Digital signature for income tax filing in India
Digital Signature Certificate (DSC) has emerged as a globally trusted, secure, and safe digital tool that streamlines all your e-filing processes.
DSC is enabled with many such features that offer a cyber nuisance-free space for your confidential information and records for e-filing income tax returns online.
The income tax department holds the E-filing of Income Tax Return (ITR) as mandatory for individuals/professionals whose gross annual income is 25 lakhs and above, and the businesses or corporate firms having an annual turnover of 1crore and above as per the revised provision under section 44AB of Information Technology Act, 2000.
To submit a tax return, you must affix your documents with the Class 3 Digital Signature Certificate. By doing so, you protect your essential personal data from any cyber scam or data breach. Furthermore, DSC maintains the authenticity and integrity of the information exchanged during the e-filing ITR process.
A Digital Signature Certificate for filing an income tax return should be authorized and validated by a licensed Certifying Authority, which issues DSC under the terms and conditions of the Controller of Certifying Authority CCA, Government of India.
Capricorn CA provides a class 3 Digital Signature Certificate (Income Tax) for making the e-filing process fuss-free and convenient. DSC allows you to streamline the procedure of tax return submission on the Income Tax Portal. You can directly apply for Capricorn Class 3 DSC for income tax e-filing in paperless mode by using online Aadhaar OTP-based, PAN-based, or Biometric enabled e-KYC verification.
To obtain a Capricorn DSC for the purpose of e-filing ITR, click on the Buy Certificate button which is visible at the top of the page. After completing some essential steps required to apply for DSC, you can download your DSC in USB tokens within a few minutes. The whole process is easy, simple, and flexible and is completed within a stipulated time.
Digital Signature offers a number of benefits when it comes to e-filing of Income Tax returns and ITR-related issues. Digitally sign your electronic documents and ensure a safe and secure information exchange on the income tax filing portal. Some of the important benefits are listed below :
Since DSC is equipped with encryption and decryption mechanisms, data breaching or cyber-attacking is negligible while using DSC with the submission of a tax return.
Digital Signature is enabled with public and private keys, which guarantee to prevent any alteration or change in the documents after signing.
The usage of DSC is acknowledged in many states of India as well as abroad too.
Digital Signature comes with more security, flexibility, and usability than any other conventional or electronic signature.
A very prominent benefit of income tax DSC is that it holds your personal information and records confidential during ITR e-filing. It ensures the safety of your documents from any cyber threat or online spam. You can avail all these benefits with a digital signature.
Income tax return is the form in which assessed files information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.] These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assesses. Only those Forms which are filed by the eligible Assesses are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessed and the category of the Assessed.
Individuals who fulfil any one of the following conditions should by law file their Income Tax Returns during a financial year
- People whose gross total income (before any deductions exceeds ₹2.5 lakh in FY or ₹3 lakh for senior citizens or ₹5 lakh for super senior citizens).
- Companies or firms irrespective of whether you have income or loss during the financial year.
- Those who want to claim an income tax refund.
- Those who want to carry forward a loss under a head of income.
- Resident individuals who have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
- Residents and signing authorities in a foreign account. (Not applicable to NRIs or RNORs).
- Those who derive income from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
- Foreign companies taking treaty benefit on a transaction in India.
- NRIs, who have income that exceeds ₹2.5 lakh in FY which is earned or accrued in India, are required to file an income tax return in India.
- Created & Posted by Priyanshi Verma
Accountant Article at TAXAJ
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