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Easy Online filing of the income tax return FY-2019-20

The tax deadline is very stressful. Amid COVID-19 pandemic, there may be some relaxation and extension by the government that can help you in better tax planning. Still, worried? File online income tax returns FY 2019-20 with the help of our experts.

Let’s get through the basics first.

What is an income tax return?

An income tax return or ITR forms in which the taxpayers declare their taxable income, advance tax payments and claim deduction if any. The process of filing a return is known as income tax filings. While filing a return total income tax payable to the government is calculated. Any surplus tax payment is credited as a refund. The ITR form ranges from ITR 1 to ITR 7 for calculation of income under different heads.

Why should I file an ITR?

Indian Residents or NRI must file an income tax return if the total Indian income exceeds the threshold limit of 2.5 lakhs. Even if the income is below the limit, it is always advisable to file an ITR. It is a quite-essential document for a home loan application to show your credibility. For someone planning abroad, studies or job have to produce ITR return and also for visa application.

Why Meru Accounting?

  • > Professional tax: Meru accounting is one of the leading tax preparation firms. We have qualified CA, CFA and accountants to assist you in quick tax filings.
  • > Claim deduction: Our team has years of experience in tax return filings and thorough with applicable deductions. Our tax experts ensure to claim all possible tax deductions.
  • > E-filing for you and your family: We assist in income tax preparation for you and your family without causing much damage to your wallet. You can file three tax returns using one account. You can have all the ITR records in one place.
  • > E-filing in minutes: We process your e-filings in minutes with the use of cloud-based technology. With cloud-based accounting software, you can achieve paperless tax filings.
  • Affordable tax service: With Meru AccountingTax assistance is affordable. We charge hourly rates.

Who can file an income tax return FY2019-20 with us?

  • > Individuals having earned income from Capital Gains (FD, Interest and mutual fund etc.)
  • > Individuals having a salary income can file ITR with or without Form-16.
  • > Individual switched jobs during the financial year.
  • > Individuals and NRIs, having foreign income and foreign assets.

Advantages of income tax return?

  • > ITR documents are proof that your financial investments are crucial for applying for a loan and visa.
  • > Filing an ITR helps in avoiding late fees under sec 234F.
  • > You require an ITR return of at least the last three year for quick processing of the visa.
  • > Filing an ITR helps in carrying forward the losses against house property and depreciation.
  • > You can claim tax refund only if you file an ITR.

E-filing process of ITR:

1. Check if you are eligible to file a return?

For FY 2019-20, if your income exceeds 2.5 lakh (for senior citizens 60 & above) you must file an income tax return.

2. Gather necessary information

You need certain necessary information to e-file your income tax return. Although the return may vary. Generally, you need just a Form 16 and Form 26AS.Keep ready basic details ready-PAN, aadhar number and bank account information. Documents related to income such as Form 16 or Form 16 A.

3. Login with your credential.

Sign up or log in to www.meruaccounting.com with your email account. Meru accounting experts make your e-filing day.

4. Upload Form 16.

You have to share details with our tax experts. We will automatically pre-fill your income tax return with your income, deduction and TDS.

5. Claim deduction

You can claim HRA, LIC premium and deduction under Section 80C expenses and deduction.

6. Pay your tax and recheck:

Tax is calculated while you file your return. If you are liable to pay additional tax then pay the tax & then e-file. You must complete it before 31st July. Do recheck all the details before e-filing your tax return.

7. Acknowledgement and send ITR-V.

After e-filing your tax return with Meru accounting, you will get a confirmation email both from our end and IT department. You get a 15 digit acknowledgement number. You can send ITR-V for e-verifying your tax return.

8. Track your refund:

You can expect your refund anywhere in just a few weeks to a few months.