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Income Tax Return (ITR) Filing
In India, every taxpayer should file an income tax return online, following the country’s tax regulations. It includes the details of income sources, tax liabilities, and deductions of the taxpayer. ITR filing on time helps avoid late fees and penalties, ensuring a seamless submission procedure. Businesses, individuals, and others must file their income tax returns annually.
At Click To Professionals, we help businesses and individuals avoid interest in overdue taxes and the risk of penalties. Moreover, we allow taxpayers to remain updated with the latest tax regulations. July 31, 2024, is the last date for filing your ITR for the Financial Year 2023-24 (Assessment Year 2024-25) without giving a late fee.
Overview of Income Tax Return
The tax levied on a person’s income is income tax. The Central Government charges and collects this tax. Income tax is payable in the same Financial Year that it was earned in the form of advance tax. However, the income assessment, intimation, and tax liability are given in the Assessment Year. Such an intimation form is known as an Income Tax Return. The time limit and form for Income Tax Return Filing differ for various taxpayers depending on the criteria.
You can find seven different income tax return e-filing forms: ITR 1 through ITR 7. An appropriate form for a taxpayer depends on factors such as their income sources, total earnings, and the kind of taxpayer they are (such as organizations, individuals, etc.). Every taxpayer should properly finish and submit their income tax return forms by a particular deadline for complying with tax regulations.
Income tax return forms have recently been changed to ease the user experience. However, through these changes, taxpayers may be liable to prove a claim of exemptions, costs, and deductions. Therefore, filing income tax returns online needs experts’ help to ensure an appropriate filing of returns.
Overview of Business Tax Return
A business tax return refers to an ITR for businesses. It’s a detailed report that mentions a business’s pertinent tax information, costs, and income, everything outlined appropriately. It involves the ITR submission for businesses, with an extra need for reporting TDS (Tax Deducted at Source). This is an annual procedure.
The business tax return works as a financial statement outlining earnings. It’s a documentation of extra financial elements, such as loans received, fixed assets, debtors, loans maximized, and creditors inside a business. It is essential to fulfill the ITR filing due date for businesses.
Different Types of Income Tax Return Forms in India
The Government has made different income tax return forms through the Central Board of Direct Taxes for various taxpayers. These forms vary depending on the income sources and the taxpayer’s category.
Here is a quick breakdown:
- ITR-1
- ITR-2
- ITR-3
- ITR-4
- ITR-5
- ITR-6
- ITR-7
Who Should File an Income Tax Return?
Filing income tax returns is a different group's legal and financial duty under various circumstances. Here’s who needs to file it:
All corporate bodies, such as LLPs, private limited companies, and conventional partnerships, should file their ITRs online yearly, irrespective of profit or loss.
If your total earnings before deductions surpass the exemption limit (under Sections 80C-80U), you should file an ITR.
You should file your income tax return if you get dividends from bonds, mutual funds, fixed deposits, equities, and interest. This ITR e-filing ensures that all income sources are reported and taxed appropriately.
Individuals working as directors in PVTs or serving as partners in LLPs should file income tax returns based on their financial activities and income within the organization.
Tech professionals and NRIs should file their ITR if their income sourced in India exceeds the critical exemption limit or includes a particular financial transaction.
Income from handling voluntary contributions, religious trusts, or charitable funds also needs the ITR e-filing to follow and maintain transparent tax regulations.
Self-employed workers, such as agents, consultants, and freelancers, can claim expenses directly associated with a business as a tax-deductible cost.
Income Tax Return Due Date for Individuals
Company Structures in India
Benefits of Income Tax Return Filing Online
Income tax return e-filing offers an array of legal and financial advantages. Please find a few of them below:
ITR filing enables you to claim deductions, eliminating the tax burden. You can avail of these deductions through investments. These deductions can include rebates and TDS.
Showcasing a continuous tax record through online tax filing can accelerate the approval procedure for credit cards and loans. This demonstrates stable income and financial dependability.
Many businesses experience losses in their initial years. The capital or business losses can be carried forward up to eight years in the case of an ITR filing. You can adjust this loss against your future income, which reduces taxable income. You won’t get this benefit if your ITR is not filed.
Freelancers or other self-employed individuals who don’t have an official income statement can use their ITR returns to verify their income.
ITR acts as legal proof in these two ways:
- Income proof: The income tax return form comprises comprehensive details on expenses and incomes, acting as income proof for transactions like buying properties.
- Identity proof: You can use your ITR filing as an identity proof. The Government acknowledges it for different matters, including getting an Adhar card.
Despite being an eligible taxpayer, if you fail to file your ITR, you can face punishments and penalties. According to the Income Tax Act 1961, you may need to give penalties of up to INR 5000 for non-compliance. Therefore, ensure that you file promptly to avoid these unnecessary expenses.
ITR filing is essential if you plan to go abroad. Several nations need income tax returns as a document for visa approval. After all, it gives details of financial history to the embassy.
If you have paid more tax than you are liable to (through TDS, etc.), ITR online filing is essential for claiming a refund. This income tax return filing refund procedure is easy and quick in e-filing.
Essential Documents for Income Tax Return Filing
While filing your ITR online, you should have all essential documents ready to experience a seamless and appropriate filing.
Here is a list of documents you may need for the filing process:
- PAN Card of the taxpayer
- PAN card of all partners or directors (in the case of a company)
- Aadhar card of all directors or partners (in the case of a company)
- Cancelled cheque from the taxpayer’s bank account
- Financial statements for business entities (except proprietorship)
- The bank account statement of the taxpayer for the concerned financial year
- The TDS certificate (also known as Form 16) of salaried individuals
- Expenditure u/s 80 or the investments made
Online Income Tax Return Filing Tips
Both online and offline methods are available to achieve income tax return e-filing. Online ITR filing is more accessible, and let’s have a look at some steps to follow for ITR filing online:
Get in touch with our experts
Consult our tax professionals to fix your queries. We have our in-house CA to give you customized advice for saving on taxes.
Submit all necessary documents
According to the need, ensure to submit all investment documents and income statements to our team.
Get your ITR Filed
Depending on the condition, our experts will choose appropriate ITR forms and file them timely on your behalf.
Click To Professionals is always ready to help you effortlessly file your income tax return with complete guidance and assistance.
Income Tax Return Filing Penalties
While filing your ITR, you should meet the income tax return filing due date to increase benefits and avoid penalties.
Loss adjustment
Online filing of income tax returns on time enables you to carry forward losses from business operations or investments. This can balance your future income tax liabilities. Failure to file ITR on time cannot offer you this benefit.
Late filing fee
As stated by Section 234F, you must pay a late fee if you miss the deadline for ITR filing. The late fee is INR 5000 but is lowered to INR 1000 if your total income is not more than INR 5 lakh.
Interest
If you miss the income tax return filing deadline, you must pay an interest fee of 1% per month on your unpaid tax amount under Section 234A.
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Critical Income Tax Return Filing Mistakes
While filing your income tax return online, you may experience several mistakes that complicate the process or even cause penalties. You should beware of these mistakes to experience a seamless e-filing of ITR:
Wrong PAN or personal data
Mistakes in providing your PAN, date of birth, name, or address can cause the delayed processing or refusal of your tax return.
Selecting the wrong tax form
Various income tax return forms serve different taxpayer statuses and income sources. You should choose the correct ITR form depending on your income type, as stated on the Income Tax Department’s website.
Missing out on claiming eligible deductions
Some taxpayers forget to eliminate their tax liabilities by not claiming eligible deductions for investments, savings, and some costs permitted under the Income Tax Act 1961.
Wrong bank details
Giving incorrect bank account details can slow your ITR refund. Enter the correct bank account number, IFSC, and other essential data.
Not verifying the return online
After e-filing the income tax return, you should verify it online within the decided timeframe. An unverified return is considered an unfiled one.
Not reporting all income sources
You must disclose all income sources during the year. If you cannot report them, it will be considered tax evasion and can cause you penalties.
Not disclosing capital gains from mutual funds
You should pay tax for short-term and long-term capital gains from mutual funds. Ensure to report these gains properly to avoid penalties.
Filing after the last date
Late ITR form submissions can cause fines and penalties. You should file your ITR before the last date to avoid the extra expenses.
Ensure that these mistakes are avoided to make your return process compliant with tax regulations. Our professionals can guide you through this e-filing process at Click To Professionals.
Why Choose Click To Professionals for ITR Filing?
At Click To Professionals, we provide India’s best ITR filing services. We understand that ITR filing is a time-consuming and complicated process. Therefore, we offer an effortless filing service. Our experts are well-versed with the latest tax regulations and can guide you through filing.
As one of India’s leading ITR filing service providers, we provide our services at budget-friendly rates, and there are no hidden charges. Our ITR filing service is effective, fast, and secure enough to give you the utmost peace of mind.
Frequently Asked Questions (FAQs)
If you fail to file the ITR within the deadline, you must pay a late fee for filing your return up to a specific date with lowered benefits.