Blog tagged as ITR - Income Tax Return

Income Tax Return Filing Requisites

Income Tax Return Form 4 (ITR-4) is a form that is used to file income tax returns by individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession

As the tax season approaches, it's time to start thinking about filing your income tax return. If you're an individual taxpayer in India, you may need to file Income Tax Return Form 3 (ITR-3)

The ITR Form 2 is applicable to individuals and HUFs who do not have income from profits and gains of business or profession. The following are the eligibility criteria for filing ITR Form 2

The ITR-1 form is also known as the Sahaj form and is meant for individuals who earn income from salary, one house property, other sources like interest on savings bank account, etc., and have a total income of up to Rs. 50 lakhs.

"Even if the income is below the basic exemption limit, the person would be required to file ITR in India if, he holds any asset outside India or has any financial interest in any entity outside India

A digital signature is an electronic form of a signature that can be used to authenticate the signatory of a document. It is used to sign the documents digitally and to authenticate the electronic documents.

Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to COVID-19 pandemic.

Depreciation under the Income Tax Act is a deduction allowed for the decline in the real value of a tangible or intangible asset used by a taxpayer. The Income Tax Department uses the concept of depreciation for the purpose of writing off the cost of an asset over its useful life.

How to E-Verify your Income Tax Return E-Verification of Income Tax Return, After having successfully filed your income tax return, the next step is to verify it. Department starts processing your return, once it is verified. Refunds, if any, are processed for returns that have been submitted