Income Tax Return

Taxes paid by employees to the federal and state government through a direct deduction from their paycheck. Taxpayer’s liability to pay these taxes is calculated on the basis of his or her income. In cases where a taxpayer has paid more or excess tax in a year, then he or she becomes eligible to receive an income tax refund. As per the norms of income tax laws, these income tax return filing must be done by every individual or businesses while mentioning all the details and the income earned in the previous year. This income earned could be in the form of a salary, business profits, or income earned from other sources such as house property, capital gains, interests, etc.ITR services are available in online ITR filing as well as in offline mode. Income tax return filing is the most common method of e filing returns to the income tax department.

The most important reason to file an income tax return in India is that the government mandates it beyond a certain income. An Income tax return agent or income tax filing agent is a qualified professional that can help its customers in preparing and lodging your tax returns. You can engage with an Income tax return agent online or face-to-face, and they will guide you throughout the ITR filing process. You can look for an income tax return agent by simply searching for the keyword - "income tax return agents near me". You will find several agents around you that will help you with the exhausting ITR filing process.  In accordance with the tax laws documented and practised in India, it is mandatory for every citizen with income more than the basic exemption limit to do income tax filing of ITR every year. Income tax department decides the income tax rate for all the taxpayers. Any delay in filing your returns can cost you late fees and also hamper your chances of getting a visa or loan in case of need.

Payworld services offer retailers an opportunity to start their business as an authorized income tax filing agent by simply doing a registration under UTI PAN services on the Payworld's website. Payworld offers a great opportunity to its retailers to expand their business and earn extra income with minimum investment. After the successful registration with Payworld as an income tax return agent, ITR agents are provided with a unique UTI PAN agent login. This login will authorize the agent to provide all the Income-tax return filing services, carry out all the transactions, ITR filing process and submit their customers' applications.

Citizens with annual income less than Rs 2.5 lakh are exempted from income tax filing of ITR. All other citizens who do not fall under this category are mandated to file their income tax returns. This Income tax return must be filed even if there is no tax liability on an individual or a business. Income tax ITR filing is mandatory for an individual or business to claim tax and other eligible deductions such as long-term capital gains exemptions.  Some of the benefits of Income-tax return filing are as follows- Timely income tax return e-filing will save you from penalties. There is a penalty of Rs 10,000 levied by the Income Tax Department on individuals who fail to file their income tax returns on time. People with annual income less than Rs 5 lakhs have to pay Rs 1000 as a penalty in case they fail to file their returns.  

1. You must preserve all the Income-tax receipts carefully since they are proof of your income and your tax payments. These also include detailed information of your income as well as secondary sources of your income. 
2. Many banks ask for your Income-tax receipts of the past three years before sanctioning you with high-value loans such as vehicle loan, home loan, etc. These are considered to be the most valid proof that supports the income of an individual.
3. Your Income tax receipts are also essential if you want to apply for a visa for countries like the United States, United Kingdom, Canada, and Australia. Embassies of these countries will ask you to provide your Income-tax return receipts of the past few years to ensure that you will be able to handle all the expenses on the trip.
4. As per the Income-tax law, individuals are not allowed to forward their losses of the current year to the next financial year until and unless they file their returns with the Income-tax return service.