Easily Income Tax Return
Income tax return must be filed by individuals and legal entities in India every year. Gladefiling offers an easy process for filing income tax return
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Income Tax Return
Income Tax Return is important for making any type of investment and goes to prove that you have a valid source of income to earn such investment. It is essential for individuals, NRIs, partnership firms, LLPs, Companies, to submit income tax returns each year. Income tax return form can be e-filed or manually filed. Individuals as well as NRIs are needed to file income tax return, if their income exceeds the exemption limit. Partnership firms are needed income tax return - irrespective of amount of income or loss. All companies are needed to submit income tax return.
When you file Income Tax Return, you create your Financial Record with Tax department. This financial / tax history is positively checked out and favorably used by many agencies with whom you may need to interact, such as when you get any type of loan (home, personal, vehicle loan) or when you apply for VISA, etc. The worth of business profiles of different corporate agencies, contractors, professional service providers or individuals is depends on the yearly income tax returns.
Gladefiling is the largest business services platform in India, providing a range of services like company registration, GST registration, income tax filing and more. Gladefiling can help you file income tax returns. Get a free consultation for income tax filing with an Gladefiling Consultant.
TYPES OF INCOME TAX RETURN
The ITR-1 Form, also called Sahaj. The ITR1 is an income tax form for salaried individuals and includes details like salary, income from house property, commercial property or other sources like interest, etc.
The ITR-4 Form is applicable for individuals as well as Hindu Undivided Families who have earnings from proprietary business or profession to declare their Income Tax Return. This form is used by proprietorship firms.
Income Tax Form ITR 5 is used by majority of partnership firms as it is intended for persons other than individuals, HUFs, companies and individual filing Form ITR-7.
The ITR 6 form is an income tax form that is to be used by companies other than those companies claiming exemptions under Section-11. Companies that can claiming exemptions under Section-11 are the ones who hold their income from property for religious or charitable purposes.
Income Tax Form ITR 7 is used by individuals, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable purposes.