Make your tax planning MORE EASIER

E-filing of Income-tax returns is the process of electronically submitting your tax information through an online platform. As per the income tax department guidelines, income tax returns must be filed through the online method for most taxpayers. Only super senior citizens (aged 80 years and above) filing ITR-1 or ITR-4 are permitted to use the paper filing method.

To claim an income tax refund, follow these steps:

1. File your income tax return accurately and on time
2. Ensure all income details, tax payments, and TDS deductions are correctly reported
3. Verify that your bank account details in the ITR are correct for direct transfer
4. After submission, the Income Tax Department will process your refund automatically if you've paid excess tax
5. You can check your refund status on the Income Tax e-filing portal using your PAN

Filing your Income Tax Returns offers several benefits:

• Claim tax refunds for excess taxes paid
• Easier loan approvals as banks often require ITR documents
• Simplified visa application process for international travel
• Carry forward losses to set off against future income
• Create a financial record that helps in various financial transactions
• Avoid penalties and legal complications for non-filing

The Income Tax Department offers different ITR forms based on income sources and taxpayer category:

• ITR-1 (Sahaj): For individuals with total income up to ₹50 lakhs from salary, one house property, and other sources
• ITR-2: For individuals and HUFs not having income from business or profession
• ITR-3: For individuals and HUFs having income from business or profession
• ITR-4 (Sugam): For presumptive income from business or profession
• ITR-5: For firms, LLPs, associations of persons (AOPs), etc.
• ITR-6: For companies other than those claiming exemption under section 11
• ITR-7: For trusts, political parties, charitable institutions, etc.

Our tax experts can help you determine which form is right for your situation.

To file your income tax return, you'll typically need:

• PAN and Aadhaar card details
• Form 16 from your employer (if you're salaried)
• Bank statements for the financial year
• Investment proofs for tax-saving investments
• Property sale/purchase documents (if applicable)
• Loan statements showing principal and interest payments
• Rent receipts and landlord details (if claiming HRA)
• Form 26AS tax credit statement

Our team at DenishNew will guide you through the document collection process.