An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information. e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.
Filing income tax returns offers multiple advantages for a citizen. Here are the top 5 advantages of filing an income tax return in India.
If a taxpayer earns less than ₹5 lakh in a year, they can claim tax refunds that are deducted from their income. It is crucial to file IT returns online by 31 July of every year.
Not filing your income tax returns online in India may result in penalties and legal consequences. The income tax authority may send a notice that carries hefty fines and penalties. It is essential to prevent it by submitting ITR returns on schedule.
While applying for a loan or a visa, you should provide your last three years of ITR filing. Submitting the tax returns increases credibility and can help lenders assess your financial status.
Freelancers or other self-employed individuals who don't have an official income statement can use their ITR returns to verify their income.
Along with other forms, the following documents should be provided to file your income tax returns online:
Individuals or companies that fall under the following criteria should file IT returns in India:
Here is a detailed checklist for filing ITR returns
Filing your income tax returns online is a complex process. Errors during income tax return filing may result in multiple issues. GST Wala provides a one-stop solution for filing out your income tax returns online. We have a team of tax experts who can complete your ITR filing in India in just three easy steps:
As per the income tax laws, every citizen who is earning income should file an income tax return if their total income exceeds the basic threshold. Online ITR return filing helps you carry forward the losses in the present year to the next financial year.
Filing ITR returns online creates a valid proof of income. It is mandatory for applying for any loans in the future; filing ITR returns is required for applying for credit cards in the future. It is valid proof when it comes to visa applications.
Filing income tax return in India is mandatory for individuals under the following circumstances:
Apart from this if the income falls within these sources one must file and it are return online
Generally one can file ITR returns after the financial year ends. The online income tax return filing deadline is July 31, of the applicable assessment year.
If the income tax returns are not filed on time it may incur late filing fees and interest. Here is a complete outline of the same:
In India, there are seven distinct ITR forms that each have their own requirements and eligibility criteria. Your income, the sources of your income, and whether you live in India or not will determine which ITR form you must file. Here are the different ITR forms and their eligibility criteria:
Form 16 is crucial for salary employees to file their ITR returns online. However, you can also file your idea returns without Form 16 by using any one of the following methods:
Form 16 contains all the information with respect to the taxable income. The same information can be collected using a pay slip received from the employer.
Form 26as contains all the information regarding the tax deducted at source during a particular financial year. This contains all the salary details. Apart from this, you can also calculate your deductions under Section 80c or your income from other sources before filing your Idea returns.
GST Wala offers a one-stop solution when it comes to filing your income tax returns in India. Our team of tax experts and chartered accountants can provide you with tailor-made insights on how to save more on taxes and file them without any errors. Our team will make sure that you stay tax-compliant throughout the year. Irrespective of whether you are an individual or an organisation we have the perfect solution for all your tax needs. Get in touch with our experts today and file your ITR returns in India without any hassle.
Individuals, Hindu Undivided Families (HUFs), businesses, and others who meet the Income Tax Department's income requirements are all eligible to file an ITR.
‘E-filing’ is the procedure of electronically filing income tax returns online through the website of the Income Tax Department.
Yes, you can file ITR without Form 16. You can use other documents like salary slips, bank statements, and investment proofs for accurate reporting.
Check your income tax online using the income tax departments filing portal. Log into the Income Tax Department's e-filing portal > Select 'View Returns/Forms' section > You can check the status.
The form should be selected as per the need of the appropriate ITR form for e-filing . It is based on your income sources, residential status, and other factors as prescribed by the Income Tax Department.
Penalty for late Income Tax e-Filing ranges from ₹1,000 to ₹10,000, depending on the delay period and your total income.
If you miss the due date for filing Income Tax Return, you can file a belated return up to 31 December 2023. However, you will have to pay a late fee and interest on the tax amount due
Pay tax to the government through online methods like net banking, debit/credit cards, or offline modes such as bank challans or physical payment at designated banks.
Income tax return filing is important to fulfil your legal obligation, avoid penalties, claim refunds, and provide a record of your financial transactions to the government.
The minimum income to file ITR in India varies depending on age and income sources, but generally, it's ₹2.5 lakhs for individuals below 60 years of age.
You can opt for hassle free income tax e-filing online with our tax experts at GST Wala.
Make an accurate tax return claim by including all allowed deductions and exemptions, and by attaching the required supporting documentation.
Yes, individuals can file their ITR themselves using online platforms. However it's highly recommended to get in touch with Tax experts to avoid errors.
It is best to electronically file your ITR since it is safe, easy to use, speeds up refund processing, guarantees tax computation accuracy, and minimises processing time.
Documents required for filing ITR include:
Yes, even if your company deducts TDS, you should still file your tax return to report your total income, claim deductions, and ensure compliance with tax laws.
The tax brackets for AY 2023-24 are not announced yet. They are usually announced in the annual budget, which is presented in the month of February
If you've paid extra tax, it will be refunded to you by the government through direct credit to your bank account or by issuing a refund cheque.
ITRs can be filed offline by individuals, HUFs, and other specified entities by bringing a physical copy of the completed form to the appropriate Income Tax Office.
By entering your PAN and assessment year under the 'Refund/Demand Status' page, you can access the Income Tax Department's e-filing portal and track the status of your tax refund online.
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