documents: Before starting to fill out the ITR forms, make sure you have all the relevant documents such as your PAN card, bank statements, salary slips, investment proofs, and any other income-related documents.
2. Choose the correct ITR form: Depending on your income sources and the complexity of your financial situation, it's essential to select the appropriate ITR form. The income tax department offers several ITR forms, ranging from ITR-1 to ITR-7, each catering to specific types of taxpayers.
3. Fill out your personal information: Begin by filling out all the required personal information, including your name, address, PAN number, and Aadhaar number, if applicable. Ensure that you provide accurate information to avoid any discrepancies.
4. Report your income details: The next step involves reporting your income details from various sources such as salary, business or profession, capital gains, house property, and any other income earned during the assessment year. Carefully enter the correct amounts and ensure all income sources are included.
5. Claim deductions and exemptions: If you are eligible for any deductions or exemptions under the Income Tax Act, such as investments in tax-saving schemes or medical expenses, make sure to claim them accurately. Study the relevant provisions and fill in the details correctly to optimize your tax liability.
6. Calculate your tax liability: After reporting your income and claiming the applicable deductions, use the provided tax calculation sections to determine your tax liability. This step will help you ascertain whether you owe any additional tax or are eligible for a refund.
7. Pay any outstanding tax: If your tax liability exceeds the tax already paid through TDS or advance tax, you may need to pay the outstanding tax before filing your return. Make sure to follow the requisite procedures for tax payment and obtain the necessary challans or receipts.
8. Provide details of tax payments: In the ITR form, you will need to mention the details of the taxes already paid. This includes TDS deducted by your employer, self-assessment tax payments, and any other tax-related payments made during the financial year. Verify the accuracy of these details before submission.
9. Review and submit the form: Once you have filled out all the necessary information, review the entire ITR form carefully. Check for any errors, inconsistencies, or missing fields. Ensure the form is complete and sign it before submitting it either online or offline, as per the prescribed procedure.

Who Needs ITR Forms:

1. Individuals with taxable income: Any individual or Hindu Undivided Family (HUF) whose total income exceeds the basic exemption limit as specified by the income tax department during a financial year is required to file an ITR.
2. Business owners and self-employed professionals: Individuals engaged in business, profession, or freelance work, irrespective of their income, are generally required to file ITR forms.
3. Individuals with foreign assets or income: If you have foreign assets or derive income from outside India, regardless of the amount, you must file your ITR forms.
4. Individuals with tax-exempted investments: Even if your income is below the basic exemption limit, you may still need to file an ITR if you have made tax-exempt investments such as investing in mutual fund schemes or holding shares of unlisted companies.
5. Individuals seeking to claim a refund: If you are eligible for an income tax refund due to excess tax deductions or advance tax payments, it is necessary to file an ITR to claim the refund.
6. Individuals availing loans or credit facilities: Some financial institutions may require income tax returns as proof of income when applying for loans, credit cards, or other financial products. Hence, it is advisable to file ITR forms if you plan to avail such facilities.

Remember, the requirements for filing ITR forms may vary each year, so it's crucial to stay updated with the latest income tax regulations and consult a tax professional, if needed, for accurate guidance.

For pdfFiller’s FAQs

What is itr forms?

ITR forms are forms prescribed by the Income Tax Department for filing income tax returns.

Who is required to file itr forms?

Any individual or entity whose income exceeds the specified threshold set by the Income Tax Department is required to file ITR forms.

How to fill out itr forms?

ITR forms can be filled out either online on the Income Tax Department website or offline by downloading the form and filling it out manually.

What is the purpose of itr forms?

The purpose of ITR forms is to report income, deductions, and tax liability to the Income Tax Department.

What information must be reported on itr forms?

Information such as income, deductions, tax payments, and tax liability must be reported on ITR forms.

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