INCOME TAX  E-FILING

HOW TO FILE INCOME TAX  FY 2022-2023) - AY (2023-2024)

AND WHY SHOULD I FILE INCOME TAX?

Taxation Is The Major Source Of Capital For The Any Government To Run The Economy And Infrastructure Of The Country Health Pension Schemes Policies Budget Infrastructures And So Many Other Government Services Through Which Any Individual Can Get Help Or Benefits From It.

DIRECT INCOME AND INDIRECT INCOME

Any Income Any Individual Generates Or Earns Through A Bank Account Must Need To Pay Tax And That Is Called Direct Tax Any Income Whether It S From Capital Or From Any Other Source Other Than Income Salary Comes Under The Category Of Indirect Tax.

IN THIS ARTICLE WE WILL LEARN INCOME TAX AND HOW TO FILE INCOME TAX AND BENEFITS FOR FILING INCOME TAX.

CONTENT OF THIS ARTICLE:-

Filing Income Tax To The Government By Any Individual Businessman Or Any Firm Or Proprietor Enables The Government To Get Detail Of The Income Of Any Individual Person About His Expenses Earning Capacity Taxes Paid Or Any Deduction Paid If Any.

Income Tax Act 1961 Makes It Mandatory For Taxpayers To File Income Tax Returns On An Annual Basis Whether Their Income Comes Under The Exempted Slab Still Need To File And Provide Details Of Income And Investment Made If Any Through The Income Tax Return Form.

THE BASICS AND ESSENTIAL DOCUMENTS FOR THE CALCULATION REQUIRED ARE GIVEN BELOW.

• 2 TAX DEDUCTION AT SOURCE CERTIFICATE AND FORM 26 AS:-

The Taxpayer Has To Give Details Of TDS Amount Through The TDS Certificate And Form 26 As ,It Will Help To Get Tds Paid If Any During The Financial Year.

• 4  IF YOU WANT TO FILE THROUGH ONLINE MODE:-

Then You Need To Download Itr Utility Which Is A Software That Complies To File Itr And This Software Can Be Downloaded Through The Income Tax Portal.

 In The Downloaded Files And Then Validate It As You Can See The Button To Validate.

• 6 AFTER VALIDATING THE FILE:-

Now Generate The File In Xml Format As You Can See The Button Below After Validation And Then Finally Upload The File On The Income Tax Portal.

BENEFITS FOR FILING INCOME TAX:-

Declaring Total Income To The Government Is A Mandatory As Per The Income Tax Act 1961 And This Is Our Social Duty Towards The Government If You Heard About Black Money And How It S Ruining The Indian Economy You Must Know The Importance Of Filing Income Tax If Every Individual Person Starts Filing Income Tax To The Government Can Help To Develop The Indian Economy Which Ultimately Helps For The Building Of Infrastructure Health Institutions Eductions Training Programs Related To Skills Development And To End The Market Of Black Money.

THE NUMBER OF BENEFITS FOR FILING INCOME TAX IS AS FOLLOWS:-

•  If You Want To Apply For A Visa Then You Must Have Filed Itr For At Least For Years.

• Through This Process, You Enable The Data Regarding Your Income And Assets Reports To The Government.

• You Can Apply For A Loan From A Nationalised Bank Like A Personal Loan Home Loan Or Any Other Purposes Loan.

• If You Want To Start Any Business And Register Then You Must Have Filed Itr At Least For 3 Years.

• For Filing Or Applying For a Tender Still, Required To Submit Your Itr Details.

HOW TO FILE INCOME TAX ONLINE MODE?

After You Generate Xml File As Discussed Above To Get Xml File You Need To Login Into The Portal Of Income Tax Click On The E File Tab And Select the Income Tax  Return Option.

And Then Provide All Necessary Information Like Pan Card, Assessment Year, And Itr Form Number And The Submission Mode Now Choose The Xml File Which Needs To be Upload From Your Desktop Or Laptop And Finally Click On Submit Button.

After The Final Submission, You Need To Go Verification Process And You Have To Select Any One Of Them Among These Aadhar Otp And (Evc) Electronic Verification Code Or Send A Manually Signed Copy Of Itr-5 To Cpc Bengaluru. 

HOW TO SAVE INCOME TAX?

Income Tax Can Be Saved Legally With A Better Understanding Of Laws And Better Planning Is Required Even The Constitution Made Certain Laws Through Which We Can Save Tax Upto Specific Limits.

Following Are The Acts Or Laws Through Which We Can Save Our Taxes On The Following Grounds.

• 1 If Investments Are Made For Lic Policy Elss Mutual Fund Schemes Or Tuition Fees For Children Then You Can Apply Under 80 C For A Specific Deduction Upto 1 5 Lakh.

• 2 Additional Deduction Upto 50000 Under 80 Ccc For Contribution On National Pension Schemes To The Central Government.

• 3 Under 80 D Allow Deduction For Medical Insurance Premium Paid For Self Or Spouse Or Children And Also For Dependent Parents.

• 4 Under 80 G Allow Deduction For Donation If You Made During The Financial Year.

• 5 Under 80 E Allowed Deduction For Higher Education Loans 6 Hra House Rent Allowance If Paid Then You Can Get A Deduction Under 10 13 A.

HOW TO GET AN INCOME TAX COPY OR SUBMITTED FILE ONLINE