How to File Income Tax Returns in Hyderabad Telangana

Income tax is a direct tax that is levied by the government on the income earned by individuals and businesses in a financial year. Income tax filing is the process of declaring the income and paying the tax due to the government. Income tax filing is mandatory for every taxpayer who has a taxable income above the basic exemption limit.

If you are a resident of Hyderabad, the capital city of Telangana, you need to file your income tax returns with the Income Tax Department, Hyderabad. You can file your income tax returns online through the [FoSCoS portal] or offline through the designated tax return preparers (TRPs) or chartered accountants (CAs).

The process of filing income tax returns in Hyderabad Telangana is simple and hassle-free. You just need to follow these steps:

  • Step 1: Determine your residential status, income sources, and tax liability. You need to calculate your total income from various sources such as salary, business, profession, house property, capital gains, etc. You also need to deduct the eligible deductions and exemptions such as 80C, 80D, 80G, etc. You can use the online tax calculator on the [FoSCoS portal] to estimate your tax liability.
  • Step 2: Choose the appropriate income tax return (ITR) form based on your income sources and tax status. There are seven types of ITR forms, namely ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. You can check the eligibility and applicability of each ITR form on the [FoSCoS portal] or consult a tax expert for guidance.
  • Step 3: Fill the online ITR form on the [FoSCoS portal] and upload the required documents such as Form 16, Form 26AS, bank statements, investment proofs, etc. You also need to verify your identity and income details using your PAN, Aadhaar, mobile number, email address, etc. You can also use the pre-filled ITR option on the portal to save time and avoid errors.
  • Step 4: Pay the tax due or claim the refund online through the payment gateway or offline through a bank. You can also adjust the tax paid or deducted at source (TDS) or advance tax against the tax due or refund. You will receive a confirmation message and a challan number for the payment or refund.
  • Step 5: Submit the ITR form and e-verify it using your Aadhaar OTP, net banking, bank account, or demat account. You can also send a signed copy of the ITR-V (acknowledgment) to the Centralized Processing Center (CPC), Bengaluru, by post. You will receive an acknowledgment number and a reference number for tracking the status of your ITR.
  • Step 6: Wait for the processing and assessment of your ITR by the Income Tax Department. You will receive an intimation under section 143(1) of the Income Tax Act, 1961, through email or post. The intimation will show the details of your income, tax, and refund or demand. If there are any discrepancies or errors, you can file a rectification or revision request online through the [FoSCoS portal].

The deadline for filing income tax returns in Hyderabad Telangana is July 31 for individuals and October 31 for businesses. However, due to the COVID-19 pandemic, the deadline for the financial year 2020-21 has been extended to December 31, 2021, for individuals and February 15, 2022, for businesses.

Income tax filing in Hyderabad Telangana is not only a legal requirement but also a financial responsibility. By filing your income tax returns, you can declare your income and pay your tax dues to the government. You can also claim the benefits of tax refunds, carry forward of losses, and avoidance of penalties and interest. You can also maintain your financial records and credit history for future purposes.

If you need any assistance or guidance in filing your income tax returns in Hyderabad Telangana, you can contact Invention Tax Solutions, one of the leading income tax filing and consultation services in Hyderabad. Invention Tax Solutions has a team of experts who can help you with the entire process of income tax filing, planning, and compliance. Invention Tax Solutions also offers other services such as company registration, trademark registration, GST registration, MSME registration, etc.

To know more about income tax filing and consultation in Hyderabad Telangana, visit Invention Tax Solutions website or call +91-7993132530. You can also fill the enquiry form on the website and get a free consultation from the Invention Tax Solutions experts. Invention Tax Solutions serves PAN India clients and has a 100% customer satisfaction rate.

Don’t wait any longer, file your income tax returns today and grow your business in Hyderabad Telangana with confidence and credibility. Invention Tax Solutions is your one-stop solution for all your income tax and legal needs. Contact Invention Tax Solutions now and get started!

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