Income Tax Return Filing in Mumbai
Filing of Income Tax Return simply means reporting Income earned during a financial year including Tax-exempt income and investments and other reporting in a prescribed form. Filing Income Tax Return is compulsory when total income during the year exceeds the basic exemption limit.
Assessee may claim a refund for excess taxes paid in form of TDS or Advance Tax, in case TDS or Advance tax is less than the total net tax liability then the assessee may require to pay the balance amount.
Assessee is required to furnish Income details in a specified applicable form ranging from ITR-1 to ITR-7 based on the source of income and type of assessee.
In India, the income tax return is required to be file online and is a completely paperless process and no physical document is required to be submitted.
Tax Filing for Salaried Individual
Total Income up to Rs.50 lakhs.
Income from Salaries, One House Property, Other Sources (Interest, etc)
Agricultural Income up to Rs.5 thousand.
Tax Filing for Salary & Share Trader
Income from Salary or
Income from multiple House Property or
Income from Capital Gains or
Income from Other Sources
Income from Winnings (Lottery, Gambling etc)
Tax Filing for Business\Profession
Income from Business / Profession
Income from Commission/Brokerage
Income from Partnership Firm
Having any of the Income as specified in ITR - 2
Tax Filing for Presumptive Business
Income from Business / Profession and opting for the presumptive scheme under section 44AD, Section 44ADA, and Section 44AE and turnover not exceeding 2 crores
Having total income up to Rs.50 lakhs
Having any of income as Specified in ITR 1
Why file Income Tax Return?
An assessee having income exceeding the basic exemption limit or taxable income is mandatorily required to file Income Tax Return within the due date.
An income Tax return is a primary need for any lender to provide various loans. Whether a home loan or personal loan or any special loans, every financial institutions and bank rely on Income Tax Return for lending.
Refund or Payment of Tax
Assessee can claim a refund for excess taxes paid and also in case of tax liability arises on computing the income, the assessee may require to pay taxes within due dates.
Income Tax Notice
Non Disclosure of Income such as capital gain or Interest income or any other taxable income may attract proceedings from Income Tax authorities.
Tax Saving Investment
Nowadays every assessee invests their income in securing the future e.g. In Life Insurance, Mediclaim, Mutual Funds, and so on, such investments are eligible for deduction under Income Tax.
File Income tax return in Mumbai with iDeal ConsulTax. Our Tax Filing Services are paperless and hassle-free. All you have to do is provide us your documents/details by email or WhatsApp, and we'll handle the rest. We have extensive tax experience. We assist in income tax returns for sole proprietors, salaried individuals, HUFs, and stock traders, among others.