Uploaded on Jul 3, 2024
Do you Know? Non-compliance with ITR filing regulations can result in severe penalties and legal consequences. With this properly filed ITRs decrease the chances of being audited or investigated by tax authorities. Hence to protect you from all the hassles we are your reliable online platform for filing your income tax returns in India.
All About Income Tax Return Filing
All About Income Tax Return Filing in FY 2023-24 Process of Online Filing of Income Tax Return Income Tax Return Income Tax Return is a self declaration is a form that has been used by the public for the declaration of their income. An Income Tax Return has to be filed by every taxpayer every year. It is compulsory for the taxpayers to file an Income Tax Return (ITR) due to many reasons including carrying forward losses, claiming an income tax refund, claiming the tax deductions etc. Income Tax Return Filing Income Tax Return Filing is the process by which taxpayers (individuals as well as businesses) can report their income, deductions, and credits to the government. Tax authorities use this information to calculate the amount of tax payable or the refund due. The process of filing Income Tax Return online is called the E- filing. The department of Income Tax has provided the option of E –filing the income tax return. ITR Filing for Salaried Employees is must so that they can claim for the tax deductions. Who is Eligible to File Income Tax Return? If your total income is more than the basic exemption limits of either 2.5 Lakhs, or 3 Lakhs, or 5 Lakhs depend on the taxable limit applicable to you. If you pay the electricity bills of more than Rs. 1 Lakh then you must have to file the ITR. If you have deposited an amount of over 1 Crore in your current bank accounts in a financial year, then tax filing is must for you. If an amount of more than Rs. 2 Lakhs has been spent by you for travelling internationally to foreign country in a financial year, then you are required to file the ITR. If you have assets in foreign countries or have a source of income from outside the country, or have signing authority for any account outside the country, then you must have to file an ITR. Due Date of Filing Income Tax Return The Income Tax Return Last Date for FY 2023-24 will be 31st July 2024. However, for the taxpayers who have been required to conduct an income tax audit and have business income, ITR Filing last date in Delhi will be 31st October 2024. Note: This date will remain as it is until government has extended it. Benefits of Filing Income Tax Return Loan Approval and Financial Transactions Claiming Tax Refunds Compliance with the Law Avoiding Audit Financial Stability Financial Responsibility Different Types of ITR Forms available for Online Filing of ITR ITR 1 (Sahaj): It is meant for the individuals having income from salaries, one house property, and the other sources including interest income. It is a simplified form for those who have simple financial situations. ITR 2: It will be applicable to those individuals and HUFs (Hindu Undivided Families) who are not eligible for ITR 1. It covers the income from multiple sources, that include more than one house property, capital gains, and foreign income. ITR 3: It has been specifically meant for the individuals and HUFs having income from profession or business. This form also includes the provisions to declare profits and gains from the business or profession. ITR 4 (Sugam): This form is specifically designed for the individuals, HUFs, and firms (except LLPs) that fall under presumptive income from business or profession. It offers a simplified way to report the income. ITR 5: This ITR form is meant for LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and artificial juridical persons. ITR 6: It has been meant for all the companies that have been registered under the Companies Act 2013 or previous Companies Act 1956. ITR 7: This form is specifically meant for persons, including companies, who required to furnish their return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D). Process of E-Filing the Income Tax Return Step 1: Official website of e-filing Firstly, you have to visit the official website of e- filing of income tax return. Step 2: Register/ login After that, register or log into the website of E-filing. Step 3: Selecting the option of ‘File Income Tax Returns’ After logged in, you will see the e- file menu on the menu bar. When you click on e – file menu then, you will get the option of ‘Income Tax Returns’ on clicking which you will see the option of ‘File Income Tax Return’ and you have to click on that option. Step 4: Select the assessment year After that, you have to select the ‘assessment year’ and the ‘mode of filing’ for which you wish to file the income tax return and then you have to click on ‘Continue’. Step 5: Select the status Then, you have to select the status of filing ITR among Individual, HUF or other and click on ‘Continue’. Step 6: Select the ITR type After that, you have to select the type of ITR form. Step 7: Reason for filing ITR You have to choose the reason of filing the ITR. You have to select the correct option that has been applicable to your situation- Step 8: Submit bank account details & other information You have to add your bank details. If already submitted, then you have to make sure that it has been pre- validated. Step 9: Tax Computation summary Your screen will displayed the summary of the tax computation according to your given information. Step 10: e-verification of ITR E-Verification of ITR is the most crucial step. You have the option to e – verify the ITR via Aadhaar OTP, Net banking EVC i.e. Electronic Verification Code or by sending a physical copy of ITR to CPC Bengaluru. Step 11: Submission of ITR At last, you have to click on ‘Submit’ button to submit your ITR. Conclusion It is nice that you enter the realm of online ITR filing. It is very important for the taxpayers to file Income Tax Return to claim the tax deductions. Let LegalPillers help you by simplifying the process of filing ITR so that the complications of the tax law do not distract you from your core activities. Choose LegalPillers as your trusted partner for filing the ITR so that your business will stay on the right track.
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