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File Your Income Tax Return for A.Y. 2023-24
Income Tax Return Filing has been started for A.Y. 2023-24. Don’t wait for end moment and Don’t stress about filing your income tax return this year. Follow our expert tips and tricks to easily file your taxes and get your refund quickly. To start the Process Chat with Our Tax Experts.
Pricing Summary
₹1999
₹
1499
/- per year
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You will get Computation, Acknowledgment and Filed ITR Form
- All India Service
- Easy Onlie Process
- 24*7 Hours Customer Support
What is Income Tax Return?
An income tax return is a document that a taxpayer is required to file with the government to report their income and to calculate the amount of tax owed to the government. It provides details of the taxpayer’s income, deductions, credits, and taxes paid during a specific tax year.
The tax return is filed annually, and the deadline for filing varies depending on the jurisdiction. In the United States, for example, the deadline is usually April 15th of the year following the tax year. In the UK, the deadline is usually January 31st of the year following the tax year.
Filing an income tax return is important because it enables the government to collect the appropriate amount of taxes owed by the taxpayer. It is also important for taxpayers because it allows them to claim deductions and credits that may reduce their tax liability, and to receive a refund if they have overpaid their taxes.
Income Tax Return Filing Plans
Salary income
₹1499
₹
999/-
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Salary less than 50 lacs
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House property
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Withdrawal from PF & bank deposits
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Donations
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Dividends >10lacs
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Director /Business Income
Proprietorship Income
₹1999
₹
1499/-
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Salary less than 50 lacs
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House property
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Withdrawal from PF & bank deposits
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Donations
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Dividends >10lacs
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Director/ Business Income
Capital Gains Income
₹2499/-
₹
1999/-
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Capital gains from stocks, mutual funds
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Capital gains from property
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Income from salary and House property
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Income from House property
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Gains from lottery, awards and Gift
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Income earned outside India
Why You Need to File Your Income Tax Return Every Year?
Legal Requirement
Income tax return filing is a legal requirement in many countries, including the United States. Failure to do so can result in penalties, fines, and legal action
Avoid Penalties
Income tax return filing on time can help you avoid penalties and interest charges that can accrue on any unpaid taxes you owe. These penalties can add up quickly, making it important to file your return on time.
Claim Refunds
Income Tax return Filing is the only way to claim any tax refunds owed to you by the government. If you don’t file your return, you may be missing out on money that is rightfully yours.
Establish Financial History
Consistently filing your income tax return each year can help establish a financial history, which can be helpful when applying for loans, credit cards, or other financial products.
Proof of Income
Your income tax return is an important document that provides proof of your income to third parties, such as lenders or landlords.
Tax Planning
Filing your tax return can also help you plan for the future by allowing you to evaluate your current tax situation.
Deductions You Can Claim to Reduce Your Tax Liability in India
There are several deductions that individuals can claim on their income tax returns in India to reduce their tax liability. Here are some common deductions:
- Section 80C: This section allows for deductions of up to Rs. 1.5 lakh for investments in certain financial instruments such as Public Provident Fund (PPF), Equity-Linked Saving Scheme (ELSS), National Pension System (NPS), and life insurance premiums.
- Section 80D: This section allows for deductions of up to Rs. 25,000 for health insurance premiums paid for self, spouse, and dependent children. An additional deduction of Rs. 25,000 is available for health insurance premiums paid for parents who are senior citizens.
- Section 80TTA: This section allows for deductions of up to Rs. 10,000 on interest income earned from savings bank accounts.
- Section 80GG: This section allows for deductions of up to Rs. 60,000 for rent paid by individuals who do not receive any house rent allowance from their employer.
- Section 80E: This section allows for deductions of interest paid on education loans for higher studies.
- Section 80G: This section allows for deductions on donations made to certain charitable organizations.
It is important to note that these deductions have specific eligibility criteria, limitations, and thresholds, so it is important to review the tax laws carefully or seek professional advice to ensure that you are claiming the correct deductions and maximizing your tax savings.
Tips for Maximizing Your Tax Refund in India
If you want to maximize your tax refund in India, here are some tips that may help:
- Claim deductions: Make sure to claim all the deductions you are eligible for, such as those mentioned in Section 80C, 80D, 80E, 80GG, and 80G. This can help reduce your taxable income and increase your refund.
- File tax return on time: Filing your tax return on time can help you avoid penalties and interest charges while also ensuring that you receive your refund as soon as possible.
- Submit accurate information: Ensure that all the information you submit on your tax return is accurate and up-to-date, including your personal information, income details, and deductions claimed.
- File electronically: Filing your tax return electronically is faster, more convenient, and less prone to errors than filing a paper return. The Income Tax Department of India offers an e-filing facility on its website.
- Keep records: Maintain proper records of all your income, expenses, and investments. This will help you accurately claim deductions and avoid any discrepancies that may delay your refund.
- Consult a tax professional: If you are unsure about any aspect of filing your tax return, consider consulting a tax professional who can guide you through the process and help you maximize your refund.
By following these tips, you can potentially increase your tax refund and make the most of your hard-earned money.
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Common Mistakes to Avoid When Filing Your Income Tax Return in india
When filing your income tax return in India, it’s important to avoid making common mistakes that can lead to penalties, delays, or even an audit. Here are some mistakes to avoid:
- Not verifying the tax credit statement: Make sure to verify the tax credit statement from Form 26AS before filing your tax return. It contains details of tax deducted at source (TDS) and advance tax paid. If there are any discrepancies, get them corrected before filing the return.
- Not reporting all income sources: All sources of income, including salary, interest, rent, capital gains, and business income, should be reported in your tax return. Failing to report all sources of income can result in a notice from the tax department.
- Filing the wrong form: Make sure to choose the correct form based on your income sources and the nature of your income. Filing the wrong form can result in rejection or additional tax liability.
- Not claiming all deductions: You should claim all the deductions you are eligible for, such as those mentioned in Section 80C, 80D, 80E, 80GG, and 80G. This can help reduce your taxable income and increase your refund.
- Failing to keep proper records: Maintain proper records of all your income, expenses, and investments. This will help you accurately claim deductions and avoid any discrepancies that may delay your refund.
- Not e-filing the return: E-filing is mandatory for individuals with a taxable income of over Rs. 5 lakhs. Failing to e-file can result in a penalty.
By avoiding these mistakes, you can ensure that your tax return is accurate, complete, and filed on time.
Important Dates for Income Tax Return Filing
- July 31, 2023:
Last date for filing income tax return without incurring any penalty or late fees. - September 30, 2023:
Last date for filing income tax return for taxpayers who are subject to tax audit. - October 31, 2023:
Last date for filing income tax return for taxpayers who are required to furnish report under section 92E of the Income Tax Act.
Steps for Filing Income Tax Return
Here are the steps you need to follow for filing your income tax return for A.Y. 2023-24:
Step 1: Collect all the Necessary Documents
Before filing your income tax return, ensure you have all the necessary documents. This includes your Form 16/16A, which summarizes your salary income and TDS deducted by your employer, Form 26AS, which contains details of taxes deducted, and any other relevant documents such as bank statements, rent receipts, etc.
Step 2: Choose the Right ITR Form
There are different income tax return forms for different types of taxpayers, so it is essential to choose the right form. The most common ITR forms for individuals are ITR 1, ITR 2, and ITR 3.
Step 3: Fill in the Form
After selecting the appropriate ITR form, fill in the details such as personal information, income, tax payments, deductions, and other details as required.
Step 4: Verify the Form
Once you have filled in all the necessary information, verify the details and ensure that there are no errors or omissions. This is also the stage where you need to e-verify the return, which can be done through various methods such as Aadhaar OTP, Netbanking, or EVC.
Step 5: Submit the Form
After verifying the form, submit it on the Income Tax Department’s e-filing website. You will receive an acknowledgement receipt which contains a unique acknowledgment number (UAN). Keep this receipt safely for future reference.
Benefits of Filing Income Tax Return
1. Easy Loan Approval:
Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.
2. Claim Tax Refund:
There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refun for which you will have to file an Income Tax Return mandatorily.
3. Quick Visa Processing:
Most embassies & consulatants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.
4. Carry Forward Your Losses:
If you file the return within the orifinal due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.
5. Avoid Penalty:
If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000
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Income Tax Refunds & Taxpayers Responsibility
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years
Late Income Tax Return Filing
If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as “belated income tax return” within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.
Penalty For Not Filing The ITR
If you fail to file your income tax return by the due date, you may incur a penalty and interest charges. The penalty for late income tax return filing is Rs. 5,000 for returns filed after the due date but before December 31, 2023. The penalty increases to Rs. 10,000 for returns filed after December 31, 2023. However, if your total income does not exceed Rs. 5 lakh, the maximum penalty cannot exceed Rs. 1,000.
Interest is also charged on the outstanding tax liability at the rate of 1% per month or part of the month until the tax liability is paid in full.
FAQs on Income Tax Return Filing
What is Income Tax Return?
Income tax return is a document that a taxpayer files with the tax authorities, declaring his/her income, deductions, and tax liability. The tax return needs to be filed on or before the due date as prescribed by the Income Tax Department of the country. The tax authorities use the information provided in the return to assess the taxpayer's tax liability and to determine if the taxpayer is eligible for a refund.
Who is Required to File an Income Tax Return?
Every individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), and companies are required to file an income tax return if their income exceeds the basic exemption limit. The basic exemption limit is different for different categories of taxpayers and is subject to change from year to year.
What are the Documents Required for Filing an Income Tax Return?
The following documents are required for filing an income tax return:
- Form 16 or Salary Certificate issued by the employer
- Form 26AS
Bank statements - TDS certificates
- Investment proof for claiming deductions
What is the Due Date for Filing an Income Tax Return?
The due date for filing an income tax return varies depending on the category of taxpayer. For individuals and HUF, the due date is generally 31st July of the assessment year. However, for businesses, the due date is different, and it is advisable to check the Income Tax Department's website for the latest due dates.
What is the Penalty for Late Filing of Income Tax Return?
If a taxpayer fails to file his/her income tax return on or before the due date, he/she may have to pay a penalty. The penalty amount varies depending on the delay in filing the return and the taxpayer's income. For individuals, the penalty can range from Rs. 1,000 to Rs. 10,000.
Can an Income Tax Return be Filed After the Due Date?
Yes, an income tax return can be filed after the due date. However, it is called a belated return, and the taxpayer may have to pay a penalty for filing it late. The penalty amount for a belated return is the same as the penalty for late filing.
What are the Consequences of Not Filing an Income Tax Return?
If a taxpayer fails to file his/her income tax return, he/she may have to face several consequences. The Income Tax Department may levy a penalty for late filing of the return, charge interest on the tax liability, and may even initiate prosecution proceedings against the taxpayer.
Can an Income Tax Return be Revised After Filing?
Yes, an income tax return can be revised after filing. If a taxpayer realizes that he/she has made an error in the original return filed, he/she can file a revised return to correct the mistake. However, the revised return needs to be filed within a specified time frame.
What is the Process of Filing an Income Tax Return?
The process of filing an income tax return is straightforward. The taxpayer needs to follow the below steps:
- Download the relevant income tax return form from the Income Tax Department's website.
- Fill in the details in the form,
- Calculate the total income, deductions, and tax liability.
- Pay the tax liability (if any) before filing the return.
- Upload the return on the Income Tax Department's website.
- Verify the return using Digital Signature Certificate (DSC) or Aadhaar OTP within 30 day.
Is it necessary to file an income tax return if there is no tax liability?
Ans: No, it is not necessary to file an income tax return if there is no tax liability. However, if the taxpayer wants to claim a refund, he/she needs to file an income tax return.