Top

Filing ITR Returns

FairAccounting help you to file your ITR returns.

At Fair Accounting , we offer a host of services to simplify your tax returns. We prepare and e-file your tax returns.
Fair Accounting, we offer a host of services to simplify your ITR filing. We offer a host of income tax return services including preparing and e-filing your taxes. We also help in in-person tax e-filing. We offer tax consultancy and scrutiny to ensure that you are compliant with the regulations. Fair Accounting  also offers help in related income tax return services in India like PAN application, refund assistance etc.

Why ITR is required to be filed ?

Filing returns or not has never been a choice – it’s a legal obligation and must be fulfilled by everyone who falls under the following:

  • If gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the financial year. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) and Rs 5,00,000 for super senior citizens (who are more than 80 years old)
  • If you are a company or a firm irrespective of whether you have income or loss during the financial year
  • If you want to claim an income tax refund.
  • If you want to carry forward a loss under a head of income.
  • If you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
  • If you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.

Apart from legal obligation, filing tax returns is helpful in following situations:

  • To get a home or personal loan
  • For easy visa and immigration processing
  • It can be used as a proof of income/ net worth certificate
  • To claim excess tax paid via refund

Documents needed to e-File Taxes Online

Important documents that one must have while e-Filing tax returns are as follows:

  • Form 16 Issued by the employer
  • Form 16A Issued by bank wherever applicable
  • Form 26AS which details tax credits to your account
  • Home loan documents or HRA receipts
  • Documents of investments made for tax savings

There are few more documents that will be applicable depending on the complexity of the return.