File Income Tax Return
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Introduction of ITR Filing
An Income Tax Return (ITR) is a document that taxpayers file annually with tax authorities to report their income, deductions, and tax liabilities. An individual earning income above minimum exempted amount is liable to pay income tax. The income can be earned from any source like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business or professional income.
Income Tax Return is a form required to be filed with Income Tax Department. The format and applicability of these forms are defined by Income Tax Department. All forms have separate disclosure requirements according to the Incomes Reported.
As per The Income Tax Act 1961, eligible individuals need to file their income tax returns once a year. Filing of Income Tax Return legitimates your earnings and investments whereas in case of non-filing of Income Tax Return the income is required to be disclosed becomes as BLACK MONEY. If you File Income Tax Return Individual Online on time you can get an income tax refund as well, if you have paid excessive taxes to the government.
Tax Salahkaar will provide you all the necessary services and legal advice related to File Income Tax Return Individual Online and also guide for other compliances. You may get in touch with our team on 6378184080 or email info@taxsalahakaar.com in for Filing Income Tax Return.
Advantages to File Income Tax Return
Claim Tax Refund
If your TDS deducted or have paid more income tax then you are eligible for a tax refund.
Avoid Late Filing Fees
A delay in filing Income Tax Return makes you liable to pay a fee of up to 5,000 INR.
Easy Loan Approval
Most of the banks and NBFCs ask for ITR receipts from Individuals for the last three years when you apply for high-value loans like home and car loans. Hence, you should regularly file income tax returns if you want to take a loan in the future.
Quick Visa Processing
Most embassies and consultants requires Income Tax Returns for obtaining Visa. These documents Show the individual's civic responsibility, which makes them one of the required requirements.
Carry Forward Your Losses
Losses from trading in securities, conducting business, and renting out real estate can all occur. Your tax obligation might be decreased by deducting these losses from your future income. You can only carry forward losses to later years if you file your return before deadline. This benefit would not be available without filing an income tax return.
Advantages to File Income Tax Return
Individuals can file following Income Tax Return Form written below according to their eligibility:
| ITR FORM | Type of Tax Payer | Residential status | Who can file? |
|---|---|---|---|
|
ITR 1 |
Individuals having total income up to 50 lakhs |
-Resident -Ordinary Resident |
Income From:
|
|
ITR 2 |
Individuals having total income of more than 50 lakhs |
-Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident |
Income From:
|
|
ITR 2 |
Individuals having total income of more than 50 lakhs |
-Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident |
Income From:
|
Documents Required to File Income Tax Return
Income from salary
- Aadhar card
- PAN Card
- Form 16 (having details of salary)
- Bank statement
- Investment under section 80
Income from Business or Profession
- Aadhar card
- PAN Card
- Financial Statements
- Bank statement
- Investment under section 80
Income from Capital Gain
- Aadhar card
- PAN Card
- Securities / Property Documents
- Bank statement
- Investment under section 80
Income from House Property
- Aadhar card
- PAN Card
- Income Details
- Bank statement
- Investment under section 80
Income from Other Sources
- Aadhar card
- PAN Card
- Other Income Details
- Bank statement
- Investment under section 80
Procedure to File Income Tax Return
Fill the simple Questionnaire/ Connect with team on "Contact Us"
Provide us all the necessary documents as per the category of your income as mentioned above
We will analyse all the details and after verification from client we will file your income tax return before the due date and protect you from any penalty
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
Due dates for filing Income Tax return
For Taxpayers not eligible to get Tax audit: Due date for Personal ITR Filing in Jaipur for Taxpayers not falling under tax audit limit or who opt for presumptive taxation for F.Y 2023-24 i.e. A.Y. 2024-25 is 31st July, 2024. Option to avail presumptive taxation is available to business having turnover less than Rs.2 crores.
For Taxpayer eligible to get Tax audit: Due date for filing Income tax Return for Taxpayers falling under tax audit or who do not opt for presumptive taxation for F.Y 2023-24 i.e. A.Y. 2024-25 is 30th October, 2024.
Taxpayer can file belated Return up to 31st December, 2024 for Assessment year 2024-25.
Penalty of non filing Income Tax Return
Penalty of non filing Income Tax Return
Where a person is required to file Income Tax Return u/s 139(1) fails to file the return within prescribed limit u/s 139(1) shall pay prescribed late fee in following manner:
The penalty for non-filing of return will be Rs 5000, if return is filed after 31st July, 2024.
*However if total income of person does not exceed 5 lakh than late fee shall not exceed Rs. 1000.
Old Tax Regime (Applicable for F.Y. 2023-24)
| S. No. | Income | Upto 60 yrs (Rs.) | Between 60 yrs-80yrs (Rs.) | More than 80 yrs(Rs.) |
|---|---|---|---|---|
|
1 |
Basic Exemption Limit |
2,50,000 |
3,00,000 |
5,00,000 |
|
1 |
Basic Exemption Limit |
2,50,000 |
3,00,000 |
5,00,000 |