Date: 24th July 2025
Duration: 4 Hours
Trainer: Mr. Vijay Sinha
Organized by: CIMAGE Group of Institution
Filing an Income Tax Return (ITR) and understanding GST Returns are essential skills every professional, entrepreneur, and even student should be aware of. To bridge the gap in financial literacy and make students future-ready, CIMAGE Group of Institutions conducted an insightful workshop focused on practical understanding and application of Income Tax and GST filing.
📚 Key Topics Covered
1️⃣ What is Income Tax Return (ITR)?
An ITR is a form used to declare an individual’s income and tax liabilities to the Government of India. It helps in assessing how much tax a person owes or should be refunded.
2️⃣ Why Should You File an ITR?
Filing ITR is not just a legal obligation; it also:
Helps in availing loans or visas
Acts as a proof of income
Carries forward losses
Enables tax refunds
3️⃣ Who Should File an ITR?
Anyone whose total income exceeds the taxable limit, or even those who:
Want to claim a refund
Have foreign assets
Are required under certain business regulations
4️⃣ Types of ITR Forms
The workshop explained the different ITR forms (ITR-1 to ITR-7), their use-cases, and which one applies to:
Salaried employees
Business owners
Freelancers
Companies and NGOs
5️⃣ Documents Required for Filing ITR
Students learned what documents are necessary:
PAN card
Aadhaar card
Form 16
Bank statements
Investment proofs
TDS certificates
6️⃣ How to Register Your Account on the Income Tax Portal
Step-by-step guidance was provided on creating an account on the income tax portal, along with a live demo of the registration process.
7️⃣ How to File ITR Online
A hands-on walkthrough was given on:
Choosing the correct form
Filling in salary, investment, and bank details
Verifying and submitting returns online
Downloading the acknowledgement
8️⃣ Important Deadlines for ITR Filing
Participants were informed about crucial dates, such as:
31st July: Deadline for individuals (non-audit cases)
31st October: For audit cases
30th November: For transfer pricing cases
9️⃣ Penalty for Late Filing
The trainer explained the penalties:
₹1,000 to ₹5,000 for delays
Loss of interest on refunds
Ineligibility to carry forward losses