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Income Tax Return Filing Services in INDIA

  • Our team of tax experts collects all the relevant details to optimize your tax returns, helping you save money and stay compliant with the law.
  • Get standardized rates and personalized filings based on your specific income, investments, and tax declarations.

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Income Tax Return (ITR) Filing - A Complete Overview

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An Income Tax Return (ITR) is a document submitted by a taxpayer to the Income Tax Department of India, detailing their financial activity. It reflects your direct contribution to public services and infrastructure. The ITR includes information on your income sources, deductions, exemptions, tax liabilities, and filing status.

E-filing of Income Tax Returns is mandatory for registered companies, individuals, Hindu Undivided Families (HUFs), and other professionals. Depending on the taxpayer type, different ITR forms are required. It is crucial for all taxpayers to file their returns within the specified deadline to avoid penalties.

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Benefits of Filing Income Tax Returns (ITR)

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Get Your Tax Refund Fast and Easy!

If a taxpayer’s annual income is less than ₹5 lakh, they are eligible to claim refunds for taxes deducted from their income. Filing IT returns online before 31st July each year is essential to ensure this benefit.

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Tips to Avoid Legal Complications

Failing to file your income tax returns online in India can lead to penalties and legal repercussions. The income tax department may issue notices imposing significant fines. To avoid such issues, it is crucial to file your ITR on time.

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Simplifying the Loan Application!

When applying for a loan or visa, providing ITR filings for the past three years enhances your credibility and helps lenders or authorities evaluate your financial stability.

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ITR Filings: Your Certified Income Proof

Self-employed individuals and freelancers without formal income statements can use their ITR filings to authenticate their income.

Documents Needed for Filing Income Tax Returns (ITR)

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To file your income tax returns online, the following documents should be provided along with other necessary forms:

Documents Required Additional Documents (if applicable)
PAN Card
Capital gains details
Aadhar Card
Rental income details
Form 16
Foreign income details
Form 16A
Dividend income details
Form 16B
Tax-saving investment documents
Form 16C
Life insurance receipts
Bank account details
PPF receipt
Investment details
Donation receipts
Bank statement or passbook
Equity or mutual fund investment details
Home loan statement

Eligibility Requirements for Filing Income Tax Returns (ITR)

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Individuals or companies that meet the following criteria should file Income Tax Returns (ITRs) in India:

  • Salaried individuals whose gross income exceeds the threshold limit before deductions under Section 80C and Section 80U are considered must file ITRs.
  • Entities such as Private Limited Companies and Limited Liability Partnerships (LLPs) are required to file ITRs, irrespective of whether they made a profit or incurred a loss.
  • Individual directors or partners holding positions in private limited companies or LLPs must file income tax returns online.
  • Individuals earning dividends from multiple sources, such as mutual funds, equity, fixed deposits, interest, and bonds, are required to file ITRs online.
  • Individuals receiving income from charity, religious trusts, or other forms of voluntary contributions are obligated to file IT returns.
  • Businesses and individuals eligible for tax refunds must file their income tax returns online.
  • Non-Resident Indians (NRIs) are required to file income tax returns based on their income earned in India
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Checklist for a Smooth Income Tax Return (ITR) Filing

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Here is a comprehensive checklist for filing ITR:

  • Ensure you have all personal details ready, including name, address, contact information, and PAN.
  • Identify the correct income tax return form applicable to your case.
  • Keep evidence of deductions and exemptions claimed.
  • Collect details of TDS, capital gains, foreign assets, and overseas income, if applicable.
  • For businesses or registered companies, ensure financial statements, audit reports, TDS compliance records, and details of related party transactions are prepared.
  • Maintain documentation for all annual compliance requirements.

How Our Online ITR Filing Process Works

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Get Online FilingIn Consultation and Upload Your Documents

All the expertise of a Chartered Accountant, now available in one place. Simply provide your name, email, and phone number, make the payment for our professional services, and enjoy personalized online CA assistance.

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FilingIn Experts Review Your Documents and Contact You

Every document is meticulously reviewed for accuracy and completeness. Additionally, our Accounts Team consultants will reach out to discuss your income, investments, and deductions, ensuring you receive the maximum refund possible.

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Relax and Let Us Take Over the Work

Leave the hard work to us to maximize your deductions and save on taxes. We’re experts in the tax laws that apply to you, and we also verify your Form 26AS with the Department to ensure you get the full benefit of your TDS.

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Confirm Your ITR, We Complete the Filing

A comprehensive summary of your Income Tax Return is provided for your review. Please ensure the details are accurate, and once satisfied, approve to proceed. The return can then be filed directly from the dashboard.

ITR Deadline and Penalty

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Last Date for E-Filing Income Tax Return

Typically, individuals can file their Income Tax Returns (ITR) after the end of the financial year. The deadline for filing ITR online is generally July 31 of the applicable assessment year.

Penalty for Late Filing of ITR

Failing to file income tax returns on time may lead to late filing fees and interest charges. Below is an outline of the penalties:

Late Filing Penalty:

  • ₹1,000 for taxpayers whose total income is up to ₹5 lakh.
  • ₹5,000 for taxpayers whose total income exceeds ₹5 lakh.

Interest on Unpaid Tax (Section 234A):

  • Interest at the rate of 1% per month or part thereof is levied on the unpaid tax amount.

types of income tax return

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Income Tax Returns (ITR) are forms used by taxpayers in India to file their taxes with the Income Tax Department. Depending on the type of taxpayer and their source of income, different ITR forms are used. Let’s break down the various types of ITR forms and their uses.

ITR-1 (Sahaj): For individuals earning income from salary, pension, or one house property. It’s for simpler tax situations, with income up to Rs. 50 lakhs.

ITR-2: For individuals and HUFs with income from salary, house property, capital gains, or foreign income, but not from business or profession.

ITR-3: For individuals and HUFs with income from business or profession, along with salary, house property, or other income.

ITR-4 (Sugam): For small businesses, professionals, and freelancers opting for presumptive taxation, with income up to Rs. 50 lakhs.

ITR-5: For entities like partnership firms, LLPs, AOPs, BOIs, and cooperative societies.

ITR-6: For companies (excluding those claiming tax exemptions under Section 11).

ITR-7: For trusts, political parties, and non-profit organizations claiming tax exemptions under specific sections.

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No Form 16? No Problem!

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Form 16 is essential for salary employees when filing their ITR returns online. However, it is possible to file ITR without Form 16 using the following methods:

  • Use Pay Slips
  • Instead of Form 16, you can collect the necessary information from your pay slips provided by your employer. Pay slips contain details related to taxable income, deductions, and other important financial details.
  • Use Form 26AS
  • Form 26AS provides a comprehensive overview of tax deducted at source (TDS) during a financial year. This document includes all the salary details needed for filing your ITR.
  • Calculate Deductions
  • Form 26AS provides a comprehensive overview of tax deducted at source (TDS) during a financial year. This document includes all the salary details needed for filing your ITR.

legal action for Not filing itr

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Not filing your Income Tax Return (ITR) when required can lead to several legal actions and penalties, including:

  1. Penalty for Late Filing
  2. Interest on Tax Due
  3. Notice from Tax Authorities
  4. Prosecution
  5. Restriction on Loss Carry Forward
  6. Impact on Financial Profile
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how to track your itr e-filing status?

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Tracking your ITR status via the official Income Tax Portal is simple and straightforward. Let’s break it down into easy steps:

  • Visit the Income Tax Portal: Go to incometax.gov.in.
  • Log in to Your Account: Use your PAN and password to log in.
  • Navigate to “e-File”: Click on the “e-File” section in the menu.
  • Select “Income Tax Returns”: Choose this option to view your filed returns.
  • Check Your ITR Status: Look for the acknowledgment number and its status (e.g., Submitted, Processed, Rejected, etc.).
  • Track Refunds: If applicable, check the refund status under the “Refunds” section
  • Verify E-Filing: Make sure your return is e-verified for processing to be completed.

Frequently Asked Questions

Who is qualified to file an ITR?

You can choose effortless income tax e-filing online with the help of our tax experts at FilingIn.

What is the process for filing income tax online?

You can easily file your income tax return online through hassle-free e-filing with our expert assistance at FilingIn.

Is it possible for me to file my ITR independently?

es, you can file your ITR on your own using online platforms. However, it is recommended to consult tax experts to prevent any errors.

What does e-filing in income tax mean?

‘E-filing’ refers to the digital process of submitting income tax returns via the official portal of the Income Tax Department.

How can I claim a tax refund?

To claim an income tax refund, make sure to include all applicable deductions and exemptions, along with the required supporting documents.

Is it possible to file ITR without Form 16?

Yes, you can file ITR without Form 16. You can use alternative documents like salary slips, bank statements, and investment proofs to ensure accurate reporting.

How can I check my income tax status online?

To check your income tax status online, log into the Income Tax Department’s e-filing portal, go to the ‘View Returns/Forms’ section, and track your details.

What are the benefits of e-filing my ITR?

E-filing your ITR is advantageous because it is secure, efficient, accelerates refund processing, ensures accurate tax calculations, and minimizes processing time.

Which ITR form is suitable for e-filing?

Choose the correct ITR form based on your income sources, residential status, and other criteria outlined by the Income Tax Department.

 
 
 
 
 
What documents are needed for filing ITR?

The documents required for filing ITR include:

  • PAN card
  • Aadhaar card
  • Bank statements
  • Form 16
  • Investment proofs
  • Other relevant financial documents
What is the fine for delayed income tax e-filing?

A penalty for late income tax e-filing ranges from ₹1,000 to ₹10,000, depending on the delay duration and total income.

Should I File a Tax Return if TDS is Deducted?

Even if your company deducts TDS, filing your tax return is essential to declare your full income, claim deductions, and comply with tax regulations.

How can I pay tax to the government?

If you miss the deadline for filing your Income Tax Return, you can file a belated return by 31 December 2023, with applicable late fees and interest on the outstanding tax.

What are the income tax slabs for 2023-2024?

The income tax brackets for AY 2023-24 are usually revealed during the annual budget in February.

Why is it essential to file an income tax return?

Filing an income tax return is crucial to fulfill your legal responsibilities, avoid penalties, claim refunds, and keep a proper record of your financial transactions for government purposes.

Who is eligible to file ITR offline?

ITR can be filed offline by individuals, HUFs, and other entities by submitting a physical copy of the completed form to the designated Income Tax Office.

What is the income limit for filing ITR in India?
The minimum income threshold for filing ITR in India is generally ₹2.5 lakhs for individuals below 60 years of age.
How can I check the status of my tax refund?

You can check the status of your tax refund by visiting the Income Tax Department’s e-filing portal.

 
 
 
 
 
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