Income Tax Return Filing Services in Hyderabad
Are you worried about filing your income tax return? We have a team of experts who can help you file your Income Tax Return in Hyderabad in a simple and hassle-free manner.
What is Income Tax Return (ITR)?
An individual files an income tax return to the Tax Department of India to declare his/her income for the previous financial year. The tax department reviews the return and collects taxes from the taxpayer based on their declared income. ITR must be filed by individuals who earned income above a certain limit in a financial year. It is important to file your ITR on time, as late filing may lead to penalties and interest charges.
File your Income Tax Returns with Professionals
- Earnings and profits from businesses and professional activities
- Rent from house property
- Capital gains income
- Other sources of income like dividends, interest from deposits, royalty earnings, winning the lottery, etc.
The Income Tax Department has prescribed 7 kinds of ITR forms, including ITR-1, the ITR-2 form, the ITR-3 form, ITR-4, and ITR-5. ITR-6 and ITR-7. The use of each form will be contingent on the nature of the income, the amount of income, and the type of taxpayer.
Why do you need to file an Income Tax Return?
As per the Indian tax legislation, if your annual income exceeds the basic exemption amount, you must file an income tax return. For the benefit of taxpayers, the department predetermined the rate for the tax exemptions.
It is essential to know that this is one of the most important legal documents that need to be filled. Here’s why you need to file an income tax return :
1. ResponsibilityFiling an income tax return is an indication that you are responsible. The government ensures that any earning human is filing it and mandates that every individual’s taxes and income-related information is with them. They need to keep a complete record of it.
2. Claims Adjustments Against LossesITR filing comes with many advantages. In case of losses incurred by any means, for example, in business shown in ITR can be demonstrated for exemption and is eligible to claim adjustments against losses.
3. Revised ReturnIf an individual has not filled out the ITR, they cannot file a revised return. There is a fine of INR 5000 in such cases where the return is not filled.
Who is required to file an Income Tax Return?
According to the current income tax return laws, income tax return filing is mandatory if an individual taxpayer meets certain conditions.
- According to the current income tax return laws, income tax return filing is mandatory if an individual taxpayer meets certain conditions.
- Individuals aged up to 59 whose overall revenue for the fiscal year exceeds Rs 2.5 lakh. The maximum increases to Rs. 3 lakh for seniors (aged 60-79) and Rs. 5 lakh for super older people over 80. The income estimate should be computed before considering the deductions allowed under Sections 80C to 80U and additional exemptions under Section 10.
- If your assets or financial holdings are outside of India.
- All registered businesses that generate money during the year, whether or not they make a profit.
- Foreign enterprises that benefit from the treaty benefits from India.
The government requires people to fill out an income tax return to get appropriately recorded information about their incomes and to check whether tax has been paid correctly. You must fill one if your income is more than your standard deduction.
When to file an income tax return (ITR)?
How can we help you?
Why Choose Agarlaws?
At Agarlaws, we’ll help you file your income tax returns by eliminating all hassles and ensuring a smooth process. With years of experience in this field, we are one of the leading law firms in Hyderabad.