ITR Filings – Definition, Types, Documents, Steps To File With FileMyReturn. It’s time to file your Income Tax Returns (ITR) for the Financial Year 22-23. We understand how overwhelming this task can be, but don’t worry! FileMyReturn is here to help. We have prepared a step-by-step guide to make the ITR filing process easier for you. Let’s get started!

What Is Income Tax Return

An income Tax Return (ITR) is a statement filed by individuals, businesses, and other entities to report their income, deductions, and the tax liabilities owed to the government. It is a way for taxpayers to provide detailed information on their financial activities to the government. 

Who Should Pay Income Tax?

The requirement to file an Income Tax Return depends on the specific tax laws of each country. 

In India, it is mandatory to file ITR, for individuals with a gross total income above 2,50,000. The limit exceeds 3,00,000 for seniors and 5,00,000 for super seniors.

The following must pay taxes and file their ITR:

• Corporate firms
• Hindu Undivided Family
• Companies
• Local Authorities
• Individuals exceeding their income limit according to the tax laws

Types of Income

• Salary Income:

Income earned as salary or pension is taxable under Income Tax Laws.

• Property Income:

Renting out your property for any legal purpose is taxable.

• Capital Gains:

Income earned by selling off capital assets such as stocks, mutual funds, etc., or real estate comes under taxable income.

• Business and Professional Income:

Profits generated by individuals, freelancers, contractors, and income-earned professionals such as CA’s, doctors, etc by rendering their services are taxable income.

• Income From Other Sources:

Income that does not fit in the above categories such as saving income, dividend income, lottery winnings, etc. All these incomes fall under income from other sources.

Importance of Filing ITR

Filing ITR is of utmost importance for both the taxpayers and the overall functioning of the country”s economy. The key reasons are as follows:

• Legal Responsibility:

In most countries, it is a legal requirement to pay taxes by eligible taxpayers. Failing to do so can lead to penalties and fines. Filing ITR helps you be on the right side of the government and your commitment to the country.

• Documentary Evidence:

Filing ITR helps get a document as proof of your income, deductions, and tax payments. It helps in many financial transactions like obtaining loans, visa applications, and many other official purposes.

• Claiming Refunds:

If you’ve paid excessive tax during the whole year. Filing ITR is the only way to claim your refunds. It helps you receive the refunds sooner.

• Financial Recordkeeping:

Filing ITR helps you maintain financial records and tax affairs. It helps you know your financial health, make decisions accordingly, and future financial planning.

• Avoiding Penalties:

Non-filing or incorrect filing of ITR can lead to heavy penalties. Correct and timely filing of ITR reduces the chances of these issues.

• Build Financial Reputation:

Timely filing of ITR helps you build a positive financial reputation. It is more beneficial if you are self-employed or a businessman.

• Contribution to Nation Building:

By paying taxes, you contribute to the nation’s progress and welfare. Income Tax revenue is a major resource to fund the government for providing valuable services and also infrastructure development.

Steps To File ITR

The steps to file ITR with FileMyReturn are as follows:

• Step 1 

Click on the link which is shared with you over WhatsApp/Email/SocilaMedia Platforms, and make an account there.

• Step 2

Click on ‘View or Add member’ and please fill in your details there and click on ‘Save Members Profile’

• Step 3

After successfully creating your profile, ‘Click on File ITR’.

• Step 4

Select a plan as per your income source. A guide to correctly choose your plan is given there.

• Step 5

Select if you have a source of income or not in that particular F.Y. and proceed.

• Step 6

Select your ‘Residential Status’.

• Step 7

Upload all the relevant documents.

• Step 8

After uploading all the documents, proceed to the payment gateway.

• Step 9

After successful submission, you’ll be redirected to a new page with a ‘Confirmed Message’.

                                 You have successfully filed your ‘Income Tax Return’. 

                                    Now relax, FileMyReturn will reach out to you.

Step To File ITR For NRI

  Following are the steps to be followed by NRI:

• Step 1

Click on the link which is shared with you over WhatsApp /Email/Social Media Platforms, and filled in the asked details over there.

• Step 2

You might find the OTP in “Spam or normal ‘Mail Inbox’.

• Step 3

After submitting the OTP, under select service click on ‘File ITR’.

• Step 4

Click on ‘Add member’ and fill in your ‘Details’ correctly and click on ‘Save Members Profile’.

• Step 5

Please enter your ‘NRO’ Saving Bank account details.

• Step 6

After successfully adding the member, click on ‘File ITR’.

• Step 7

Upload all your relevant documents regarding your income earned in India.

• Step 8

In case you want to add ‘Additional File’, Repeat the same steps.

• Step 9

After submitting the required documents, proceed to the ‘Payment Gateway’.

• Step 10

After successful submission, you’ll be redirected to a new page with a ‘Confirmed Message’.

               Now Relax! Our team will be reaching out to you soon.

 Key Documents Required to File ITR:

• Aadhaar Card and PAN Card:

These are essential identity documents required to file ITR.

• Form 16:

It is provided by your employer. It provides a summarized detail of your salary, TDS, and other tax deductions.

• Form 26 AS:

It shows all the details of your tax credits, TDS, and all other tax details as per the Income Tax Department.

• Bank Statement:

It provides information on your bank account related to your transactions and the interest income earned from all saving accounts. Bank also provides a certificate for your FD interest.

• Investment Proof:

These are the documents supporting the deductions claimed under Section 80C, D, etc such as insurance premiums, medical-claim, etc. (If not provided in Form 16)

• Property Documents:

 If you own a property, you may need to provide documents like tax receipts and house loan certification. If you are claiming HRA benefits, you need to provide the rent receipts as well.

• Capital Gains:

It is related to the documents of your purchase and sale of capital assets like stocks, property, mutual funds, etc.

• Annual Information System:

It is a detailed summary of financial and tax-related information of individuals that is provided in 26 AS.

 Depending on the individual circumstances additional documents may be needed,                             and the above documents may also vary.

Also Read: Everything You Need To Know About GST Return Filing

Why FileMyReturn?

Filing ITR is not just an annual obligation, but an essential financial responsibility that provides numerous benefits. FileMyReturn takes pride in being your trusted ITR filing firm.

Following are the advantages that you can enjoy while filing ITR with FileMyReturn:

• User-friendly Service
• Data Security and Privacy
• Accurate ITR Filing
• Expert tax Advice by Professionals
• Compliant with the tax regulations
• Lowest prices in the Market
• Personalized Support and Customer Service

Conclusion

When it comes to filing your ITR, choosing the right partner is all that makes the difference. 

Filing ITR is a crucial responsibility that shouldn’t be overwhelming. FileMyReturn redefines your tax filing process to be efficient and rewarding. Let us take care of your taxes and you focus on what matters most. Empower yourself with financial confidence and unlock the benefits of optimal tax savings with FileMyReturn.