Income Tax Filing

Paying Income tax if his/her annual pay exceeds a certain amount, is a mandatory task of every citizen in India. It is a failure of fundamental responsibility in case one ignores his IT. Every year individuals and business set ups are required to file their Income Tax Returns. This ITR proof will help them in getting better access to government and private bank loans and exposes them to various credit options available according to their range of income. It is done thoroughly online so there is a lot of reserve for time and efforts. You can always track the ITR status online as it is transparent.

How to calculate your eligibility to file ITR?

According to the IT Act of 1961, an average citizen until 60 years of age earning an income of 2.5 lakhs per annum; citizens between the years 60 and 80 earning an annual income of 3 lakhs; people over 80 years of age earning more than 5 lakhs and any business establishment whether or not receiving profit are all eligible to pay taxes. Even residents of India in possession of wealth and properties or associated with an international body commercially are expected to file ITRs.

What are the vital Documents?

The following are the prerequisites of filing an ITR form. Make sure these are available before you dive into the ITR filing process.

• PAN card of the applicant
• Relevant ITR form
• Salary slips from the workplace
• Tax Deduction Service certificates, if any
• A copy of bank statements
• Interest Certificates, if any
• Form 26AS, which is basically an annual statement of all the details related to income

How to proceed with ITR filing in Karnataka

The IT Department of India has an online portal to make the filing process easy. All you got to do is connect with SV Consultant to make your filing experiences worthwhile and quick. Our staff will help in picking the appropriate ITR form from a list of seven. You will be assisted in filling the form with correct details. The verification process will be done through the Aadhar number of the applicant after which you will receive an approval mail.

Consequences of non-conformation

For the individual tax payers the deadline to file the forms is 31st of July and for companies the date is 30th of September. Failing to conform to the due shall result in paying huge prices. For those receiving an income of 5 lakhs, the penalty ranges from 1000 to 10,000. And those earning more than 5 lakh per annum shall pay a penalty between 5000 to 10,000. If the amount is paid between august 1st to December 31st, the payable amount is 5000 after which it becomes 10000. Regardless of the dates if the income per financial year is less than 5 lakhs, the fine would be 1000. With SV Consultant at your service there is no room for penalties but it is always good to be informed.