Income Tax Return Filing in Ujjain

Income Tax Return Filing in Ujjain

Income Tax Return (ITR) filing is the process of declaring your income, expenses, tax deductions, and tax payments to the Income Tax Department of India to maintain your income-related data or record in an official mode to the government. The government mandates that individuals and entities earning above a certain threshold file their ITR annually. This declaration enables the government to assess and collect tax revenue to ensure transparency and accountability in financial dealings in the tax department.

Ujjain is one of India’s major economic hubs, and its population includes IT professionals, business owners, salaried individuals, and freelancers. As a result, the demand for accurate and timely ITR filing is ever-growing. With the pace of digital advancements, the process of filing ITR has become much more convenient and easier, especially through online platforms.

Who Needs to File an ITR in Ujjain?

• Individuals (Residents & NRIs) whose total income exceeds ₹2.5 lakh (for those below 60 years of age).
• Senior Citizens (aged between 60-80) with income above ₹3 lakh and super senior citizens (above the age of 80) with income over ₹5 lakh.
• Companies and LLPs, regardless of income or loss.
• Partnership firms, even if there is no income.
• Individuals who want to claim a tax refund.
• Residents who own foreign assets or have foreign income.
• People who want to carry forward losses under the head capital gains or business and other like nature entity are also need to file.
• Those who have deposited more than ₹1 crore in a current account, incurred ₹2 lakh on foreign travel expenses, or spent more than ₹1 lakh on electricity.

Importance of ITR Filing in Ujjain

Filing your ITR offers several important benefits:

• Legal Compliance: Filing an ITR ensures that you are in compliance with tax laws and avoid penalties and unnecessary compilations.
• Claiming Refunds: Get a refund of excess taxes paid via TDS or advance tax.
• Loan & Visa Applications: Banks and embassies often ask for ITRs of the past few years to process loan and visa applications.
• Proof of Income: Documents of ITR work as official proof of income for various legal and financial matters and related transactions, and they work as pieces of evidence in a court of law related to transaction disputes.
• Avoid Penalties: Timely compliance saves money.

Types of ITR Forms

The Income Tax Department has prescribed different forms based on the type and source of income. ITR forms used in Ujjain are:

1. ITR-1 (Sahaj)- For salaried individuals, pensioners, and income from one house property (total income < ₹50 lakh).
2. ITR-2- For individuals and HUFs not having business or profession income.
3. ITR-3- For individuals/HUFs having income from a proprietary business or profession.
4. ITR-4 (Sugam)- For presumptive income under Section 44AD, 44ADA, or 44AE for small businesses and professionals.
5. ITR-5- For firms, LLPs, AOPs, BOIs.
6. ITR-6- For companies (excluding those claiming exemption under Section 11).
7. ITR-7- For entities such as trusts, political parties, and institutions filing under specific sections like 139(4A) to 139(4D).

Due Date for Filing Income Tax Return in Ujjain

The due date for filing ITR for individuals and non-audit cases is generally 31st July of the assessment year.

For taxpayers requiring an audit under the Income Tax Act (like businesses with turnover above the threshold), the due date is typically 31st October.

Filing after the due date can attract penalties, interest, and even a loss of certain tax benefits.

Documents Required for ITR Filing in Ujjain

For Salaried Individuals:

• A PAN Card (Permanent account number) is an essential document.
• Aadhaar Card.
• Bank Account Details and other related details.
• Form 16 or Salary Slips.
• Form 26AS and AIS/TIS from the Income Tax Portal.
• Salary slips of the employee.
• Details of investments, wherever he has invested his money.

For Self-Employed or Business Owners:

• Profit & Loss account.
• Balance sheet of the account.
• Books of accounts, which are related to transactions.
• TDS Certificates (Form 16A, 16B, or 16C).
• Bank statements and other related details.
• GST returns.

Procedure for e-filing of ITR in Ujjain

Step 1: Register/Login -Select the appropriate assessment year and select the ITR year from the available options on the website.

Step 2: Select ITR Form- Choose the appropriate financial year.

Step 3: Fill in the Details -Enter income details, deductions, and tax payments accurately.

Step 4: Validate Data -Cross-verify with Form 26AS, AIS, and TIS for accuracy.

Step 5: Compute Tax -Ensure accurate computation of tax and claim deductions under sections like 80C, 80D, etc.

Step 6: Submit and E-Verify -After reviewing, submit the ITR form online and verify it through the details required.

Step 7: Acknowledgment- On successful filing, download the ITR-V (acknowledgement).

Why Choose Us for ITR Filing in Ujjain?

1. Expert Assistance– Our tax professionals are so specialised that they ensure accurate and hassle-free filing. We have a team of highly-professionals with excellent experience which ensures the path of your filing smooth and error-free without any obstacle, safeguarding your business interests throughout the process, which will help you to growth business in a fruitful manner.
2. Time-Saving– We handle all paperwork and submissions, saving you valuable time, and also finish the task in time bound manner.
3. Compliance Assurance– Avoid penalties with timely and error-free filing and work in a hassle-free manner to prevent from unnecessary complications.
4. Affordable Pricing– Transparent and cost-effective services tailored to your needs so that you get the perfect result from our services.
5. 24/7 Support– Get assistance anytime for tax queries and clarifications, we get in your touch on every step to take care of your task.