Zolvit
Zolvit

Here’s How It Works

1

Submit scanned copies of the documents

    2

    Get connected with a Zolvit expert

      3

      Verification of documents

        4

        Selection of Appropriate Form

          5

          ITR filed and acknowledgement generated

            Here’s What You’ll Need

            Once you have the below documents ready, submit them digitally to fulfil IT filings. Zolvit uses the best-in-industry security protocols to ensure your documents are always secure.

            • 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 the PAN is applied for but hasn’t been received, a copy of the filed PAN application
            • If the PAN is not applied for, a PAN application form duly filled
            • If PAN exists, a copy of the PAN card
            • For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account and personal account of proprietor or partners
            • 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.

            Why Should I Use Zolvit for Income Tax Return Filing?

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                      You'll never have to deal with your tax issues on your own anymore. With Zolvit on your side, you'll never be alone when it comes to your tax difficulties.

                      GET STARTED NOW

                      Did you know?

                      As of March 15, 2022, more than 6.63 crore Income Tax Returns (ITRs) have been filed on the Income Tax Department's new e-filing platform for the financial year 2021-22. This is an increase of more than 16.7 lakh ITRs over the total number of ITRs filed for the financial year 2020-21.

                      The department has 7 forms as of date— ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7. Taxpayers need to file the ITR on or before the specified due date.

                      An Overview of Income Tax Return Filing

                      An income tax return is a form that is used to file income tax with the income tax department.The income tax is a tax levied by the government on a person's earnings. Every citizen is responsible for filing income taxes. The IT department examines these income declarations and if any sum has been paid in error, the excess is refunded to the assessee's bank account. To avoid penalties, all entities must file their taxes on time.

                      The income tax return is a form that contains information about an assessee's earnings and taxes paid. The income tax department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7. Zolvit provides the benchmark of service and assists you in filling out the relevant form at the correct time.

                      Benefits of Income Tax Return Filing

                      • Hassle-free Loan Processing

                        Individuals will benefit from filing the ITR if they need to apply for a vehicle loan, a home loan, or any other type of loan. Tax returns can be requested by any major bank.

                      • Refund of TDS

                        If you have a refund due from the income tax department, you will have to file an income tax return to claim the refund.

                      • Visa Processing

                        Immigration centres scrutinise many documents and IT returns proof is a mandatory document for visa applicants.

                      • Carry Forward Losses

                        If you submit your IT returns on time, you will be eligible to carry forward losses to the following year, which you can use to balance future income.

                      • Avoiding Additional Interest Rates

                        Having a consistent record of filing tax returns will make it easier to obtain home loans in the future.

                      • Avoid Penalties

                        Non-filing of income tax returns will result in hefty penalties, thus it is always advisable to file to prevent legal ramifications.

                      Checklist for Filing an Income Tax Return

                      • Regardless of profit or loss, every company, whether private limited, LLP, or partnership, is required to file IT returns
                      • Individuals who earn money from mutual funds, bonds, equities, fixed deposits, interest and other sources
                      • Individuals who receive income through charity or religious trusts, as well as income from voluntary contributions
                      • Individuals and businesses seeking tax refunds
                      • Salaried individuals with gross income exceeding the exemption level before deductions under sections 80C to 80U
                      • Individuals with foreign income, assets, NRIs and tech personnel on onsite deputation, are all impacted
                      • People who have opted for one job from another are also eligible.

                      How to File Your Income Tax Return with Zolvit

                      To file your IT returns, gather all of the above documents, such as bank statements, the previous year's return and Form 16 and follow the steps below:

                      Step 1: Income and Tax Calculation

                      The taxpayer is required to compute his or her income in accordance with the rules of the income tax legislations that apply to them. The calculation should include all sources of income, including salary, freelancing and interest income. Tax-saving investments, for example, can be claimed as deductions under section 80C. A taxpayer should also consider any credit for TDS, TCS, or any advance tax paid.

                        Step 2: Tax Deducted at Source (TDS) Certificates and Form 26AS

                        The taxpayer should total his TDS amount based on the TDS certificates he has received for each of the 4 quarters of the fiscal year. Form 26AS provides a summary of TDS and tax paid during the fiscal year to the taxpayer.

                          Step 3: Choose the Right Income Tax Form

                          We will help you select the right income tax form/ITR Form to file the income tax return. The taxpayer can proceed with the filing of the income tax return after determining the income tax form. Filing can be done in two ways: online or offline.

                            Step 4: Download ITR Utility from Income Tax Portal

                            Our experts will help you in downloading the ITR utility from the official portal.

                              Step 5: Fill in the Details in the Downloaded File

                              Our experts will help you in filling out the required details and check the tax payable or refund recoverable based on the utility's calculations. The downloaded form can be filled up with the details of an income tax challan.

                                Step 6: Validate the Information Entered

                                Our experts will help you validate the information that is entered.

                                  Step 7: Convert the File to XML Format

                                  Upon successfully validating, we will convert the file into the required format.

                                    Step 8: Upload the XML File on the Income Tax Portal

                                    Provide the required information, including your PAN, assessment year, ITR form number and submission mode. Lastly, we will upload and submit the XML file. Applicants can choose between Aadhaar OTP, electronic verification code (EVC), or mailing a physically signed copy of ITR-V.

                                      Due Dates for Filing IT Return

                                      • 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,

                                      Zolvit recommends making use of Google Calendar to get early notification of due dates and on-time ITR filing.

                                      Who Is Required to File an Income Tax Return?

                                      According to the IRS, the following entities are required to file yearly IT returns:

                                      • Regardless of profit or loss, every company, whether private limited, LLP, or partnership, is required to file IT returns
                                      • Individuals who earn money from mutual funds, bonds, equities, fixed deposits, interest and other sources
                                      • Individuals who receive income through charity or religious trusts, as well as income from voluntary contributions
                                      • Individuals and businesses seeking tax refunds
                                      • Salaried individuals with gross income exceeding the exemption level before deductions under sections 80C to 80U
                                      • Individuals with foreign income, assets, NRIs and tech personnel on onsite deputation, are all impacted
                                      • People who have opted for one job from another are also eligible.

                                      Income Tax Return Acknowledgment

                                      Once ITR is filed, an acknowledgement slip in duplicate is issued. It consists of details like:

                                      • Name
                                      • Address
                                      • Status
                                      • Permanent Account Number (PAN)
                                      • A brief statement of taxable income
                                      • Deductions
                                      • Tax paid
                                      • Verification

                                      FAQ's

                                      Yes, you need to file your returns. There is a difference between filing an income tax return and deducting TDS. You file a tax return as proof of the payment of all the taxes due. The IT return would also help you while applying for a visa or a loan.
                                      You can make the payment directly to the government on the official website of the IT Department. You may pay through net banking, along with Challan 280.
                                      Yes. You can file delayed IT returns for all the years lapsed so far.
                                      Income tax return (ITR) forms are known as attachment less forms. It means, the taxpayers do not need to attach any supporting documents (such as TGS certificates, investment proofs etc.). You do not need to attach these documents whether you file your return electronically or manually. However, you must retain these documents with you in proper order. You may need to submit these to the authorities in certain situations like inquiry, assessment, audit and so on.
                                      You can claim a refund of your excess tax amount while filing your IT Return. Your refund will be credited to your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form.
                                      It’s necessary for you to file a return in time even if you do not have any positive income. If you have incurred a loss in any financial year, you may want to carry it forward for adjusting with the positive income in the subsequent years. This will be allowed only if you file your IT return on time, with a mention of the loss incurred.