Mock test in income tax return filing for preparation of CA Final, CA Inter, CMA inter, CMA Final, CS executive, CS Professional exams
income tax return filing MCQ's
Time limit: 0
0 of 30 questions completed
Subject :- Direct Tax Laws and International Taxation
Chapter :- Filing of return of income – Test 1
Questions :- 30
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
0 of 30 questions answered correctly
Time has elapsed
You have reached 0 of 0 points, (0)
ca inter law mcq
Click here For Mock tests in CA Inter Law
Click here for Mock tests in GST
Click on links for free Online Exams In GST CS Foundation CA Inter CA Final CA Foundation Taxation Corporate Law Auditing & Assurance Enterprise Information Systems Strategic Management Advanced Auditing And Professional Ethics Corporate And Economic Laws Direct Tax Laws & International Taxation Indirect Tax Laws Quantitative Aptitude Test Reasoning Blood Relation Basic Computer Knowledge General English microsoft word shortcut keys
income tax return filing, income tax return, itr filing,income tax filing, itr return ,income tax return 2019, itr online, itr 1,e return, income tax return form, e filing of income tax, income tax form 16, itr form
Income Tax Return
Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income Tax Return contains information of income and tax paid of an assessee is called Income Tax Return.
Forms for Income Tax Returns such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7
The advantages of filing for Income Tax Return are:
- Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
- Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
- Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
How to file your income tax return online?
- To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
- Log on to www.incometaxindiaefiling .gov.in.
- Register at the website using the PAN number. It becomes your ID.
- View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
- Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.
- Complete the entire form by filling in the required details and then submit it.
- Click the Calculate Tax button, to know your payable amount.
- If applicable, pay the required tax.
- Enter the challan details on the tax return section of the form.
- July 31: A firm or individuals who are not liable for audit.
- September 30: A company or other who is liable to audit.
- March 31: All individuals and companies filing belated returns.
Documents required for Income Tax Filing in India
To fulfill IT filing in India, the following documents are necessary:
- Bank statements
- Proof of investments
- T.D.S. Certificates in Form 16 or 16A as applicable
- Documents on purchase and sale of investments/assets
- Challan of tax paid such as advance tax or self-assessment tax
- If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
- In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
- For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
- Statement of receipts and payments when no regular books are maintained
- Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions